For the second installment of “Money Making Ideas” or “M2I” as I like to call it, we explore the idea of writing and selling an e-book online. We are currently in the process of writing an e-book that will be available on MoneyIsJustAnIdea in the not to distant future. We are in the Information Age, and it is not so much about what you know but how fast can you learn and adapt. That’s why e-books are a major player because they allow instant downloadable access to information. So how can you make money by writing and selling your e-book online?
First, you need to have an outlet or distribution channel in place on your own website or someone else’s website. Readers need a way to to purchase the e-book. For example, say you grew apples in your backyard. After harvest you just put them in your house in the closet hoping to sell them. If you never told anyone you were selling apples, how many apples do you think you would sell? Zero. Even if you did tell someone you sold apples, but did not tell them where to buy them. How many apples do you think you would sell? Right again, zero.
What do you write about? How long should it be?
I think writing about what you are passionate about is a good idea. It will be very easy for you to write on the subject and your expertise will give you some credibility as an author. The downside is there may be very few people who are interested in that topic. If your goal is to sell as many e-books as possible then you could write about a solution to a problem many people go through or encounter. Understanding your audience is key and do this before you start writing. Your audience will guide you in how long your e-book should be and how to format it. Writing a 300-page instruction manual on how to set the timer on your DVD player would not be the most logical thing for an audience who is looking for 2 or 3 steps? So try and keep the length and format in tune with the subject.
How do I get started on writing my e-book?
1. Start off by writing down common problems that you encounter everyday
2. Then write your solutions to those problems
3. Research some of those problems you wrote down to see how other people have solved them
4. Solidify your answer to the problem by writing out step-by-step instructions on how to solve the problem you proposed
5. Expand each of your steps to make sure that your reader knows exactly what you are talking about
6. Consolidate your work into a format that makes it easy for the reader to follow
How much should I charge for my e-book?
Prices of e-books range from a couple of bucks to hundreds of dollars. I suggest going online to see what the popular e-books on your same topic are selling for currently. There is no set price range, you will find out what you need to price your e-book based on your sales. If your sales are down, either one or two things are happening; your e-book is not marketed well enough or your e-book is too expensive.