Are you a budding entrepreneur in search of a business idea? Maybe you’re sick of your day job and are looking to break free from your cocoon and spread your business butterfly wings and build an online business. You have the drive and motivation to do it, you just don’t know where to start. Or maybe you’re sifting through the Internet and Youtube searching for the best online business idea to put your time and energy into.

You’re clear on your goals. You know you want extra money. You know you want more flexibility in your schedule. You know you want to travel. You know you want to quit your corporate job. You just don’t know what business idea is best to make this all happen.

Enter making audiobooks for money. Audiobooks might seem like a passing trend to some people, but they are actually a powerful way to make money online.

Note: The fastest way to make audiobooks for money is to have a proven process. At Publishing.com, we've coached and taught thousands of students to earn money online with Amazon's Audible. We've spent endless hours publishing on Amazon and have uncovered all the pitfalls to avoid to be successful. Sign up for our free webinar to get started.

Audiobooks Flying Off Digital Shelves

Maybe you’re an audiobook superfan and you crank out five books a day at 1.5x speed. Or maybe you tried audiobooks and they just weren’t your jam. Or maybe your cousin twice removed on your Mom’s side won’t stop talking about how much time he saves by listening to audiobooks on his drive in to work. (Okay, Tommy, we get it. You like audiobooks. Thanks for the tip.)

Whatever your opinion or preference is on audiobooks, the reality is that they’ve become a great way for entrepreneurs to make money online in the digital age. Platforms like Amazon’s Audible have made audiobooks a massive market for authors to cash in on their work. And the good news is that you don’t need to be an established author or have an English degree to learn how to create your first audiobook.

We’re going to show you how you can tap into the power of selling audiobooks to launch your next side hustle and maybe even a successful online publishing career.

The Audiobook Revolution

Books??? What are those?

Gone are the days when people read hardcopy books, with actual covers and actual paper. Well, not quite. Books are still a thing. But audiobooks and eBooks have certainly taken a big bite out of the hardcopy book industry.

There will probably always be a desire for people to hold a real book in their hands. But as our lives become more and more digitally based, it’s easier to access content like books on devices like your iPhone or Amazon’s Kindle eReaders. It’s just too easy now. Wherever you are, you always have your phone on you. And reading on the subway, in the airport or even in the line at the grocery store is a lot easier to do on your phone than it is carrying around a hefty book.

Brand New Format

Audiobooks have transformed the publishing industry. They’ve created an entirely new format people can buy. For instance, in the olden days—and by olden days, we mean the 1980s—if you were an author selling a book you only had one formatting option: a hardcopy book for sale at your local bookstore of Barnes & Noble.

Let’s say you wrote a book titled, “How to Train Your GoldenDoodle to Do a Handstand in 5 Easy Steps.” (We would definitely buy that book, even if we didn’t own a GoldenDoodle.)

Now, in 2023, your book can be sold in hardcopy format, but it can also be easily and quickly converted into other formats like an audiobook or eBook.

Why is this so cool? Because you can make money on your book in three ways now.

1. Hardcopy sales
2. eBook sales
3. Audiobook sales

You’re now giving people an option to buy your book in whichever format they choose, making it more accessible to people with different tastes and also opening up to a wider audience of people with diverse reading styles.

Let’s take a quick look at the most popular audiobook platforms out there before we hone in on Amazon’s Audible.

Audiobooks: Coming to a Platform Near You…

Nowadays, there are a bunch of audiobook platforms. Here are some of the popular ones:

1. Audible is an Amazon-owned company that is probably the largest and most well-known audiobook platform. It gives subscribers a vast selection of digital audiobooks across different genres and is compatible with multiple devices. You subscribe to Audible with a monthly or annual subscription and then you buy credits that allow you to buy audiobooks. You can also listen to podcasts and original content. Audible has become a great way for self-published authors to make extra money on their work. They can simply convert their eBook to the audiobook format and bingo, they have another digital product they can market and sell. (More on this in a bit.) 
2. Scribd is a subscription-based service that provides access to a vast library of books, including audiobooks. With a monthly fee, you can listen to an unlimited number of audiobooks from their catalog. For users, it’s a more affordable option than Audible since you don’t have to purchase each individual book you listen to.
3. Google Play Books provides a wide range of audiobooks you can purchase and listen to on Android and iOS devices, as well as on your desktop.
4. Apple Books offers a collection of audiobooks that can be accessed through the Books app.
5. Librivox is a platform that gives users free public-domain audiobooks. It relies on volunteers to narrate and record books that are no longer under copyright, making them available to the public.
6. OverDrive and Hoopla Digital are digital lending platforms that work with libraries around the world. You can borrow audiobooks from your local library's collection and listen to them on your phone.
7. Audiobooks.com is a subscription-based platform that gives you a wide selection of audiobooks. For a monthly fee, you can listen to unlimited audiobooks from their catalog.

These are just a few examples. In this article, we’re going to focus on Audible because of the giant self-publishing platform Amazon has built for independent authors.

How Much Money Can You Make?

If you’re wondering how much you can actually make with audiobooks, let’s break down what some of the students of our Amazon self-publishing course are making.

Students with just one short eBook and audiobook are making up to $1,500 or more per month in passive income from sales. (Passive income is money that you earn while you’re sleeping. In other words, you don’t have to trade your time to earn it. Active income is the opposite. It’s the type of income you make when you’re punching a clock working 9-to-5.)

Other students who are farther along in their publishing journey are selling multiple full-length books and are making up to $10,000 a month! Incredible! Imagine how much your life would change if you had even just an extra $2,000 a month hitting your bank account in passive income.

You might think this is out of reach for you. But students of our Audiobook Income Academy are learning that they can start small, hit some early milestones, make a few sales, and eventually grow their income to many thousands of dollars a month. All it takes is the right knowledge and some elbow grease and you can easily get on the path to extra cash. (Check out our free webinar on self-publishing on Amazon to learn more about how to get started.)

How to Publish Your First Audiobook

Publishing your first audiobook and making money on Amazon Audible is easier than you might think. But obviously you can’t simply narrate your life story on your iPhone’s Voice Memos app, upload it to Audible.com and start raking in the royalties.

There is a process you have to follow to be successful. Our playbook, blog articles and courses walk you through everything you need to know to publish your first book and then convert it into an audiobook.

Here’s a quick summary of the steps.

1. Brainstorm a Book Idea
   Keep in mind that your first book doesn’t have to be long. It can be as short as 5,000 words, which is basically a few college-length papers strung together. You’re not writing the next War and Peace here, unless you really want to. Then more power to you! When coming up with the topic for your first book, pick something you’re really passionate about or that you have experience in. Like that idea about training GoldenDoodles to do handstands. If you actually know how to do that, you should write a book about it! Don’t choose a topic you’re not interested in or you know very little about. Once you pick your book topic…
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2. Write
   This is the part of the process that is daunting for a lot of people. We get it. But there are a lot of resources out there, including Artificial Intelligence (AI) writing tools, that can help you come up with outlines, ideas and even generate some of the content for you. Just don’t limit yourself with negative thoughts of, “I’m not a writer!” Put on your writer hat and get to work. Once you have your book written…
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3. Editing and Formatting
   We won’t spend a lot of time on this part, but the proofreading, editing and formatting of your book is easier than it looks. Don’t be intimidated! You can do some of it yourself very easily or you can hire a freelancer on websites like Fiverr and Upwork to do it for you. It’s very affordable and they can usually turn it around in a few hours or less than a day. Once your book is formatted..
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4. Upload and Publish It
   Now the fun part! Break out the champagne because you’re about to become a published author. Just because you’re going the self-published route doesn’t make it any less cool. Publishing eBooks on Amazon’s Kindle Direct Publishing is super fast and easy. If you have all your files and information ready, you can do it in less than five minutes. Once your eBook is published…
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5. Convert Your Book Into an Audiobook
   There are a few different ways to convert your book into the audiobook format but none of them are that complicated. You can use free apps like NaturalReader, Kitaboo or Audiobook Maker to convert your eBook into an audiobook version. Then you just have to upload it to Audible.com and you can start selling. Amazon uses a platform called ACX, which stands for Audiobook Creation Exchange. It’s a hub for authors, agents, publishers and others to connect with audiobook producers, narrators, audio engineers and studios to create a polished audiobook. Our course will walk you through more details about exactly how to do this.

Finally, a bonus tip for all you podcasters out there. You can tap into Audible’s Creator Program to create another income stream from your hard work. Audible’s Creator Program is part of Amazon Associates’ larger program, which is one of the largest and most popular affiliate programs out there. Here’s how it works. You promote a 30-day free trial of Audible with your own custom URL. Your listeners go to Audible’s free trial landing page and for each person who signs up for the free trial, you earn a $15 commission.

Change Your Future

Stop letting life boss you around. Don’t let others tell you what you can and can’t do. You know the kind of life you want for yourself. More time, money, flexibility, maybe some travel. Don’t wait another day to start down this new path and change your future. The Internet has brought about so many money-making ideas and selling audiobooks is a great way for everyday people to take control of their lives and create multiple income streams.

If you’re interested in making money with Audible, we have you covered! Head over to Publishing.com to sign up for our free introductory course that will show you what you need to know to get started.‍