Every month, I’ll update my ebook income as a learning experience for my readers. It’s a way of tracking my income month after month, which I’ve created just end of last year. Selling ebooks on iBookstore, B&N, and other major online distributors allow me start another stream of income, and do note, this income is passive. Although I’m still uploading ebooks daily to sell, I can stop anytime I want and my current pool of ebooks will continue to make money for me.
How do I know? Well, it’s easy. The ebooks I’ve uploaded in Dec 2012 are still selling well. I started this project with the mind of collecting passive cash from the start. I wanted to produce great ebooks that will last the test of time, and kept selling until Apple closed down its iBookstore. Till then I’ll keep producing great ebooks for the community.
Having said these, I’ve some interesting findings in June. First of all, let’s look at the sales.
Number of eBooks published in June 2013
I’m still following my plan, and consistent is the keyword to this project. My plan, as mentioned in earlier post, is to continue to publish 1 ebook per day. I do not want to overwork myself to produce more, or too slack that I never do anything about it.
In June 13, I’ve managed to squeeze out 25 ebooks (+56%). I think that’s somehow the maximum I can do per month. So the next few months, I’ll be happy if I can maintain this number. In total, I’ve published 82 ebooks in total. I’m not too far from my target of 100 ebooks by year end. In fact, I may even hit it by next month. Let’s see how it turns out.
Number of eBooks Sold
Actually I’m quite surprised by this number. From the chart, you can see that my sales of ebooks have not gone up significantly for the past 2 months. Despite with additional 25 ebooks published, by sales in June just went up by 3. I sold a total number of 296 ebooks (+1.02%).
One reason can be the topics I’ve published. I’ve chosen a wide range of ebook topics to write, from romance to self help. Maybe readers aren’t interested in some of the topics and those ebooks are not getting any sales. I’ll try to dig deeper in that.
I’m still quite happy with the result, as long as it’s positive. I’m hoping I can break the 300 ebooks sales barrier by July 13. It’ll be a milestone for me!
Income for June 2013
This is the reward I’ll get after all these hard work, the income I’ve been waiting for. No doubt the money if good, but I’m finding the process more fun. I’m treating it more like a project, an experiment than really to make money. Of course, I won’t reject the income also 🙂
Anyway, in June 2013, I’ve managed to finally break the $100 barrier! I’ve made $137.82 (+40.60%). Wow! It was totally unexpected. In May 2013, my income jumped 17.6%, which was good, but this month, it jumped 40%!
I can’t really tell. The number of ebook sales stagnated, yet the income grew. One reason I can think of is probably the higher ebook cost. I’ve made known that I am testing the optimal pricing for the ebooks. In May and June, I’ve increased my ebook cost from $1.99 to $3.99. With higher pricing, my income shot up the roof!
I’m still testing the pricing of the ebooks to get the best price/sale. I’m wondering how $5.99 will affect my figures. Let me try In July and August. I’ll update in my next Income report. Check my future posts for more data.
So far, with the data I have, I’m able to do some analysis about ebook pricing. I’m curious what’s the best price for ebooks. The cheaper the better? Or higher price in order to fetch higher earnings? How much higher will affect the sales of ebooks?
Now lets see the data below
I’ve sort the Sales and Money Earned based on the pricing of the ebooks. At $0, I’ve sold 198 ebooks, which doesn’t surprise me. Free is good. I’ll ignore this data. However, I’ve noticed a trend. The sales are the lowest when the price of ebooks is below $1 (27 sales), and the highest when the price is between $1.01-$2 (+48.19%). Can this pricing fetches the highest income? Not necessary.
When I breakdown further, although I’m able to see a lower the sales figure for >$2 ebooks when compared to $1.01-$2 (-22.5%), the earnings are much higher (+50.19%).
This data is interesting. It means that the buyers don’t mind paying more for good ebooks. And they don’t really buy cheap ebooks. Maybe it’s the psychology issue. Cheap = bad. So what’s the best pricing? As I’ve mentioned, I’m going to set the prices of the newly published ebooks to $5.99 for the month of July and August. I’ll analysis the data after that. Wait for my post.
I’m not sure how far this project will bring me. It’s getting more and more interesting, especially when I have more and more data. I still have a lot of areas to analysis, such as
- which topics are selling well, and which topics have not sell a single ebook so far,
- how many ebooks I’ve published for that particular price,
- what will happen if I adjust the price to >$2? Will my income will jump?
These are some questions I’m quite curious and eager to find out. I’ll just wait patiently for the next 2 months before doing anything. I personally think $5.99 is way too expensive, and foresee I won’t sell much with that pricing. I may not even sell a single ebook and cut short the test to 1 month. If that’s the case, I can assume the best pricing will be between $2-$5.99. Before that, I’ll just keep my fingers crossed.
So have you started your ebook business? How’s your sales so far? Let me know in the comments below. Thanks!