The last tax year has been my most profitable yet. My art business income diversified across several streams. Here’s How I Made Money, broken down by percentage:
- Brand Collaborations: 1%
- Image Licensing: 7%
- Art Retreat: 8%
- Illustration: 31%
- Online Teaching: 53%
Brand Collaborations: A Minor Income Stream
This income source included two collaborations: Instagram Reels with a known art brand and a YouTube tutorial for another. While enjoyable, the financial gain was minimal.
Licensing Images: The Power of Passive Income
Licensing provided a consistent passive income stream. This involved upfront work creating digital products or content that generates ongoing earnings. I’ve grouped income from stock images, art licensing (gift products and greetings cards), and my Spoonflower shop. These are pre-existing images from my portfolio, earning me regular payments via PayPal or bank deposit. While slightly decreased this year due to reduced focus on adding new images or pursuing licensing deals, it remains a valuable income source.
Art Retreat: A Rewarding Experience
This income category represents a successful art retreat I hosted. While a significant time investment, the financial and personal rewards were substantial. Connecting with fellow artists and sharing my knowledge was a fulfilling experience.
Illustration: Steady Commission Work
Illustration commissions constituted a significant portion of my income. This involved creating custom artwork for clients, requiring dedicated time and effort. Consistent client work ensured a stable income flow in this area.
Online Teaching: My Primary Income Source
Online teaching emerged as my dominant income source. This includes creating and selling online courses, workshops, and providing individual instruction. The demand for online art education provided ample opportunities to connect with students and share my expertise.
Conclusion: Diversification is Key
This year’s income breakdown highlights the importance of diversification. While online teaching proved most lucrative, each stream contributed to overall financial success. The blend of active and passive income streams provided both stability and flexibility. Focusing on creating valuable content and fostering meaningful connections remains central to my business strategy.
