Monetisation can wait: consistency is priority #1
Focus on publishing consistently and everything else will come in time.
There is no quick route to running a successful newsletter.
When starting a Substack, the dream of it becoming its income stream or leading to sponsorship or advertising deals can cloud focus. And while there is absolutely nothing wrong with the ultimate aim of making money from your work or writing, overthinking monetisation can be counterproductive early on.
The successful newsletters you see on Substack (and other platforms) did not, for the most part, make it overnight. There is a small section of writers who will have brought over an existing audience, or their fame allows for an instant readership. But if you do not have pre-existing fame or fortune, that route is not going to be accessible to you.
So don’t think about writing a newsletter as a ‘get rich quick’ scheme, because it’s probably not going to be. I have a fancy bestseller badge on Substack (which simply means 100+ paid subscribers), but it doesn’t mean that it was easy to get to that point. It took me five months of posting regularly to get my first paid subscriber, and for others it will take far longer than that.
The danger of rushing monetisation
Having a paid option for your newsletter when starting out is perfectly fine. You might be surprised by who would pay for either your exclusive work or just to support you. But there are dangers about rushing the process that are important to be aware of.
Unrealistic expectations
I still feel this sometimes when I launch something new or share a paid-only post, even now. Expectations that readers will immediately flock to my work or pay for upgrades. The reality? It’s a lot slower than this. Expecting immediate financial returns - and then not getting them - can feel absolutely crushing.
Monetising a newsletter effectively requires time, effort and consistency. Lots and lots of consistency. If a reader can see you only have a handful of posts, are they likely to pay for your work? In my experience, paid subscribers generally upgrade after a while of having been readers. I did a little analysis in December of my newsletter, and the sweet spot was around three months after subscribing before paying to upgrade. And that’s to a newsletter with very clearly defined paid benefits, too!
If it’s not clear what paid subscribers get from supporting you, or the paid option is simply to support you as the writer, that process might look different.
The risk of burnout
Consequently, the risk of burnout becomes far more likely. If your expectations are unrealistic or you don’t see the immediate growth that you would like, it can become harder to keep going. And once you burnout and stop posting or the quality decreases, it’s not easy to come back from.
I can remember the early days of this newsletter when the growth was slower than I had (naively) expected it would be. I could feel the burnout hitting me at various points, which meant I had to refocus and remind myself why I was writing on Substack. And how much I actually enjoyed doing so. Reminding yourself about why you are writing a newsletter is important to prevent burnout.
Substack does, of course, make up part of my income now. But that’s not why I started - and it’s not really why I do it now. I love the community and being able to write for myself, everything else is just a bonus. Finding your ‘why’ to prevent burnout is so important.
Why is consistency important first?
Before thinking about how to make money from your newsletter, it’s important to focus on consistency and then growth.
Consistency, as I previously mentioned, builds trust. Readers subscribe to newsletters for value, be that entertainment, news, education or inspiration. Delivering content of a high-quality on a regular basis proves that readers can trust you. This trust is crucial if you wish to monetise in the future.
Monetisation is then more realistic when you have a reasonable audience. Trying to charge for a newsletter with 10 subscribers is a tough sell, but 1000 individuals reading your work gives you more leverage. By concentrating on simply writing and growing a free audience at first, you give yourself the space to monetise properly later on.
And, of course, this allows you to experiment and write without pressure. You can take time off when you need. You don’t have to keep going. A few newsletter creators I spoke to have found it difficult when they have just a few paid subscribers. They feel that they are pressured into writing so that those paid subscribers have value. And that can actually ruin some of the joy in writing a newsletter.
By waiting to monetise, you can experiment with your content. Test different formats, topics and schedules without the pressure of paying members. And find your voice and create something unique.
How to focus on consistency & growth
Set Realistic Goals
Rather than setting a goal for revenue or a number of paid subscribers, set a goal for yourself that prioritises growth and consistency. For example:
Publish at least once a week for three months.
Achieve a 40% open rate within the first three months.
Grow your total subscribers by 10% each month.
These are just examples, but realistic goals allow you to focus on creating a solid foundation for your newsletter.
Create an achievable schedule
Consistency doesn’t mean posting every day. Some newsletters do that, of course, but it doesn’t work for everyone. For many readers this is probably too much anyway. Stick to a schedule that you know works for you. It might be once or twice a month or every other week. A predictable, consistent schedule allows readers to stay engaged and stops you from over-committing.
Being realistic is important. If you work full-time or have a number of other commitments, don’t create a schedule that gives yourself too much to do. Otherwise, burnout is going to become likely as soon as the schedule is too difficult to keep up with.
Build relationships
Engage with your readers! Reply to comments. Reply to emails. Chat on social media. Ask and answer questions. Use readers for feedback. Building a sense of community for your newsletter helps to foster loyalty, which is an important part of it becoming a long term success.
Track what works
Keep an eye on your analytics. Open rates, click-throughs if you attach links, subscriber growth rate. You can use these insights to identify what works and what your readers want. This will help to refine your content and support you in making informed decisions about your next steps and what you want to publish more of.
It’s a marathon - not a sprint!
Everyone’s least favourite cliche! And unfortunately, absolutely true.
Building a successful newsletter - even a free one - takes a lot of work. It’s easy to get discouraged without instant success, or when you see others hitting milestones faster than you.
But consistency is the ultimate key. Every time you send a newsletter, every time someone new subscribers, the value of what you offer improves. Over time, this will help you to grow.
Successful newsletter creators didn’t become successful overnight. They worked hard, focused on growth, consistency and value. And even that is no guarantee of monetisation.
So don’t focus on money. Let go of that pressure straight away. Get the basics right first: showing up consistently, finding an audience and delivering value. Everything else can follow in time.
Want help knowing the next steps to take with your newsletter? Message me in the Substack chat or leave a comment and I’ll help however I can!