There are many ways to create streams of income from your house. This module will introduce you to the idea of publishing eBooks on platforms like amazon.com and receiving royalties from their sales. Why should you consider eBooks as a valid source of passive income? Find out in this video.
Frank: Welcome to myopenpath.com, the largest online educations platform for investors and entrepreneurs. Today, you will learn about a unique cash flow technique that involves creating and selling eBooks on Amazon. This will be a detailed, step-by-step presentation that you can do everything from home. This is just a great way for you to start building passive income on autopilot.
To teach you on this subject, we’ve invited Michael Decker, a veteran at creating, selling and marketing eBooks on Amazon. With just a few minutes a day, he will show you how to create your very own cash flow piggy bank using one of the largest websites in the world, Amazon.com. Welcome Mr. Mike Decker.
Michael: Thank you so much, Frank. I’m thrilled to be working on myopenpath.com and sharing a little bit of the methods that have worked for me and for other investors. What I’d like to do first is just give you a little bit of an overview, what we’re going to talk about in this course, we’re going to go into as much detail as we can. And we’re also at the same time, without overwhelming you with so much information, you don’t know where to start. So it’s going to be a lot of great information but also very clear action plan for you to go ahead and start putting these into practice.
So, in the first module, we’re going to talk about who’s reading eBooks. You’re probably a person who’s downloaded and read eBooks yourself, but if not, this eBook is electronic book, and we’re going to find out a little bit about who is this demographic of people that are willing to pay money for an electronic file, something that they can’t put on their bookshelf and brag about later.
Module number two, we’re going to talk about from an investing perspective, why eBooks are a great source of passive income. And like Frank said in the intro, it can be a matter of just minutes a day from creating these eBooks and then managing them in order to keep a steady stream of cash flow coming into your bank account each month from Amazon. And although there are all sorts of platforms, we’re going to be talking primarily about Amazon.
Module number three, how to pick a subject for your eBook? How can you pick a subject that you can be sure someone is going to want to buy? You can write the best book about the love life of the South American ant, but will anyone want to read it? So we’re going to talk about how to pick a subject that is sure to have some interest and sure to get you some sales.
Module four is going to talk about finding a good ghost writer. You might be a great writer and if so, wonderful, feel free to write these books yourself. But for most investors, writing might not be our strength, and also our time is at a premium. So we’re going to talk about how to outsource the actual writing of a book to where you get very good quality, but to where you don’t have to exchange a lot of time to get that final product.
Then, we’re going to talk about the importance of getting a good cover for your eBook, and how you can find a good cover designer. After that, we’re going to go into marketing your eBook. It’s one thing to have worked hard to research the subject, have a book written and have a good cover made, but it’s different subject entirely to make sure that people actually know about your eBook, they know how to find it and they’re able to purchase it.
And then finally, we’re going to talk about scaling up. Once you’ve got your first eBook out there to make a little bit of money, how can you go from one eBook to two or to three, or to five, or to ten eBooks that are all constantly turning out money for you each month? That’s going to be a pretty exciting one and it’s going to be a little bit of advanced modules. So make sure you go through the other ones first.
Okay, so let’s go ahead, dive right into module number one, who is reading eBooks? But before we dive into module number one, let’s get to know this product a little bit better that we’re going to try to make money with.
Here are some facts from Pew Research Center and they are giving us an idea of the popularity of eBooks as well as why they are so popular. So first off, why are eBooks so popular among certain groups of people? Well you might not be surprised to know that the main people who are purchasing eBooks are young adults, the millennial generation, right? Ages 18 to 29. Eighty percent of them according to Pew Research Center have purchased and read an eBook within the past calendar year.
Of course, people of all ages are buying these, but the main segment of this market are adults aged 18 to 29. And in fact, according to Pew Research Center, eBooks accounted for 20% of all book sales across the United States. Now once upon a time when these first came out, Barnes and Noble and Amazon.com, they produced special devices that were solely dedicated to reading eBooks. Barnes and Noble had their Nook, Amazon had their Kindle. But as technology got a little bit better, people stopped paying money just for an eReader and they wanted to get a smartphone that could also read books. So they wanted to get a tablet that could also read books.
So, the sale of eReaders has gone down but the sale of eBooks continues to climb. And so what you’ll see is any sort of an Apple product comes standard with iBooks now, which is specifically an eReader application that can be used on Apple devices. You’ve got Kindle, has their own app that you can use to download to your smartphone or your tablet and Barnes and Noble Nook has an app also. Now, what else has research told us about why eBooks are so popular? Well they’re convenient, they’re cheap and they’re anonymous. They’re convenient in the sense that using the example a Kindle can keep a charge for about a month and can hold roughly 10,000 books on it.
We can’t even imagine carrying more than three or four books in our pocket or our backpack or our purse at any time let alone 10,000. They’re cheap, the electronic versions of books are typically half priced or less and they’re anonymous. Think about this. In the past few years, the world saw something unprecedented where a movie, 50 Shades of Grey, which dealt with obviously very adult-themed material, reached an unprecedented level of popularity. How did that happen?
One of the biggest factors was the fact that the book came out as an eBook and it could be read anonymously. In other words, there were people sitting on the subway reading 50 Shades of Grey. Now they might not have wanted to have that book open in front of them and have everyone around them know that they’re reading that sort of story, but on their own, with their eReader, nobody was the wiser. And so now that anonymity has let people start to buy all sorts of books they may have been too embarrassed to purchase in a bookstore. And this can even go on the other side of the coin, you can have an adult who wants to read a book typically for children, Harry Potter. But now they don’t have to feel embarrassed buying all those books at the Barnes and Noble, they can just download them to their Nook or download them to their Kindle, they can read them.
Now, eBooks are getting even more popular outside of just commercial in the sense that they’re actually being used by schools. A lot of students now are getting their textbooks and the primary source is eBooks. Now, this is not growing as much as other segments and other genres of eBook, but notice this interesting report by KQED which is a news station. They mentioned that the slow adoption of digital textbooks doesn’t mean that textbooks will be the last passing of print. It means simply that students’ needs are not being met yet by digital content providers. So that’s actually a new market that’s going to be opening up soon, which is great for investors.
And think about this also, people are reading eBooks when they have to wait. Even though we live in a modern society where we can do things a lot faster than ever before, people are still waiting. They’re waiting about 19 minutes for the average doctor’s appointment. They’re waiting over two hours at the airport and what do they do? They pull out their device and they read some sort of an eBook.
So, this is a market that has a lot of demand so our job as an investor, well let’s provide some of the supply. So in module number one, we’re going to talk about a little bit who are the people that are reading eBooks and what specific subjects are they going after.
