If your looking for a second income stream to supplement your day job without significant start up costs and impractical time investment this post is for you.
Full disclosure: I say 'no skills' but what I do have is a background in admin which means I'm reasonably organised, and not scared of learning new software applications.
Richard's encouragement has also been a great boost.
The vehicle I chose for earning money online is affiliate marketing because it's so fast and easy to start, you don't need any of the usual things associated with starting a business, no inventory, no staff, no customer service, no payment processor. Even without Richard's help I could have set up for under $100 for a website and hosting for the year!
What other business model can be started so easily?
There are many variations of affiliate marketing that require different resources and skills sets. It's a bit like saying I want to become good at a sport. How to you decide which sport to focus on?
Do a little research and try a couple out?
In terms of resources I have a few hours per week, I have Richards training memberships, and I can invest a small portion of my monthly salary towards advertising if I start seeing results...
I've spent much of this first 3 months feeling confused and overwhelmed and though I don't like the feelings I've learned to live with it.
When it get's to much I step away and leave things for a couple of days, just let my subconscious deal with it.
The best advice I could give to anybody starting this journey, would be to find a mentor and model what they do. But going back to my sports example you wouldn't pick Tiger Woods as your mentor if you wanted to learn how to play tennis.
So I'm still trying to decide which sport I want to play ...in other words which style of affiliate marketing to focus on.
To earn a commission as an affiliate you need:-
- A product to promote
- A person who clicks your unique affiliate link and buys the product.
I've been completely overwhelmed and confused by all the options of strategies, products to promote and guru's wanting to 'share' their expertise.
Take your time, test out idea's, make mistakes, get up and try something else.
Before sharing what's worked for me so far, let me tell you about the failures.
In terms of figuring out a promotion strategy, I've decided I don't have the time and talent to build a blogging following, or do search engine optimisation, or any other time consuming traffic strategies.
I'm going to pay for traffic.
I've started with Search Engine Pay Per Click, because I use search engines daily and understand the principal of paying to get your ads seen.
Budgets are controllable and the traffic quality is top notch. I've been warned Google are hard for affiliates to work with so I'm going to start with Bing.
In terms of training, I've gone through that offered by Wealthy Affiliate, but particularly enjoyed Vick Strizheus direct response style taught by Four Percent Group.
Vick's all about affiliate marketing through creating your own unique long-term branding, that enable affiliates to market themselves / their brand and so stand out from all the competition.
I love this concept and have tried to implement this in two campaigns one promoting Wealthy Affiliate and one Promoting Four Percent Group.
The concept is to try and create a 'pre-framing' angle that offers immediate value to visitors in return for collecting their email address, and then promotes the product in value added email follow up series.
In both campaigns I've had success in terms of creating an angle that attracts the email subscribers but I've failed to convert in my follow up. I've got a lot to learn about email marketing and creating compelling follow up (work in progress).
What has worked ...in a nutshell, the campaigns where my input is MINIMAL!
I like watching YouTube video's to solve problems and research subjects that interest me. So with so much awesome Youtube content out there I wondered if I simply embedded other peoples great review video's into my site, pretty them up using Thrive Architect and add an compelling call to action.
Could I then send Bing PPC to these pages and make a profit?
My first sales...
- THRIVE THEMES
- FOUR PERCENT GROUP
So with a total Bing Add spend to date of...
£94.04 I'm actually slightly profitable!
Product keywords can be found at profitable bid rates.
Curating other peoples content is a super fast way to 'test' your ideas.
Recurring affiliate commissions are very, very attractive. Memberships and services tend to pay affiliates on a monthly recurring basis, which makes building a growing passive income a real possibility.
Some affiliate programs offer the opportunity for more than one-off commissions. These can be real game changers.
So look for programs that offer recurring commissions, back end commissions from other products and services the vendor may offer (rare but out there) and programs that offer Multiple Streams of Income...
For example Wealthy Affiliate trains people how to find potentially profitable keywords using both a free keyword tool and the premium and more powerful Jaaxy keyword tool. This offers WA affiliates the opportunity to earn money from 2 sources.
Four Percent Group take this concept considerably further with about eight sources of income from industry recognised companies like Aweber, GetResponse, ClickFunnels, Click Magick, Blue Host, Name Cheap, Lead Funnels and Udimi. So even though I've only introduced 2 people to Four Percent Group I've also earned commission from Click Funnels and Click Magick with no extra effort!
Going forward I'm going to have to work on improving my marketing angels and offering better value through email follow up, so that I can broaden my advertising sources beyond Bing PPC and hopefully scale my profits.