Progress Update: Stock Photography and Graphics

by James on 03/12/2010

Image of iStockPhoto.com

Reaching our goal of 10K in passive income seems like a substantial amount to most people, including myself! In order to reach this high goal, we will need to get many passive streams of income. Not just one. We selected real estate as one source and our next is stock photography and graphics. This is actually my wife’s area of expertise. As we have discovered from the book, The Millionaire Maker by Loral Langemeier, getting wealthy is a team sport.

Since my wife is both a photographer and graphic designer, it makes sense to add stock photography and graphics as a source of passive income and for her to take the lead role in this.

What is stock photography?

Wikipedia defines it as “the supply of photographs licensed for specific uses. It is used to fulfill the needs of creative assignments instead of hiring a photographer. Today, stock images can be presented in searchable online databases. They can be purchased and delivered online.”

Stock graphics are the same, but simply with custom designs and illustrations.

Where can you sell stock photographs and graphics?

There are so many online companies that will accept your work if it passes their approval process. We chose iStockPhoto.com because it is one of the biggest and most well known sites. There are also other sites like GettyImages.com and ShutterStock.com. Most of these types of sites also take video and audio work as well.

What is so special about selling stock photography and graphics?

People from around the world can purchase your work 24 hours a day, 7 days a week, 365 days a year! Web developers, web designers, marketing and advertising firms, large companies… they all need photographs and graphics for their websites, print materials, etc. Purchasing stock files allows them to avoid the hassle of hiring a photographer or graphic designer. There is upfront work of taking the photos or designing the graphics, but once they are on iStockPhoto’s website, they can be sold over and over again no matter what you are doing.

What is your progress?

We currently have 37 images accepted by iStockPhoto. They are fairly stringent on what types of images they accept. Our acceptance rate for our photographs is currently only 37%. A lot of this has had to do with learning what type of images they are accepting, entering in the right keywords for each image, and having appropriate model release forms for our models. We believe we can get this acceptance rate above 50%. Since they only allow 15 photo submissions each week, this will take several years of consistent work to have a large library of photos and graphics for sale on iStockPhoto’s site. We believe this has the potential to bring in around $2000/month in about 5 years.

I would like to buy some of your stock images. How can I find them?

Well, we really appreciate you asking and helping us achieve financial freedom! You can view and purchase our stock photographs here. Thank you!

Related posts:

  1. Progress Update: 2010 And Goals For 2011

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