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.) or negotiate your own relationships with brands. Affiliate Marketing: As an affiliate, you promote another company's products and earn a commission when items are purchased through you. 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. If you enjoyed this episode The Creative Yarn Entrepreneur Show is no longer broadcasting. Episodes are available as a service to the yarn community. This episode originally aired in January, 2016. Be aware that content may be outdated.
If you'd like to chat with other yarn-related business owners, join the Creative Yarn Entrepreneurs Facebook group. Support Marie's work by buying one of her books, Make Money Teaching Crochet: Launch Your Business, Increase Your Side Income, Reach More Students (Amazon | Gumroad) or Design It, Promote It, Sell It: Online Marketing for Your Crochet and Knit Patterns (Amazon | Gumroad).