Should I launch a paid newsletter?
Grow first, monetise second.
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When is the right time to launch a paid newsletter?
People write newsletters for different reasons. Some might have an existing audience that they wish to reach out (or sell!) to, while others might just want to grow a community,. Some people even want to make a side income, or perhaps even replace their full-time earnings.
I am often asked about how it’s possible to monetise a newsletter, and how to work out what should be free, and what should be paywalled.
I’d note that you don’t have to paywall anything. If you want, every single post you write can be free—and that’s a fantastic way to grow in and of itself.
Today we’ll break down some of the thinking behind free and paid newsletters.
What’s the difference?
In their simplest forms:
Free newsletters are open and available to read for everyone. They enable new people to find and read your work without any limits, encouraging more growth and more shares.
Paid newsletters hide some or all content behind a paywall. Subscribers pay monthly or annually, and receive premium content that is hidden to free subscribers. It varies hugely as to what extent content is free, depending on the individual creator.
Start it free
Many newsletters start out with their content completely free—including the Freelance Writing Network (once upon a time).
Why? Well, unless you’re bringing across a prior audience or you’re famous and can gain new paid subscribers with ease, free content is the best way to ensure people actually start reading your work.
I love finding new writers on Substack, and I read far more than I subscribe to (else my inbox starts to fall apart). Now perhaps this sounds bad, but think of this from a reader’s perspective—but if you find a new newsletter with a handful of subscribers, and mostly paid content, how likely are you to immediately pay to access it?
Perhaps it’s fickle. But I’m wary of paying for content until I can see what type and quality content I’m going to get for my money.
The newsletter could include the greatest piece of writing in human history. But if you haven’t built trust in your content, how will anybody know that, and why would someone pay to read? Part of the appeal is encouraging new subscribers to read your content for free, and once this grows, you might find that you want to paywall later down the line.
Free posts allows you to share your work more easily, and when the content is good and accessible, more people can find and share themselves.
It also allows you to experiment freely and refine your message. What headlines work? Which content gets read the most, or the most comments? What are your readers really looking for? Playing around with free content first can enable you to develop and grow without huge or monetary expectations.
When is it time to go paid?
I don’t think that there is one perfect moment for everyone. I would just note that I wouldn’t set hard limits. Don’t plan to reach 1,000 subscribers and make all your content paid immediately, because you might be disappointed by the rate of growth.
I’ve spent hours upon hours writing certain posts and developing content, only for it to have no impact on paid growth—especially in the early days. Even when you think your work deserves to be seen (and paid for!), it doesn’t mean your readers will see it in the same way.
So when is it the right time to start introducing paid content? Here are some thoughts for you.
You have an engaged list of subscribers. If you can reach four figures (not a necessity) and have a high open rate (40% or higher), plus regular engagement, that’s a sign that your audience might be willing to pay for more. Connection is important. At this point, think about what else you can offer and how you can expand your content.
People want more. Are readers asking you questions? Wanting more access and insight? Well, that’s a big sign that you’ve created something you can really earn from—and something that users value highly.
You know what ‘more’ looks like. This could be additional insights, guides or templates, analysis, interviews, tutorials or more—whatever your niche looks like, there is probably something extra to write about. If you can think of content that solves problems or makes your readers smarter about the subject, you’ve got something people are willing to pay for.
You have the time to do it. I’m fortunate in that I am a freelance writer already, and so I do have more time to commit to writing on Substack. But not everyone has that luxury. You should be mindful about turning on paid subscriptions, because once the first payment comes in, you will feel a sense of obligation to keep going. What you don’t want is to promise a ton of new ideas, and then sink without being able to fulfil what readers have paid for.
So what paid strategies could you use?
A few outlines to get you thinking about paid strategy.