How to make money from eBooks In 2020.
Most people think that, unless you are lucky and end up becoming the next J. K. Rowling, writing books is not an easy way to earn money.
But do you remember that great blockbuster movie The Martian (science fiction festival with Matt Damon)? I bet you didn’t know that he actually started his life as a humble self-published eBook!
The author of the book, Andy Weir, began publishing chapters on his blog, but then he pasted everything into a text document and sold it as an Amazon Kindle book for only 99 cents per copy. In a matter of months, The Martian was topping the charts for sales successes, and then Hollywood wanted to enter!
Give or take some Hollywood glamor, that’s all, publish an eBook is: take a text document, convert it into an eBook and sell it, but how much can you really earn?
How to make money from eBooks In 2020
When you give away your book for free, you are turning random people into prospects who know you, love you and trust you. You can then turn those readers into lifelong fans, email subscribers and paying customers.
Most companies are willing to pay a fortune to generate leads, but you can do it for free by simply giving away your book.
Quick and easy search engine ranking
Getting your website to be number 1 on Google for a competitive keyword is difficult, but it is ridiculously easy for Amazon to get the number 1 spot on Google.
You can get the page of your book on Amazon with a very high ranking on Google, even for really competitive search terms, if you have a book that readers love.
Should you self-publish an eBook?
Self-publishing might sound like a bit of a headache, and it’s definitely got its pros and cons – in a nutshell, this is what it involves:
- Quick publication – Forget finding, pitching to and getting accepted by a publishing company. If you’ve got an idea for a book, you can get it on the shelves yourself in next to no time!
- Be prepared to work hard – Getting your book stocked by big-name retailers isn’t that difficult, but be prepared to do most of the hard work (writing, marketing and selling) yourself
- You can publish a print book too – But since going digital is cheap as chips, that’s what we would recommend and what we’ll be discussing in this guide
- Career boost – Getting a book to market is great work experience. It’s perfect CV fodder for loads of careers including publishing, retail, sales, management and marketing
- Passive income – Even if you don’t become a millionaire, publishing a book can set you up with passive pocket money for years to come
- Anyone can do it – Don’t be put off if you’re not creative or a closet geek. All you need is an idea, a bit of lateral thinking, plenty of motivation and time. And this page, obvs.
How much does it cost to self-publish a book?
Producing an eBook can be ridiculously cheap and, often, completely free.
However, if you want to make a professional-standard eBook that’s going to impress, you might want to think about paying for services like editing, book cover design, formatting and promotion.
You could look into sites like Fiverr where you can get someone to do this stuff super cheap, or you can ask a friend or do it yourself, but try not to cut corners too much – readers will be able to tell and they won’t give you a good review. How To Make Money From eBooks In 2020
If you reckon you can persuade other folk to invest in your book early on, have a look at Publishizer – a book-based crowdfunding site (where strangers fund projects in return for goodies and good karma).
How much can you make from eBooks?
Selling your own book can net you anything from pounds a day to almost nothing! The good news is that you get lots of say in your potential earnings, so it’s worth taking a look at the sums:
- eBooks sell for anywhere between 99p to £8.99 and up, but the store (and your publishing platform) will take a chunk of each sale
- You can sell your book for whatever price you like – and you can alter the price to test different tactics – but the sweet spot depends on your book’s length, reviews and competition
- If you’ve got cash to invest (or can crowdfund to pay for it), marketing is the best place to put it: no one can buy your book if they don’t know it exists!
Paying tax on eBook earnings
The money you make from each sale of your e-books is known as royalty. As with any source of income, once you start earning money above a certain amount, you will need to contact HMRC. No need to panic: Our guide will tell you how to submit a self-assessment tax return if you need help.
Most publishing platforms operate internationally, which means you have found potential customers worldwide! Unfortunately, if you make money in other countries, their governments will also want a piece of your hard earned sales.
But doesn’t this mean that you will pay double the tax? Yes. The good news is that the UK has multiple tax treaties with many countries, which prevents you from paying again.
Whether you can claim that tax treaties depends on your nationality, where you live, and a lot of other details, which means we can’t all go into fine print here. But don’t worry: every publishing platform will tell you which forms you need to fill out to deal with it!
eBook topics in demand
We would advise you to write about what you are interested in, not something you think you are going to make money. If you are not passionate about the topic, your readers will be able to tell, and putting the words on paper will be a slogan for you too.
Choose a topic that you are really interested in, but said it is also worth looking at what sells. Visit your local book store or check out the best-selling lists on Amazon, Waterstone and international sites like Barnes and Noble. How To Make Money From eBooks In 2020
Fiction (especially erotic fiction) is by far the biggest seller in the ebook market, but that doesn’t mean that other areas aren’t profitable either – it’s all about finding your niche.
For example, e-books on religion and spirituality, and business and money, do particularly well.
Do not make your writing flowery and complicated
Make sure that all your text is easy to read and understand. It is better to write in a conversational way and not in an academic way. Many experts suggest that you should write at the eight-level writing level.
Promote your ebook
This part is quite time consuming and you probably won’t be able to promote your product to the extent that you will sell money.
Try these tips: Send a copy to any blogger, and ask him to review it on your blog. Put your e-book banner in your own site. And finally, the advertisement comes, it requires spending money, if you are ready with it, advertise as banner in some sites or magazines.
What to write your eBook about
- Your novel, poems or short stories
- Publish your old essays (check with your uni first!) or write a study guide for your subject
- Illustrate your own children’s book, or publish your comics
- Write a city guide or publish your favourite walking routes
- Find out-of-copyright books, repackage with notes, an intro, or a translation and sell them under your own imprint
- If you’re fluent in another language, team up with another writer and publish a translated version of their work
- Write a practical guide about something you know really well: living on a budget, dating, Mongolian throat singing, essential badger maintenance – whatever.