As this blog has pointed out before, developing an idea for a passive income strategy doesn’t need to be difficult. While it may take a little bit of effort, the odds are good that you can find a plan that works for you if you give it some thought.
However, if you’re still struggling to determine how you can make some extra money on the side, then you should consider affiliate marketing. It is a popular approach for those striving to earn passive income. While the amount of money you can expect to make will vary on a case-by-case basis, if you go this route, then there’s a good chance you can generate a reliable revenue stream without putting in a lot of work. Keep reading to learn more about what affiliate marketing is, how you can get started, and why it’s one of the more common types of passive income businesses.
Affiliate Marketing: Understanding the Basics
Affiliate marketing basically involves serving as a sales representative. You find a product that appeals to you (or that you think would appeal to others), then promote it online. Every time that your efforts result in a sale, you earn a commission. It’s important to keep in mind, of course, that only some companies participate in this kind of marketing strategy. You can’t simply contact the manufacturer of your favorite product and assume that they’ll pay you to help sell it. You’ll have to do some research to find companies that pay affiliate marketers.
How to Get Started
While there’s nothing stopping you from promoting products you’re unfamiliar with—or even items that you personally don’t enjoy using—most experts agree that your efforts will be more successful if you focus on items that you’ve used before. This makes it easier to highlight the benefits of what it is you’re selling. On top of that, from an ethical perspective you may simply feel more comfortable promoting goods or services that you know are actually useful.
That means you should choose a niche you’re familiar with. In most cases, the more specific the niche, the better. Trying to promote a little-known cosmetics brand isn’t easy when there are much bigger companies out there dominating the market. On the other hand, promoting organic, ethically sourced makeup is easier, as you can target a very specific audience.
To find your niche, think back on any and all of the products you’ve enjoyed using in the past that you think more people should know about. Once you have prepared a list, head over to a site such as Clickbank, which is essentially a database of affiliate programs, and find out if any of those products (or any like them) qualify.
The best way to promote these types of items online is to start a blog on the topic. For example, if you want to promote organic cosmetics, you could start a blog with makeup tips and tricks. Simply mention the product in your posts in order to drive sales.
You’ll be more successful if the content you offer readers is valuable. Merely writing posts on a regular basis asking people to buy an item isn’t a smart blogging strategy.
Luckily, even updating your blog can involve little to no effort.
Hire Freelance Writers to Draft Blog Entries
Again, if you are interested in affiliate marketing, it’s likely because you want to earn a passive income. The idea of regularly posting on your blog can seem like more work than it’s worth.
It doesn’t have to be. Through sites such as Upwork and Scripted, you can hire freelancers to draft blog entries for you. Yes, you will have to spend some money to ensure that you receive quality content. However, if the blog is successful, then the amount of money you earn on commission will substantially outweigh the amount of money you have to pay your freelancers.
It’s worth pointing out that many experts recommend you include a disclaimer in your blog entries letting readers know that you earn a commission for the sale of items that you promote. For some programs, this is a requirement. While it isn’t always necessary, customers are smarter than you may think, and they’ll be happier if you’re upfront and transparent about how you benefit as an affiliate marketer.
This strategy is effective because there are many people and organizations out there eager to get their products into the hands of customers. It’s not difficult to find the right product for your niche. Once your blog is up and running, you don’t even need to update it yourself. It’s truly one of the smartest ways to earn money on the side without working for it.