Are you looking for a way to make a little “passive” income in 2011? Look no further than affiliates.
What are affiliates? In terms of your business, they are sources of quality referrals and if you seek out the best ones and treat them well, you might just wind up getting a whole lot of moolah in return!
So how can your business use affiliates for financial success in the coming year? Try these steps:
1. Set up an Online Affiliate System: Get in touch with a marketer who can help you set up an online affiliate system. Through the system, other websites will market your products and/or services. They’ll get a “chit” for every source they send you. And you’ll get a new customer!
2. Set up a Person-to-Person Affiliate System: Do you have a good friend who is in a business where he or she could be a great source of referrals for you? You might want to set up a formal affiliate system that can help you both. Whenever he or she passes a potential customer your way, you can track that customer and give your friend a financial reward.
3. Trade Affiliate Systems: Between the right entities, an affiliate system “trade” (“you scratch my back, I’ll scratch yours”) is not only appropriate – it’s the making of a financial success. Just be wary and trade affiliations only after doing some major investigations. It isn’t an undertaking to take lightly.
One final note: Check with your CFO and/or accountant to determine the best way to budget your online and brick-and-mortar affiliate networks. You may also want to run any ideas past your legal advisor as well, just in case.