“Residual income – that’s what I live for. You’re making money while you sleep.” -artist and educator Adwoa Muwzea, at an Artist2Artist gathering in Detroit.
Artists earn “residual income” – also known as passive income – when they license their images or creativity for use by companies or individuals. Some examples: A company pays to put your popular image on a greeting card or T shirt.
Creating Beautifully lists many sites and ways artists may earn passive income.
For emerging artists, this could mean creating a limited edition print of your work, or licensing a piece of your art to a musician with an annual payment. Greeting cards from your art sold at a gift shop also create passive income.
Mint teaches business skills to emerging artists, and for licensing, you may need a lawyer or at least a licensing agreement / contract. Learn more about the three forms of licensing in these posts from Digital Media Law Project.
-© Vickie Elmer, 2019, for Mint Artists Guild