A well-designed Affiliate Program can give your small business a big boost, as it allows you to leverage the resources of established marketers and multiply your sales in short time. Generally speaking, there’s no hard & fast rule for the timing of Affiliate Program setup. You should consider setting up an Affiliate Program for your business as soon as you are ready for it!
Now the question is; “Am I ready to start my own Affiliate Program?”.
The answer to this question is probably easier as there’s a specific criterion to check your readiness for starting your own Affiliate Program. So the criteria can be as follows:
- You already have an online store and products to sell; let it be fashion retail, travel business, food & beverages or business & consulting services, all it needs is a website optimized for conversions. Even if you have a reputed brand through dropshipping business model, you can consider affiliate marketing.
- You have been in products/services business for a while and the core operations are in smooth direction, i.e. you’re making certain sales already and you have some happy customers. As a fact of the matter, it will take some time for your affiliate program to drive results, you should not entirely be dependent on affiliate sales and have sufficient direct sales to maintain the brand reputation.
- Your business is making enough to pay for the basic expenses, as the success of Affiliate Program will take some time to happen, you need to have a positive cash flow with an emergency business funding plan in hand.
If your answer is yes to the above, certainly this is the time you should start developing your Affiliate Program.
Through Affiliate Marketing you get instant access to third party marketers, who promote your products/services through their own way of advertising, email, and online links and you just need to pay them a certain commission on successful sales.
The success of Affiliate Program totally depends on your planning and execution, which we will discuss in upcoming sessions!
I have also listed details for those who want to makeup mind for Affiliate Marketing Business in an earlier article.