The publishing world is in a state of flux. In the past, it was necessary for aspiring authors to go through an established publishing house. Self-publishing was for people who couldn’t get a book deal. This, however, is no longer the case. With the rise of ebooks and simple self-publishing tools, many people are taking their work into their own hands—selling ebooks directly to their followers.
Here are some tips for how to create residual income by selling ebooks.
Don’t Try to Fake What You Know
Before you write or sell an ebook, you need to come up with a topic. This can be just about anything—as long as there’s some audience that’s interested in the field. You might be tempted to try selling ebooks based purely on market research. While it’s important to determine demand before you spend time writing a full ebook, it’s a mistake to base your focus purely on popularity.
You likely aren’t going to be the only person writing an ebook about a certain thing or idea—especially if it’s something with a larger community. If your ebook is of lower quality than others out there, it will just cost you legitimacy and a whole lot of your time. This is why it’s important for people selling ebooks to choose a topic about which they have at least a working knowledge. You can—and should—do additional research to better your understanding of a subject when writing your ebook.
Narrow Down Your Niche
This works off the previous point in the way that the subject of your ebook will do a lot toward determining its success. You will have a difficult time selling ebooks if you try to be too broad in your topic selection. Yes, you will appeal to a large audience with an ebook about dog care. However, unless you’re already a reliable producer, you will likely get buried along with the hundreds, or thousands, of other ebooks on this concept. Narrowing the niche will actually help get you readers because there are plenty of people who want information about highly specific things. Instead of writing about general dog care, write about grooming tips for standard poodles. You’re still appealing to a large audience, but not one so big that you don’t stand a chance.
Figure Out an Appropriate Price
Pricing is another important element to selling ebooks. If you want to create passive income through your ebook, you need to make sure you give it a price that will be high enough to make you money on each sale, but not so high that people will be deterred by the cost. Most ebooks are priced in the $2.99-$9.99 range. Since they don’t have associated printing costs, ebooks tend to sell for less than physical ones. Due to this, you can still make a decent margin even by selling ebooks for five dollars or less. Don’t be afraid to sell your writting for more than 10 dollars if you think it necessitates a higher price. People will still pay if you have information that could be valuable to them.
Make Sure It’s Edited
Often, people are so excited about completing their ebook, they publish it before editing it for mistakes. This can come back to hurt you dearly in the long run, as people will be much less trusting of your product if it’s riddled with errors. Have a qualified editor look over your draft before even thinking about publishing it. It might cost you a bit of money to hire someone; but the expense will be well worth it.
The increasing popularity and legitimacy of self-publishing has created a huge opportunity for people to make money from ebooks. If done correctly, you can generate solid residual income from selling ebooks.