If you do it right, eBooks are quite a lucrative passive income stream. Yes, it takes some time and effort to research and write a good book, but done well, eBooks can sell over and over again for many years.
A key aspect in this regard is to take a strategic approach to writing and marketing your book. You see, one of the biggest mistakes you can make is to assume that "if you make it they will buy it”. So, spend the time, do your research and, find a strong need in the market - it will pay off.
With this in mind, here are two of my favorite ways to generate income in this category.
1. Sell your eBook on Amazon
Amazon. com is the biggest online eBook retailer out there by a long shot. In fact, Amazon claims to generate around three-quarters all eBook sales via their website. With these numbers, it's obvious that Amazon represents an exciting opportunity for self published authors to release and market their eBooks.
Personally, my experience with Amazon thus far has been good - a few of my short eBooks generate steady passive income on weekly basis with zero additional effort from my side. One thing to note though - Amazon pays 70% royalty on each eBook sold only if your eBook is priced between $2.99 to $9.99. Less than or higher than that pricing structure, the royalty decreases to 35%.of your book’s listed price.
2. Sell your eBook on your own Platform
There are a few advantages to taking this approach. First, you get close to 100% of your listed price (minus the transaction fee of your preferred payment gateway). Second, you are not competing with other authors and have the reader’s attention solely on your product. Third, selling your eBook on your own platform is a great opportunity to build a long term relationship with your readers via email. Fourth, you can bundle your eBook with other goodies in order to bump up the value and make it more unique. With so many advantages, it's worth putting up the time and start building your own platform.
