The introduction of the Amazon Kindle in 2007, and the subsequent marketing of eBooks by Amazon has done wonders for wannabe writers all around the world. No longer can writers be held hostage by publishing companies. In the past, getting a book published was one of the most frustrating experiences – even someone like Stephen King, perhaps the most popular novelist today, had his first book, Carrie rejected 27 times before it was finally published.
If you are a writer today, you no longer have to deal with such a problem. You can get our book published as an eBook on Amazon, Smashwords or Nook within minutes, as soon as you are done with the proofreading and the formatting. eBooks are a terrific way to make money. Some, like E.L. James, the writer of the cult hit “50 Shades of Grey” have gone on to become multimillionaires because of their eBook sales.
Writing an eBook is also important because it enhances your authority and credibility in a field in the eyes of your readers. It helps with other ways of making money online such as blogging or affiliate marketing as well, as you will be recognized as an expert in your field.
The best way to write an eBook is to approach it with professionalism, and make sure that everything apart from the writing itself, such as the proofreading, the formatting, or design of the eBook cover are of the highest quality. You should always hire freelancers for your non-writing work and concentrate on what you do best – the writing.
How you price the eBook is important. Most eBooks are priced in the range of $0.99 to $2.99. The idea is to sell cheap, but sell a lot. Amazon pockets some of the money got from eBook sales, 30 to 35% of it, as its commission. So this is something you should be aware of.
Ideally, you should write many eBooks and release them frequently to the market. Don’t go for one
big book, but write several eBooks in quick time, never taking more than 2 to 3 weeks to write one, from start to finish.
Advantages of Writing eBooks
The biggest advantage of writing eBooks is that they require no investment whatsoever. So even if your eBook fails, all that you stand to lose is that they time invested by you gets wasted. You don’t lose a single dollar over a failed book. This would have been unthinkable in the days gone by when a lot of money used to be spent on the publication of paperbacks and hardcovers, and a failure often meant bankruptcy for the writer and his publisher.
With eBooks, you can sell to a much wider, worldwide market and not limit yourself to those who visit bookstores in cities. If your eBook finds traction, it can potentially earn you tens of thousands of USD each month and generate an excellent passive income for a long time to come. Clearly, writing eBooks is a win-win strategy, with nothing lost if you fail at it.
Disadvantages of Writing eBooks
While you won’t make any loss from writing eBooks, you may have to find yourself spending quite a bit on its marketing to get the book noticed. This might cost you quite a bit. You will also have to reckon with a strong competition from other eBook writers, as the barrier of entry is very low when it comes to eBooks.
How much Can You Earn by Writing eBooks?
Well, sky is the limit to how much you can earn from eBooks. There are highly successful writers who earn seven figure salaries from eBook sales. But for the majority, it’s not that rosy a picture as they have to fight for the reader’s attention, which isn’t easy. A majority of eBook writers earn no more than $10,000 to $25,000 a year from eBook sales. But if you are doing this only part time, this is very good money.