Passive income is an excellent way to earn more money as a professional photographer. Although you might have heard people associate passive income with easy money, that’s usually not the case. Developing passive income streams from the ground up takes a great deal of initial effort. However, it’s easier to maintain once it’s up and running.
One way to earn extra money as a photographer is by investing in multiple passive income streams. Fortunately, with the right passive income strategies, you don’t have to be a financial whizkid to start earning extra income. If you’re interested in earning more money, continue reading to explore a list of ideas for passive income for photographers.
What Is Passive Income?
Passive income refers to money that’s earned with minimal effort. Many people associate this strategy with money earned while you sleep. However true this might be for some passive income strategies, there is no way to make money without doing anything.
Passive income can also be interpreted as money earned without being directly attached to your time. It is the opposite of active income, which entails earnings from hours or time worked. For instance, writing a book and earning lifetime royalties is a great example of passive income strategies. Don’t be taken in by get-rich-quick and pyramid schemes.
Passive Income Strategies for Photographers: Types of Passive Income
Passive income strategies are not limited to professionals in the finance industry. Anyone with the right information and effort can take advantage of these opportunities. Below are some of the most common passive income methods.
The Stock Market
If you’ve saved up quite a bit of cash, you should consider investing in the stock market instead of keeping it in a bank account. Stock markets are great long-term investments if done the right way. As a beginner to the stock market, consider index funds. They are a portfolio of stocks or bonds and diversify your investments to reduce the risk.
Affiliate Marketing
Affiliate marketing involves selling products for businesses and earning commission or a percentage from the sale of these products. To become an affiliate marketer, all you need is to sign up for an affiliate program. There are a ton of affiliate programs but the most well-known example is Amazon’s affiliate program.
Become A Photography Blogger
Blogging is a popular passive income stream. Starting a blog is fairly easy with service providers like WordPress and Wix, both of which offer website and blog packages. There is great passive income potential here, especially if the blog is popular. Affiliate marketing, advertising, selling digital products, and offering services are some of the ways to make money on blogs.
10 Best Passive Income Ideas for Photographers
1. Affiliate Marketing
Affiliate marketing is a method for advertising that involves referring products or services to your contacts, watchers, or readers. As an affiliate marketer, you will advertise brands, products, and services while offering affiliate links to earn commission from each one. This strategy works best if you’re a photographer with a strong online presence.
2. Blogging
A blog refers to an online space where you can share anything in written form. There are different types of blogs ranging from personal experience blogs to learning and teaching blogs. As a photographer, you can blog about your photography career, professional photography, or famous photographers.
Find a niche that you find interesting or one that you know will attract many readers. When doing so, remember that your blog must be popular with many readers to earn real money. It’s going to be challenging to get to that point, especially if you’re starting from scratch. Consider this a long-term project that will potentially earn you thousands of dollars in the future.
3. Selling Digital Goods
Digital goods refer to those products that are developed, delivered, and consumed in digital form. Examples of digital goods include music and streaming media such as fonts, logos, graphics, and photos. As a photographer, you can sell Lightroom presets, photoshop actions, lightroom brushes, photoshop plugins, layouts, and templates.
4. Photography For Online Lodging Sites
Hotels, restaurants, and lodgings have social media accounts and websites which are designed to cater to their customers. Captivating photography is one of the best ways to generate traffic and secure online bookings. For this reason, you should consider partnering with a hotel or lodging to deliver high-quality photographs for their media content.
5. Start and Monetize a YouTube Channel
People use YouTube for different reasons, including entertainment and education. Creating and monetizing a YouTube channel will allow you to earn extra money through Google AdSense, sponsored videos, and affiliate marketing programs. Find your niche in photography and start a YouTube channel that you know will interest people.
6. Rent Out Your Photography Gear
Renting out your gear is one of the easy passive income ideas. There are a ton of sites that allow you to rent out your professional photography gear, such as Sharegrid. You could make anywhere from a few hundred dollars to thousands of dollars in a couple of weeks.
7. Sell an Online Course
Professionals with exceptional photography skills can create and sell an online course. Selling an online course is ideal as you only create it once and then you can sell it over and over again. You can improve your skills now and make more money later if you’re still an amateur photographer.
8. Sell Stock Images and Videos
Stock photography platforms like Getty Images, iStock, and Shutterstock allow creators to sell stock photos and videos. Each platform charges a different rate. For instance, with Shutterstock, you’ll earn about 30 percent of the total purchase price paid by a customer. Build up a stock library of images that could start earning you extra money.
9. Print on Demand Services
As the name suggests, print on demand simply refers to a process where creators work with suppliers of shirts, hats, and tote bags to print art, logos, and photos whenever a customer places an order. Such services have become popular in recent years.
10. High Yield Savings Accounts
High yield savings accounts are savings accounts that pay significantly more interest than the average savings account. Analysts estimate that they pay between 20 percent and 25 percent. They offer a great savings option for both the short term and long run. If you have savings, consider finding a high-yield savings account.
Other Ways to Make Extra Money as a Photographer
- Get Gigs as a Freelancer. Plenty of freelancing platforms connect freelancers to clients with projects that pay. Look for high-paying photography jobs on Upwork, Fiverr, Guru, PeoplePerHour, Hubstaff Talent, and Freelancer websites.
- Consider writing an Ebook. If you have a knack for content creation or writing, consider writing an ebook. You can publish it on popular ebook platforms like Pyhip, Amazon Kindle, or NOOK to earn royalties and commission.
- Participate in Photography Contests. Participating in photography contests is a great way to get exposure while putting yourself in a position to earn tournament prize money. Build up a photography portfolio of different types of images like street photography, engagement shoots, and candid images.
- Sell Evergreen Products. Evergreen products refer to products that people constantly need and have no peak or offseason. Evergreen niches are a good source of income.
- Invest in Your Art. Art has become a lucrative commodity in modern times. For this reason, you could consider investing in your own stunning images to generate market exposure and potentially earn extra income.
How to Make Passive Income for Photographers
Making passive income as a photographer is not as challenging as some might think. There are a ton of passive income opportunities. Find one that resonates most with you and put your time and effort into making it a reality. It’s important to choose a passive income strategy that you will enjoy as it may take a little time to get it up and running.
Passive Income for Photographers FAQ
Photographers can make a passive income through affiliate marketing, renting photography gear, selling online courses, and selling stock photos. Other ideas include investing in the stock market, starting a YouTube channel, running blogs, and offering photography packages.
Money that’s earned with minimal effort and time qualifies as passive income. Unlike active income, passive income is when you earn money from things you’re not actually involved in. One example is writing a book. Once published, you earn royalties from the sales of the book.
Yes, you can make a living off photography. However, the photography business can be challenging. There are very few barriers and lots of competition with the increased accessibility of smartphone cameras and other types of cameras. Nonetheless, the US Bureau of Labor Statistics estimates that the demand for photographers will increase by 17 percent over the next decade.
Investing, asset building or asset creation, and sharing are the three forms of passive income. Investing in the stock market or real estate is one way to make a passive income. Asset creation means that you develop something that will make you money over time, like a blog, YouTube channel, or a popular app. Asset sharing means that you create or have something to share with others like an ebook, online course, or digital product.
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