Are you tired of your job? Do you want to be able to quit your job and not worry about money? Well, in this article, we discuss how you can Replace Your Job Income By Selling eBooks.
JOB = Just Over Broke
If you’ve read most of our other posts and emails, you would know our thoughts on jobs. We believe that working a job is a terrible way to get rich and if you do want to become rich, you shouldn’t work a job for long.
Now, the only reason you should be working a job is for knowledge and seed capital to start your business. Any other reason is an excuse and will limit your ability to amass wealth.
In our eBook, How To Program Your Mind For Entrepreneurialism, we discuss in detail why working for someone else will rarely make you rich. You’re basically giving up the variables, which control how much wealth you generate, to your employers.
These variables are ownership, time, and being able to capture value. You see, by working for someone else, they control how valuable you are and how much time you put in. You can be working 80 hour weeks but only getting paid for 60, or worse, you can be bringing in hundreds of thousands of dollars in revenue while only getting paid $50,000 per year.
We understand your pain and have created Entrepreneur Millionaire to represent the solution to these type of situations. Our main goal is to create as many entrepreneurs as possible who become financially successful.
Anyways, lets get into how you can sell eBooks to replace your job income. For this article, we’re going to take the average income of a household in the US which is around $50,000 per year. $50,000 per year is not a lot of money and with this strategy you can earn much more than that. Lets get into it.
Did you know that you can legally sell eBooks that you didn’t create? I know what you may be thinking: “This sounds like a scam.” Believe me, there are scams out there, but this isn’t one of them. This is how it works:
- Find an eBook with resell rights
- Purchase the resell rights to said eBook
- Sell said eBook
It’s that simple. What’s even cooler is that you can even claim an eBook as written by you if you purchase private label resell rights for the eBook.
Now, you may be thinking why would you want to purchase an eBook with resell rights. Well, you may not want to spend the time and energy creating an eBook yourself. So, instead you can purchase the eBook with private label resell rights and rebrand it as yours.
What you would want to do is first choose a niche. Usually the best niches are related to these 3 categories:
Pick a niche in those 3 categories then find a website that sells eBooks with resell rights. There are different types of resell rights so make sure you do your research between the types. Always choose an eBook that has the best potential to sell. After you find an eBook that you would like to sell, the next step would be to create your sales funnel.
The Sales Funnel
You can create a sales funnel such as the one above through software such as Thrive Architect/Wordpress or Clickfunnels. I always recommend having some form of lead magnet because you always want to be building your email list.
Now, as you can see in the image it begins with a FB Ad. You can use any traffic source, however, we’ve found FB Ads to be cheap and effective for driving targeted traffic.
Once you have your traffic source and sales funnel built out it’s then all about the numbers. Your most important numbers are your cost per action [cost per lead], your cost per purchase, and your average cart value.
In the sales funnel image, you notice that there are upsells and downsells, this is to increase the average cart value. To make $5K or more per month, you need to know your numbers.
For example, lets say that your cost per lead is $0.50 and your cost per purchase is $20. You need to have an average cart value > $20 to be profitable because you are essentially paying $20 to acquire a customer.
Also, based on the numbers, you can spend $100 per day on ads to acquire 5 customers per day. If your average cart value is $30, you’ll bring in $150 per day in revenue and profit $50 per day. To hit your goal of $5K per month, increase your ad spend to $200 per day and your average cart value to $40 which would increase your daily revenue to $400 per day. After expenses, your profit would be $200 per day = $6K per month.
Thanks for reading Replace Your Job Income By Selling eBooks. if you’re interested in more ways to earn money through your own business, download our free guide here: 25 Six Figure Businesses You Can Start Today.