When it comes to making money online, “Affiliate marketing and freelancing” are two popular methods.
While both methods have their own advantages and disadvantages, affiliate marketing has emerged as the better option for those looking to earn a significant or sustainable income online.
Read on, as I share with you the difference between affiliate marketing and freelancing and many more.
That being said, let’s roll!
Affiliate Marketing Vs Freelancing: What’s the Difference?
Affiliate marketing is a type of marketing strategy where you promote other people’s (either a company or an individual) products or services as an affiliate marketer and earn a commission for every successful sale made through your referral link. Whereas freelancing involves providing services to clients on a project basis.
Which Is Best For Making Money Online – Affiliate Marketing Or Freelancing?
Well, in my opinion, I think affiliate marketing is a great way to make money online as you don’t have to create or maintain any products or services yourself.
All you need to do is find products or services you believe in or have used before and sign up as an affiliate then, drive traffic to your affiliate links.
That said.
While freelancing can be a great way to earn money online, it requires a lot of time and effort to find potential clients and maintain a steady stream of work.
But with affiliate marketing, you can earn money even while you sleep or are on vacation as your previous promotions continue to generate sales for you.
Keep reading, we’ll touch more on this.
Understanding Affiliate Marketing
Upon running a little research, here’s a great definition I found on what affiliate marketing is:
Affiliate marketing is a process where publishers earn a commission by promoting a product or service made by another retailer or advertiser using an affiliate link. The affiliate partner is rewarded a payout for providing a specific result to the retailer or advertiser. Source.
My Definition
In a nutshell, Affiliate marketing is a business model where a company rewards (pays its affiliates a commission) for each successful customer or client the affiliate brought to the company through their marketing efforts.
Affiliates are typically bloggers, website owners, social media influencers, or any online content creators who promote a product or service on their platform.
The affiliate earns a commission for each sale or lead generated through their unique affiliate link.
How it Works
Let’s say a company wants to increase its product sales or wants to reach more potential customers.
The company then sets up an affiliate program and offers commissions to affiliates who want to promote their product and bring in new potential customers.
And as the affiliate signs up with the company.
The company then provides the affiliate with a unique URL (which is mostly called the affiliate link) to share on their platform.
This link contains a tracking code that allows the affiliate company to track any traffic, sale, or lead the affiliate sends to their product and pay the affiliate accordingly.
This creates a win-win situation for both the company and the affiliate.
How?
The affiliate company gets more sales, and the affiliate earns money (a commission) for their marketing efforts.
- PS. I wrote another article where I go more into detail on what affiliate marketing is and how it works. Check it out!
How To Get Started With Affiliate Marketing?
Here are some quick steps on how to get started with affiliate marketing:
- Decide On A Niche: The first and most important step in affiliate marketing is to choose a niche that you’re interested in, passionate about, or have knowledge of. This helps you create content that aligns with your targeted audience’s interest.
- Research And Sign Up With An Affiliate Program: Next, you want to research and sign up for affiliate programs or networks that offer high-quality products or services, have a good reputation, offer a high commission rate, and are related to your niche.
- Create content: Pick a platform and start producing relevant and valuable content which is related to your niche and product. This could be blogging, YouTube, or social media posts. Then promote your affiliate product within your content. But be sure to disclose that you’re an affiliate and include a clear disclaimer.
- Track Your Results: Use affiliate marketing tools and software to see how your products are performing and make changes when needed.
P.S. I wrote another article where I go more into detail on how to make money with affiliate marketing. Check it out!
What is Freelancing?
Here is a great definition I found online on freelancing.
Freelancing is doing specific work for clients without committing to full-time employment. Freelancers often take on multiple projects with different clients simultaneously. The Internal Revenue Service (IRS) considers freelancers to be self-employed individuals. Source.
My Definition
Freelancing is a type of work where a person offers their services to clients on a project-by-project basis.
Essentially, freelancers are self-employed individuals who work for themselves, rather than for a company or organization.
Freelancers can work in a wide range of industries, from writing and graphic design to web development, consulting, etc.
How Freelancing Works
Freelancers typically find work through networking, online marketplaces (like Fiverr, Upwork, etc), or by reaching out to potential clients directly.
Once a project is secured, the freelancer will work on it independently, communicating with the client as needed to ensure that the project meets the client’s expectations.
That said,
The freelancer is responsible for managing their own time, finances, and workloads.
And must be able to deliver high-quality work on time in order to maintain their reputation and secure future projects.
That being said.
While freelancing can offer a great deal of flexibility and autonomy, it can also be unpredictable and inconsistent.
How?
As a freelancer, you must constantly market yourself and secure new projects in order to maintain a steady income.
And you may sometimes struggle to find work during slow periods or when you’re first starting out.
Overall, freelancing can be a viable option for individuals with a specific skill set and who are comfortable with the risks and uncertainties of self-employment.
However, it may not be the best choice for everyone…
Especially if you’re someone who is looking for a more stable or predictable source of income.
What Kind Of Works Can You Do As A Freelancer?
There are several types of work that you can do as a freelancer depending on your skills, knowledge, and interest. A freelancer can offer a variety of services like web development, writing, virtual assistance, graphic design, etc.
Here are 7 different types of work you can do as a freelancer:
- Writing: As a freelance writer, you’ll work on a variety of content like blog posts, articles, Ebooks, etc.
- Virtual Assistance (VA): As a freelance virtual assistant, you’ll provide administrative support to clients like answering emails, managing social media accounts, scheduling appointments, etc.
- Graphic Design: As a Freelance graphic designer, you’ll create logos, social media graphics, etc, for individuals and businesses.
- Translation: As a freelance translator, you’ll translate documents, websites, and other material from one language to another for individuals and businesses.
- Web Development: As a Freelance web developer, your job will be to create and design websites, and help clients with website technical problems, optimization, etc.
- Photographer And Videographer: A freelance photographer and videographer can take pictures or create videos for events, businesses, individuals, etc.
Which Platforms Can You Find Freencers’ Work?
There are several online platforms where freelancers can find work or connect with potential clients.
Below are some of the popular platforms freelancers can find work:
- Fiverr: In the freelancing industry, Fiverr is one of the leading platforms that connect freelancers with clients. Service on Fiverr starts from $5.
- Upwork: Upwork is also one of the largest and most popular platforms that offer freelancing services such as writing, graphic design, translating, and many more.
- PeopPerHour: PeopplePerHour is also another popular freelancing platform that is based in the UK.
- Freelancer: Freelancer is a platform that connects freelancers with potential clients or businesses across various industries.
What Skills Do You Need To Make Money As A Freelancer?
To make money as a freelancer, you need some basic skills such as proper time management, good communication skills, technical skills, Marketing, Adaptivity, and many more.
Let’s take a look at each of them:
- Time Management: As a freelancer, one of the most essential skills you need to develop is to learn to manage your time effectively so you can meet deadlines and deliver high-quality work to clients on time.
- Communication: You need to know how to communicate effectively with potential clients to properly understand their needs and deliver to their expectations.
- Technical Skills: You need to have technical skills related to your field such as web development, graphic design, etc.
- Marketing: You need to know how to market your skills and service properly to potential clients to win new projects or work.
- Adaptability: As a Freelancer, you need to be adaptable to changes and be willing to learn new skills to stay competitive in the marketplace.
Steps To Become A Freelancer?
Below are the steps to becoming a freelancer:
- Identify Your Skills and Services: The first step is to identify your skills and the services you want to offer to clients. Think about your education, work experience, and hobbies to determine your strengths and expertise.
- Research the Market: Once you have identified your skills and services, research the market to see if there is a demand for your services. Look for online platforms and job boards to see what services are in high demand.
- Build Your Portfolio: Before you start looking for clients, build a portfolio showcasing your best work. This will help you demonstrate your skills and attract potential clients.
- Set Up Your Business: Set up your business as a sole proprietorship or LLC. Register your business, obtain any required licenses, and create a website to showcase your work or services.
- Determine Your Pricing: Determine your pricing based on the market rates for your services. Be sure to consider your experience, skills, and time required to complete the project.
- Find Clients: Use online platforms, job boards, and social media to find clients. You can also network with other professionals in your field to find new opportunities.
- Deliver Quality Work: Make sure you deliver high-quality work to your clients to build a strong reputation in the marketplace. This will help you win repeat business and referrals.
- Manage Your Finances: As a freelancer, you are responsible for managing your finances. Keep track of your income, expenses, and taxes to ensure you are meeting your financial goals or obligations.
- Market Your Services: You want to continuously market your services to attract new clients and build your business. Use social media platforms, forums, networking events, and other marketing strategies to promote your services.
- Continuously Learn and Improve Your Skills: As a freelancer, it’s important to continuously learn and improve your skills. Stay up-to-date with industry trends and invest in professional development to stay competitive in the market.
OVERVIEW!
Becoming a freelancer requires proper planning, hard work, effort, and dedication.
By following the above-mentioned steps.
You can start your own successful freelancing business that earns you money and enjoy the benefits of being your own boss.
How To Make Money As A Freelancer?
How to make money as a freelancer? There are several ways to make money online as a freelancer.
Below I share with you some tips on how to make money as a freelancer:
- Set Competitive Prices: As a freelancer, you need to set competitive prices to attract potential clients. You want to research what other freelancers in your niche, industry, or field are charging and simply price your service accordingly.
- Build Your Portfolio: You want to build a portfolio showcasing your best work or service to attract potential clients. Make sure you build a good portfolio because a good portfolio can help stand out from other competitive freelancers.
- Network With Other Freelancers: One of the best ways to succeed in the freelancing industry is to network with other successful or professional freelancers in your field and learn what from them.
- Focus On Customer Service: To build trust and reputation with clients and get them to do repeat business with you, you need to provide excellent customer service to the client. For example, you need to deliver quality work on time.
- Diversify Your Income: One of the best ways to make more money as a freelancer is to diversify your income stream by offering different services in different industries.
How Much Can You Earn As A Freelancer?
How much money you can make as a freelancer varies depending on various factors such as your skills, experience, the type of work you do, the industry you’re in, the location of your clients, your ability to find and retain client, deliver high-quality work, and continuously improve your skills and expertise and hard work and dedication.
That said, if you want a generic figure – the hourly rate for a freelancer can range from $5 to $100 or more depending on the type of project, or work, the level of expertise required, and the industry you’re in.
For example, if you’re a freelance writer, you might charge anywhere from $20 to $50 per hour, while a freelance web developer might charge $100 or more per hour.
Benefits of Affiliate Marketing
Passive Income
One of the major benefits of affiliate marketing is the potential for passive income.
As an affiliate marketer, you can earn commissions even after you stop working.
By promoting products or services to your audience, you can earn a commission on each sale generated through your unique affiliate link.
This means that you can earn money while you sleep, on vacation, or while you focus on other projects in your business.
No Need To Create Your Own Product
Another advantage of affiliate marketing is that you don’t have to create your own product.
As an affiliate, you simply promote other people’s products or services to your ideal audience.
This means that you don’t have to worry about product development, manufacturing, shipping, refund, or customer service.
This can save you a significant amount of time and money, allowing you to focus on promoting products and earning commissions.
Low Start-Up Costs
Affiliate marketing is also an attractive option for those who want to start a business with low start-up costs.
Unlike the traditional business model, with affiliate marketing, you don’t need to invest in inventory, equipment, or a physical storefront.
All you need is a blog, website, or social media presence, and you can start promoting products and earning commissions.
This makes affiliate marketing an accessible option for those who want to start their own business but don’t have a ton of capital to invest.
OVERVIEW!
Affiliate marketing offers many benefits for those who want to start a business or earn extra income.
With the potential for passive income, no need to create your own product, and low start-up costs.
affiliate marketing can be an attractive option for entrepreneurs and marketers alike.
The Disadvantages Of Affiliate Marketing
1). Very Competitive: The affiliate marketing industry is highly competitive, especially if you’re in some of the crowded niches like health, wealth, and relationships niche or promoting a high in demand product or service.
You may be competing with some of the well-experienced affiliates with larger audiences and resources than you. This can make it very difficult to stand out and earn a commission.
2). Limited Control Over The Affiliate Program: As an affiliate marketer, you’re essentially promoting someone else’s product or service. This means you have no control over the product quality, prices, and availability.
And if the product owner decides to discontinue the product, it can have a negative impact on your income.
- PS. I wrote another article where I share more on some of the disadvantages of affiliate marketing. Check it out!
Advantages Of Freelancing
1). Variety Of Work: Freelancing can allow you to work on a variety of projects with different clients, which can put you in a position of making a decent income and varied work experience.
This can be really beneficial for those who enjoy learning new skills and taking challenges.
Additionally, working with different clients can help you build a diverse portfolio and expand your reach or network.
2). Location Independent: As a freelancer, you can set your own time, and hours, work from anywhere as long as you have a laptop with an internet connection, and work on projects that align with your interest, expertise, or skills.
This can be very beneficial for those who want to skip 9 to 5 jobs or be their own boss or need to balance work with other commitments, such as childcare or education.
Drawbacks of Freelancing
While freelancing can be a viable option for some, there are several drawbacks to consider before diving in.
Inconsistent Income
One of the biggest challenges of freelancing is the inconsistency of income.
Unlike a traditional job with a steady paycheck, freelancers must constantly hustle for their next project or client.
This can lead to periods of financial instability and stress.
High Competition
Another challenge of freelancing is the high level of competition.
With the rise of the gig economy, more and more people are turning to freelance as a way to make a living.
This means that there are often many freelancers vying for the same projects, which can make it difficult to stand out and secure work.
Lack of Job Security
Freelancers often lack the job security that comes with a traditional job.
Clients can be fickle and unpredictable, and there is no guarantee of ongoing work.
This can be especially challenging for freelancers who rely on a steady stream of income to pay their bills and support themselves and their families.
Overall, while freelancing can offer flexibility and the ability to be your own boss, it is important to consider these drawbacks before making the leap.
Why Affiliate Marketing is the Better Option
Greater Potential for Passive Income
Affiliate marketing offers a greater potential for passive income compared to freelancing.
With freelancing, you’re trading your time for money, which means that your income is limited by the number of hours you can work in a day.
On the other hand, with affiliate marketing, you can earn money while you sleep.
Once you have set up your affiliate marketing business and have a steady flow of traffic…
You can earn money passively from the commissions you receive on sales.
Additionally, affiliate marketing allows you to scale your business without having to invest more time.
You can continue to earn money from the same content or promotion you created months or even years ago.
This means that your income potential is not limited by your time or effort.
Less Risk and Lower Costs
Affiliate marketing involves less risk and lower costs compared to freelancing.
When you’re freelancing, you are responsible for finding clients, negotiating rates, and delivering work.
This means that you’re taking on the risk of not being paid for your work or losing clients.
On the other hand, with affiliate marketing, you are promoting products and services that are already established and have a proven track record.
This means that you are not taking on the risk of creating a product or service from scratch.
Additionally, you do not have to invest money in creating a product or service, which means that your costs are significantly lower.
More Flexibility and Freedom
Affiliate marketing offers more flexibility and freedom compared to freelancing.
When you are freelancing, you are often tied to deadlines and client expectations.
This means that you have to work within their schedule and may not have the freedom to work on other projects.
On the other hand, with affiliate marketing, you have the freedom to work on your own schedule and can promote as many products or services as you want.
This means that you can work on multiple projects at once and have the flexibility to work from anywhere in the world.
OVERVIEW!
Affiliate marketing offers greater potential for passive income, less risk and lower costs, and more flexibility and freedom compared to freelancing.
If you’re looking for a way to earn income without being tied to a traditional job, affiliate marketing is definitely worth considering.
