I share six different income streams for yarn-related business owners to consider in this episode. Many of us start our own businesses part time and by leveraging our existing skills. As you plan for expansion in 2016 and beyond, consider these different options for earning money for your business.
Six Income Streams for Your Yarn-Related Business
Here are some options to consider. Most successful businesses have a combination of income streams which helps to mitigate risk and to standardize cash flow.
- Consumer Products: This is a very broad category including...
- Handmade products you sell directly to the end user (e.g., crochet/knit finished objects, artisan hooks and needles, hand dyed or hand spun yarn),
- Handmade products you sell via retailers (wholesale or consignment),
- Items you purchase from a manufacturer/wholesaler and resell,
- Digital products you sell directly to the end user (e.g., patterns, ebooks), and
- Services including teaching face-to-face and online.
- Advertising and Sponsorship: You may work with an ad network (like Google AdSense, Media.net, Rivit, etc.), negotiate your own relationships with brands, or use a service like Passionfruit Ads.
- Affiliate Marketing: As an affiliate, you promote another company's products and earn a commission when items are purchased through you. You can find a list of companies that I'm an affiliate for here.
- Business to Business Services: Many yarn-related business owners provide services to other businesses on a freelance or contractual basis. Some examples include writing, designing patterns, tech editing, sample making, social media coordination, and virtual assistance.
- Membership/Subscriptions: Magazines, pattern subscriptions, and yarn clubs are some examples of yarn-related membership and subscription options.
- Crowdfunding: Crowdfunding can be used in exchange for product pre-orders through KickStarter, IndieGogo, and other services, or by allowing your fans to support your business on an ongoing basis through Patreon and related services.
Other Resources mentioned in this episode
- I'm switching to a biweekly schedule. (The every two weeks biweekly, not the twice a week biweekly.)
- The Creative Yarn Entrepreneur is now on Facebook. Please stop by and like the new page here. In addition to podcast episodes, I share at least two links every day with information that is helpful for small business owners.
- I'll be part of the Access Your Audience Through Podcasts panel at the #WeAllGrow Summit by Latina Bloggers Connect in Long Beach, California. If you're attending the Summit from March 3-5, 2016, let me know!
- I'll be presenting a Podcasting 101 workshop at the Snap Conference for DIY and food bloggers and creators. If you'll be in Salt Lake City, Utah from April 14-16, 2016, I hope to see you there!
Which income streams are you using in your business? Do you plan to add others in 2016?
Share your comments in the show notes for this episode at http://creativeyarnentrepreneur.com/episode56, in the Creative Yarn Entrepreneurs Facebook group, comment on the Creative Yarn Entrepreneur Facebook page, Tweet me at @cyeshow, add me to your G+ circle and send me a note, or leave a message at 646-713-8973.
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