Four weeks ago I wrote a note in my Notes app entitled "Making Money From Substack". In it, I outlined a plan for how I would take my Substack in its current form (pottering along, making a bit of money, mostly by accident) into a major stream of income.
The plan included questions such as "who are my audience?” “what are their pain points?” (all the things to ask when developing a product) and a few bullet points on how to provide solutions. I sketched out several weeks of content ideas, drafted a format for a Q&A, and worked out how many subscribers I would need for this model to be viable.
And then... I didn't do any of it. In fact, these past few weeks, I’ve completely lost motivation to write anything.
I don't think I'm the only creative person who comes up with big new business ideas that never get implemented. After all, the business plan is the easy part! The real challenge is in the follow-through. But instead of beating myself up over this, I’ve learnt over the years to pay attention to why my ideas don't get off the ground. Because if I’m feeling blocked in an area of my business, there’s usually a good reason why. Sometimes it’s because of my own anxieties and insecurities. But sometimes it’s because I’m focusing on the wrong idea in the first place.
So for my first paid post in a while (sorry folks) I thought I'd share why I decided to not try and make money from Substack. I’m sharing my thoughts and experiences on introducing a paid subscription aspect to my business - and whether I’d recommend it for other creatives to try.
Why Have A Paid Tier In The First Place?
First up, a little clarification because I just know I’ll be getting mindless comments on Instagram about this very topic. When I talk about "making money" from Substack, I’m referring to making a decent profit on the time I put into writing and posting. It doesn't mean that I’m getting rid of the paid subscription tier!
The paywall allows me a separate area to share my thoughts with a bit more honesty, without feeling like I’m broadcasting them to the whole internet. Not only that, but it creates a space for the people who are really invested and interested in my work and writing to engage on a deeper level. If you’re an artist making content online, I think it’s absolutely key to have that “next step” space - a place where your followers can go to learn more, instead of just being stuck scrolling through your Instagram feed. I view the paid tier of my Substack as the VIP lounge for my followers - the place for people who like my art, and want to know more.
So I’m not getting rid of the paid tier any time soon. But I have decided that I won’t be trying to turn it into a major source of income - and here’s why.