In 2017, passive income is all the rage. I’ll be the first to admit, a year ago I had zero passive income. But now, less than 12 months later, I have a couple of thousand dollars coming in each month which I have to do very little extra work to earn.
My main source of income is Kindle book publishing. In this article, I want to tell you how I make three streams of passive income from one book alone.
Stream #1: Kindle Book Publishing
If you’ve been living under a rock for the past few years and don’t know what Kindle publishing is, it’s pretty simple: you put an e-book up on Amazon which people can buy and download to their e-readers. My first stream of income from Kindle book publishing is exactly that—the royalties I earn from the sale of my e-books on Amazon.
Watch the video below:
Stream #2: CreateSpace
CreateSpace is another Amazon company. Every time I publish a book on Amazon, I also put the same book up on CreateSpace. Amazon then links your books, and your customers now have the option to purchase a paperback copy.
Some books sell significantly better as paperbacks. In fact, about 80 percent of my royalties from Kindle book publishing come from CreateSpace. For you (especially if you are interested in publishing fiction) it might be the opposite—most of your income might come from e-books. But you still want your book up on both platforms, so that you earn income from both streams.
Stream #3: Audible
The final stream of income is from an audiobook on Audible or ACX. Once again, it’s the same book. You can pay a narrator or you can get it narrated for free. Now you’re getting paid every time somebody 1) buys your e-book, 2) buys a paperback copy, or 3) or listens to the audiobook version.
Those are the three forms of passive income I earn from one book. Once you have all three, they start adding up fairly quickly.
When I first started in Kindle publishing, it took me several months before I started using CreateSpace or ACX. Don’t make my mistake: get your books formatted for those platforms right away and start earning that extra income as soon as possible!
If you want to learn more about how to create a passive income online with Kindle publishing check out my course My Self Publishing Blueprint for more information.