You might have read a lot about the list of things you need to know before starting a successful affiliate business. I bet it could be overwhelming, confusing and you may end up suffering from information overload. So here is a list which contains only essential information to help ease your learning and reading.
Set Your Attitude Right
Affiliate business is like planting a tree. It takes time to grow, mature, blossom and ripe before you can pluck the fruits from the tree. Likewise, running an affiliate business takes time and hard work to grow before it can profit so be extremely patient and persistence. If you are expecting an overnight success then this is not what you are looking for.
Set a Realistic Business Goal
Nothing beat with a clear and concrete business goal. New affiliate marketers are highly recommended to get a business goal as it will be your motivator and guidance to business success. Without a goal is like an archer shooting aimlessly without a target – wasting your time and energy. You can learn more how to set a short-term or long-term goal by clicking here.
Get Some Training
You may wonder why training comes in so early? Personally, I feel that a good training helps to provide a good foundation and what is required in running an affiliate business. To increase the chance of success rate, it is always good to get the fundamental right from the start. In affiliate business, if you are weak in marketing, you already lost half of the battle. Hence, it is extremely necessary to go through a solid training and equipped yourself with the latest affiliate marketing strategies and techniques.
You may think that such training information are available on the Internet but they could be obsolete, unstructured or not legitimate. One good place to start is Affilorama, they contain bulk of free information and 100+ over training videos for new marketers. If you want to advance further, there are also premium courses catered for different levels.
Some people thought that business name may not important for online business but it helps to provide an identity and eventually branding to your business. A business name is also needed for banking (opening a bank account), legal, accounting and tax purposes.Your business name can also be used as your domain name so be careful when choosing one. It should be unique, memorable and searchable. If your business name contains searchable keywords, your business can then be easily found on the web and it can help to save some marketing dollars.
Customers usually think that your domain name (website address) should be the same as your business name. There is an advantage to it too. For example, the domain name for Google is www.google.com, Microsoft is www.microsoft.com and Dell is www.dell.com. It made it so easy to remember and convenience for their customers by having both business name and domain name to be the same.
However, most good domain names have been taken up, it may not easy to get one you like nowadays. Therefore, it is highly recommended that you check the availability of the domain name first before getting a business name. If you want to check the availability of domain name, you can do it at www.checkdomain.com.
License, Insurance & Registration of Your Business
Your affiliate business can only be legal if you register your business with the relevant government authorities. You may also need to obtain license if you are operating business at home depend on the country you are in. Check with your country authorities what are the requirements? Some affiliate networks require your Tax ID number when you signing up but you can always use Social Security Number (SSN) if you do not have a business Tax ID number.
Keep Proper Accounting Records
The beauty of affiliate business is it does not involve any invoicing or inventory keeping. However, you still need to keep good accounting records for many reasons. First, it will show you the amount of income and expenses involved. Giving you an idea how much you earn and what you have spent. Based on the information, it will help you to allocate budget for future marketing and promotion needs. At the same time, keeping accurate records will help to pay your tax correctly.
Doing market research is the most critical step when starting an affiliate business. You will not want to waste your time and effort getting into an oversaturated or little demand market. Finding who are your targeted customers and what are their unmet needs and wants. Once you have identified your niche market and you are able to match their needs with right affiliate products, it will set you in the right direction. At the same time, you might want to check out your competitors, what have they done to fulfill the market? What could you do better to out perform them? The marketing guru called this as your Unique Selling Proposition (USP).
Allocate Startup & Maintenance Fees
You do not need a venture capital to start an affiliate business but be prepared to allocate enough startup and maintenance fees to sustain your daily online operation especially when there is no income expecting for the first few months. It will be helpful if you can identify the fixed cost and variable cost so you can have more control over your total costs.
Some of the fixed cost such as domain name registration, website hosting fee, internet fee, utility and phone bill will incur monthly regardless whether you use it or not.Then there are the variable costs such as website design, content creation, training, advertising, marketing and promotion for your affiliate business. These costs are more difficult to control as they depend on many factors to determine the actual costs. Nevertheless, you still have the option to choose whether you want to incur such costs.
Get Involved in Community
You might be wondering why you need to get involved in a community. The main reason is running an affiliate business can be a lonely task. By interacting and networking in a community not only help to expand your circle of contacts but may get to know those successful affiliate marketing gurus. So look out for relevant community forums, they are excellent ways to lead to new business and joint venture opportunities.
There will be more similar posts cover on this topic in future so stay tune for more. If you think that I have missed out any important and essential information, please leave your comment below.