Do You Need Multiple Streams of Income?
What is this new trend of having ‘multiple streams of income?’ For me, as an emerging artist, my goal is to have a primary stream of income, my singing, and other streams which would include songwriting copyrights, modeling offers and private events.
This is by far not a new financial model; it is just more in the spotlight, I believe, due partly to the devastation of the 2008 recession where many people had a single line of income that was sufficient to fund all of their wants and needs without having to have a second job.
I think that this concept is easier for performing artists and visual artists because of the inherent flexibility within the chosen art form. A visual artist can go into digital and pop art, for example, on multiple platforms. Many artist venture into perfumes, restaurants, cosmetics and wine and liquor lines to create multiple streams of income. That’s just smart business! I plan to be VERY smart!