After ten months of a free newsletter, and now six weeks into paid, this thing is for real:
🙏 ~450 paid subscribers
👋 ~13,000 free subscribers
🤯 ~$56k ARR (before fees)
For anyone thinking about newsletter'ing, some early learnings in the thread below 👇
🙏 ~450 paid subscribers
👋 ~13,000 free subscribers
🤯 ~$56k ARR (before fees)
For anyone thinking about newsletter'ing, some early learnings in the thread below 👇
1/ It's all about delivering value to your readers
The more work I put into a post, the better it does 🤔
My rules for each post:
1. Add something new to the conversation
2. Make sure it's useful – no fluff
3. Be honest – talk things I know, loop in experts when I don't
The more work I put into a post, the better it does 🤔
My rules for each post:
1. Add something new to the conversation
2. Make sure it's useful – no fluff
3. Be honest – talk things I know, loop in experts when I don't
2/ It's also a lot of work, so make sure you find it interesting
My most successful posts were about topics I was most interested in learning about. That also helps me stick with it.
And once you go paid, in theory you have to write forever. So you better damn enjoy it.
My most successful posts were about topics I was most interested in learning about. That also helps me stick with it.
And once you go paid, in theory you have to write forever. So you better damn enjoy it.
3/ So far, subscriber growth has come almost exclusively from WOM, Twitter, and LinkedIn
Friends telling their friends, coworkers spreading articles within an org, and then links ending up across social networks, newsletters, blogs.
Create value for people and they'll share it.
Friends telling their friends, coworkers spreading articles within an org, and then links ending up across social networks, newsletters, blogs.
Create value for people and they'll share it.
4/ Early on though, it was important to light the spark by getting awesome people with a big following to spread the word.
For me, that was folks like @andrewchen @hnshah @ljin18 @hunterwalk @jamesbeshara @ianmcall @nbashaw (thank you all!)
For me, that was folks like @andrewchen @hnshah @ljin18 @hunterwalk @jamesbeshara @ianmcall @nbashaw (thank you all!)
5/ Find your audience BUT stay close to what you find interesting
You'll get advice to pick one niche or target audience and cater to them. That works for sure. But that's also how you move away from writing about things you care about – which is critical. Find the balance.
You'll get advice to pick one niche or target audience and cater to them. That works for sure. But that's also how you move away from writing about things you care about – which is critical. Find the balance.
6/ Before going paid, it was super valuable to have a large base of free subscribers
About 50% of my current paid subscribers came from the first week of paid launch. The rest have trickled in slowly.
The free period also helped me build confidence that I could do this
About 50% of my current paid subscribers came from the first week of paid launch. The rest have trickled in slowly.
The free period also helped me build confidence that I could do this
7/ But it's hard to predict what percentage of free will go paid
For some newsletters over 10% convert to paid. For me, only 3-4% have. I suspect this is a function of your price, how long your free subscribers have been around, and your target audience.
For some newsletters over 10% convert to paid. For me, only 3-4% have. I suspect this is a function of your price, how long your free subscribers have been around, and your target audience.
8/ Once you go paid, it's trickier to grow
Since most of your content will now live behind a paywall, you need to make sure your free posts are something special.
But then you have to balance that against giving your paid subscribers something special too.
Since most of your content will now live behind a paywall, you need to make sure your free posts are something special.
But then you have to balance that against giving your paid subscribers something special too.
9/ The money is real, but your take-home income is lower than you'll expect
After the Substack fees (10%), Stripe fees (2-4%), and taxes, you're lucky to see half of what you think you will make (1,000 subs at $10 is closer to $5,000/month after fees and taxes).
After the Substack fees (10%), Stripe fees (2-4%), and taxes, you're lucky to see half of what you think you will make (1,000 subs at $10 is closer to $5,000/month after fees and taxes).
10/ On this uncharged path, it's important to have people in your corner, giving you honest feedback and moral support.
So many people have been helpful, but a special shout-out to @andrewchen @LeeJacobs @hnshah @VHSchneider @nbashaw for being there from day one.
So many people have been helpful, but a special shout-out to @andrewchen @LeeJacobs @hnshah @VHSchneider @nbashaw for being there from day one.
11/ And finally, a HUGE heartfelt thank you to everyone who has become a paid subscriber. I'm so thankful that you allow me to do this work. Not only are you giving me an excuse to keep learning, you're also allowing me to succeed in Project: Avoid-Getting-a-Real-Job 🙏
12/ If you're not a subscriber to my newsletter yet, consider joining up 👇
lennyrachitsky.com/subscribe
lennyrachitsky.com/subscribe
