If you have an existing web site or customer base, you can very easily create a passive income stream that requires no effort on your part.
How? Simple -- affiliate marketing.
Affiliate marketing lets you promote other peoples' businesses from your site or your customer list.
When your clients or customers make a purchase at your partner's business, you receive a cut.
Your affiliate marketing partner gives you a special link to place on your website.
When someone clicks on that link and goes to your partner's site, the partner's server records the fact that you are the one who referred that new customer.
You then get credit for the sale and your account with your partner is credited.
The technical details of affiliate marketing can get convoluted, but for the most part all you need to know is how to add the code to your own site or to your promotional e-mails.
The important elements in building a successful affiliate marketing program are to pick appropriate marketing partners and to maintain your own credibility with your existing clients.
Affiliate marketing is generally a secondary income, not the main reason you're in business -- you should never engage in affiliate marketing when it will hurt your core business.
Selecting appropriate affiliate programs is straightforward.
Don't pick companies that are your direct competitors, and do pick companies where your customers would be likely to do business anyway.
For example, if you have an online candy business, you don't want to partner with other candy companies -- your customers might end up migrating to your partner and never return.
However, online florists, gift card businesses, or romantic clothing companies would be natural partners for you.
Your customers will be interested in those services, and will even see your affiliate advertisements as beneficial to them.
At the same time, it is critical to maintain your credibility with your customers and clients.
If you refer them to a business that has shoddy products or bad service, it will end up reflecting poorly on you - they will remember who sent them to DeadFlowersDeliveredLate.
com! You also want to avoid referring your customers to businesses that they will find inappropriate or outright offensive.
Don't put Maxim subscription ads on your woman-oriented marketing site! Be picky about who you market for.
Finding affiliate partners is pretty easy.
There are affiliate networks like Commission Junction or Linkshare that collect affiliate programs and let you sign up with just a few mouse clicks.
These networks include companies big and small, and offer a wide range of potential partners.
To get the very best deals, however, you will need to find companies that offer services or products that are just perfect for your own customers, so that the affiliate marketing partner really wants your clicks.
Find websites that are natural fits for your customer base, and look for their affiliate partnership offers.
(Just searching for the word "affiliate" or "associate" on their site -- not every website will have a program, but many will.
) With planning and careful selection, affiliate marketing can open up a new line of income for your business, without requiring a great deal of time or management on your end.