If you think celebrities make all their money in Hollywood, you’d be mistaken. The truth is, celebrities are business people just like everyone else. They understand the need for a solid business plan, connections, and diversification. The famous don’t rely on multi-million dollar contracts alone; they do everything they can to create multiple streams of income.
Celebrities know what all other successful business people know: In order to be successful, you need multiple eggs in your basket. Anyone who relies on one stream of income is setting themselves up for failure. When you have multiple forms of income, you can weather financial dips in one or several businesses without putting your family and lifestyle at risk.
Celebrity Money-Making Ideas: Multiple Streams of Income
Looking for inspiration? Following are several celebrities who have opened their own businesses on the side. They know how fickle Hollywood and the economy can be; they’re not taking any chances.
- Jessica Simpson – Famous singer, actress, and television personality, Jessica Simpson, juggles several businesses along with her career. Today, she is also known as a famous fashion designer and is the driving force behind a very successful line of shoes and handbags. Her shoe and handbag line, the Jessica Simpson Collection, could become the first celebrity brand to achieve more than $1 billion in annual sales. Simpson also has her own line of hair and beauty products and designer fragrances. Since 1999, this entrepreneur has been busy, establishing several revenue streams all the while keeping her day job.
- Serena Williams – One of the greatest tennis players of all time, Serena Williams, boasts 30 Grand Slam titles and several money-making successes. In addition to becoming a part owner of the Miami Dolphins, Williams has thrown herself into several other lucrative ventures. She currently sells her own clothing line, Aneres, on the Home Shopping Network. She also sells designer handbags, jewelry, hair and beauty products, and Sleep Sheets, an all-natural sleep aid that melts on your tongue.
- Will Ferrell – Actor and comedian, Will Ferrell, became famous in 1990 after appearing on Saturday Night Live. Since then, he has starred in several blockbusters and is one of the most recognizable stars in Hollywood. However, Ferrell is also an entrepreneur in his own right. In 2007, Ferrell started a website that featured streaming videos called Funny or Die. The site showcases short comedic videos. Users of the site watch the videos and vote for their favorites.
- Jay Z – Hip hop artist and entrepreneur, Jay Z, is one of the most financially successful rappers in Hollywood. In addition to selling 50 million albums worldwide, Jay Z is part owner in the Brooklyn Nets and has created several businesses such as Rocawear, Roc-A-Fella Records, and Roc Nation. He also c-owns an upscale sports bar called 40/40 Club and has invested in a line of beauty products.
- Alicia Keys – R&B singer, songwriter, and actress, Alicia Keys, has sold more than 30 million albums, but that didn’t keep her from looking for other streams of income. Recently, she launched AK Worldwide, an investment firm that invests in small businesses to help them realize their full potential. In a partnership with Bento Interactive, Alicia Keys has introduced a new iphone app “The Journals of Mama Lee and Lee Lee”, an interactive storytelling app for kids that features her original, exclusive tracks.
- Tony Hawk – Famous skateboarder and actor, Tony Hawk, has experienced great success with his video game series. With 16 titles, Tony Hawk’s skateboarding games have been an extremely lucrative venture for him. His clothing line, Hawk, dominates young men and boys fashion and earns more than $200 million annually.
- Julianne Moore – Emmy award-winning actress, Julianne Moore, also earns money as a successful children’s book author. Her Freckleface Strawberry series helps children learn to love their unique look and changing bodies. A musical, inspired by the series of books, premiered in New York in 2010.
- Sandra Bullock – Actress, Sandra Bullock, has starred in movies such as “The Blind Side” and “The Heat”. She put her entrepreneurial skills to work as she opened her first restaurant in Austin, TX, Bess Bistro- an eco-friendly restaurant, in 2006. Later, she opened Walton’s Fancy and Staple across the street which features a deli, bakery, florist and gift shop. Bullock also runs her own production company, Fortis Films.
If you want to achieve financial success and freedom, emulate the stars. While you may not be able to land a lucrative recording or film contract, you can do what they do best: diversify. Always look for new streams of income. With multiple streams of income you will earn more money and protect your finances from the unexpected.