The Best Time To Go Paid On Substack Is On Day 1🤑
"When should I go paid?" Why not now?! Consider activating your paid subscription right from the start
I didn’t dare to turn on paid subscriptions.
Last January I turned them on!
I started with $100, then earned $1000 then $10,000.
An amazing journey so far.
You can do it, too.
No matter how teeny tiny your newsletter is and no matter what topic you’re writing about.
Substack is THE BEST PLACE to be at the moment and the motto of The Online Writing Club is:
Get paid to be you!
But I made a huge mistage. Let me explain.
One of the biggest mistakes I made in my journey as an online writer was not enabling paid subscriptions from the start.
To be honest, I was afraid…
no one would care
no one would buy it
I wouldn’t have enough “value” (such an overused word, I know) to offer
I recommended waiting a few weeks or even month before going paid.
This year I say: go all in! This makes the most sense because if you’re getting paid, that’s how Substack generates revenue.
Yesterday Substack announced they hit 5M subscriptions. 5M! More than 50,000 writers are earning money. Join the ranks!
It’s a win-win. Once you offer a paid subscription, Substack does more to promote you internally (e.g. offering 20% dicsount to your most engaged subscribers, offering free trials, many small marketing ideas to boost your paid subscribers).
From Zero to Bestseller and 7,000 Subscribers
I think it’s always good to hear what’s working for people and sharing WOW-worthy examples. So I think tribe member
from I’d Rather Be Writing is a great example:“I have been hesitant to enable subscriptions because I want to make sure I am offering something of value.”
Inspired by my recommendation to turn on the paid button, in April 2024 he turned on paid subscriptions and became a Substack bestseller last year with hundreds of paid subscribers.
What would have happened if Walter wouldn’t have dare to go paid?
Where would Walter be now and would he still be writing on Substack?
This is just one of many examples from the members of the Club.
Unfortunately, I can’t meet you all in a 1-2-1, the Bootcamps or inside the membership experience, but I can let anyone who’s reading this right now know: the best time to go paid on Substack is on day 1.
The second best time is yesterday.
1 subscriber...
200...
1000...doesn't matter.
Open Your Publication With a Paid (Premium) Subscription Turned On
In my 1-2-1 sessions and Bootcamps, I’m seeing backends from nurses, dog behaviourists, nuns, psychotherapists, tech experts, coaches, authors, horse breeders, you name it… Believe it or not. People will pay for your writing and offerings.
You only need to dare to turn on that paid button.
A food blogger once even turned it on accidentally and suddenly made $2000/month after months of struggling.
Back then, I was so impressed by this story that I had to write about it on Medium and later on my newsletter. However, this didn’t push me to turn on my paid subscription. Pledges from fellow readers made the difference. I saw them as a vote of confidence in my writing.
14 readers pledged their support. My baby was half a year old so I could finally take care of my Substack again in the cracks of time.
In late January 2024 I dared to hit that button…. and since then am thankful for every reader who joins as a paid member.
Within two months I became a Substack Bestseller (was super surprised about this badge!, definetly not an overnight success)
Went from rock bottom and having an audience of none to 12000 subscribers and more than 300 paid members (thank you 🙏🏻🙏🏻)
And I want you to see results yourself. Who knows where you will be on your journey in a year's time if you take my “advice” (recommendation, suggestion, however you want to call it; I once worked as a professional consultant and now my readers are asking me forhelp and advice) to heart.
Don’t Ask Yourself WHEN, Better Ask WHAT Can I Offer
To see results (because sooner or later you’ll see results when you go paid!) and get the first paid subscribers, ask yourself these questions (because WHEN to offer paid content behind the paywall isn’t the main question, it’s WHAT!):
WHAT do I want to offer my paid subscibers?
WHAT to charge? Monthly/ Annual/ Founding Member?
WHAT would it feel like to getting paid for your writing?
WHAT to offer for free and what to offer behind the paywall?
WHAT’s the amount of time you can put into your Substack newsletter?
WHAT do you want to be making from this income stream in one years time?
Now let’s dig a bit deeper into these WHAT’s.
WHAT Would It Feel Like to Get Paid For Your Writing?
This is a question that is not only about the WHAT but also about the WHY.
Do you want to quit your 9-5?
Do you need to make ends meet?
Do you want to build a one-person-writing-business?
Do you need money because you’re struggling financially?
Do you want to earn some extra dollars to add to your pension?
Do you just want to see wheter you could make money with your writing?
Based on this ask yourself WHAT it would feel like.
For me it’s all about freedom for me and my family, working where and when I want it. Also, it’s about having a safety net and following my passion of writing and supporting others to make their dreams come true. My writing and community a great motivation boost and validation and something I can be proud of and show my kids.
See? Mommy built this!
In corporate it’s different. You help others to realize their dreams, and in the area in which I work, mergers and acquisitions are constantly taking place.
WHAT’s the Amount of Time You Can Put Into Your Substack Newsletter?
You can’t do everything.
The average human life is only 4000 weeks. You might know the book “Four Thousand Weeks” which shows we’ll fail if we set impossible standards.
You have just enough time to make something of your (writing) life, but you don’t have forever.
Well, often I hear:
“I’ll share a daily newsletter, Kristina. I can do this!” or
“I’ll offer two per week. Just with links. I can do this!”
Depending on the season you’re in, I'd recommend thinking twice about your cadence - otherwise you'll feel burnt out and give up. People join the Club super pumped and then leave Substack because they realize:
“I don’t have the time for this. I’m busy with my work, family, sandwich position, kids.”
Most Quit in Week 14 to 16
According to Substack, in 2024, most quit in week 14 to 16. Be different. Be smart. Get ahead of these publishers :)
How I’m doing it? I write in the cracks of time, meaning primarily in the morning, during lunch break and in the evenings. This means two to four hours per work day from Monday to Friday (including ALL channels with YouTube and Medium).
Liz Fosslien sums it up:
WHAT Can I Offer My Paid Subscribers?
Before you think about how much to charge go one step back and ask yourself, what can I offer?
If you check the leaderboard with the TOP 10, 50 and 100 publishers in one of Substack’s 29 categories, you’ll find The Astro Poets “just” offering their written newsletter (with 90,000 subs).
But most, the bigstacks and the small- and midstacks from zero to tens of thousand of subscribers offer MORE than just their writing and access to archive.
They stack their newsletter up with value.
Value means different things for different people and for you it means:
What can I offer my ideal reader that makes him upgrade?
On Substack we have three tiers:
monthly
annual
founding member
You can tell your readers what you’re offering them if they become a monthly/annual member or founding member.
Here’s how to stack up your paid tier with value that goes beyond your posts and library:
Earning recurring income with your paid subscribers is wonderful. With the founding member tier you can offer MORE. Meaning access to you with 1-2-1 or exclusive bonuses or early access.
WHAT Do I Offer For Free and What Do I Put Behind The Paywall?
There are 5 types of Substack business models. Let’s focus on the three most common ones many writers don’t know about.
Option 1—Everything for FREE
Option 2—FREEmium
Option 3—100% PREMIUM
Option 1: You offer everything for free. You don’t enabe any paywall. You let your readers support you though.
Option 2: The freemium approach is maybe 30% paid and 70% free or the other way round - depending on your topics and writing style. You put some of your stories behind a paywall and don’t pawall the others so that people can get to know, like and trust you.
Option 3: You’re going the 100% premium road. This might work if you have already an audience somewhere and are bringing them on Substack. This doesn’t work if you’re just starting and trying to build an audience. With this approach, you’re offering everyting behind the paywall. I think, you’re ill-advised if you’re doing this without an exisiting audience.
If you’re now clear on what to offer, here’s the next question to ask yourself:
WHAT Do You Want to be Making From this Income Stream in One Years Time?
That’s a question many can’t answer.
But essentially it goes back to WHAT it would feel like to get paid for your writing. Is it about (more) freedom? Finally quitting your 9-5 or open a new chapter in retirement?
When you’re in your corporate career, it might be sharing your wisdom and knowledge, monetizing you skills or finally follow your passion of writing.
When you’re in retirement, you might want to add some money to your bank account, share your stories, write or serialize your memoir.
So it depends on your goal.
Is $50 nice as a tip or would you need $500 per month or $5000 to make it a full-time gig?
WHAT to Charge for Your Paid Newsletter?
There’s one tool Substack built that helps you calculate your earnings. Many don’t know about it.
You can find it under https://substack.com/going-paid
As a writer you can keep 90% (minus credit card fees)! Substack takes a 10% cut.
So if you’re thinking about a $5/month subscription price, you could earn about $200 (minuses fees) in revenue.
You can’t go lower than $5 (except you’re working with dicsounts).
This is how your three tiers could look like:
Tier 1—$5 a month
Tier 2—$50 a year
Tier 3—$150-$200 a year (3-4x your annual subscription price)
My Recommendation
It's a relatively low risk to just go ahead and try it.
I think it’s important to take the plunge and then see what happens.
You can always change the subscription tiers later.
You might not get any paid members early on...but you also just might. And these paid members will change your life… forever.
🎤Need More Help? Meet Simon Owens and me at 3pm EST in Today’s Masterclass
More than 2000 interested people tuned in and listened (or watched) my interview with media industry expert
who knows about trends and what’s to come.Today you can meet Simon LIVE.
Want to learn more about…
the future of social media
the “right” social media strategy
what the generic word “value” means for YOUR newsletter and writing
what to put behind the paywall (based on the topic you’re covering and time you have)
Join today’s paid member’s masterclass with Simon Owens on the future of social media, the role of Substack and how to be strategic about using your newsletter.
📅Wednesday, March 12
⌚3pm EST/ 2am CDT / 1pm MDT/ 12am PDT/
🔗ZOOM link: If you’re an annual member, you can add the event to your calendar HERE or find the Zoom link HERE.
⏺️Replays: You can’t make it live? No worries. You can catch up!
See you in today’s masterclass!
P.S. I’d sooo love to hear from you! Hit reply and let me know your thoughts! I’ll answer all your Substack questions.
PPS: Say 👋🏻in the comments, Chat, or via email.
So nice to read this on the exact day we were discussing the topic :) Thank you Kristina for sharing this candy!!!
Thank you Kristina! We'll be turning on a voluntary paid subscription soon thanks to your advice :-)