Starting an Affiliate Marketing Business
Business Overview:
Starting an affiliate marketing business could be your ticket to an incredible income and a lifestyle you may now only dream about. Affiliate marketing is a simple business idea: an agreement is made between you (the affiliate) and an online merchant, and then you are paid a commission in exchange for generating sales, leads and/or clicks for the merchant’s web site. In other words, you are paid a commission in exchange for promoting someone else’s products or services online—usually by creating websites that get traffic and that lead people to visiting a merchants website and buying their products or services. As an example, many credit card companies will pay you between $5 and $20 USD in commission for each visitor that you send to their site who completes a credit card application, and up to $55 USD for those whose applications are approved. Another example: the Elite TR6633 Treadmill sells for $6,495.00 USD. As an affiliate of MegaFitness, who pays you a 10% commission, you would earn $649.50 USD for every sale of the treadmill that you generate. As you can see, the money making potential of affiliate marketing is enormous, as are the options available to you. In addition to promoting physical products that you might see in stores, you can also promote digital products such as eBooks. Because the delivery costs of products such as these are so low, many merchants will pay you as much as 75% in commission (and many eBooks sell for $47 USD or more). Recent statistics show that online affiliate marketers are earning $6 billion USD worldwide, so without a shadow of a doubt, the profit generating potential for you is incredible with affiliate marketing. This is because affiliate marketing can become an automated income generating business. This means that with affiliate marketing you can get to the point where you earn a great income doing very little work once your system is all set up. For example, you work once to set up a website that gets traffic and generates sales (through search engines like Google, for example). Once that is done, you won’t have to do any further work on the site, yet it will earn you money 24/7. In other words, you can make money as an affiliate marketer while you sleep, and there’s no real limit to the amount of income generating websites you could set up. What’s more, starting an affiliate marketing business costs next to nothing. All you need is a hosting account for your website (typically they are $10 USD a month or less), and a website domain name (these are also around $10 USD each). Therefore, learning how to start an affiliate marketing business is a great online business idea with little to no risk since you never have to purchase the product upfront before you sell it.
A Day in the Life of an Affiliate Marketing Business Owner:
As an established affiliate marketing business owner, a typical day would start by deciding whether or not you actually want to work or not. With a successful affiliate marketing business you’ll be making money automatically once your systems are in place. To initially set up this business though, a typical day will include going onto a merchant’s website and looking for a good product to promote. You’ll constantly have your ears and eyes open for a good product to be an affiliate for. Having picked out a great product, next you’ll do some research into how to successfully promote your product. Most commonly, affiliate marketers use search engines to get traffic to their web sites and generate sales. Therefore you would typically spend time on Google researching the keywords that people use when searching for the product that you have chosen to promote. You would then create a keyword targeted website with valuable content on it that is interesting and useful to the visitors you are targeting, and that naturally leads them on to click through to your merchant’s website and buy the product. To do this you would typically write a quality review article of your product, with a recommendation at the end that you buy it by clicking through to the merchant’s website. Once your website is up, you’re basically done. It will take some time for the site to be indexed and rank highly in the search engines (and consequently, for you to start receiving traffic and generating income through it). Bear in mind however that you don’t even have to go through the process of product selection, keyword research, and website and content creation yourself. You can outsource the work by hiring someone else to do it for you. In this case, your typical day would simply consist of overseeing the smooth running of your affiliate marketing business, and checking your account to find out how much auto-pilot commissions you’ve earned.
About Your Customers:
With affiliate marketing you won’t have customers per se because you will earn your money by generating sales for a merchant. You will, however, have online leads that you aim to convert into customers for your merchant.
What You Need to Start:
- An account as an affiliate for a merchant
- A website (with some affiliate marketing you don’t even need your own website, but in most cases you do)
- Hosting and a domain name for your website
- Business license
- Computer with high-speed Internet connection
- Financial tracking software
- An affiliate marketing business plan
The Good:
- There are virtually no start-up costs.
- You get to a point where you earn money virtually on auto-pilot.
- Affiliate marketing is a $6 billion+ USD industry—the profit generating potential is enormous.
- You can outsource a lot of the work.
- You’ll have massive freedom in your daily schedule.
The Bad:
- There is a challenging aspect to this business: you will need to be motivated and to work hard in the beginning as it can take time for you to build up a solid level of income online as an affiliate marketer.
- Learning how to set up web sites can be technically challenging in the beginning if you don’t outsource this work.
Resources:
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