Creating affiliate passive income
In today’s environment, most entrepreneurs are looking for additional ways to generate income. Affiliate passive income can be created in several ways, one of the most common methods used by entrepreneurs and internet marketers is affiliate marketing.
What is affiliate marketing?
Affiliate marketing is defined by wikipedia as: “A type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts. The industry has four core players: the merchant (also known as ‘retailer’ or ‘brand’), the network (that contains offers for the affiliate to choose from and also takes care of the payments), the publisher (also known as ‘the affiliate’), and the customer. The market has grown in complexity, resulting in the emergence of a secondary tier of players, including affiliate management agencies, super-affiliates and specialized third party vendors.”
In short: Affiliate marketing is the process of earning a commission by selling/promoting other companies (or people’s) products.
Affiliate marketing benefits
The biggest benefit of affiliate marketing is that you don’t need to invest money or time creating a product or service, you simply promote the existing ones. And the key is to have a platform to do so. There are additional affiliate marketing benefits:
- The vendor handles all the hard work and you simply collect your commission.
- You can do this from anywhere in the world
- Low cost to get started
- Very easy to start
- You can automate the process
- Easily scalable
Ways to create a successful affiliate passive income strategy
First things first. You need to select a niche and sell what you know. You will be more successful if you sell products and services you are familiar with. For example, if you are a chef, you will be more familiar selling recipes, cooking products, etc. So you need to so some research and select a niche that you are familiar with or you are passionate to learn more about.
Then, you need to create a website (or websites) relevant to your niche. When you build your website, you need to think about the elements that will make this website successful. Do you want to create a blog? Are you going to sell ads? are you going to promote products? Is this a membership website type of websites where people can register and get training from you?
Once you have created your website, there are several ways to make money using affiliate marketing:
- Promote digital products. Promoting digital products is a very popular option. You can go to to websites like clickbank and select the digital products that are popular in your niche.
- Inserting Google AdSense. If you like to write blogs, you can also have areas where Google can insert advertisements so you can earn profits from them
- Insert an opt-in box in your website. This is a strategy that you can use to grow your list. You can review the complete email marketing strategy in this website and follow the steps. Having an opt-in box in your website will help you to get subscribers and you can promote products and services directly to them.
- Write “Product reviews”. Some afiliate marketers create websites only for the purpose of reviewing products. This is a strategy that will work very well if you spend the time reviewing products in your niche. Many times consumers like to review products before they buy and this is a perfect place to promote them once you inform the consumer about them.
- Sell your blogs. Some succesful affiliates sell their blogs to companies once they reach a high number of visitors. This strategy “flips” websites, in other words, you can build a successful website and then sell it to a company who wants to save time. This is a strategy that can be very profitable. Depending on the number of visitors, or the money is making, you can make anywhere from $1,000 to $350,000.
- Write eBooks and sell them in Amazon Kindle. As part of your overall niche domination, you can also add income streams by creating eBooks and selling them in Amazon Kindle. I prepared a small training available in this website that teaches how to create eBooks and sell them in Amazon. Check it out.
- Sell physical products. An additional strategy is to sell physical products. I strongly recommend to sell products related to your niche and incorporate them into your website. For example, if you are a chef, you can sell kitchen products in addition to your eBooks. Today drop shipping is a very popular choice among entrepreneurs who are selling products online. According to Wikipedia:
- “Drop shipping is a supply chain management technique in which the retailer does not keep goods in stock but instead transfers customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer. As in retail businesses, the majority of retailers make their profit on the difference between the wholesale and retail price, but some retailers earn an agreed percentage of the sales in commission, paid by the wholesaler to the retailer”
- Email marketing. Email marketing can be a single strategy or a strategy that complements other ones.
- Teach online classes. Creating online classes can be a very profitable activity, especially if you create lessons related to your niche. Many internet marketers are selling high ticket training courses for those who want to learn how to make money online. But you can sell other types of training, for example, how to cook if you are a chef. What ever your niche is, I am sure you can teach topics related to your niche to help others succeed.
- Rental houses. The rental market is a long-term strategy that requires a large capital investment in many cases. Having rental properties is a very popular option, because you win in two ways: you create a monthly income and you acquire assets. But before you get there, it important to generate other sources of income, like online income. There are some companies promoting strategies to acquire rental homes with no down payment but you need to be careful because some of them sell high interest notes from “Hard lenders”.
In summary, passive income is an income received on a regular basis with little effort required to maintain it. Who does not want it? I certainly do! Now, it is not easy to do it, but is worth it. Once you accomplish this step, it is easy to continue building on it.