Hey everyone! Today, my friend and fellow finance blogger, Fiona Smith, is going to share how she made $2,000 in just one week by self-publishing an ebook on Gumroad. Fiona, known as The Millennial Money Woman, has been featured on Forbes, speaks at the national FinCon conference, and co-founded a local non-profit promoting financial literacy to underprivileged minorities. She’s here to teach you how to potentially earn a few extra thousand dollars a month by writing an ebook. Take it away, Fiona!
Hi everyone! I’m Fiona, also known as The Millennial Money Woman. I run a personal finance blog and love helping others make more money and build long-term wealth.
If you had told me in early 2020 that I’d make $2,000 in one week by self-publishing an ebook, I would have thought you were crazy! I’ve always wanted to write a book but never got around to it until the pandemic hit. That’s when I decided to write, publish, and sell an ebook about personal finance.
Here’s a bit of my story: When I was young, I saw my grandparents lose everything in their small family business due to poor financial planning. From that day, I vowed never to face the same financial difficulties and to help others avoid the same mistakes. I earned a Master’s Degree in Personal Financial Planning to give others the tools I wish I had growing up. That’s how I came up with my ebook topic: How to Get Rich from Nothing.
In my ebook, “rich” isn’t just about money. It’s about building a rich mindset, developing rich relationships, and maintaining a rich outlook on life. Although I was scared my book might flop, I decided to go for it. Two months after its release, I’m thrilled to say I made over $2,000 in the first week!
Writing an ebook doesn’t require a secret formula. You can write about anything, from fiction to educational resources. The key is to start! You won’t know your potential until you try. Here are some tips to get you started:
1. Choose a topic where you have expert knowledge.
2. Set mini-goals to stay on track.
3. Write in simple, plain English.
4. Proofread and edit often.
Writing about something you’re passionate about is crucial because you’ll spend a lot of time on it. Setting mini-goals helped me complete my ebook in one month. Typically, it takes 4 to 8 months to finish a book, but I pushed to meet my deadline.
Here’s how I did it:
1. Decided on 14 chapters.
2. Outlined each chapter’s content.
3. Estimated word count for each chapter (1,500 to 2,500 words).
4. Set a timeline to write each chapter (1 to 2 days).
5. Arranged for proofreading.
6. Created a marketing strategy for Twitter.
After 14 days, I had a first draft. After three weeks, I had a preliminary draft with a cover image made on Canva. By week four, my ebook was finalized, and I had accomplished my pre-marketing strategy. My goal was to sell just one ebook at launch, but by the end of the first week, I had made over $2,000!
Repurposing content from my blog helped me write my ebook faster. If you already have content on a similar topic, consider using it. People will pay for a curated and easy-to-read ebook, even if the information is available for free elsewhere.
Marketing your ebook is essential. Your network is key. You don’t need thousands of followers; a few hundred engaged followers can be enough. Start promoting your ebook before it’s published to gauge interest. Here’s what I did:
1. Contacted influencers in my niche for feedback.
2. Promoted my ebook daily on social media.
3. Sent review copies to influencers.
4. Asked influencers to share my ebook link on launch day.
You can also offer pre-orders to gauge interest. If you get no interest, you can cancel the project and refund everyone. If pre-orders come in, make sure to deliver on your promise.
Your earning potential depends on various factors like your niche, expertise, audience, and popularity. When I wrote my first ebook, I was relatively unknown. I differentiated myself by writing in an easy-to-read, story-like manner and including personal anecdotes.
I used Gumroad to publish and sell my ebook. You can earn between $50 to $5,000+ per month, depending on how well you market your ebook. Promote your ebook authentically and avoid being pushy.
Your ebook will likely earn the most money at the beginning of the launch. To reignite interest, you can go on podcasts, add new sections, give away freebies, or announce a price increase.
Writing and selling ebooks is a fantastic side hustle because it allows you to make money while you sleep. It can help you escape the 9 to 5 grind and achieve financial freedom. Your side hustle income can help you save more, invest more, pay off debt, and build wealth.
If you’re looking for a way to earn extra income, consider writing an ebook. It’s one of the best side hustles, and the process can be 100% free. Don’t wait for tomorrow if you can start today. Your bank account will thank you later.
For those wondering, my ebook is called How to Get Rich from Nothing. It’s designed to help you get rich not just financially but also through your network, mindset, spirit, and future goals.
Are you interested in writing a book? What questions do you have for Fiona on this topic?