I believe you have heard people mentioned the phrase “creating multiple streams of online income”. For many successful online entrepreneurs, having multiple streams of online income is like an insurance policy.
The internet can sometimes be unpredictable. As such, if one stream of income suddenly collapses for any reason, you can still rely on the others to continue with your day to day business side of things. This is referred to as a famine effect by some industry leaders.
The impact would not radically affect your business the way it might if you only have one source of online income. Ask any successful internet marketers in the industry and the answer from 10 out of ten would be a resounding NO! Of course not, it’s suicidal.
The first step when you take when you embark on your internet business journey as an affiliate marketer is to ask yourself several questions. What are;
- Your talents,
- Your skills,
- Your strengths, and
- Your resources.
Know what are the soft skills that you have that will work well for you, i.e. copywriting, marketing, communications, artistic, etc. As soon as you are done with your own assessment, you can more or less answer your own question of which business to dive into.
Although many internet marketers work alone, it is increasingly important to consider outsourcing some aspects of your online business. The saying goes, “no man is an island”.Following up on that, start to list down what hardware you have, i.e. computer color printer, hand phone, scanner, DVD or CD writer, etc. These would form the hardware component for your business and are necessary tools for your business.
As such, think of and keep your family and friends in mind.
They may possess skills, talents and knowledge that you don’t. Get in touch and ask for help if necessary. If they don’t there is always virtual assistants you can hire for a small fee to get things done for you.
You can’t possibly do everything yourself and stop you from doing things that are more important to bring in sales.
One of primary the advantage of being an affiliate marketer is the ability to leverage the fundamentals to create multiple sources of income. There are a few things you can do.
The first and most common is to sign-up as an affiliate with a vendor, create and promote your own products, recruit new affiliates to sell your products, get into joint vendors for new product launches, etc.
Do it well and you are guaranteed success within a very short period of time. Money will start rolling in without you knowing which source is it coming from (initially) until you start analyzing all your marketing campaigns.
Affiliate marketing gives you the flexibility to work full- time or part- time. In most cases, most marketers’ start- off on a part- time basis while keeping their full time job as a security. Whichever case, anyone can create multiple sources of income simply promoting products & services for merchants or vendors.
There is no fulfillment to be done on your part. All you have to do is market their products and get paid a commission when sales are made. The downside; it takes between 30- 45 days to get paid your commission and your capital is “withheld” thus preventing you from reinvesting your money for marketing.
You don’t worry about keeping books, handle customer enquiries, or managing your ecommerce portal.
It is highly recommended to promote your affiliate products using your own website (if you don’t, get one). With that, you maximize your online real estate to promote to your customers all the different products and services (from different vendors or merchants) at the same time.
Regardless if your product mix is varied or closely related to one another, a customer could potentially continue to buy more from you after his or her initial purchase. The sales opportunity is maximized without limitations unlike a site that only promotes one range of or a particular product.
You are effectively protecting your revenue in the event one merchant close down or if they experience online technicalities.
With that being said, avoid signing- up as an affiliate blindly. Promote and sell something that you have used before, are familiar with or something that you feel passionately about.
Be selective and never sell something you have absolutely no clue what they are. You can only creatively market and promote a product or service that resonates well with you. Enthusiasm and being passionate about something is the key.
Some of the most important things to bear in mind if you want to succeed online as an affiliate; have patience, be persistent and be inquisitive (always ask questions and do your own research).