17 Biggest Affiliate Marketing Pros & Cons In 2024

Affiliate marketing:

This ain’t a cakewalk.

I should know – I’ve been doing this for more than a decade.

But you know what?

I wouldn’t trade it for anything else.

So, here’s the lowdown on affiliate marketing – the good, the bad, and the downright unpredictable – so you can decide if this is something you really want to do.

In a nutshell, what are the main pros and cons of affiliate marketing?

The main pros of affiliate marketing include low startup costs, high income potential, flexibility to work anytime and anywhere, millions of products to choose from and the real possibility of earning passive income.

The main cons of affiliate marketing include working in isolation, fluctuating income, technical challenges and difficulties in maintaining a good work-life balance.

Now, let’s dive into the nuts and bolts of affiliate marketing because having a grasp of the basics will set the stage for a deep dive into the pros and cons that follow.

What Affiliate Marketing Is & How It Works

At its core, affiliate marketing is like being a digital matchmaker:

You connect people with products they’re already looking for and make a commission when they buy.

The beautiful thing about affiliate marketing is you can make money promoting any product or service online without actually having to own the product, deal with shipping or give customer support.

You simply send people off to the online store, let them sort out the rest and wait for your payment to land in your account.

Let me give you a quick walkthrough of how it works: 

Now you know what affiliate marketing is and how it works, let’s look at the pros and cons of this online business model.

Pros & Cons Of Affiliate Marketing

Pros	Cons
1. Best Business Model For Beginners	1. High Failure Rate
2. It’s Never Been Easier To Start	2. It Can Be A Lonely Hustle
3. Low Running Costs	3. Things Change Constantly
4. Your Passion Becomes Your Paycheck	4. Tech Hiccups Are Annoying
5. The Sky’s The Limit	5. Rollercoaster Income
6. You Can Work Anywhere, Anytime	6. Flexibility Is A Double-Edged Dance
7. Choose From 550+ Million Products	7. Constant Content Creation
8. Hassle-Free Transactions	8. No Control Over Affiliate Programs
9. Passive Paydays Possible

Let’s go through them one by one 👇

9 Affiliate Marketing Pros

1. Best Business Model For Beginners

If you’re itching to start an online business without the headache of product creation, shipping logistics or running a full-blown dropshipping store, I have good news:

Affiliate marketing isn’t some mind-boggling rocket science; forget about needing a fancy business degree. Anyone ready to put in some hustle can do well at this.

Your mission? It’s straightforward: Get those clicks on your links and boost sales. That’s it.

Check out this affiliate marketing guide for beginners for a complete step-by-step:

2. It’s Never Been Easier To Start

If you haven’t got in on the game yet, here’s your wake-up call – the best time to start is now.

Cast your mind back to 1996 (if you’re old enough) to the early days of affiliate marketing, when you had to do everything manually.

Fast forward to 2024 and it’s a whole new world.

You have so many cutting-edge affiliate marketing tools at your disposal now, like:

• Wealthy Affiliate: a step-by-step course that shows you how to build affiliate marketing websites and earn passive income online.

• WordPress: The unsung hero allowing even total newbies to have a stunning, revenue-ready site live on the web in minutes.

• ChatGPT: AI that has completely revolutionised the way we create content.

• GetResponse: Email software you can use to reach thousands in seconds and get an influx of sales.

And the list goes on. All this means you can automate large parts of your business and see results quicker than ever before.

3. Low Running Costs

Now let’s dive into a pro that puts a smile on every affiliate marketer’s face – low running costs.

Unlike traditional brick-and-mortar setups haemorrhaging money on rent, utilities, and a swanky storefront, affiliate marketing operates on a lean and mean budget.

Start your business at Wealthy Affiliate for $49/month.

It covers everything you need – training, keyword tools, domains and site builders, affiliate program finder, and more to pave your way to five figures or beyond.

So, when I say low running costs, I mean it. Affiliate marketing is a budget-friendly venture where you keep more of those hard-earned commissions in your pocket.

4. Your Passion Becomes Your Paycheck

With affiliate marketing, you’re not shackled to promoting products you couldn’t care less about. Instead, you have the freedom to choose what gets your heart racing.

Whether it’s diving into the latest tech gadgets, dissecting the nuances of gourmet coffee, or exploring the world of eco-friendly fashion – your passion becomes your paycheck.

And the fact affiliate marketing lets you monetize your interests and turn your knowledge into a revenue stream that makes it feel more like a labour of love than an actual job.

5. The Sky’s The Limit

Affiliate marketers make big money thanks to high commission rates, low running costs and jaw-dropping profit margins.

In fact, with an impressive 80% profit margin, affiliate marketing has the highest profit margin of any other online business model out there at 50-80%.

like freelancing (30%), running a digital agency (20%), dropshipping and eCommerce (15%) and network marketing (10%).

Need proof? Look at these recent success stories:

• Danijel pocketed $1.100 in 7 days
• Mickael consistently rakes in $40k+ per month
• Roope scored a whopping $40,051 in 30 days from two websites

But it doesn’t end there…

As well as monthly income, affiliate marketing also allows you to build a long-term digital asset you can sell for can be sold for a handsome payday.

Take Paul, who cashed in $17,000 by selling his website. Now that’s a game-changer!

So, dream big, take the leap, and who knows where affiliate marketing will take you?

6. You Can Work Anytime, Anywhere

With affiliate marketing, you can live the ultimate laptop lifestyle. Working anywhere, anytime isn’t just a fantasy; it’s your new daily reality.

Equipped with nothing but a trusty laptop and an internet connection, you’re ready for action wherever you go.

And you get to decide when the work happens. No more clock-watching or tight deadlines. You’re in control of your work-life balance and that’s priceless.

7. Choose From 550+ Million Products

Whether you’re into the latest tech gadgets, fashion trends, fitness gear, or niche hobbies like dirt biking and paragliding, the possibilities are endless.

Forget about being confined to promoting a single product. With 550+ million products to choose from as an affiliate, you can promote what aligns with your passion and make money.

And guess what?

That means you can tap into niches that truly resonate with you. No pushing products, just sharing your genuine enthusiasm – and that’s pure magic for conversions.

8. Hassle-Free Transactions

One of the massive pros of doing affiliate marketing is you’re free from having to deal with customer service headaches or shipping nightmares.

You’re not in the business of stocking products, handling packages or trying to satisfy disgruntled customers.

Your role? Much simpler.

You send people to the online store through your affiliate link and let them take care of the rest.

9. Passive Paydays Possible

Now here’s the holy grail – passive income.

Once you’ve got your business running like a well-oiled machine, you can take your foot off the gas, let it run itself and watch as it continues to make money.

Imagine giving yourself a 3-month break because, well, you can. While you’re soaking up the sun on a beach somewhere, your business is still clocking in and bringing home the bacon.

That’s because, with affiliate marketing, you’re not selling your time for money. You put in the work upfront to create that post or email and get paid for that work again and again.

8 Affiliate Marketing Cons

1. High Failure Rate

With a whopping 95% failure rate, affiliate marketing isn’t for the faint of heart. Success is far from guaranteed and setbacks are part and parcel of the journey.

Most newbie affiliate marketers fail because they don’t give themselves enough time to master the skills they need or they don’t have a clear winning strategy.

If you’re up for the challenge, get the best training here and give yourself a solid head start.

2. It Can Be A Lonely Hustle

The life of an affiliate marketer can be a solitary one and this is an affiliate marketing con, not many people seem willing to talk about.

There have been many times over the last 10 years that I’ve found myself burning the midnight oil, hustling away in isolation, and while I don’t miss the petty office politics of my old 9 to 5, I definitely do miss the banter.

Now, if you’re an introvert, this might sound like your dream job. No small talk, no social pressure. But if you’re an extrovert, it just means you have to be intentional about getting out and getting social.

3. Things Change Constantly

In the ever-evolving world of affiliate marketing, change is the only constant.

Keeping up with the latest trends, Google updates, and the ever-advancing AI can feel like shooting at a moving target. The strategies that brought in a boatload of traffic and sales last year might not work this year.

Adaptability is not just a skill; it’s a survival strategy. You need to become a lifelong learner, always improving and ready to pivot to avoid getting left behind.

4. Tech Hiccups Are Annoying

Technology is great when it does work. Frustrating when it doesn’t.

From WordPress glitches that appear out of nowhere to decipher those cryptic Search Console issues, tech hiccups can feel like mischievous gremlins in your otherwise well-oiled affiliate system.

It’s enough to drive anyone to insanity, but take a deep breath and remember – every affiliate has had to slay their fair share of digital dragons. It’s an inevitable part of the learning process.

5. Rollercoaster Income

Affiliate income isn’t always a steady stream, especially in the beginning.

It can be more like a rollercoaster, with crazy highs and scary lows. For example, you might get a boost between Black Friday and Christmas and hit a dry spell in January.

Fluctuations are part of the game and it’s essential to budget wisely during the abundance times to ride out the lean periods.

6. Flexibility Is A Double-Edged Dance

While I love the flexibility to work on my terms, it’s a two-sided coin.

If you’re not careful, you could easily find yourself swinging between extremes – struggling to stay motivated and getting nothing done or burning the candle at both ends and risking burnout.

Without a boss breathing down your neck, mastering self-discipline and practising self-care becomes crucial.

7. Constant Content Creation

The Google beast is always hungry, and you either feed it or face its hangry wrath.

A day without creating some form of content is a day your business isn’t growing. The pressure to generate a steady flow of fresh material is constant…

Whether it’s writing blog posts, shooting YouTube videos or updating your social media, the pressure to come up with new and innovative ideas and engaging content is relentless.

8. No Control Over Affiliate Programs

Relying on affiliate programs means putting a part of your income in the hands of others. That’s downright scary!

Program policies, commission rates, and even the existence of the program itself are completely beyond your control.

A prime example of this is when Amazon slashed commission rates right at the height of the Covid plandemic. I heard countless stories of affiliates whose income halved overnight.

One way you can navigate this uncertainty is by diversifying your income streams. Spread your bets so you’re not relying too heavily on a single affiliate program.

Bottom Line: Is Affiliate Marketing Worth it?

In my book, the pros of affiliate marketing clearly outweigh the cons.

The potential for substantial income, coupled with extreme flexibility and the ability to focus on your passions, makes it an enticing career choice.

Plus, the freedom to work from anywhere makes it a no-brainer.

However, affiliate marketing demands a significant investment of time and effort.

Reaching the coveted 6-figure mark typically takes 3-5 years and you should expect extreme income fluctuations along the way.

You also need to set boundaries and find a work-life balance that’s sustainable for you.

Overall, I’d say that affiliate marketing is worth it as long as you follow a proven roadmap for success, put in the hustle and stick at it.

If you’re thinking about starting affiliate marketing then why not give it a shot?

It could be the best decision you ever made. It certainly was for me.

Thanks for reading this.

I hope you got something out of it.

Simon

P.S. Wealthy Affiliate is the single best place to start affiliate marketing.

With website builders, AI content creators, step-by-step training and a community of 2.6 million+ fellow go-getters, you’ll be building your affiliate marketing business on solid ground.

Try it for FREE here and feel free to reach out – I’m here to help.