Things are rough right now for everyone, but regardless of where you are in your career it's important to diversify your income. We all know that the Fashion and Entertainment Industry is very volatile. For this reason, you need carefully plan out your finances, know what will effect your income, and always have a second source of income. So what do I mean by that? A second job? Not necessarily. There are a many forms of income that you can create for yourself without getting a second job.
Now you can invest in stocks or bonds, but we all know the stock market isn't exactly at its strongest right now. So, here are revenue streams that you may have never even considered. For those of you who are have just started out in the industry, you may still need a full time job until you can get enough clients to cover your expenses.
The biggest problem I had when I was first starting out was finding a job that gave me the flexibility I needed. I started out working at a makeup counter in a well know department store, but they weren't too keen on letting me take a last minute job in the middle of the day. We all know that industry production schedules are constantly changing. Most of the time, Davido
hair and makeup is that last thing to get booked. For this reason, you the artist, will get a lot of last minute job requests.
So what do you do? You find a job that gives you the flexibility you need. For me, I ended up working in outside sales for a major corporation. Most of you may have never even hear of outside sales or even considered working in another industry. However, most major corporations will have outside sales reps or account managers. Most of these jobs give you a salary plus commission, benefits, and best of all you don't stay in an office all day long.
This means you spend most of the day setting your own appointments and you drive out to visit the client. By doing this you can set your own schedule. Some companies won't event require you to come into the office every day. They track your work by the amount of sales you have coming in. This will allow you to have the flexibility to take a gig while maintaining your income. In addition to this, you will learn some very valuable marketing and sales skills that you will be able to apply to your own self-promotion.
Of course, sales may not be your cup to tea. Some other options, are temp work, waiting tables, and a lot of banks offer hourly paid night positions. But maybe you have been working in the industry a while, and you may already have your client base. You should still find additional forms of income. So if you not taking on a second job, what does that mean? It means that you create a second source of income.
Some of you maybe fortunate enough to have the money to invest in real estate, but if you aren't then here are some other options:
1. You can blog blog about beauty products and get a commission on them. Most companies have affiliate programs that will give you a commission for referring a product. If you have an affiliate program with a particular product line, and you include that affiliate link in your blog review, the company will give you a commission if someone purchases their product from a link in your blog. Do this enough times and you can make a nice commission from just sitting on set and blogging in your down time.
2. Multi-Level Marketing - Most people think of this as a pyramid scheme, but a lot of companies use this form of marketing sell their products. You usually purchase the kit and sell it to in your free time. There are makeup and skincare companies such as Nuskin that use this method of marketing. If you are already using makeup and skincare products on your clients, why not get them to order the products from you in the future? You can make a nice commission on products your clients would be using on a daily basis anyway. If you don't feel comfortable selling products to your clients, there are other companies like Passion Parties that you can purchase their kit for a small fee and make 40% commission for just hosting the party and selling their products.
3. If you are really daring then create a another business that you can manage in your spare time. There are a lot business opportunities out there if you are creative enough. If you are willing to go this route, I suggest you create a business outside the Fashion and Entertainment Industry. By doing this, your business is not subject to economic pitfalls like the one you are currently in.
Whatever you do be smart smart. Do your homework and know what you are getting into. But most of all, make sure you are never be dependent upon just one form of income. Smart entrepreneurs always diversify.