3 ways to create multiple income streams using affiliate marketing
Setting up multiple income streams for your affiliate marketing business is one of the best moves you can make for your financial future.
Simply put–if you only have one income stream, you’re putting all your eggs in one basket. If that one basket gets obliterated for any reason, well, so does your income.
It’s really easy to become dependent on one main source of income, especially if it’s well-paying.
However, no matter how safe or reliable it may seem, it can disappear in the blink of an eye, leaving you back at minus square one!
I fell victim to this and I personally have learned my lesson.
This is the precise reason that I built an affiliate marketing business that encompasses a wide variety of revenue streams that come in from different sources.
Warren Buffet said it best!
“If you don’t find a way to make money while you sleep, you will work until you die.“
My income is not dependent on anyone thing (even though some income streams bring in more money than others).
So…how can you create multiple streams of income as an affiliate marketer?
1. Affiliate Marketing
There are plenty of people making a shit ton of money promoting other people’s products, services, and software. When I really like a product, service, or software that I am already using, I become an affiliate and I enjoy spreading the word naturally.
For instance, I promote SiteGround, the web hosting provider I use, Convertkit, the email marketing service I use, and even the website theme designers that I use, Theme Forest…just to name a few. There are a lot more on my resources page.
There’s nothing wrong with promoting other people’s businesses and getting paid for it, especially when it’s a product or service that you truly have faith in and believe that others can benefit from as well. That’s what the Pareto Principle is all about. Learning how to leverage what’s most important and hard to manage, TIME! Create a great strategy and execute it with minimal effort and reap great rewards in the form of commissions. Why try and create the wheel in the world of affiliate marketing when the pros have already perfected it for us?
2. Digital Products
Making money from digital products is a great income stream and typically an easier one that you can tackle as an affiliate marketer.
Canva is a great tool to help you create digital products. As long as you are able to put actionable steps in the form of a planner, journal, or basically anything that you want. I typically charge about $25 for my products but there is no law or cap on your profits.
But did you know that this income stream can be diversified even further? Here’s what I mean…
I was able to self publish and I can self-host anywhere I want, even on Amazon and Barnes and Noble.
3. Teaching Online Courses
My income from my online courses typically yields more than my ebooks income. If this surprises you, it shouldn’t! People are lazy, lol! They are more prone to be told and showed how to do something as opposed to reading. It takes a special kind of person to read a 90-page book! Seriously though folks, I can structure a course and create it within a week and host it on my website. I can also use platforms to sell and promote for me such as Udemy, Teachable, and Thinkific just to name a few.
No matter which one you choose, they’re all very profitable and easy to create. You create the products once and it keeps on giving over and over again especially while you sleep!
I can guarantee you that getting started is easier than you think.
The startup cost for creating your first online course can be extremely affordable depending on what resources you tap into.
And furthermore, we all have something that we know that we can teach others.
Are you ready to create multiple income streams?
If you’re not already doing this, it’s time for you to diversify your income as an affiliate marketer entrepreneur!
While I do believe in having multiple income streams, I must acknowledge that juggling too many income streams at once can become quite overwhelming. If you create your systems and strategize your plan of action, you will do just fine!