Publishing e-books is one of the simplest, most effective ways to earn passive income via the Internet. A number of people who’ve taken this approach have earned so much they were able to quit their jobs and focus on e-book publishing full-time. A handful has even earned millions with this method.
If this concept appeals to you, it’s important to keep certain essential points in mind before drafting a business plan. Those who manage to generate reliable income with self-published e-books aren’t simply lucky. They’ve applied clear, specific strategies that you can adopt too. The following information will help you learn what it takes to make a good living—or at least some extra spending money—selling your e-books online:
Write your e-book.
Obviously, there is some upfront work involved in self-publishing e-books online. Few passive income strategies require zero effort.
In this case, you must actually write the book. If you’re a strong writer, then this won’t be a huge problem. However, if you have trouble getting your points across on paper, then you may want to hire a freelancer instead. This will require a monetary investment, but it’s possible to find writers on sites like Upwork who’ll deliver quality books for a relatively small fee. Some people who earn money publishing e-books claim they can pay as little as $50 for a publishable text.
You also need to choose a topic. If you’re not a storyteller, then you should avoid writing fiction. Further, although you may want to research the most popular non-fiction titles on the Kindle store to determine what topics sell, it’s generally a good idea to stick with something you know. For example, don’t publish an e-book on fitness if you don’t even have a gym membership.
Your best strategy will be to select a niche topic in which you have specific expertise. Passive income guru Pat Flynn made more than $7,000 in a month with his first e-book, a study guide for a specific engineering certification.
While you may not think you have any knowledge or skills that would appeal to readers, if you take the time to brainstorm, you’d be surprised how many subjects you can write about. If you’re a skilled cook, for example, then you can publish an e-book of your favorite recipes. You could also publish a guide for others who’d like to achieve a difficult career goal that you have already obtained. Do you like to decorate your home? If the answer is “yes,” then you could publish an e-book offering budget-friendly decorating tips. It is very likely that you have something to offer, even if you don’t yet realize it.
Design the cover art.
Even though we know it’s wrong to judge a book by its cover, most people do anyway. As such, a professional-looking cover can make a tremendous difference in your sales. If you already have graphic design experience, then you can create one yourself. Otherwise, you may want to hire a designer online.
Don’t worry if you’re on a tight budget; there are many low-cost options. Canva is a free, amateur-friendly graphic design program for people with little or no experience. It even has a Kindle e-book template, which ensures that the design you come up with is the proper size.
Understand the different ways to publish it.
There are several different ways to self-publish e-books. Amazon’s Kindle Direct Publishing (KDP) platform allows users to upload books and covers to the Kindle store. Self-publishing authors can choose to receive a 35% or 70% royalty, and each option comes with specific requirements regarding file size and price.
The downside to publishing on the Kindle platform is that your books will only be available on Kindle devices or mobile devices with the Kindle app installed. (However, the KDP platform is testing a feature that allows users to sell paperback copies as well.)
Of course, nothing is stopping you from offering the book on multiple platforms, including Nook and Apple. You could even sell it as a PDF on your own website. Amazon only prevents you from selling outside of the Kindle platform if you enroll in the KDP Select program, which gives you access to Amazon’s promotional tools, like free offers and other incentives.
Promote your e-book.
Although it is possible to publish a successful e-book with virtually no marketing, it’s very unlikely. No matter how strong your book is; no one will read it if they don’t know about it.
There are several different ways to promote your book. One smart way to do so is to create a website and e-mail list. This is especially handy if you want to publish multiple books, because people on your e-mail list may buy all your titles if you provide valuable content.
You could also reach your audience via social media like Twitter and Facebook. Some e-book writers have boosted their sales by purchasing ads on Facebook as well.
Again, this approach to passive income can be very lucrative, but in order to be successful, you need to plan thoroughly. Investing a little bit of time early in the process can pay off substantially in the long run.