I get this question quite often when I explain to people the concept of multiple streams of income. The most successful business entrepreneurs became wealthy because they understood that having more than one source of income was extremely lucrative not to mention, necessary. There is quite a bit of risk associated with traditional money making strategies, and having all of your eggs in one basket is considered occupational suicide to a business professional.
In the traditional business world, the way to attain multiple streams of income was by investing in properties, financial investments and acquiring several businesses. This type of approach can be effective but requires large amounts of capital to get started and to sustain.
The best example of someone who has mastered this concept is multi-billionaire, Donald Trump. This man has his hands in every business opportunity under the sun, including his newest venture; Network Marketing. Because of his tactical genius and fearlessness, he stands as one of the richest men in the world.
So the big question is, how does the average Joe or Joanne incorporate similar types of business maneuvers without having to give up their first born to do it? How can we take advantage of multiple streams of income?
The Answer lies in Affiliate Marketing
In Affiliate Marketing you can take advantage of marketing someone else’s products by incorporating links, banners, and product information on places like your website or blog just to name a few, and then get paid a flat fee or percentage of the sale whenever your visitors click on these links and make a purchase. In other words, in affiliate marketing you are selling products or services offered by other companies to earn income.
The more affiliate marketing companies you partner with the more streams or sources of income you can acquire. However, it’s best to keep it simple. Avoid having too many affiliate marketing products which can take up a big chunk of your time trying to promote. Three or four quality products is a good start. If you are involved in a small home based business where you also have your own products that you offer, you’d be amazed at how much of that extra affiliate income can help with promoting your business marketing efforts.
First, you yourself should be using the products that you are attempting to sell to people. It’s very easy to get involved with an affiliate marketing company because most are free to sign up, but in my opinion, it’s unethical to try to sell or promote a product that you have never even used or even like, for that matter. Also, when you really like a product it makes it that much easier to market because now you’re sharing your experience with people instead of just trying to sell it.
Secondly, make note of the quality of the affiliate marketing product. Is it something that people can actually benefit from or is it just junk? If no one likes the product or its pretty much trash, you won’t make any money. Provide your prospects with value in every way, and you will have customers coming back to you over and over to buy what you have to offer. This is how you build trust.
Another feature you might want to consider is what percentage of the sale is the perspective affiliate offering? If you plan to invest the time and effort to market your affiliate products, you may want to be aware of how much you stand to earn.
Most Affiliate marketing companies offer anywhere from 3 to 50 percent commissions. Obviously, you will want to find a product you not only use and like, but that pays out on the higher end of the commission scale.
In Short, Affiliate Marketing is a great way to earn multiple streams of income like the pro’s do. Another benefit to this type of marketing is that you can virtually earn money while you sleep once you have your affiliate links set up and you do the initial work to promote them.