In times of crisis like our current Covid-19 pandemic, the need for a more secure source of income has never been clearer. More than 6 million people filed for unemployment last month, and if you were lucky enough not to be one of them, you’re probably realizing that could change at any moment. If it does, what will you do to make ends meet?
This is by far the biggest reason why most people get involved in affiliate marketing. They want a secure source of income that they have more control over. This makes the fear of losing your job a little less scary because you have something to fall back on. And in many cases, your affiliate marketing efforts could ramp up into a potential replacement for current earnings.
In fact, many people who are selling affiliate products have reported making $150K a year or more! They have financial, geographical, and time freedom without being tethered to a day job. They have the flexibility to travel and total control over their work.
But more importantly, they are building a brighter future for themselves and can feel secure about where their next payday is coming from.
Rest assured, passive income isn’t the same as easy income. There is a fair amount of work involved, especially in the beginning but also over time. Here’s what you need to know before you make the leap into affiliate marketing.
If you want a formal definition, affiliate marketing refers to promoting other people’s products and earning a commission when buyers purchase that product through you. Essentially, you’re like a “middle man” for products people buy online, such as digital courses, downloads, software, and even tangible goods from sites like Amazon.
Good Affiliate Marketers will try to offer solutions to peoples problems.
To do this successfully, affiliate marketers usually have their own website, blog, or social media page that they use to promote their affiliate products. In some cases, these promotions are outright advertisements, such as a Facebook ad with a link to purchase. In other cases, affiliate links are woven naturally into blog posts to the point where many users might even not realize it’s an affiliate link.
However you choose to promote your products, the process largely remains the same:
There are tons of affiliate marketing platforms you can sign up with, such as ClickBank, ShareASale, Amazon along with the one I promote which is Six Figure Mentors that will connect you with affiliate products. These platforms are a super streamlined way to get started, as it doesn’t take much effort to find products, get a unique link, and start promoting.
Also, companies like Amazon offer affiliate programs directly through the company. This is a major plus because most people already buy from Amazon and trust them as a retailer, so the conversion process is much smoother.
No matter which path you choose, you’ll need to pick a niche, choose products related to that niche, and develop content around those products to start making sales. That’s really all there is to it, in a nutshell.
For all the benefits of affiliate marketing, there’s always another side to consider, and I want to give some objective pros and cons before we go any further.
On the plus side, affiliate marketing has unlimited income potential with very few costs to get started, if any. It’s a billion dollar industry and takes no high level expertise to be successful. You can work this gig on the side, or once you start making some serious sales, you can quit your day job and shift to affiliate marketing full time (working part time hours).
Imagine waking up each morning and seeing how much money you earned overnight. That’s the real beauty of affiliate marketing — once you lay the groundwork, you can enjoy passive income that takes no additional effort on your part. You can work your business from anywhere and enjoy working around your
On the downside, you need to remember that this is a job. You’re self employed, which means you’ll need to have a little business know-how when it comes to money management and taxes. You’ll be leaving the security of a paycheck, benefits, 401k and other perks of working for someone else. You’ll also be fully dependent on your skills and ability to generate income rather than showing up to work, punching a clock, and getting paid.
These are just a few things to take into account as you decide to move forward with an affiliate marketing venture.
There are a lot of moving parts to affiliate marketing, and it really does take some time and effort in getting started. In fact, it can often feel like a second full time job, so be prepared to work hard. But the payoff can be so rewarding, especially if it replaces your current full time income and allows you the time, geographic, and financial freedom you crave.
Even during recessions or times of crisis, people are still buying things online, for business and pleasure. If you are delivering value to your audience and promoting products people need, want, or care about, then you should still be able to earn a healthy income despite what’s happening with the rest of the world.
Join me on my blog as we cover all things affiliate marketing.
Please leave comments and I will get back to you
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