There are many ways to earn passive income, the first of which is eBooks. EBooks are a type of true passive income, or income that gets to you when users make a purchase, rather than at the end of the month. In my opinion, this is a phenomenal method of generating passive income, and there are a few good ways to with this income medium.
Monetization of EBooks
The most common and obvious way of generating passive income with eBooks is direct sales. This is when you first write the eBook, then sell it for a set fee to anyone who wants to buy it. The difficult thing about this method is picking a price. Often times, many authors do not know how to price their eBook, due to the many contributing factors including demand, length, and topic. However, if done right, this method of eBook writing will (obviously) generate more money than free eBooks.
The second way of earning money from your eBook is called “affiliate linking.” This method is less common than the aforementioned approach, though can be a major source of income. Many websites out there are selling a product or service. Many of these websites will pay you if you direct people to their site who also purchase their product, which is the idea of affiliate linking. Affiliate links are quite easy to use, and can also be quite profitable. You simply have to sign up for a websites affiliate program, if they have one, and paste the link they give you where it fits in your book. People who read your eBook are obviously interested in your topic, so if you include products related to your topic, your readers will often want to buy the product. Affiliate links can be used in priced eBooks, as well as free ones, which we will talk about next.
Free eBooks, believe it or not, can also help generate income. One way is affiliate links, as described above, but another is as a way to help your website, blog, or company with traffic or overall image. EBooks can be used for this in several ways. The first is to generate publicity. People who stumble upon your eBook, which should be related to what your company does, can then stumble upon your company at the same time. It can be used in the same way for blogs. Another unique thing free eBooks can be used for is backlinks to a site or article for SEO purposes. The final thing you can do with a free eBook is to use it as an incentive for people to join an email list on your blog. You tell people that they get it when they subscribe, and people love free things!
Is it Hard to Write an EBook?
EBooks can be either very easy, or very hard to write, depending on several factors. The first determinant of difficulty is length. EBooks can be anywhere from 12, to several hundred pages. I think it is obvious to everyone, but the longer the eBook, it takes longer and is harder to write. For one, you have to write more actual words, but you also have to be more specific in what you are writing about.
The second determinant is how much you have to research. There are two primary types of research you will do when writing an eBook. The first is keyword research. Keyword research is the act of finding out what topics are in demand with little competition. The alternative to doing this is simply writing on whatever you want. You would generally do keyword research if you were making an eBook to for the sole purpose of making money. You wouldn’t usually use keyword research to create a book to promote something of yours. The other kind of research is informational. If you are not knowledgeable about the topic you are writing about, you will obviously have to research it to find things out. The more research you have to do, the longer it takes, and harder it is.
The third determinant is professionalism. Will you have it professionally published? Edited? Reviewed? Illustrated? You could even have it written by someone else if you wanted. These things often make the process of creating your product harder, but the end product will be a great improvement of what you could do yourself. However, each of these things takes time, and has its hassles with communication. The other downside is that it costs money to take use of these services.
Overall, how hard it is to write your eBook is ultimately dependent on you. You could either make it extremely easy, writing a 12 page eBook on a topic you are knowledgeable about without any professional help, or you could make it hard, with 300 pages on a researched topic with professional just about everything. As you can see, the choice is yours.
How to Sell Your EBook
Now that you have your nicely polished eBook, it is finally time to start making sales. But how do people find it? And how do you convince them to take that extra step to actually purchase your eBook?
The answer to the first question is marketing. You have to advertise your eBook to the right audiences (the ones who would want to buy it). When most people see the world advertising, they immediately assume that they will have to pay. However, advertising isn’t always something you have to pay for. Though paid advertising is the easiest, and often one of the most successful methods, there are others that also help people discover your product. Possibly the best method, even better than paid advertising, is marketing it to an audience you already have, most often a blog. These people usually trust you, and will buy your eBook if you say it is good. You can also post to forums relating to your topic, which is a semi-successful method.
So, now that you have people that know about and are interested in your eBook, how do you get them to take the final step and actually purchase your book? The page where people actually click the “download” button is called your landing page. This is where you describe your book in more detail, and include a bit of SEO to let the search engines find your eBook. This page is what will convince potential buyers to converted buyers.
So now that you have people clicking the download link, you need an automatic way to pay you, and get them the files. That’s what makes it passive right? My favorite program for this is “eJunkie.” For a small fee of 5 dollars per month, they completely automate your eBook sales. This is quite useful, and is well worth the fee.
I hope you enjoyed this article about eBooks, and are now ready to go and generate passive income with one! If you would like even more information, I suggest Pat Flynn’s free, “EBooks the Smart Way” eBook. Please visit my article, “What is Passive income” to see other types of passive income.