5 Proven Strategies to Monetize Your Substack (Part 2)

and build a thriving Portfolio Career

Oct 03, 2024

If you’re anything like me, you’ve probably had that lightbulb moment:

“I want to turn my writing into something more than a hobby.”

Substack has become a game-changer for creators looking to monetize their passion. With over 3 million paid subscriptions (a significant increase from the 2 million reported in early 2023) and countless success stories, the platform has shown us that yes—you can build a sustainable income stream while doing what you love.

But let’s be real for a second. Hitting “publish” is only part of the journey.

To thrive on Substack and make it into a legitimate portfolio career, you need to go beyond just writing.

Here are five strategies, shaped by my own experiences and those of top creators, to help you make that leap.

1. Start with Free Content to Build Trust (and validate your input)

Remember when you first started following your favorite writer? It probably wasn’t because they asked you to pay upfront. Building trust is key, and offering free content is the best way to do that.

**Real talk:** No one is going to pay for something they haven't sampled. Give your audience a taste of what you offer before expecting them to pull out their wallets.

Launch with at least 10 solid, free posts. These aren’t just for showcasing your style; they’re your “upfront payment”. Make them so good that readers can't resist coming back for more.

**Insider Tip**: Writers who start with free content often convert **10%** of their free subscribers into paying customers. Not bad, right?

2. Leverage (Social) Media for Promotion

Social media isn’t just for selfies and memes; it’s your distribution channel. I know what you’re thinking:

“Do I really need to promote my work that much?”

Yes, you do! Simply creating isn’t enough.

Share snippets, stories, or even behind-the-scenes moments on platforms like LinkedIn, X, and Instagram. Create curiosity, spark conversations, and give people a reason to click over to your Substack.

**Reality Check**: Most successful Substack creators report that **50%** of their initial growth came directly from leveraging their social media presence. It’s not about blasting every platform; it’s about showing up where your audience hangs out.

Don’t be this person:

Insider tip: start getting yourself on media. Pitch to every relevant podcast, news outlet and article story. You will get more credibility and more eyes on your story instantly. I share how and where you can get these opportunities weekly in my paid subscription plan.

3. Create an Engaging Community

Here’s the kicker: your readers don’t just want your content—they want to feel part of something. Think of your Substack as a *community* rather than just a newsletter. This was a game-changer for me.

Try hosting live Q&A sessions, create a private Facebook group, or start a Discord server. These spaces let readers interact, not just with you but with each other. That sense of belonging? It’s priceless.

Better yet, start a Substack chat.

**Pro Tip**: The newsletters that build an engaged community often see their churn rate drop to as low as **5%**. The more connected your readers feel, the longer they’ll stick around.

4. Diversify Your Income Streams

Let’s talk money. Yes, subscriptions are the backbone, but why limit yourself? Your Substack can be a launching pad for other revenue streams if you get creative.

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Ideas to Consider:

Encourage pledges before transitioning to full subscriptions.
Sell eBooks, courses, or exclusive content to add more value.
And when you’ve built a decent following, explore sponsorships with brands that align with your message.

**Insider Scoop**: Some of the top Substack creators earn $500,000+ annually. How? By not relying solely on subscription income. They diversify.

Wanna get your service/ business in front of 25,000+ engaged creators and solopreneurs? Then consider sponsoring How We Grow. 107+ brands already benefited from it.

5. Analyze Your Performance and Adapt

Here’s the part we often overlook: tracking what actually works.

If you’re just throwing content out there and hoping for the best, you’re missing the point. Successful creators know their numbers and adjust based on what they find.

Check your open rates, click-throughs, and reader feedback.
Not getting the engagement you hoped for? Time to pivot.
Use Substack’s analytics to get a clear picture of your audience's behavior.

Newsletters that regularly review and adapt their content strategy see up to a 30% increase in subscriber growth year-over-year. It’s all about learning what resonates and doubling down on that.

Look, building a successful Substack isn’t just about writing great content (though that’s a big part). It’s about understanding your audience, engaging with them, and using every tool you’ve got to turn your passion into profit.

Start with free content to build trust.
Use social media as your megaphone.
Create a community that people *want* to belong to.
Diversify your income so you’re not putting all your eggs in one basket.
And, most importantly, keep adapting.

The truth is, every creator you admire started somewhere. They didn’t just wake up one day with thousands of paying subscribers.

They put in the work, tried new things, and kept showing up.

It won’t happen overnight, but with these strategies, you’ll be miles ahead of the game.

Now, get out there and make your mark!