The Importance of Passive Income
Going back to an outside job, even one I enjoy, has shown me once again how limited I am when it comes to earning through employment. My sewing job and my etsy and fiverr businesses all require my energy, my attention. My income from them is limited by my waking hours and limited energy/sanity.
Thus it is important to find one-time things that produce continuing dividends. Investments such as crypto help with this. So does income from affiliates. In the world of fiber arts, pattern sales are a means of passive income. I can sell a handmade scarf only once, but I can sell a knitting pattern for a scarf forever as a downloadable pdf.
When work at the bridal shop slows, I will take the extra time that frees to invest in projects that provide income while I rest!
Hi @fiberfrau - nice post. I too was involved in a business that was "unscalable". I could only turn over as much product as I could pack and post in a day! I like the idea of creating and selling knitting patterns instead of (or as well as) trying to sell knitted garments. Perhaps you could create some Odysee videos demonstrating how you knit and put together the garment as a way to promote your patterns. Just a thought! ;)
Another way to scale my fiber business is to contract with others to produce what I design or to license my designs to others. I am in the early stages on investigating those options. !BBH
Because this is such an awesome post, here is a BBH Tip for you. . Keep up the fantastic work