You should write your first eBook – Here’s why!
I am writing my first eBook, you should too.
As a first step into the evolution of my professional career I have decided to investigate writing my first eBook. Before I begin any major undertaking I like to know what I getting into, and frankly will it be worth my time. Writing an eBook not only made sense in terms of time and understanding.. but also in dollars and cents. Check out the reasons I chose to write my eBook and the calculations I used to determine whether it was worth my time. See if it makes sense to you.
5 Reasons I chose to write an eBook
Time – The total time I have allotted to invest in my eBook is 30 hours. This is a reasonable amount of time that I can spread over 15-30 days without it affecting my current life and career. For me that is an hour a day. The number of actual days it will take should land somewhere between 15 and 30 as I plan to write 1000-2000 words a day. This is of course completely at your own discretion.
Content – 20 Years in my industry means; I have a wealth of knowledge and experience teaching it to others. I also have several passions and hobbies that I have coached, taught, or simply accumulated knowledge. Therefore I have the content available to me through experience. While I expect to perform some research for the first eBook, it will really be to augment my experience and provide details on specific tools or processes. Basically I have a book rumbling around in my head, I just need to extract it and get it organized on paper (or the electronic equivalent).
Ease of Publishing – I know several independent and self published authors in the page and print world. To a person they all find the art and craft of writing rewarding and fun. To a person they all loathe the act of finding a publisher or publishing on their own. My evolution is intended to make me a happier person and rid myself of the things which impede or annoy me. The ability to use widely available free tools and pre-existing platforms makes perfect sense. I also cut out the hassle of shipping & distribution logistics.
Residual Income – Creating my first eBook is intended to provide a “reasonably” quick return. That is not to say I want to see all of my goals met in a few days. Simply I want to see some type of validation for the effort quickly. The first sale provides that. This is also a validation for me when it comes to beginning a passive income. If we get to the 6 month mark of the experiment and the eBook is still generating some level of residual income … Boom mission accomplished.
Practice makes Perfect – Many of the initial choices I have made to begin my evolution include writing. I have been writing as a part of my job for a very long time. But I don’t know if I have a voice of my own. Through this first eBook, I am hoping to begin and hone in on that voice. As with anything else we endeavor to do, you will only get better as you practice and train.
I do want to be clear that I in no way believe that writing an eBook will be easy. I DO think that the time that I invest in the process will pay dividends and provide a base for my more “optimistic” internet business ideas. That is not just a hope. I am by nature a very data driven individual. So I simply broke down the numbers and found that writing an eBook is a pretty safe option to make at least some profit for the time invested.
By the Numbers:
Time invested = 30 hours
Time Value = $17/hr (See my previous post on starting an internet business)
Total investment = 30 * $17 = $510
Preliminary Sale Price = $3.99
Profit per sale = Price – commission – shipping cost
$3.99 – (.30*3.99) – .06 = $2.73
Commission on Amazon & Apple iBooks are both 30% (with conditions) and both charge roughly 6 cents per copy to distribute electronically.
Profit per sale = $2.73
That means if I can sell 189 copies of my eBook I will make a profit. Furthermore, any sales after that will simply be revenue that I am not actively working to achieve. To me the math makes it a simple choice to start here.
There are some Bonuses and Costs that can’t be calculated but still need to be considered.
Practice My writing skills
Practice my Editing skills
Engage my Creativity (one of my lifestyle evolution goals)
Improve my Research Skills
Learning Process through Ratings and Reviews
Using Amazon or Apple to publish means I do not “Own” the customers. (I can’t contact them to let them know of other opportunities)
~ 70% profit margin compared to 93-95% profit margin on organic sales.
Learning curve costs time
Overall, I am happy with the the trade off and think my first eBook is the perfect place to start building a sustainable internet business.