If you are reading this, you probably feel overwhelmed with your Google search results for affiliate marketing tutorials. If you are just looking for a step by step tutorial to help you get started without needing to shell out hundreds of dollars for 2-page PDFs, you have come to right place. Affiliate marketing has been the primary go-to for people desiring to create a passive income stream. If you are new to affiliate marketing, follow along to create your own affiliate marketing income stream. A note of caution though. You can start with affiliate marketing relatively easily. But, your level of success will depend on the effort, discipline and hard work you’re willing to put into it.
Let’s start with the definition, shall we?
Simply put, affiliate marketing is the process of promoting and helping sell a product/service produced by a 3rd party creator. When that promotion leads to a sale, the 3rd party shares a pre-determined portion of profit from that sale with the affiliate marketer.
Affiliate marketing is one of the best passive income streams that has a potential of creating a steady stream of passive income if done right.
Who is affiliate marketing for?
In one word – anyone. Are you a corporate professional working in a cubicle all day long disillusioned by the corporate culture? A single mom of two kids trying to make ends meet? A recent college graduate deciding on a career? Are you a youngster wishing to earn some income while completing your education? Or a person working two minimum wage jobs already yet struggling financially? Maybe you are someone who wants out of your 9 -5 and regain control of your time?
Affiliate marketing is for anyone regardless of their personal situation. However, one must devote right strategy and appropriate amount of effort to be successful in affiliate marketing. So, if you are looking for a “get rich overnight” scheme, this probably isn’t it. A lottery ticket or a novel crypto currency currently trading at a few cents might have better chances.
Jokes aside, the reason I feel affiliate marketing is one of the best possible passive income streams is because anyone with a smartphone and internet connection can start making money. The barrier to entry is extremely low for affiliate marketing. All you need is determination, consistency and the right frame of mind when it comes to personal finance and financial freedom. So if you feel you need an inspiration boost, I do have a set of 5 books by great authors that I always recommend as a starting point. You can find the list here on this website. Please know that to grow, there’s no substitute for investing in learning.
Affiliate Marketing & Common Misconceptions
Before we get started on the “how” of affiliate marketing, there are a few misconceptions that need to be discussed. With the appearance of Covid, more people than ever were forced to reconsider their financial status. Some of it due to forced layoffs or additional hardships due to family medical bills. Some simply got bored with the 9 – 5 routine while feeling trapped in their homes by the virus.
This was a key turning point which caused affiliate marketing to take off in a big way. At present, affiliate marketing is a 12 billion dollar industry. So it’s clear that there is a lot of money to be made. And with an industry this big and growing, it is inevitable that there will be misconceptions and half-truths floating around. So it is important to identify and understand these.
Here I have identified the top 5 that I’ve noticed floating around commonly. These misconceptions are dangerous because they made me hesitate in starting my own journey. Such myths plant the seeds of doubt in your mind. So I want to clarify them for you. Check out this post for a quick read on the top 5 myths and misconceptions and the truth behind them.