Everyone wants more money… more now than ever.
People dream of being fabulously wealthy.
Ask a stranger how much money they would like if it could just magically appear and most of them would say a figure of one million or above.
The problem with that is that it is mainly wishing and fanciful thinking.
To have more money and become wealthy is more often about planning, understanding numbers and ‘doing’.
When you know your numbers, you can accurately work out what the next steps are and what you need to make those numbers happen.
For example: let’s say that you want to earn £1,000 each month passively.
And to make that passive income, you have decided you want to sell eBooks.
EBooks are digital products which sit on your server waiting to be bought and delivered automatically. Once online you need not do anything.
EBooks can be priced at whatever price you wish, but there is one rule which you must pay attention to, and that is:
The price is dependent on what the reader gets from the eBook itself.
The bigger the transformation to a person’s life – specifically their financial situation – the more you can charge.
A simple fiction story will only entertain and so you can only really charge a few pounds for it, whereas an eBook which can help a person become a millionaire, you can charge a whole lot more… as long as what the book says is doable.
With that in mind I am going to do two different number crunches here.
Starting with eBooks priced at £9.97 first.
You would need to sell 101 eBooks priced at £9.97 to make £1,000 (£1,006.97) each month.
101 eBooks per month (working on a 4 week month) is 25.25 a week. Obviously you cannot sell .25th of a book so we will go with 25 per week for simplicity.
25 eBooks a week equates to 3.57 eBooks a day. Again, you cannot sell .57th of an eBook so let’s just say 4 a day for simplicity again.
4 eBook sales per day is the target.
A bonus of selling 4 eBooks a day means that you sell 12 more eBooks in a month giving you more money.
Conversion rate is the next number to understand.
Unfortunately (and fortunately) this is dependent on what you sell, the quality of the products, the price, the quality of the sales message, the speed and ease of use of the website and the type of people visiting your website.
The conversion rate can be different for each seller.
However, there is an average global ecommerce website conversion rate of 4.31% and in the US the average ecommerce conversion rate in 2020 was around 2.63%.
A conversion rate between 2% and 5% is considered good. Anything above that is considered very good. Over 10% and that is exceptional.
So for this example, I am going to use a conversion rate of 3%.
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To sell 4 eBooks a day with a conversion rate of 3% you will need 134 website visitors per day.
You will need 938 visitors each week totalling 3,752 visitors each month, which is not a lot considering there are 5.03 billion people globally who use the internet.
Now you know how many eBooks you need to sell and how many website visitors you need… roughly, as I say, there are other ‘real’ factors to consider.
For example, we are assuming that 4 people out of 134 all want to buy the same eBook. That may or may not be the case.
It might be that by offering several different eBooks you may make more sales and have a better conversion rate.
Having more than one eBook for sale gives you a greater chance of making sales.
Firstly, the people who aren’t interested in eBook A may prefer the look of eBook B.
Plus, people who bought eBook A or B may also be interested in buying the other.
So now, instead of selling 4 copies of eBook A per day, you only now need to sell 2.
If you have 4 eBooks for sale, you only need to sell 1 copy of each per day. That may make selling 4 eBooks a day easier due to the variety.
Also, when selling only one eBook you need four different people to buy it, but when you have 4 eBooks for sale for example, one person may buy all 4 eBooks meaning that you need even less customers… but having more is even better.
Now that you know how many eBooks you need to sell each month and have a rough idea as to how many site visitors you need to make those sales, you can formulate a plan to work towards making that happen.
Let’s look at eBooks that cost £97.
To make £1,000 a month, you need to sell only 11 eBooks (£1,067).
That is a lot less than having to sell 101 eBooks. It also means that you need fewer customers.
However, because of the price and subject matter of the eBook you are selling, your conversion rate may be a lot lower than 3% and so you may still need at least 134 website visitors each day… you may even need more.
Knowing your numbers… or at least having an idea of what they may be, means that you can work towards setting up the system which drives 134 or more people to your website each day resulting in the right amount of sales needed to generate £1,000 per month in passive income.
If you want to earn £10,000 per month in passive income, you do the same, you work out what you can sell, for how much, your conversion rate, and how many people you need to visit your website each day.
Just know that it will take more effort to generate £10,000 per month selling eBooks compared to £1,000.
Start with the smaller target first, once you have hit it, make a new target and revise your plan.
Now, if I have inspired you to sell eBooks as a way to create a monthly passive income, know this…
- These eBooks do not have to be hundreds of pages deep, they can be as little as 10 pages. What matters is the information (or entertainment) they provide inside.
- If you created one new eBook each month, you would have 12 eBooks selling on your website by the end of the year.
- EBooks can be purchased at any time of the day depositing money automatically into your bank account without you needing to do anything.
You can easily build up your eBook business in your spare time by creating one – or several – new fully automated passive income system per month.
Imagine having 12 fully automated passive income systems of your own online, all making sales and depositing money into your bank account 24/7.
Well, I’m happy to say that it is easy enough to do and I will show you how, click the link below to learn more:
www.The30DayTo30KChallenge.com
Kind Regards
John Harrison
PS… Points to consider:
- There is no limit to how many eBooks you can sell.
- EBooks can be as little as 10 pages long.
- EBooks can also be sold on platforms like Amazon Kindle and Google.
- You can set whatever price you think is fair for the products you are selling.
- EBooks can take only a few days to make, a whole fully automated system can be created within 30 days.
- Ebook creation can be outsourced.
Here’s that link again: