1. Prepare for taxes. If you make money via affiliate marketing, you can be sure that you're going to have to pay taxes on that income. At the beginning of each year, your partner companies should send you a 1099 tax form. If they don't, you're still required to report the income to the IRS.
*If you're running your affiliate marketing business as a sole proprietor or LLC, you'll report 1099 income on Schedule C - Profit or Loss from Business.
*If you're running your business as an S or C corporation, you'll report the income on Schedule K-1.
2. Expand your business. Your business is likely to do one of two things: expand or contact. That's why you should always be striving for growth, otherwise your business will shrink and provide you with diminishing returns.
*Look for new products that you think you can market online. Browse through various affiliate sites. Look for new businesses that have recently welcomed affiliates and, if they're offering something you think you can market well, partner up with them.
*Promote your business constantly online. Use social media, email, and other channels to promote your business so that people keep coming back and looking for great deals on the products and services that you're marketing.
3. Delegate routine tasks. Once your business takes off, it's time for you to focus on how to grow your business while delegating routine tasks to others. It will cost you some money in labor expense, but the investment is worth it if it allows you to come up with new ways to promote your affiliate marketing business and build it even further.
4. Automate what you can. There are plenty of digital marketing tools available.[11] Again, some of them will require you to make an investment, but if it gives you more free time to build your business, then the return on investment should be positive.
*Focus on creating a long-term strategy for your business while your tools and employees handle routine, day-to-day tasks. That way, you can handle "big picture" responsibilities to ensure that your business continues to grow.
