Common knowledge dictates that the first step to starting your own business is having your own product to sell. Naturally, your product or service will be the core income stream of your business. Then again, product development is not as easy as an idea.
Ideation is always the easy part. Turning that idea into reality is hard. You need to do market research to find out if the product will sell well. Then, you will have to tweak the product or service to better serve the needs of your potential clients. Developing a good product takes time and effort. Is there an easier way?
Good news is: yes, there certainly is. Surely you would love that, especially if you’re just starting out and do not have a lot of capital. You don’t need your own product; rather, you only need to capitalise on the success of other products.
The better first step to starting your own business is known as affiliate marketing.
It is all about promoting other people’s products and earning commissions from them. How it works is basically for every sale the product makes because of promotions from you, you get a percentage of the sales.
There are many ways to do affiliate marketing – advertising on your own website, doing reviews, and through social media. It’s a great income stream for a new online business startup. Surely it won’t make you a fortune overnight, but it will make some money that you can build up to a bigger income in the future.
Affiliate marketing is not new in the list of small business ideas.
It has been around for a while, and many people are already doing the same. So competition is now tight, and you’ll have to do a lot of research to find good affiliate products to promote, as well as a good affiliate network from which to get those products.
To give you an idea, some popular affiliate networks include Amazon Affiliates and Clickbank. These networks offer many different products in many different niches, so it’s likely that you’ll find something appropriate for you to promote on your own platforms.
Ready to execute this new first step in starting your own business? Affiliate marketing a good start for business beginners, and you can make some good money with it. Give it a try, and you’ll thank yourself later on.
If you are interested in creating an online business startup but have no clue where to start, you should download my FREE EBOOK below to get a list of small business ideas that you can later try out.