making multiple revenue streams work for your business

If I were to identify one key factor in developing a successful creative business, it would probably be developing multiple revenue streams. Having multiple revenue streams can help even out the unexpected ups and downs (and cash flow) of a creative business, provide a better safety net than a day job, and help take advantage of our creative brain’s need to engage in lots of different activities.

Whether it’s considering different venues for the same product line (online sales, retail shows, wholesale, etc.), adding in other types of work (such as commissions or licensing) or adding in whole other product categories or business areas (like writing, speaking, workshops, or e-courses) multiple revenue streams can have a major impact on your bottom line. (And your sanity – there’s something about having more than one way to make money that can help you keep your cool when things are tight.)

While multiple streams of revenue can really help your business, they can also feel overwhelming if you don’t have a solid strategy in place, or you try to do much at once. As someone who’s been rocking multiple revenue streams for years, here are some of my favorite strategies for making them all work together.

1. Think of yourself as one business with multiple components. There’s no doubt about it, running multiple businesses is TOUGH. This is especially true when you’re a solo-preneur. So when you start adding additional revenue streams, one of the biggest mistakes you can make is to think of each revenue stream as a separate entity. I struggled with this as I was running my eponymous jewelry line and Designing an MBA. I couldn’t figure out which business I was running when. Then it hit me – I am the business. I’m in the business of being me, and any new project or revenue stream I launch is simply a component of that.

2. Have a clear purpose. It’s much easier to think of what you’re doing as one business when you have a clear, overarching WHY in place. Whether I’m coaching growing businesses, selling jewelry, or making paintings, I believe firmly that the world needs more strong, confidence women who make a statement every day. I want to help women grow and succeed, while embracing who they truly are. And that includes myself. Knowing this makes it much easier to promote every aspect of what I do, because it all supports what I believe in.

3. Develop a signature aesthetic. It also helps to carry the same aesthetic through your revenue streams. I use a similar color palette, collection of fonts, and aesthetic vibe across everything I do, from my multiple websites to my trade show booth. Regardless of which revenue stream people are engaging, I want it to be clear they are interacting with the megan auman brand.

4. Don’t try to do it all at once. One of the questions people often ask me is, “how do I get it all done?” I wear so many hats in my business that, from the outside, it looks like I never sleep. (But I actually do, a lot.) The answer is that I don’t focus on every revenue stream at once. I’ve found that each area of my business has natural ebbs and flows. Some months my jewelry line needs more work. Other months, I’m more focused on Designing an MBA. I don’t try to focus on each area every day, or indeed every week. Instead, I ride the waves, and focus on each area when it makes the most sense (and the most money.)

5. Cross-promote yourself. I’m not shy about throwing in links to my jewelry line or my paintings when writing a post for Designing an MBA. (See what I just did there.) Not every revenue stream will have the same target customers, but that doesn’t mean they are completely unrelated. You never know how people will choose to engage with your brand, so don’t rule out a potential customer just because someone came in through a different door. At the end of the day, everything you do is your business, so don’t compartmentalize. Share everything, and let people engage in the way that makes the most sense for them.

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Interested in developing e-courses, workshops, or classes as another revenue? Do/Teach, an online teacher training program for artists, designers, and makers, launches soon.