Get an Affiliate Program–Making Money Doesn’t Get Much Easier
One of the tried-and-true methods of promoting your products is having an affiliate program. When you have an affiliate program making money for you, life is much easier. If handled correctly, you can do it without any money out of pocket, either.
Essentially, when you have an affiliate program, you pay affiliates a percentage of your sales to do promotional work for you. This is a staple part of many online business ventures. Here’s how it works.
Someone signs on to promote your product and you give them a link to use. This link is used to track who brought in what sales, so you will know who to pay. You can even take it a step further and fully automate the payment process. They make the sales, you pay them, and you don’t even have to think about it.
There is often a catch that many business owners will get caught on only once. That is, if you’re not careful about your affiliate contracts and the conditions under which they get paid, you can lose money. It all boils down to whatever money-back guarantees you make.
If you promise your customers a 100% money-back guarantee and pay your affiliates a no-clause 50% commission, for example, you’re setting yourself up for disaster. If the customer wants a refund and you have to pay them, then you LOSE 150%. What you need in this case is to have a clause that the affiliate gets paid AFTER the guarantee expires, and ONLY if you don’t have to refund the client.
This way, if the customer bails out before the guarantee is expired, you don’t have to pay the affiliate. Sure, you would lose the payment, but at least you won’t lose that extra 50% that you would be paying the affiliate. It may sound like common sense, but enough people miss that point to make it worth mentioning.
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