Increasing Cash Flow With an eBook

Yesterday, Free Money Finance had a post titled Enhance Your Career by Writing Articles. It’s  a very informative article and Free Money discusses how writing articles increased his stature in his filed and increased his income!

Today I want to share with you how you can use your blog to write and promote an eBook that has the potential to increase your cash flow. I will start off with quoting what Free Money said:

I know this idea is not for everyone. Not everyone is a writer.

First off, what is an eBook and how can it help you to significantly increase your income. An eBook is an electronic book that you write and perhaps sell on your blog site. It can be a very niche book or not. Potential clients buy your eBook online and down load the content-it’s that easy. Now, let’s get specific.

When I first joined the National Speakers Association in 2000 they always preached: write a book, it will give you visibility and credibility! Of the 80% of people who say they want to write a book-only about 2% actually do it-these steps will break it down for you into manageable baby steps.

  • Let’s stay with Free Money for the moment. Suppose he wanted to use all that great content in his blog to write an eBook; here are the steps I would recommend:
  • He could use his categories for each chapter of his eBook
  • He could filter through his categories and put together a collection of his best posts for the content of that chapter
  • He might also like to use Best of Free Money for chapters of his eBook
  • Free Money has so much content that he could literally write many eBooks. He could be very specific with his titles from 11 Great Ways to Earn More Money to How to Get Rich in Three Easy Steps! 
  • I’ve noticed over the years that successful eBook can be very short and to the point and you can price them at lower points and go for volume vs a book with an expensive price.
  • Let’s now assume that Free Money has his first eBook ready to go and it’s called How to Maximize Your Lifetime Earnings. He decides on the price of $7.99, now what?
  • He uses his blog to advertise and sell the eBook. Every one who writes a book will tell you that the biggest challenge is getting the book out to buyers! Free Money has it made-lot’s of eyeballs see his site every day!
  • Let’s assume that he really wants to make this venture even more profitable- a great step would be to have a tab called Speaking Engagements. He could let potential audiences and meeting planners know that he is available to speak on the subject matter of his eBook. The good news is; they will often pay you to do this while you promote your book as well!

Free Money is really starting to make some serious money from this venture-now what?

He approaches a major publisher and pitches his book. He wants some money for this book from the publisher and negotiates $50,000 up front and tells the publisher this is how he is going to support his book:

  • The book will be promoted on his website which gets 50,000 visitors a month (I made that up)
  • He is willing and available to speak nationally on the subject matter to audiences
  • He agrees to write a follow up book within two years for an additional $100,000 advance….

Free Money is rolling!! I would encourage all of the Personal Finance Blogging community to take a long hard look at your blog and see if there isn’t a book in there-just screaming to be published by you-Good Luck. I think this would also be appropriate for bloggers that are relatively new, such as my friend Crystal-imagine a little eBook titled How I Make Money Blogging…..

By the way, the figures I used in the above example are just for illustration but I can share with you that a friend of mine in National Speakers Association did indeed get a $500,000 advance for her first book! This kind of lucrative upfront money is Not the norm today but you can still negotiate a sweet advance!!

How about you- have you tried to publish an Ebook or self published book? Have you used your blog to promote your book?

 

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Dansette