Once you get involved with affiliate marketing you will start hearing a lot about generating multiple income streams.
For many starting out this can seem to be a very big task and for some even impossible.
You need to start with the right mindset and create a viable plan for yourself before ever considering generating additional income.
You need to first, focus on creating some initial income so that you can then use that income to expand your affiliate business. Many will tell you to build mini-sites or use turnkey websites to accomplish this but in my experience you are setting yourself up for failure.
You see a lot of the things being promoted online are either sub standard or completely outdated, after all if someone is making a huge amount of cash using some top-secret strategy do you really think that they are going to share this with you for a measly $27.00, I very much doubt it.
In truth, theses strategies have usually been sucked for every penny and when they start to lose their effectiveness the so-called expert then sells them to unwary buyers like you and me.
You first need to understand that as in any business it’s all about finding opportunities in a marketplace and then capitalizing on those opportunities.
This post is going to give you some insights as to why you need to first build a sustainable business (website) and then branch out looking for additional income sources.
Why Should You Do It?
Have you ever felt terrified of losing that job you hate?
Chances are, you’d love to quit, but you can’t help but picture the consequences of losing your only job. If you can’t find a new one fast, you’ll fall behind on bills, and suffer a reduced standard of living.
It might even impact your love life!
If your job is imperiled, it’s a constant source of worry.
Even affiliate marketers who are “their own bosses” have to cope with these fears when they have a single stream of income. Even if you’re in business for yourself, there are always elements out of your control that affect how you solicit customers, interact with them, and close the sale.
For example, the Google search algorithm is constantly changing and updating. If you own a website that depends on a high search engine ranking to get customers, you may lose a lot of money if an algorithm change removes you from the first set of results.
That’s why the most successful entrepreneurs remove stress from their lives by having multiple streams of income. If one stream goes out, there’s something else to fall back on. But this kind of security isn’t limited to top-tier affiliate marketers – you can have it yourself with a little bit of intelligent planning.
Planning For Passive Income
Before you can start planning for multiple streams of income, you need to make a self-assessment. Too many amateur marketers have low self-esteem and convince themselves that they need a new set of skills to succeed.
Usually, you have everything you need already. Ask yourself what your strongest internal resources are. If you are a great writer, a skilled artist (in digital or physical mediums), or just really good-looking, you should brainstorm business models that use those things to your advantage and slowly work at them in the background. Even things like computer software and friends in high demand professions can help!
Exploit Your Advantages Slowly
As you work to build your affiliate websites, think about ways to sell your advantages to others. If your friend is a police officer, for example, you can ask him questions about how he got the job, and package them as an information product for aspiring police officers.
If you think you look good in front of a camera then, purchase a WebCam and provide video reviews on your site – or offer to do reviews for others at a site like Fiverr.
If you’re a good writer, then write for others.
The trick is not to do all of this right away, but slowly build credibility in your field by offering a quality service to any site visitors while you build your primary stream of income. Once it’s up and running, it isn’t very difficult to branch out to other things.