Writing eBooks and putting them for sale on digital channels might not be all you need to make money from eBook sales.
According to The Guardian, sales of digital books are set to hit an all-time high as readers turn to pay for eBooks to escape pandemic cabin fever.
To make money from eBooks, you need to fine-tune your eBook to suit a certain standard and put in specific efforts to make yours the readers’ choice. For this reason, this article will walk you through untapped ways to make money from eBooks.
Remember, there’s no end to the amount of money you can make from eBook sales.
Is Selling eBooks Profitable?
While selling eBooks has the potential to be profitable, it’s not a business where you make hundreds of dollars per sale. One eBook is capable of lifting you from zero to millionaire.
To make money from eBooks, you need to maintain high sales over and over. Monitoring and processing these sales can be a time-consuming task unless you use tools to take care of some of the heavy lifting.
There are various platforms where you can sell your eBooks, one of which is the big ship, Amazon. Amazon opens up publishing opportunities for independent authors to upload their eBooks and make some bucks.
With these platforms, it’s easier, quicker, and more affordable than ever to publish an eBook and make money out of it. While Amazon is the most popular way most people think of selling ebooks online, you can also sell your ebooks directly from your own website as well – all you need is a good marketing strategy. You’ll find more on that below.
How Can I Make Money Off eBooks?
Making money from eBooks isn’t an automatic process, it takes conscious efforts to make money off eBooks. To stand face to face with this reality, follow some best practices to make sure your eBook draws attention and generates sales.
Before you think of making money off eBooks sales, there are certain steps you should take. One of which is formatting your book into an eBook. Just like physical books, eBooks are written in a specific style. For instance, once the eBook is written, you’re going to need to convert it to the Kindle format before publishing. If the eBook was written in Word, you can use Amazon’s Kindle Create.
You can sell your book for whatever price you like. However, in most cases, the ideal price is dependent on your book’s length, reviews, and competition.
You can also spend money on marketing for your book to increase its chances of success. This marketing can be done on personal websites, blogs, or social media. This trick will help drive traffic to your book.
Let’s take a quick look at the 10 ways to make money from selling eBooks;
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#1 Choose a popular topic for your eBook
In choosing a topic for your eBook, choose a topic that is unique and of high value. We’d suggest you write something you are genuinely familiar with rather than just choosing a topic from the thin air may be because you feel it has a high conversion value.
Once you convey an idea you are passionate about, your readers will relate better to the topic and it will attract more sales.
Additionally, in choosing a topic or niche you are familiar with, it will also be apt if you check out what sells on the best-selling eBook platforms for ideas.
As we read further, we’ll render a few lines on the best-selling eBook topics in the market.
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#2 Designing the Cover
The saying, ‘Don’t judge a book by the cover’ might be ultimately true. Nonetheless, the cover of the book especially an eBook plays a great role in attracting buyers.
A quality cover makes your eBook look professional. It shows you mean business and the content inside is of high quality. This is a great sales strategy.
Just as an interior designer goes a long way makes a house appealing, a book cover makes the book attractive.
#3 Write a high-standard eBook
To create a high-quality eBook, you will need to spend months (or even years!) fixing it, proofreading it, and editing multiple drafts until it’s up to scratch.
The more effort you put into your eBook the better it will be, in terms of quality and monetary value.
Therefore, we suggest you employ the tools and software while writing, tools like Grammarly will be helpful. And, try to get feedback on your work from as many other people as you can along the way.
The writing process might take longer than expected, but it will be worth it to produce high-quality text. Not only will this mean you can add a higher selling price to your eBook, but your readers will also be more likely to suggest that it is people they know.
#4 Choose the best-value publishing platform for you
The publishing platform is a fertile ground for your money to grow. Therefore, in choosing your eBook platform, we suggest you go for the best-value publishing platforms where you can make the most money on.
#5 Develop a marketing strategy for your eBook
Just as it pays off to carefully write an eBook, it will pay you more if you channel some energy into the marketing aspect of the deal.
To make money from the eBook, people have to know about it and the only way to achieve this is by utilizing some marketing strategies.
Promoting your eBook must not cost you a penny as it can be done via social media or personal blogs. On the flip side, you can afford to run paid ads on social media to increase reach and traffic.
To make the process seamless, you can draft a social media template to guide the process on social media.
Additionally, you can create a website with the sole aim of promoting your eBooks. Plus, you could contact book clubs directly to see if they would be interested in reading your text at a discounted price.
#6 Enter your eBook into writing competitions
Writing competitions is one sure way to make money from eBooks. Writing competitions won’t only place you in a pole position for rewards but also gives you a platform to market your eBook.
You can search for writing competitions on Google.
#7 Publish a series of eBooks
This is one hack that will help you make money from eBooks. Here’s the gist, once you find out that your eBook is performing well in terms of wider reach and audience, consider writing a whole series of texts built around that story, idea, or topic.
If you publish a successful eBook and find yourself with a growing audience, you could consider writing a whole series of texts built around the same characters or themes.
The best ways to approach writing an eBook series would depend on the type of your work (i.e. fiction or non-fiction) however, stick to your instincts and do what you feel is right. Before you begin, you also have to find out if there’ll be a natural progression from one part of your eBook to the others.
#8 Format your eBook well
This goes a long way to determine your eBooks market value; if your eBook is poorly formatted, readers will always not consider yours as an option regardless of the content and wisdom therein.
Once the eBook is written, you’re going to need to convert it to the Kindle format before publishing. If the eBook was written in Word, you can use Amazon’s Kindle Create to format it.
#9 Fix a moderate price
Most people go for eBooks over physical books because of the price. Therefore, if your eBook must be one to sell, it has to be moderately affordable. This will give your eBook an edge over not just physical books but other competing eBooks.
Before fixing a price you think matches your effort and quality of the book, certain factors like time, information depth, and others should be considered.
On Amazon, the friendly rate is between $0.99 and $2.99. Everyone used to price their eBook at $0.99 but it’s going away.
$2.99 gives the appearance of higher quality compared to $0.99. But $2.99 is still a price people will pay without making their pockets cry.
#10 Marketing and promotion
When your eBook is marketed and promoted, it has a wider reach which in turn translated to increased sales.
To be on the front foot, before you publish your eBook, consider the investment of hiring a publicist to let the media know about your upcoming release. You can write about your upcoming book on your blog, social media platforms, social gatherings, emails, and ask other bloggers to write about it as well.
Don’t forget good old-fashioned advertising. Mark Dawson, who says he makes six figures selling his novels on Kindle Direct, pays $370 a day to advertise it on Facebook, according to Forbes.
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How Much Money Can I Make From Selling eBooks Online?
No matter which platform you choose, you stand to make about $2 a book if you sell your eBook for $2.99 — which is a popular price point.
Entrepreneurial authors are making anywhere from a few hundred to tens of thousands of dollars per month by publishing and selling eBooks online.
Of about 200,000 authors selling ebooks on Amazon, only about 5,000 — less than 3% — consistently earn $10,000 a year or better, according to the website Author Earnings. More than half of those are traditionally-published authors. So, only around 1% of all the people self-publishing ebooks are making much money on it.
So, if your dream is to delight readers with your amazing works put up your A-game and write like there’s a literary award to be won. A good eBook racks more sales.
What Types Of eBooks Sells Best?
Fiction (particularly erotic fiction) is by far the biggest seller in the eBook market, but that doesn’t mean other niches aren’t profitable as well–it’s all about finding your corner. You’d be surprised to know that short ebooks sell too.
For example, eBooks on religion and spirituality, and business and success hacks, also do well.
With Kindle Direct Publishing (KDP) you earn a royalty of 70% for every book you sell. If you price your book at $1, you’d get $0.70 for every sale.
Below are the steps you can follow to sell ebooks.
1. Find Out What Your Audience Wants, and Plan.
2. Write Your Ebook. …
3. Get an ISBN For Your Ebook (Optional) …
4. Design Your Ebook. …
5. Create an Eye-Catching Ebook Cover Design. …
6. Download & Publish Your Ebook. …
7. Price Your Ebook.
From small beginnings, the global industry for ebooks is currently worth $18.13 billion annually.
Making money from eBooks isn’t an automatic process, it takes conscious efforts to make money off selling eBooks. To stand face to face with this reality, stick to the above-listed ideas to make sure your eBook draws attention and generates sales. Cheers!