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General Questions

What is Affiliate Marketing

Affiliate marketing is a business model where a middleman (marketer), connects a buyer and a seller and receives a commission on the sale of a product.

  • The buyer pays no more than the RRP of the product
  • The seller pays the middleman a piece of their profit for the marketing
  • The marketer receives a commission for the sale

There are a lot of companies who pay affiliates for the sale of their products. Some companies pay marketers for referring others to use the service.

Fiverr is an example of a company who wants it’s current members to find new people to join and will pay you & your referral for the referral.

Wealthy Affiliate (our #1 recommendation) also pays affiliate commission for every new referral. So if you were to join WA, and don’t want to bother with creating a niche site promoting Amazon products, you could do so. However,

I personally don’t recommend people do this initially because doing this can be quite difficult for beginners.

Reasons why Affiliate Marketing is a Great Opportunity

There are many reasons why affiliate marketing is a great business model, and one that many major companies implement.

Personally, the benefits of affiliate marketing are:

  • Choose your own work hours
  • Can work wherever you like (even from bed!)
  • No boss
  • Income can be passive
  • No cap to the income you can generate
  • One of the lowest start-up capital requirements
  • You can work anonymously

This list goes on.

There are also major benefits for any company who is leveraging affiliate marketing.

Downfalls of Affiliate Marketing

Affiliate marketing is not all unicorns and rainbows. The same freedom, can also be a negative point of difference, which is why we always recommend a shift in mindset, so you can push through some of these barriers.

If you lack discipline and self belief you may struggle with:

  • Accountability – If the buck ends with you, who’s going to tell you off if you don’t do the work?
  • Motivation – Everyone feels down at times. What makes the difference is how you react to the moments when you lose all motivation.
  • Working from home – It may appear to be a dream come true, but it takes a lot of discipline and focus to be able to work efficiently from home.
  • Income Security – Some people would rather no that a pay check is always going to turn up. In this business there are always fluctuations (ex. being in a seasonal niche means you may only make money in that season).

There are a few things that you can do to help minimize the impact of the above, and we are happy to share the solutions with you.

How long can it take to make Money with Affiliate Marketing?

This depends on a lot of things like the competition of the niche, your posting frequency, your determination to succeed. To give this a general answer, expect it to take 6+ months to start gaining traction.

Once momentum starts, it’s hard to stop it so the advice here is to set a goal. Anticipate 6+ months of solid commitment and maintain at least a 1x post a week frequency. Lastly, make sure your reason “why” is strong as this will pull you through when you need it most.

Niche Questions

what is a niche

Niche relates to products, services, or interests that appeal to a group of people. Making money online is a niche, and one that I’m involved in personally.

When it comes to niches there is something that is referred to as “The Big Three“. These are:

  1. Wealth
  2. Health
  3. Relationships

These are the most profitable niches to be in. Everyone wants to make more money, live longer, and have companionship. This is why these are what’s called evergreen niches because the need for them will never subside.

It’s worth mentioning that while these are the most profitable niches, they are also the most competitive. This doesn’t mean you can’t make money in these niches.

To lower the competition you would look at narrowing down these bigger niches to something like:

  • Supplementing your retirement with affiliate marketing for veterans over 60
  • 3 minute workouts for corporate mothers over 30
  • How to make friends for teenagers between 13 & 17

Other examples of niches are:

  • Pet lovers
  • Plant lovers
  • Models

Niches can also be broken down to sub-niches as below:

  • Boxers (dogs)
  • Bird of paradise enthusiasts
  • Model trains

 

How to Find a Lucrative Niche

First of all, any niche can be lucrative!

A niche doesn’t have to make you $5,000 per month (would be nice though) to be considered lucrative. What actually matters is the time and effort it takes before you start making income.

So, to be honest you need to adjust your mindset on this one.

As your skill and experience develops, so will your ability to enter niches that are more financially lucrative than others.

If you want to know what the MOST lucrative niches are, they are as follows:

  1. Health
  2. Wealth
  3. Relationships

There are many “sub-niches” within the big three listed above, and these smaller. sub-niches can be very lucrative.

Also, consider looking at what’s trending.. Look at niches that are evergreen, and if you want stable income, something that is not seasonal.

And remember, you can be in more than one niche (we actually recommend it).

When and Why you Should Quit

There is a fine balance between pure dedication and commitment to your niche, and going down with the ship.

Know when to hold em, know when to fold em!

Be prepared to commit a solid 6 – 12 months to a niche site. It can take at least this long to start gaining traction if you are using free traffic (SEO). This is because it takes time for your site to mature and gain rankings.

Yes you can leverage paid traffic and start making money instantly, but it is going to cost you money until you refine your ads, and landing pages.

If you can handle the workload, you could look at working on 2 niche sites at once. We prefer to do this because it diversifies your portfolio, lowers the risk of not succeeding, and the more shots on goal you take, the more chances you have of getting a goal.

Also, be prepared for your first site to fail, and never get emotionally attached to a website.

Remember, your website is just a tool.

How to Build Authority When you are just Beginning, or don't know much about the Niche

To be an authority in a niche, all you need to know is a little bit more than the person seeking the answers.

In our experience, after researching the niche, looking at the competition, doing the keyword research, you gain a lot of knowledge, and it is this knowledge that positions you as an authority.

There are many ways you can gain knowledge of a niche.

  • Visit forums and look at the most common questions
  • Join Facebook pages / groups and see what the community is like
  • Look at the most popular YouTube channels in your niche
  • Look at Google Trends
  • Start using Google to search terms of your niche

These are just a handful of ways you can gain knowledge within a niche you know nothing about.

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