The Allusion of Diversity

Hey honeys and hustlers,

Having multiple streams of income is the silver bullet to sustainable creative entrepreneurship. Or so they say. The task of diversifying streams of income can be as challenging as it is alluring for creators. The journey to achieve this level of diversification for many is difficult and time-consuming (ask me how I know). If you’re looking to grow your streams of income, hopefully, this article can help you identify which streams are best for you. Over the past 8 years, I’ve made money from

• creative services (photography and videography/films for clients)

• on-camera talent (hosted a branded podcast and live show for different organizations)

• grants and fellowships

• affiliate links

• speaking and film talks (including workshops)

• paid newsletter subscriptions (click here for 25% off an annual subscription to the premium version of this newsletter)

• crowdfunding (thank you to all who supported our latest short film. In-person screening date dropping soon!)

There have also been income streams I’ve tried and failed, like

• physical merch

• a photobook

And there are income streams I’d like to dive into more deeply

• brand deals/sponsorships

• YouTube/Google ad sense

• digital and physical products (courses, masterclasses, etc)

• independent film screenings and film series

The first step is identifying which additional income streams are viable and complementary to your primary work. Not every option will be suitable for every creator. Potential income streams should be based on audience interest, market demand, timing, and your skills and resources. I recommend conducting a SWOT analysis—assessing Strengths, Weaknesses, Opportunities, and Threats related to each income stream. This analysis can help you prioritize which avenues are worth pursuing. For example, a writer might find that their strength lies in creating engaging content, but they may face the threat of market saturation in the realm of online courses. By understanding these dynamics, you can make a more informed decision.

Once potential income streams are identified, the next challenge lies in execution. Adding new streams of income often requires learning new skills, investing in new tools or platforms, and dedicating a significant amount of time to development and promotion. For many creators, this means balancing these new efforts with their existing workload, which can be overwhelming.

To manage this effectively, try creating a growth timeline for each new income stream. This timeline should include specific milestones and deadlines, such as:

1. Research Phase: Spend time understanding the market and audience demand for the new income stream.

2. Skill Development: Invest time in learning necessary skills or tools.

3. Initial Launch: Start with a soft launch to gauge interest and make necessary adjustments.

4. Promotion: Develop a marketing strategy to reach a broader audience.

5. Evaluation: Regularly assess performance and make data-driven adjustments.

By breaking down the process into manageable steps, you can steadily build multiple income streams without becoming overwhelmed (hopefully).

While diversifying income streams is a valuable strategy for sustaining a creative business, it is not without its challenges. I’ve made the mistake of not understanding

• the threshold of income I would need to dedicate to a new venture

• the time capacity I would need to dedicate to a new venture

• the size and affinity of my audience and community

• why I shouldn’t abandon the fundamentals of community building and creative consistency

My main advice is to carefully evaluate your options, plan strategically, and be prepared for a significant investment of time and effort. Things will always take longer than you think to materialize, and that’s not necessarily a bad thing if you’re doing them for the right reasons and are prepared to invest in the future of your creative career. With a thoughtful approach and a realistically structured growth timeline, you can successfully expand your income sources and achieve long-term stability and growth.

I’m rooting for you.

Please Hustle Responsibly,

🤙🏾✨

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