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Affiliate Marketing
Introduction: Mindset of an affiliate marketing entrepreneur
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- Define
your reason
- Define
your goal
- Determine
your work
ethic
- Focus,
Focus, Focus!!!
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Why do you want an alternate
income stream with affiliate marketing?
Sit down and write on a
piece of paper why you want an alternate source of income.
Paste this note where you can see it eg on the refrigerator door
I want to be rich just won't cut it.
"I want to build my own business to a level where i can choose not to
work for someone else" is a recurring theme in the affiliate marketing
circles.
Setting
targets for your affiliate marketing business?
Target 1:
How much
money can I afford to invest in my new business to get it up and
running?
You need to
think about this very carefully before you even approach the start
line. Your online business will not generate a substantial income for
the first 3 months it is up and running, and that is for the highly
motivated person.
The money you are willing to invest must be money you
can do without.
You must
factor in things like
- Cost of a decent computer with
broadband if you don't
already have one
- Cost of a domain name or multiple
domain names
- Cost of web hosting
- Cost of educational material [This
site tries to
point you towards good educational material at a reasonable cost]. You
must understand that if your budget is limited then you want to find
the best material with the best information at the lowest price. Even
if you have a large budget, you need to limit the material you buy or
you will end up with a huge library of unread, unused information.
Target 2: How much time can I afford to
invest in my affiliate marketing business?
So you have come across this exciting business of affiliate marketing.
You are Joe Average in a 9 to 5 job that sucks. Hey, you are going to
quit your job, tell your boss exactly what you think of him and....
Hold on a minute, no you are not.
This is not the time to quit the day
job.
You must first make this business work and then quit the day job
if you want to.
With this in mind, you need to determine, in the
context of having a day job, how much 'extra time' you have that can be
invested in this business. Then divide that time into two. I'll explain
what i mean
Learn
Time: Dedicated to reading you educational material and learning
whatever little tricks there are to making your business work, or
researching you niche topic or learning how to use software. This does
not bring in the dollars but is crucial in ...
Earn
Time: dedicated to the doing phase of your business ie building
and publishing your site, writing and publishing your article, writing
and sending out your emails to your list, writing ads for google
adwords, writing e books, creating products. These are
the activities that will bring in the money.
Target 3: How much money do I want to make
from my affiliate marketing business?
Be realistic, set a sensible target! Say you want to earn $10,000 per
month, you then have to calculate how many hours of earn time you need
to put in to make this amount or alternatively how much you need to
earn per hour of earn time.
I'll illustrate!!!
Say your earn time is 2 hours a day, 6 days a week giving a total earn
time of 48 hours every 4 weeks [i hope the maths is right] This means
you need to earn $10000/48 per hour to hit your target about $210. This
is the amount of income this hours work has to be able to generate. It
does have to generate this amount during the specific hour but the work
you do in that hour has to generate that amount over the course of the
month. If that sounds complicated take a moment to think about it
and i am sure the penny will drop.......eventually.
The other way round is if you know that an hours work for you can only
generate about $100 then you need a hundred hours of earn time to make
your target.
The above example is for illustration purposes only.
Target 4: Within what time frame do I want
to achieve my marketing goals?
You must realize that there will be teething pains so you are not going
to make money from the word go.
It takes time to build a site, find
products to promote, get traffic to your site, etc.
If done right you
should expect to be making a reasonable amount by the third month of
your affiliate marketing campaign.
If you are not then you need to
rethink your strategy
Options are starting another affiliate campaign, find a new niche,
optimizing your
website, and approaching your niche from a different angle
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