When it comes to creating passive income in your business, you have a lot of options. Self-paced classes, videos, tutorials, ebooks, workbooks…you could create almost anything. Of these, I feel its safe to say that books have the lowest price point. Even a paperback or hard cover would be difficult to sell over $20–maybe $25 for the hardcover book. And generally you’re looking at an ebook rather than a paper one for your income source. Which leads us to ask, if you’re looking for passive income, then why would a book be a good choice?
1. The low price point creates a low barrier to entry.
If I am interested in your products or services and yet remain on the fence, an ebook priced at roughly the same amount as a venti Starbucks latte, is easy to budget for. In the grand scheme of our budgets, an extra $5 could be dinner, a snack, a coffee, or a book. And if you’re like me and work that Amazon Prime shipping, well more often than not you’re choosing “No rush” shipping and getting that $1 credit toward ebooks. So the minimal investment could be free.
Once I’ve devoured your $5 ebook and loved it, I’m more likely to go hunting for your higher priced programs. Heck, I could jump from an ebook to something that’s three or four figures because I already know you.
2. Books give you a chance to present yourself as an expert.
Notice that I didn’t say that publishing a book makes you an expert. Honey, I’m an author and a publisher and can tell you that anyone with a minimal understanding of Microsoft Word and websites can publish a book on Amazon. You’re not an expert just because you published a book. But if you present your information clearly, concisely, and in an easy to understand form, then of course I’ll see you as an expert and I’ll know where to go when I want more information.
3. Books allow you to meet your potential clients where ever and whenever they want.
You can’t just slap a book on Amazon and expect it to make you rich. But, if you use your vendors right, select multiple sales channels, then there’s a chance that your potential clients will see your book whether they’re on iTunes, Google Play, Amazon, Barnes & Noble, or Smashwords. You’re everywhere without leaving your house.
Books mean that your clients don’t need to be somewhere where they can watch a video or listen to an audio. They can easily take you with them in the car to read while their kid is at sports practice. It’s portable in a way that other media may not be.
These are just three of the ways why I think books make excellent prospects for passive income. I invite you to join me for Webinar to Ebook: Turn Your Content Into Cash, a free webinar I’m hosting on January 17. Yes, there will be a replay available, so I encourage you to sign up below.
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Want more information? Learn about the webinar here.