Okay, let’s talk cash.

We can’t kid ourselves. Writing on the internet is not just fun. Most of us try to make some money.

And Substack is a good place to start, and a highly trending platform right now.

You’re probably wondering how to make money on Substack, right?

Let’s discuss!

What the heck is Substack, anyway?

For all the newbies:

Substack is basically a place where writers can shoot out newsletters and blogs in minutes. Without any tech knowledge necessary.

It’s blown up recently because – get this – there are actually people who like to read stuff and even pay for it.

Pretty neat!

Why Substack? The good, the bad, and the ugly

No platform is perfect. Substack isn’t. But it’s pretty solid in 2024.

The Good:

• You keep most of the dough (Substack only takes a 10% cut)
• It’s stupid easy to use
• You’re the boss of your content and your email list
• They’ve got some nifty tools to help you grow
• They offer a host of help for people with 0 subscribers to grow, like Substack Notes, recommendations, discover, and more

The Not-So-Good:

• It might take a while to see real money
• Paid subs is the only direct way to earn
• If you earn substantially, the 10% cut will become significant quickly
• You’re your own marketing department (yay…)
• Customization is limited

How to actually make money on Substack (without losing your mind)

As with every platform, get rich quick isn’t a thing, really. The fundamentals are consistency, effort, and some luck.

But Substack is still one of the best places to start a writing gig online in 2024.

Here’s how:

Pick your thing 

What’s your jam? Knitting? Underwater basket weaving? The history of immigration? Whatever it is, make sure you know your stuff and can offer something unique. There’s a niche for everything!

Write like you mean it

This is the meat and potatoes of making money on Substack. Your content needs to be:

• Useful
• Engaging
• Well-researched
• Worth your readers’ time

Quality beats quantity every time. One killer post a week trumps daily snooze-fests.

Substack is very different in this than WordPress blogging or even Medium writing. Substackers are human readers who want human content, no generic SEO-optimized Google posts.

Get those free subscribers 

Everything starts with subscribers.

Start by giving away the goods for free. Use every trick in the book – social media, guest posts, networking – to get eyeballs on your Substack.

More free subscribers mean more potential paying readers.

Show ’em the paywall 

Once you’ve got a decent following, and you’ve proven you’re worth reading, it’s time to make money on Substack for real.

You can:

• Charge for everything (bold move)
• Mix free and paid stuff
• Offer VIP perks for the paying crowd
• Add indirect earning opportunities like affiliate links, sponsored content

Price it right 

Most Substacks that make money charge between $5 and $15 a month.

Start low (and bump it up as you grow). And yes, remember the 10% cut.

Chat up your readers 

Answer comments, ask what they want, make them feel like VIPs. Happy readers stick around and tell their friends – that’s how you make money on Substack.

Again, that’s very different from traditional blogging for search engines. It’s not important how high you rank, it’s important to target the readers.

Team up 

Find other Substack writers in your niche and join forces. Guest post on each other’s newsletters if that’s a thing for you. It’s like networking, but you don’t have to wear pants.

Cross-posting is another feature Substack offers. You can repost someone else’s issue on your Substack publication.

Maximizing Your Substack Revenue with Sidestack

Sidestack* offers powerful tools to help you diversify your income on Substack. Many writers find that relying solely on subscriptions can be limiting, especially with the growing trend of subscription fatigue. Sidestack addresses this challenge by providing two key features:

• Buy Buttons for Substack*: Easily sell digital products like eBooks, guides, and videos directly on your Substack. This allows you to monetize readers who prefer one-time purchases over ongoing subscriptions, adding a new revenue stream with minimal effort.
• Discord Integration for Substack*: Enhance your subscriber experience by offering exclusive access to your subscriber’s network through a Discord server. Sidestack automatically manages subscriber status, ensuring only paying members enjoy these perks, thereby increasing both conversion rates and subscriber retention.

With Sidestack*, you can effectively increase your earnings while offering more value to your readers.

Show me the money: What can you really earn?

Let’s get real about how to make money on Substack.

Some big shots are pulling in six figures a year, but don’t expect that to happen anytime soon. Substack is starting to saturate as well.

Your earnings depend on:

• How many people actually read your stuff
• What you’re writing about
• How much you’re charging
• How good (and consistent) your content is

It’s not a get-rich-quick scheme.

Making money on Substack takes time and elbow grease. But stick with it, and you could build a sweet little income stream. Even if that’s not from paid subscriptions.

I have a decent Substack publication with a lot of free subscribers, but only a handful of paid ones. I don’t make money from paid subs. Instead, my main source of income from my Substack newsletter is indirect earnings via digital product sales, affiliate marketing, SparkLoop*, and more.

What are Substacks competitors

To be honest, there’s not much direct competition is this space. Most platforms are quite different.

Some target email marketing specifically like ConvertKit (Kit), MailerLite, or Beehiiv.

Others focus on blogging over newsletters like Medium or Vocal.

Substack is somewhat unique in its blend of simplicity, blogging and newsletter functionality.

Let’s go over some writing competition here.

Substack vs. Medium

How does Substack stack up against Medium when it comes to making money?

Substack:

• You keep 90% of what you earn
• Your mailing list is yours
• You’re dealing directly with your readers
• You call the shots on how you make money

Medium:

• You get paid based on how long paying Medium members read your content and engage with it
• You’re not getting paid for external readers
• There’s a built-in audience of millions
• It might be easier to get started and find readers, but it’s harder to keep those readers coming
• You’ve got less (direct) control over your income

Medium’s great for getting your feet wet and, in my opinion, it’s a perfect companion for Substack, not a competitor.

Substack vs. Vocal.media

Vocal.media is another option if you’re looking to make money writing. Here’s the lowdown:

Vocal.media:

• You earn from reads and tips, both members and external readers
• Payments are very low, though, with rates at $3.80 – $6 per 1000 reads
• They’ve got writing contests with cash prizes
• There’s a built-in audience, but it’s way smaller than Medium’s or Substack’s
• You’ve got less control than Substack over how you make money

Vocal can be fun if you like writing contests and want to mix up how you earn.

It’s not a major player here, in my eyes.

Substack vs. ConvertKit

ConvertKit* one of the best (if not the best) email marketing platform out there. It offers much more functionality than Substack in terms of newsletters.

But that comes at a cost.

• ConvertKit offers everything you need to target your subscribers
• They offer multiple plans from free to pro
• They’re active in updates, community, and features
• The Creator Network is a great way to get exposure
• ConvertKit is not cheap
• The writing editor isn’t as fluid and well-designed

Almost the same can be said for other competitors like Beehiiv* or MailerLite*.

If you need email marketing features, those are the platforms to look into!

Which platform should you pick?

There’s no one-size-fits-all answer. As with all in life.

Think about:

• What you want as a writer
• The kind of stuff you write
• How much time you can spend on marketing
• How much control you want over your work and earnings

Hey, you might even try all of them and see what sticks.

I’ve done that.

The bottom line

Substack gives you a unique shot at making money directly from your readers.

It’s more work upfront to build your audience, but it can lead to more stable (and potentially bigger) earnings down the road.

Figuring out how to make money on Substack 2024 (or any writing platform) isn’t an overnight thing.

It takes time, sweat, and a ton of great content.

But if you’re passionate about your topic, and you’re all in on serving your readers, Substack could be your ticket to turning your words into cold, hard cash in 2024 and beyond.

My advice: Try Substack and use other platforms alongside, like Medium or WordPress. That’s what I’ve been doing the last few years. And it has paid off!