The economy is tanking and people who are thinking ahead are looking for ways to increase financial security in their lives right now.
Quitting your job and starting a business isn’t smart, but having a backup plan is.
Which is why you need an income stream that isn’t too time intensive that it effects your full-time job during the day, and is simple enough to for fast results.
Kindle Publishing For Royalties online
Kindle publishing might be the best option for those wanting a backup plan to buffer any (touch-wood) financial emergencies due to the economy not performing up-to-par.
I make $2000 every month from royalties on Amazon with ebook sales, and I’ve been making that since 2016.
It’s not time intensive: Publishing ebooks on Amazon isn’t time intensive because you outsource the majority of the work to freelancers.
This means you act more as a co-ordinator and investor than a hustler on a side hustler.
A book can take 3 weeks to get ready, but within those 3 weeks you will be working somewhere between 10 – 20 active hours. Something you’re able to do on the weekends or an hour before you sleep.
It’s not expensive: Outsourcing work to freelancers cost money, but it’s nowhere near as expensive as other online businesses.
You can start with as little as $250, compared to the $500+ for drop shipping because of paid ad campaigns, or $600+ on a blog because of email marketing services and hosting service costs. (don’t forget the Canva pro and tailwind app to gain traffic)
High Returns: Many online income ideas can cost nothing, but they don’t make a lot back in return.
Kindle publishing provides some of the highest returns on investment I’ve seen in my 5 years of online business.
Drop shipping businesses see profit margins or 50% or less due to high advertising costs. Blogs on average don’t make a profit because of traffic issues, and Etsy businesses see profit margins of less than 30% because of material cost and shipping.
Kindle publishing has the potential to see 600% ROi. I know it sounds ridiculous, but it’s true.
I’ve had a book keep selling since 2016, which makes me $70 – 150 a month and it only cost me around $220 to produce.
Fast returns: Your investment for $250 should on average take 3 months to make back, everything after that will be profit.
It’s this quickness that makes it great for someone starting from scratch and doesn’t have the time to wait 2 years for a blog to pick up or 6 months for a e-commerce store to gain traction.
Because it also means you can scale up very fast. Make one book into 10, 10 into 100 in a very short period of time by reinvesting your profits.
And because it’s so incremental, you can stop whenever you want and it won’t effect your existing books.
How to start?
Step 1: Start educating yourself
Everything requires proper education if you want to do it successfully. You can teach yourself through trial and error. Or you can seek guidance from someone who has already mastered the business and is good at teaching.
Obviously teaching yourself is going to take longer and be more expensive because you may make mistakes which will cost you your investments.
But it is possible if you’re dedicated enough.
Alternatively you can join an industry, business specific training program to teach you everything. You make fewer mistakes this way and your overall cost lowers as well from the money you save on unmade mistakes.
Step 2: Gather up your funds
Once you’ve done some learning, you need to prepare your funds to get started. Kindle publishing means hiring a writer, a designer, at least and a few others if you want to be very comprehensive.
You’ll need $250 start but I always advice people to have $500 to start so they can learn faster by publishing 2 books at the same time.
Step 3: Get stuck in!
You got the know-how and you got the resources, now it’s time to not hold back and take action.
Understanding how the business works. Getting excited about how the money earning potential is awesome. But it honestly doesn’t mean anything if you don’t start.
Results take action.
A lot of people get stuck on this last step, but there’s no trick or tip for this step. You just need to start.
If you would like to start step 1 and learn more about kindle publishing, then download my free blueprint of my 6-step system.