How Affiliate Marketing Can Generate More Revenue For Your Service-Based Business

By , Text Only Admin

Solo-E Certified Solo Entrepreneur Expert

TextOnly'Admin - Text Only Admin

If you have a service-based business like professional organizing, virtual assistance, chiropractic, massage therapy, personal training, or coaching, you may be wondering if you should include products in your offering.  A product could be a workbook, a proprietary system, or supplements.   Products are great for a variety of reasons but one of the most obvious is that products create additional income streams.  If you are a service-based business you know that you only make money when you are actually doing work.  That means if you’re not working you’re not making money and that’s not very fun.  It makes it difficult to take time off and live the lifestyle you are probably encouraging others to live.

Maybe you’ve been thinking about adding a product but you don’t have the time, energy, or interest to create your own products.  Not everyone likes to create products and that’s okay.  You can actually use products that other people have created and make money from doing it.  Isn’t that cool? 

The people offering the product are called affiliates and the nice thing about being an affiliate is that you don’t have to do anything except make the link available on your website.  There are no costs to you, you make money every time someone purchases the product from your website, and you have a valuable resource to offer your clients that increases your credibility.  Plus, you don’t have to keep inventory on hand or worry about the fulfillment process.  That’s all handled by the distributor.

It’s a pretty much a no-brainer, especially when you offer a product that is complimentary to the service you provide.  Imagine, generating revenue while you’re sleeping or on vacation!  I have to admit, it’s quite a thrill to wake up in the morning and see orders in my inbox.

Here are some action steps to take:

Review your current offering. 
  List out everything you do to generate income in your business.  Is there anything missing?  Where are the opportunities to add products that would compliment the service you provide?  What makes sense and what would you be comfortable talking about?

Identify products you offer that others could benefit from.  What are you using in your business that you could offer to others that would help them?   List out the products and set up an affiliate program.  Figure out how much will you pay your affiliates and how will you track sales.

Create a list of potential partners.  Whichever side of the affiliate equation you’re on, start thinking about who would make a great potential partner.  Once you start thinking about it you will probably end up with a very big list.  Then make it manageable by sorting it out by business type.  You should have a good list of contacts to get started.

Just like that, you can start generating more revenue.  One warning, make sure it is complimentary to what you are already doing and does not take away from your main focus.  In other words, don’t start running another business.  My encouragement for you is that you will take a look at potential opportunities and see if there is a good fit.  Remember, you can achieve whatever you believe as long as you are willing to work for it.

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