Are you looking for a way to make money online with your writing? If so, Substack might be a good option.
In life, success is often about finding the right opportunity at the right moment, and right now, Substack is thriving.
Writers and content creators are sharing their ideas via Substack, and readers are heading there to learn and be entertained.
In this article, we’ll talk about how to get started, what you should write about, and a few extra tips to be successful so you can make money with Substack.
What Is Substack?
Substack is a newsletter service that has grown in popularity over the past few years as a platform where writers share paid and unpaid content.
Some of your favorite writers might be writing on Substack, and you don’t even know it.
When someone subscribes to your content, they will receive an email whenever you post.
How Do I Get Started With Substack?
Substack has some fantastic resources to ensure all your questions are answered.
I would start by checking out the Substack Help Center. You can type your question in the search function or review the frequently asked questions.
Substack also has a great archive of discussion threads called Office Hours, where you can see questions from other users.
If you want to try it out for yourself, you can click here to get started with Substack.
What Should I Write About?
The beauty of a platform like Substack is that the opportunities are endless. The first thing to consider is what topics you enjoy writing and sharing about.
Do you have a specific area of expertise? Also, if your information is intended to teach something, you’ll want to ensure you’re knowledgeable in the topic and at least a few steps ahead of your intended audience.
If you already have a newsletter on another platform or have a social media following or blog, you might already have a good idea of what your audience would like you to share.
If you’re still stumped and don’t have ideas, no worries! I’d suggest heading over to Substack and checking out other writers to see what resonates with you and if you can find inspiration.
In general, tech, business, finance, fashion, and parenting are all popular topics.
What Do Readers Want When They Pay for a Newsletter?
This might sound basic, but first, you should know your subscriber base before considering monetization. Some readers will be happy to subscribe just to receive additional posts from you or to have access to your full archive of content.
Other paid content could include:
- Regular live meetups through Zoom (monthly, weekly, quarterly, etc.)
- Q+A’s with you
- Challenges
- Podcast episodes
- Audio access, where you can listen to the author reading the content
- Digital products or discounts on other products you sell
As you are starting out, try to get to know your readers. Ask them what they want to see when you publish new posts and what they would pay for.
Keep in mind that only a small percentage of your overall free subscribers will become paid ones. The conversion rate is around 10% or less. So, if you’re new and only have a handful of free subscribers you might need to put out more free content before expecting to have paid subscribers.
Why Substack Over Other Newsletter Services?
There are a few reasons why you might want to consider Substack. First, it’s free. This is an even bigger bonus if you’re starting from scratch and aren’t making money from your email list or writing.
Second, Substack has millions of readers, so it already has a built-in base of users, and most people today are familiar with it.
What Other Features Does Substack Have?
Chat: Chat is a feature that allows you to connect with your subscribers. According to Substack, publications with chats grow at twice the rate compared to those that don’t have chats. You can choose whether chats are available to free, paid, or founding members. I recommend checking out this guide to learn more about the chat function.
Notes: Substack shares that “Notes is a feature where writers can publish short-form posts and share ideas with each other and their readers. Through Notes, writers can share posts, links, images, quotes, and comments with their subscribers and the greater Substack network.” You can also learn here how to use notes to get more subscribers.
Posts: Posts are for longer form content, and these will be emailed to your subscribers. This is how you publish your first post.
You can also set up a home page, welcome page, about page, host your podcast, and more.
If I Already Have a Newsletter, Can I Move to Substack?
Yes! Substack has a great article detailing how to move to Substack from other newsletter providers like Mailchimp, Kit, Patreon, Gumroad, etc. You can check out the article here.
The article provides details about starting a Substack publication, importing your list and content, how to connect your Stripe account, ways to customize your publication, and other helpful insights.
How Are Writers Making Money With Substack?
Substack creators primarily make money through paid publications, which we’ll talk about in a minute. In addition to paid publications, if you sell other products or services, you can use Substack to gain subscribers and direct them to your other offerings.
If you are considered an expert in your area or niche, you might also have people or companies reaching out to you for partnerships, sponsorships, collaborations, consulting, coaching, etc.
How Do I Start a Paid Publication?
Once you’ve created your publication, you can make it paid in 5 simple steps.
- Login to your Substack account and go to your publications “settings” tab.
- Choose Payments from the left navigation bar, and in the Payments section, click on the button labeled “Connect with Stripe.”
- Once you are taken to Stripe’s website, you’ll fill out the required information to receive payments. You can click here if you need more info on getting started with Stripe or setting up payments.
- Once you go back to the Settings page, you can set prices for different plans, including monthly, yearly, and founding members.
- Once you’ve finished the above steps, click the toggle to “Enable payments.” And once you do this, your paid newsletter will be live!
You can also review the Substack Going Paid Checklist and An Ultimate Guide to Paid Subscriptions.
How Much Should I Charge for a Paid Substack?
There are a few things to consider when choosing a yearly or monthly fee.
- Who is reading your newsletter, and how much are they willing and able to pay?
- How much do similar paid subscriptions cost?
- What value are you offering to your readers?
- How much time are you putting into each newsletter?
In general, charging between $5-$10 per month seems to be the average subscription fee. You can also start lower and increase your pricing as you gain experience and more readers.
Does Substack Take a Fee?
Yes. Substack will take a 10% fee if you have a paid newsletter. In addition, there is also a credit card fee, which comes out to (2.9% + $0.30 per transaction fee). There is also a billing fee of 0.7% for recurring subscriptions. You can click here to see more details about the fees.
Can I Still Share Free Content Once I Have a Paid Publication?
Yes! You can do both. In fact, offering valuable free content is a great way to convert readers to paid subscribers. When you go to publish a piece of content, you can choose whether it goes out to all subscribers or is behind a paywall.
Tips to Grow Your Substack Audience
- Consistency is key: To be successful on Substack, you need to put in the time and publish consistently. Most people will not experience success overnight. Just like with social media platforms and blogs, it will take time to build an audience.
- Engage with readers: Engaging with readers will benefit you in several ways. First, the more you engage, the more you will learn about your readers and what they need from you. Second, your readers will feel more of a connection with you and will continue to support your work.
- Subscribe to both paid and free content: Try to follow at least five other successful substacks, and pay attention to what stands out to you as high-quality content.
How to Stay Motivated When You Don’t Have Many (Or Any) Paid Subscribers
This is a tough one, and there’s not a simple answer. Hopefully, you pick a topic that you are at least a little interested in so that even if you’re not making money initially, you can still enjoy the process.
Also, the great thing about not having many initial subscribers is that you can make mistakes and learn without much pressure. Think of the first few months or even the first year as a way to develop your skills.
Enjoy the small wins! Getting your first subscriber is a big win, so be proud of yourself. Or, even having one person comment on your post is huge, too.
Finally, don’t be afraid to share your Substack with friends or family. While they might not all be your ideal subscribers, they’ll likely want to support you and can help you spread the word to people who might be interested in your topic.
How to Make Money with Substack Wrapup
In the past few years, Substack has become one of the hottest places on the internet for newsletter writers to make money online.
Substack offers its creators a place to connect with readers and post blog posts, newsletters, and other content.
And, if you already have an audience from social media, a blog, or other newsletters, you can easily move them over to the Substack platform.