How to Make Money on Substack. Period.
Substack is supposed to be the land of plenty.
→ So why aren’t more people earning an income?
Why does it feel so hard to get, keep, and grow paid subscribers—even for bestselling Substacks?
How do I make money on Substack?
→ Answer: Go through the 10 steps needed to earn an income on Substack.
It’s unlikely that large numbers of people will pay you long-term for your Substack if you don’t complete all ten steps.
These steps aren’t just theories. They aren’t based solely on my experience. I developed them based on the over 600 clients I’ve helped substantially increase their revenue.
I’m going to take you through each step over the next two months. ✓
The 10 steps are below.
If there are so many people promising “tricks” and Subhacks, why aren’t all Substackers rich?
There are the usual issues: people giving advice based on 1) their experience (an n of 1), what works on other platforms even though Substack is its own world, the misguided idea that anyone can advise about Substack even if they’ve only been on here for a few months and typically less than a year or aren’t even on the platform.
These people are all very well-intended and there’s something to learn from all of them. They bring a fresh perspective that I love. They can help a lot in terms of how to get traction on Notes, write online, see Substack in light of other platforms, and (sometimes) get free subscribers.
→ But getting and keeping paid subscribers is a whole other level.
Tricks, gimmicks, Subhacks, and copying what one person did without knowing yourself won’t do it.
Making Substack a sustainable income stream is a growth process, not a hack
Making Substack an income stream is deep, empowering work. [cue woo-woo music]
It’s about money, yes, but also personal, creative, and professional transformation.
Really, it is. [woo-woo music abruptly ends]
To make money on Substack you need support
You can’t do it alone. Well, maybe one person can but they’re an aberration.
You need a guide and colleagues to give you feedback as you go on this profound journey. [woo-woo music starts but abruptly ends]
The title of this post is a little click-baity (just a little). Maybe this isn’t the only way to make money on Substack.
I want you to go through all ten steps with me and each other and be amazed by the person you meet and the work you produce on the other side.
10 steps to earning money on Substack
($699 value)
STEP 1—Commit to having a paid strategy (without one, you’ll simply flail)
STEP 2—Recognize the 6 roles you play on Substack (you’re not just a “creator”)
STEP 3—Select from or mix Substack’s 3 paid strategies (Substack is so much more than newsletter)
STEP 4—Explore Substack’s other monetization options and etiquette
STEP 5—Understand the 9 things people pay for
STEP 6—Don’t offer more “stuff;” discover the value of your work and your reader instead (to make money on Substack you have to value your reader and your work in equal measure)
STEP 7—Develop a clear and positive money mindset
STEP 8—Master the gentle art of paywalling (it’s an art)
STEP 9—CTAs! (communicate the value you offer to potential subscribers in your calls to action)
STEP 10—Stop begging and don’t be salesy or hold sales
We begin now…
It’s not (quite) an overstatement to say that going through these ten steps will change not just your Substack but your life.
In the past two years, I’ve increased my income tenfold—on Substack.
I’ve also spent the past two years learning to earn and have money.
Note: I said have, not spend. During the twenty-five years I battled serious mental illness (for me, it was a battle), I underearned and didn’t save. I didn’t believe in the value of my work or myself—how could I? I thought I was broken and inadequate. If I had valued myself and my work, I would have earned a very good income regardless of my limitations.
I have a lot of catching up to do when it comes to my savings. And I’m doing it.
My success is only partly due to the platform—Substack offers us tremendous opportunities.
But 99 percent of it is because I now see the value of my work and myself and I’ve strategized on Substack, knowing my talents and expertise and how to use the platform’s features to benefit myself.
Now, I’m going to help you do the same.
I love helping other people see the value in their work and earn an income from it.
I’ll say it again [steps onto soapbox]: Everyone deserves to be paid very well for their work from McDonald’s to Substack—not just Jeff Bezos, Mark Zuckerberg, Elon Musk, Peter Thiel, et al.
We’ve been giving them our money long enough. [crowd roars]
It’s time for the little guy to win. [steps off soapbox]
STEP 1: Commit to having a paid strategy
You need a paid strategy. I repeat: You need a paid strategy.
This is more important and harder than you may think. A lot of people expect it to just “happen.” Unless you’re really famous or have a huge following, it won’t.
Without one, you’ll flail around, maybe grow a bit but not at all the way you could if you have a paid strategy.
None of the now-bestsellers I’ve consulted with and coached grew without a paid strategy.
And the ones who grew exponentially didn’t do and did two crucial things:
They didn’t expect paid subscribers to come to them.
They kept testing and revising their paid strategy—working with me for over a year.
To do now:
Get something to write on and write this down: I need a paid strategy to meet my financial goals on Substack. I’m going to have one by the end of these two months.
You have to put it in writing.
Commit.
STEP 2: Know the 6 roles you play on Substack
If you’re on Substack to earn an income—and not everyone is—you play six roles: writer, editor, publicist, owner/CEO, marketer, salesperson.
Yup. All of them.
Most of us love the writer role [crowd cheers]: wordsmithing with sparks of our genius setting fire to the air around us. [crowd looks skeptical] Or something like that.
Some embrace the editor role: refining, clarifying, perfecting, and refining again. [skattered raised hands]
Many begrudgingly accept their role as publicist—taking to Notes, social media, podcasts, and more. [crowd looks down at their feet or away]
Few go anywhere near the publisher/CEO, marketer, and salesperson roles. [crowd moans]
As publisher/CEO, you need to keep your Substack out of the red and in the black.
If you’re a creator/professional/entrepreneur (which is most of the people on here), you also have six roles: newsletter writer/podcaster/videocaster/artist, editor, publicist, owner/CEO, marketer, and salesperson.
Next, you’ll be in the role of CEO/owner. So get ready to be the boss.