Many of us dream to have our own business. The sheer thought of being your own boss is very exciting. You get to work at your own pace, at your own time and earn good money. But owning a business isn’t easy. Keep aside owning, a lot of us fear starting a business because of the cost, risks, inventories, recruitments, and other demanding aspects it brings in. And if you are already employed to a 9-5 job then doing a business will always remain a dream. With the emergence of online research and resources associated with it, the dream of starting a business has become a reality. And that too from home. Want to know how? I will tell you how to be an entrepreneur at home by doing an online business.
Before we go into more details let’s clear our understanding on a few terms that you will come across in this post.
Who is an entrepreneur?
An entrepreneur is someone who owns a business managing its risks and taking initiatives to make maximum profits. In simple terms, an entrepreneur is a business owner.
What is entrepreneurship?
Entrepreneurship is the result of an entrepreneur who has researched, identified, adopted, and taken action by implementing necessary steps and resources to build a business. I am sure reading the above definitions and terms may be overwhelming to many. But let’s explore it further.
What is a business that makes you an entrepreneur and gives you entrepreneurship?
A business is just another thing or activity to earn money by connecting with like-minded people and growing your network. Does that sound too much? I am sure no. Because networking is very common nowadays thanks to social media channels. Social media networking has taken over every household and is considered a second family.
So, what do you do on social media?
You chat, share your ideas or posts, comment, watch and share videos, etc. Nowadays, people even share earning ideas on many social media networks. This is just another way to connect with link-minded people.
Everybody has a group or a network of people that remain in touch through social media channels regularly. This is called bonding which means you trust these people. And trust brings reliability and dependency as well.
So, what if one of your friends shares a product/service he/she uses on…let’s say Facebook?
For example, you got to know that your friend (s) has planned a trekking trip for which they have done the booking with lots of discounts and low fares on a particular travel platform that is shared as a link.
What will be your next step? In most cases, we ignore it. But if it has come from your closest friend whom you trust you would show some interest.
You will go ahead and check with your friend on how much he/she saved on the fares and which is the platform that is offering such a deal. If the saving figures excite you, I am sure your next step will be to plan a trip yourself and consider this recommended platform.
You will click the link shared by your friend and visit the traveling platform website. And surprisingly, you actually like what you see. You thank your friend for sharing such an awesome platform and consider implementing your traveling plan by booking a deal on the same platform.
Does the above scenario relate to most of us? Don’t you think a lot of people trust and act on others’ recommendations. Yes, if not all but a lot of us do.
So, you go ahead and do the booking from the same platform and share it back with your friend on Facebook. Guess what?
Your friend replies back thanking you for the money that he/she earned through your booking that was done through their shared link.
Is that possible? How can your friends earn money when you do a booking on a traveling website? Yes, this is possible by doing an online business adopting an affiliate marketing model. Affiliate marketing will be our focus to achieve entrepreneurship.
What is the affiliate marketing business model?
In simple words, Affiliate Marketing is done by promoting other’s (people or companies) products or services and earning commissions.
What your friend did was use the platform for themself and share the affiliate link with others so that when the same link is used by anyone to purchase the products, he/she will earn commissions from the traveling website. That’s it. That is what you have to do in affiliate marketing.
Understanding Affiliate Marketing business model:
We know what is affiliate marketing. Now, it’s time to understand the business model of affiliate marketing.
How does affiliate marketing works?
Affiliate marketing works by becoming an affiliate of the company or a network. The company will provide an affiliate link to its users who can then share it with others to earn commissions.
Let’s understand it by digging deeper into the example of a traveling website.
Let’s say you like traveling and frequently book hotels, then you can become an affiliate of Hotels.com to promote their hotels.
Hotels.com has an affiliate program where they pay their affiliates if someone does the hotel booking using your affiliate link.
When you join the Hotels.com affiliate program, you will be provided with an affiliate link. Hotels.com pays commissions on every booking done through your affiliate link.
Every company has a commission structure that they pay to their affiliates.
In terms of Hotels.com, for each booking, it offers between 5-6% commissions. That means if someone uses your affiliate link to book a hotel costing $500 you will earn between $25-$30.
So, with 10 people using your link for booking, the earnings will be between $250-$300, and with 100 people using your link for booking, the earnings will be between $2500-$3000.
Just sharing the affiliate links with your friends, or relatives on Facebook or any other communication channel can bring in this much money say every month.
Hotels are one of the examples. If you are not into traveling or hotels still you can find thousands of products online to promote and earn commissions.
There are many industries/companies that pay to promote their products. Affiliate Marketing can be done in any niche or topic. The best part about affiliate marketing is a majority of affiliate programs are free to join.
Let’s take another example using Amazon. Amazon has an affiliate program called Amazon Associates. You can join the program for free. Amazon has a structured commission plan for different categories of products. The commissions vary between 1%-10%.
Let’s say you like driving. You can go to Amazon and find many products related to driving. Driving products fall under the Automotive category that has a 4.5% commission.
Go to Amazon and search for driving products in the search bar. Select the products, grab your affiliate link and start sharing.
If one person uses your affiliate link to buy a car vacuum cleaner of $100 you will earn $4.5. If 10 people use your link to buy the vacuum cleaner you will earn $45, and if 100 people use your link to buy the vacuum cleaner you will earn $450.
These earnings are only from one product that is a car vacuum cleaner. Imagine the commissions you can earn by promoting 100’s of products. The more people purchase the products through your affiliate links the more you earn.
Affiliate Marketing is not limited to Amazon or any specific company. You can join Walmart, eBay, Etsy, Flipkart, and many more platforms in different niches to find your choice of products to promote.
You don’t have to spend any money, do monitoring, and own or store any products to do this.
What you have to do is just promote the products online and earn commissions.
Sharing through social media is one way of doing affiliate marketing which is very easy. But if you see, there is one matter of concern that most of us will face. And that is the marketing reach and capacity of sharing your affiliate links on social media.
Yes, the network is huge and you can make a considerable amount of profit using this method but to me, it is not full proof. With time, you will lose your credibility on social media groups. So, what else can you do?
If you love watching videos you can create a YouTube channel. Yes, visuals speak more than words. A lot of people spend hours recording themselves doing funny activities indoors, outdoors, in kitchens, etc. How about using the same screen to record a video of products you use and share their benefits?
If you already have a huge following then you are in for a big turnaround. Just complete your video by sharing your affiliate link in the description and letting your viewers decide what to do. You never know, how many of them can end up using those products earning your commissions.
Creating videos can add another source of the traffic to your affiliate links. But do you think this is enough? Have we achieved what we wanted to achieve at the beginning of this post? Do you feel like an entrepreneur? Certainly no.
Yes, by performing the above tasks you have created a trust and following among your network but you haven’t created a brand for yourself. A brand is an identification that people trust blindly. Something like Amazon, or Hotels.com. So, how can you achieve that trust and create a brand?
The answer lies in the next question. How do you recognize Amazon, Hotels.com? By visiting their website.
Every affiliate marketer has its own website. By building a website you can create a brand for yourself following the likes of Amazon, and other e-commerce giants.
A website can become your permanent platform to promote your favorite products and earn thousands of dollars every month. It also assures you that you don’t have to rely on your social media following or videos to earn money. If you have a website of your own you don’t have to spend time creating videos or posts on social media.
You can direct your followers by posting a link to your website on social media platforms. People will automatically come to your website and earn you money.
Building a website?
Many of us fear the thought of building a website imagining how much coding, and technicalities we’ll have to deal with. This is common. Even I was in the same thought process until I built one that you are going through now.
Gone are the days when you had to know coding, developing, programming, etc. to build a website. Now, it is a matter of a few clicks and a few minutes to build a website. I will share the platform I use to build websites without any effort but for now, let’s assume you have a website.
What happens on the Affiliate Marketing website?
Once you have created a website the next thing is to find a niche. A niche is a topic or interest of your choice that you do in your day-to-day life. It could be anything like your hobbies, favorite sports, or an activity that you like to do very often.
For the sake of understanding, let’s continue with our example of traveling.
I love traveling. So, I will go ahead and start researching traveling topics on Google. I can find tons of information related to traveling such as favorite destinations, accessories, products, travel agencies, resorts, etc.
Based on my research, I start writing a few articles or posts on my website about traveling. This will include my own interests and experiences as well as the information that I gather online.
Next, I go ahead and check Amazon for traveling-related products. And as we have seen there are thousands of them. I will go ahead and join the Amazon affiliate program and promote those products through my blog posts. I will insert the affiliate link provided by Amazon with the image of those products.
Whenever someone visits my website, reads the blog post, looks at the product, and clicks on it they will be taken to the Amazon website. If they like the product and purchase it I will get commissions from Amazon. The commissions are directly sent to your account every month.
To summarise, I will keep adding articles and products related to traveling and continue to earn money from the people visiting my website. I will also ensure that my website post links are shared on social media channels.
This website will be my primary source of income that appears in search engines such as Google and Yahoo. These search engines rank your website basis the amount of content you have, how helpful and valuable is your website for the visitors. This is called SEO optimization.
You can add the end number of articles, or information about the products or services you want to promote with affiliate links to earn unlimited income. The more content you have, the more visitors will be sent to your website every day. The more visitors you have, the higher commissions you will earn every day.
The best thing about building a website is you keep getting the commissions even if you stop working on your website. Search engines will continue showing your website and people will continue visiting and buying products from your website.
Affiliate Marketing is a passive income concept where you continue to earn money for the years to come. I am sure you have understood the core concept of affiliate marketing.
Till now we have researched, identified, and adopted a business model that will work for us to make consistent money from home. Still, we have not achieved entrepreneurship.
How to be an entrepreneur at home?
So, we have a website that is taking shape with continuous writing of blog posts, and affiliate products. You have daily visitors on your website and you are making some money from your writing and promotional efforts.
But I am sure not many of us want to continue researching and writing for months or years as it becomes very cumbersome and monotonous. Secondly, once you have a business you tend to look at expanding it further through proper marketing and automation.
So, our next task should be to automate our writing. And that can be done by outsourcing or adopting AI (artificial intelligence) method.
There are many freelancing websites where you can find and hire content writers. These individuals are professional writers. They offer their services based on hourly tasks, number of words, etc.
Yes, the cost is involved in outsourcing but remember you have already started making money through your own efforts and the same money can be utilized in the outsourcing process.
Test a writer or two who can write articles or posts according to your website niche by ordering 1-2 posts at a lower cost. Select the most appropriate one and keep ordering posts. If you are satisfied with the services, hire that writer to write permanently for your website by negotiating monthly payments.
This way, the progress of your website will keep growing which is necessary from a higher-ranking point of view and sales. Secondly, you can start exploring other marketing aspects and ways to enhance and increase your earnings.
You can increase your earnings by creating a YouTube channel dedicated to your website.
You can apply marketing efforts by building a subscribers list through email marketing. This way you can promote your website and products by sending an email newsletter to your visitors.
The opportunities and earnings are unlimited with an online business.
Outsourcing will also give you time to research and build another website and many more to come.
Now you are growing. Growing as an individual, affiliate marketer, in terms of websites, and overall, in terms of an established online business owner.
At this stage, your main task will be to enhance your research and implement it step-by-step adopting and assigning appropriate resources who can work for you.
You can now afford to physically stop working and manage the online resources to grow your online business. This is how you can achieve entrepreneurship because entrepreneurs don’t work for money. They make money work for them.
This may take a few months or a year depending on your dedication, hard work, patience, and persistence. But it is possible. If you liked the idea of doing affiliate marketing and the scope it has to make you an entrepreneur then your next step is to implement it.
How to implement affiliate marketing?
There is a whole process, hard work, marketing, and investments involved with affiliate marketing. Follow the steps below to implement your affiliate marketing business:
- Research a niche: A topic or a subject you love and passionate about,
- Find affiliate programs: Products or services related to your niche to earn money,
- Research keywords: Terms or phrases searched online related to your niche/products/services,
- Build your website: A platform to create an online business,
- Build content for your website: A source to attract traffic on your website,
- Connect with your social media channels: Promote your website and online business with your friends and followers,
- Implement other marketing strategies: Increase your earnings through email marketing or other resources,
- Outsource your content writing and other website activities: Become an entrepreneur managing your online business.
What do you need to start doing Affiliate Marketing?
Basically, you need three things to start doing affiliate marketing:
- A computer/laptop with internet connection,
- Step-by-step training and guidance on doing affiliate marketing,
- And a website
I am sure you must be thinking about how and where do I get all the above things to implement affiliate marketing.
Researching the source for Affiliate Marketing
There are many platforms and resources available online in the form of affiliate marketing courses and making money aspects.
One way is to spend time researching and finding. This way you will get an idea of how the research works which is also a part of implementing your affiliate marketing business.
The emergence of online research also gave rise to online scams and frauds. So, your online research will also have the drawback of falling into scams and bogus campaigns to platforms that promise quick money-making schemes. I have myself fallen for a few and lost a handsome amount of money.
My Recommendation –
So, the other way is following my recommendation to save your hard-earned money and time. It is called Wealthy Affiliate which I found after 3 months of research.
Wealthy Affiliate is a training platform that teaches how to do affiliate marketing, build websites, and monetize them to make you a successful affiliate marketer.
It offers all features and services that are required to implement an affiliate marketing business. It has paid memberships but I urge you to use their starter membership which is absolutely FREE.
Under the starter membership, you get to:
- Know how to research a topic or a niche of your choice,
- Research up to 30 keywords on your niche using Jaaxy keyword research tool,
- Build one website with security features,
- Know how to write articles or blog posts on your website,
- Learn how to attract traffic and visitors to your website,
- Join one affiliate program to monetize your website,
- Communicate with affiliate marketing experts free for first 7-days
The above features are part of a dedicated affiliate marketing training course called Online Entrepreneurship Certificate.
The platform is genuine, reliable, trustworthy, and provides a proven method of making money by doing affiliate marketing business through proper training, guidance, support, and hard work.
If you are interested in finding more about Wealthy Affiliate then check What is Wealthy Affiliate Program.
Frequently Asked Questions about Affiliate Marketing
How much money do I have to invest in affiliate marketing?
Spending money is the first thing that comes to mind and this is the most commonly asked question. Yes, there is an investment to be made in learning, website building, and maintenance, keyword research tool, and continuous support. The individual cost will be higher if you plan to spend on each tool separately. Therefore, it is recommended to look for a platform like Wealthy Affiliate where $49 per month is enough to do affiliate marketing that includes everything. Remember, you are spending money in an online business that brings in consistent revenue for a long time.
How much time do I have to spend doing affiliate marketing?
If you are employed or have other tasks to perform spending an hour or two every day is enough. Working every day for an hour will maintain consistency which is the key to building your affiliate marketing business.
How much time does it take to see the financial results in affiliate marketing?
It all depends on your commitment and dedication to doing affiliate marketing. As a full-time affiliate marketer and with all the aspects in place, you will get to see positive results in 6 months. The progress and result may be slow and take at least a year for the people who are doing it part-time.
Can I do affiliate marketing along with my existing job?
Yes. You can do affiliate marketing along with your existing job if you are good at time management skills. There are lots of people who started doing affiliate marketing with their existing job. Once they achieved success, these people switched to full-time affiliate marketing quitting their jobs.
Entrepreneurship comes with lots of risks, responsibilities, efforts, and obviously investments.
As we have seen, in affiliate marketing there are no to minimum risks. The only risk is your fear of failure. Other than that, it’s all about turning your passion into a profitable online business. There are no inventories, no products to own or store, no bosses, even no employees.
Yes, to achieve sustainability and profits you will need to invest some money. But with time, knowledge, and experience your return on investments will be much higher and consistent.
Even if you plan to start a business of your own in any field you will need money and resources. And venturing into any business requires you to have some knowledge about it.
This is to ensure that your first step towards building your business doesn’t fall back. With learning you can build a roadmap to achieve financial success otherwise, it may lead to failure and discouragement.
I found my road-map to success with Affiliate Marketing. And I found Wealthy Affiliate as my source to achieve financial success and entrepreneurship through affiliate marketing.
All the above details are the result of the personal knowledge and experience that I gained on affiliate marketing with the help of Wealthy Affiliate. Now, it’s your turn to achieve online entrepreneurship at home and you know how to do it.