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!