7 reasons why any solopreneur can make money in their sleep
Now that you know what affiliate marketing is and have seen pretty much every myth out there debunked, it’s time to discuss why is affiliate marketing the easiest way to add another stream of income as a solopreneur.
Now, I should note it, that I will not be focusing on using affiliate marketing as your main stream of income. If you’ve read my first post, you already know that I am talking to solopreneurs who are most likely offering a service online.
So, if you are a coach, consultant, freelancer, or even if you are selling infoproducts online, you should definitely implement affiliate marketing as a complementary income stream. Why? Read on!
#1: YOU’RE LEAVING MONEY ON THE TABLE
I’ve mentioned this in my previous post, but, by not using affiliate marketing, you are not claiming the money that is freely available to you. For example:
Have you ever recommended your friend to start using an app for tracking their productivity, because you know that they have been struggling with that?
Well, you probably have done something similar to that. And you didn’t get paid for it!
But, if you went to the website of this app, you’d probably see a link to their affiliates page, where they explain how you can earn some money by referring your friends to this app.
So, you’re already using several apps, software, service providers, etc. Why not recommend them to your audience and earn some moolah at the same time?
#2: BUILDING TRUST WITH YOUR AUDIENCE
As a solopreneur, you probably already know that your services and products will sell better if you have built trust with your audience. Well, guess what?!
Recommending products to your audience also builds trust!
Imagine this: you are building your status as the authority in the industry. You already have had some clients in the past, but you’d want more.
In order for that to happen, you know that it takes some time for your audience to warm up to you and buy from you.
One of the ways you can actually COLLAPSE this time and build trust quicker is by recommending good products and services that you personally love.
If your audience starts loving these products and services, too, they’ll know that they can trust you and buy from you sooner. Win – win!
#3: HAVING SEVERAL STREAMS OF INCOME
You’ve probably heard people say that the average millionaire has 7 streams of income.
Well, I’ve seen solopreneurs hit a million mark in sales in just under a year with just one stream of income. It’s definitely more than doable. So, it would probably be more accurate to say that an average billionaire has around 7 streams of income.
These streams can range anywhere from rental properties, huge investments, and their main profits from several different companies. But, it doesn’t mean that you, as a solopreneur, should not follow their lead and be a smart business owner.
And while you probably won’t have many companies under your name as a solopreneur, you can create other streams of income. One of them, of course, being affiliate marketing.
You never know what might happen to one of your income streams, so why not have several others as a backup? Hmmmmm???
#4: YOU DON’T NEED TO CREATE YOUR OWN PRODUCTS
If you are overwhelmed with ALL the launches that you need to have this year to just make it to your income goal, stay with me here.
We both know how much heart you put into creating your own products and how stressful it is to launch them to your audience.
What if nobody buys? What if it’s not good enough for that price? Is the price too high or too low? How many emails should I send?
What if… you only had to ask this question….
Which existing product would benefit my ideal client?
Then, there’s no more need to create all the things that are related to the launch. You can make money by just writing one blog post or making one livestream on Facebook.
You can even find affiliate programs that will give you a pre-made and tested email sequence that you can send out to your peeps. How cool is that? I would recommend writing your own, though. 😉
#5: GET MONEY FOR LEARNING
Let’s take a well-known person, Marie Forleo, as an example. Marie launches her signature course, B-School, every year. More and more students take that course each time.
In addition, as a student, you can recommend this course to others and get paid for it.
Essentially, you can earn money by studying!
Think of the course that you have recently taken. Do they have an affiliate program? Would your audience benefit from that course, too? Recommend it to them!
#6: EASILY SCALABLE WITHOUT EXTRA WORK
If you are a solopreneur who sells services, then you know how hard it is to work with many clients at once. In order for you to scale and grow your business, you either need to:
- create digital products (more work),
- get more 1-on-1 clients (more work),
- increase your service prices (doable, but scary),
- launch products or services more often (more work).
Or, you could just promote an affiliate product. You don’t need to create any course material, a new launch strategy, deliberate on the price that you want to charge… So easy.
Of course, if you want the affiliate promotion to be effective, you’ll want to put some strategy into place. But, sometimes it’s as easy as writing a blog post.
#7: COMMISSIONS CAN BE REALLY HIGH
If you think that there’s only $37 products that you can promote, think again. Affiliate commissions can reach even up to $8000 per sale. Some are recurring.
For example, if you refer 15 people who get a membership for an app at $50/month, and you get a 25% commission each month…. that’s a $187.50/ month. You get this money each month, even if you don’t even promote this offer anymore.
There’s many affiliate programs to choose from and some of them pay reaaaaally well. I’ll give you a list of high – paying affiliates, as well as the most popular right now in my next post. I will also show you how to start making money with affiliate marketing in that post. Stay tuned!
Also, if you’d want an in-depth step-by-step guide for beginners on how to start making money with affiliate marketing, check out Ana’s course. She found a way how to make affiliate commissions become her biggest source of income from her blog and she’s teaching all of it in her $57 bundle.
P.S. do you have any questions regarding affiliate marketing for solopreneurs? Let me know in the comments!
Hi! I’m Cornelia.