Top Tips on How to Build a 7 Figure Business Selling eBooks
The world of reading has changed in recent years.
Instead of curling up in front of the fire with a good book, most of us are reading eBooks from the comfort of our mobile devices as we’re heading to work, or wasting time between errands.
The digital world, along with marketplaces like Amazon have changed one of the world’s most popular pastimes, while delivering a brand-new way for entrepreneurs to tap into a growing network of people eager for knowledge and entertainment. Here, we’re going to look into the growth of the eBook business, and how budding business-people can use them to build a 7 figure business with them. (Source: https://7figurecycles.net)
The Rise of the eBook
Though the eBook may still seem like a brand-new concept, it actually dates back as far as the 1930s, when people were discussing the idea of printing a book in digital form. Of course, it wasn’t until the 1990s that eBooks first sprang into the commercial world, with the introduction of the Sony Data Discman in 1992. This unique device was capable of playing books on CD, and so the audiobook era began.
In 2007, Amazon transformed the world again with the introduction of their “Kindle”, and within a couple of years, the marketplace was dominating the eBook market. For a while, the growth of eBook popularity remained somewhat slow, until Stephen King chose to publish a novella in 2009 for Amazon Kindle exclusively. With a best-selling author behind the concept, it was no surprise that eBooks started to catch fire.
Some of the earliest eBooks by entrepreneurs that wanted to take advantage of the new trend included Adobe documents that were sold as information products for digital download on a website. Usually, these books were long, expensive, and not particularly popular. In the mid-2000’s, people began to explore more self-publishing options, particularly as launching an electronic book was more affordable than the standard vanity publishing route.
While there’s nothing particularly new about the rise of books for marketing purchases, the era of on-demand print and eBooks has made it easier than ever for entrepreneurs to publish books that increase their authority, boost their income streams, and convince their customers of their credibility. Today, the eBook industry is worth $6.74 billion, and by next year, it should be worth around $8 billion.
— 7figurecycle (@7figurecycle) January 7, 2018
The Benefits of Publishing eBooks
If you’re thinking of starting your own online business, no matter which type of organization you choose to build, there’ll be positives and negatives to consider. The same is true for the eBook publishing business.
Some of the benefits of publishing and selling digital books include:
- Quick production based on purpose and topic
- Affordable publication (Many resources will publish and distribute to major eBook retailers for free)
- Increased credibility in the marketplace – people are still impressed by a business book – particularly one sold in the right marketplace
- Offers a stream of income for your home business.
- Your eBook can become a source of revenue on its own
- eBooks offer passive income – you don’t have to keep working on them to generate more cash.
The Problems with Publishing eBooks
While there are plenty of great benefits to publishing and selling eBooks, there can be a few negatives to consider too. For instance:
- The marketplace is already pretty saturated, so it might be hard to capture the attention of your audience.
- The format and quality of your content is crucial. You can’t simply slap something together and hope for the best in the eBook world.
- EBooks generally sell for much less than the other information products available online today -such as training and learning courses.
Why eBooks are Great for Marketing
You might not see yourself as a great author, but eBook publishing can still offer plenty of marketing advantages for any business. As mentioned, this solution can improve your credibility, making clients and customers more likely to consider your business in the future. EBooks can also add credibility to your publicity campaigns too – as many media outlets are happy to pay more attention to published authors.
Additionally, having your book hosted on a platform like Barnes and Noble, or Amazon could improve your reach to your target market. Because eBooks come at a low price-point, customers can get some information and entertainment from your book, before they contact you for services or products.
If you’re really good at eBook publishing, you could even begin your own brand publishing both a combination of your own works and works created by other people.
Selling Your eBooks and How to Build a Business Around That?
The GFK research center has just published an article saying that since writing and selling eBooks is generally much easier than attempting to write and publish traditional books, it’s worth noting that a lot of people have begun to try and take advantage of this new fad trying to build an eCommerce business around that. The eCommerce business cycle research by GFK has shown that publishing and selling eBooks can stil be a successful business model in 2018.
However, if you want to make a good impression, and potentially improve the power of your business with this new selling strategy, then you’ll need to focus on a few key things:
- Creating a high-quality product: Your book needs to not only offer amazing content, but also be well-edited, and professionally formatted for the best viewing on everything from mobile devices to e-readers.
- Finding the right audience: No matter what kind of product you produce, it’s important to make sure you have a targeted audience who wants to read what you’ve written. Just because your book is listed on marketplaces like Amazon doesn’t mean it will automatically get noticed. You’ll need a plan for marketing and promotion.
- Tell people about your book: If you want your book to have a lasting impact on the right people, then you’re going to need to tell people about it. Make sure everyone from the people who read your blogs, to the people who follow you on social media, know about your newly published content.
Writing Your eBooks
One of the most important things to remember when you’re writing and selling an eBook is that you should always have a good topic in mind. One of the fastest ways to create a great eBook is to design something based on a topic you’re already comfortable with.
No matter what industry you’re involved with, there’s a good chance that you have some knowledge that you could use to help others. You might have some amazing family recipes or you could know how to perfectly paint a bathroom. Whatever your skills are, think of a way that you can share them with the world, and you’ll have the idea for a great eBook in no time.
If you know what kind of audience you want to appeal to, you could always do some keyword research to give yourself a bit of inspiration and help.
Remember, even if you’re not sure you have the right skills to become an author, that doesn’t necessarily mean that you can’t be successful when it comes to building a 7 figure business selling eBooks. There are a range of options out there online today that can help you to enhance your writing skills. The first thing you should know is that your first draft probably isn’t going to be perfect.
Usually, you’ll have to make a few revisions to your content before it becomes immaculate, and you could always consider bringing an editor on board to let you know which parts of your work need the most development. Remember, even if your writing is top notch, an editor can help you to check for important things like grammar, readability, and flow.