Incredible ways an eBook business can boost your passive income
People who are struggling with their budget plan to create a passive income source. Having a side gig allows you to have some cash coming in that you can utilize for your recurring expenses and emergencies. There are various ways to generate extra income, but some are quite professional. Writing an eBook is one of them.
Many people are put off by the idea of making money from an eBook as they think that it is a long way to go and they need to become professional authors.
Well, you can take your writing business to the top if you have confidence in yourself. There are various self-publishing platforms where you can try your luck before going to a renowned publication house.
You can make up to £10 by selling a copy of your eBook. Writing an eBook is cheap; it does not require any penny, so it is worth thinking of it as your side business. You never know people like your book, and an inordinate number of books are sold, amassing a huge fortune. Then, you can emerge as a professional author. The income from your book business can help meet other expenses smoothly. You do not have to rely on unsecured small business loans for bad credit.
The money you make from the sale of your eBooks can be invested. It will help you build your wealth. You can even lend money through crowdfunding to people and earn interest. It opens up opportunities for earning more money.
Ways an eBook can help you make money
Here is what you should do in order to ensure that your eBook shoos-in.
• Choose a popular topic but of your interest
Choose a topic that interests you. Many people ignore this fact and they rather choose a topic that seems to making more money due to its popularity. You will give up in the middle if you do not choose a topic of your interest.
Becoming an author does not mean you can write on any topic. You should have acute knowledge about it and be able to share your ideas and opinions. Your own ideas will be appreciated that help your users. EBooks do not have to be on technical topics such as artificial intelligence, budgeting, retirement funds, and business dynamics. It can be on any topic like lifestyle, motivation, travel, health and the like. You can even write a novella, poem or short story.
While choosing an idea, ask yourself if it is something you would buy if you saw it in a store. If you are passionate about the topic, penning down words will be much easier. It is vital to choose a topic that absorbs you, but at the same time, it is equally important that it is worth selling. You should know the trends. What is selling on the market? You can research the market by checking books on Amazon and Barnes and Noble.
The current data suggests that erotic fiction is the most popular seller in the eBook market. However, it does not mean that you have to go for the same niche. You can choose other profitable niches as well.
Here are a couple of ideas for your eBook:
• You can write an original story, novel or poem.
• You can write an essay on any subject
• A practical how-to guide
• A children’s book
There are endless ideas. You will have to do a little online research to come up with the perfect idea.
• Maintain standards
Maintaining writing standards is vital to make your eBook do great. You should be willing to spend hours and weeks editing and proofreading your work. If your work is in a second language, make sure you establish a native style tone.
Your readers can be from all over the world. People leave no stone unturned to backlash against immature content and grammatical errors. Bear in mind that you need to edit and proofread your content multiple times.
A rule of thumb says that you should start editing once you complete your book. Hire an editor if you are overwhelmed by the task. There are some software applications that can help you edit your book and improve your work quality, but they cannot beat human intelligence.
Grammarly is still considered a good tool to spot grammatical errors and wrong collocation patterns. You should try to get feedback from other people too. Know what they feel about the quality of your work.
Quality work will help you justify your prices, and your readers will also recommend you to others. There are some more expensive tools. You can take out a $10 000 loan with guaranteed approval and no credit check to pay for the subscription of those tools.
• Chose the right publishing platform
Once you have completed your eBook, the next step is to choose a publishing platform. This is the hardest part. You will have to research to know which platform can help you make the most money on your eBook. You can find a lot of stuff online on how to choose the best publication platform for your eBook.
• Create a marketing strategy
Like any other business product, you will have to market your eBook to reach out to a large number of people. It is the toughest part and expensive too. Social media is a great platform to promote your eBook.
You can engage your audience by reacting to their likes and comments. Make sure you create a buzz by telling what your eBook is about. Paid marketing campaigns will help you reach out to your audience sooner.
Find out how other authors promote themselves on social media sites. You will get to know how they write posts to grab the attention of their audience. You do not need to copy their style and methods but you can take inspiration from them.
You should create a website where your audience can land and make a purchase. Share your portfolio on your website so your users can know you.
The bottom line
An eBook is certainly a great way to boost your income. Choose a topic that is worth selling and you have knowledge about it. Invest in a marketing strategy to grab the attention of users. Social media sites are good platforms to do so. Set the right prices and ensure that your writing standards are high.