The potential of Substack (and writing online)
We're SO lucky to be living in these times.
It’s a bit insane, the amount of money you can make these days writing online.
Eve Arnold makes $25K+ per year writing on Medium.
I make $50K selling writing on Fiverr.
And Substack opportunities are even more insane.
While it’s easy to think thoughts like:
The market is too saturated
I’m too late
I have nothing to offer
I don’t know how to stand out
These are just emotions. It’s your fear and limiting beliefs playing tricks on you. Don’t let them win.
Did you know 10 years ago when I started on Fiverr, I thought I was too late? It’s funny when I think about it now.
The potential of online writing is still huge. Whether you want to be a freelancer or write on Medium or Substack, you can, at the very least, make extra money to make your life better or easier.
I’m on my way to close a $7–8K year on Medium.
What would you do with an extra $7–8K per year? Take a nice vacation? Pay off credit card debt? Invest it?
Here’s what: I’m not a huge fan of people talking about their results online all the damn time. The one great thing about it is it gives you an idea about what’s possible.
Today, that’s exactly the kind of thing I want to do for you. Show you what’s possible if you’re writing online; specifically on Substack.
Substack numbers make sense.
There are 20 million active subscribers on Substack, and only 17,000 Substack newsletters, many of which lay abandoned.
Most subscribers subscribe to multiple newsletters, and while we have discussed the impending subscribers' shock (where people will eventually remain subscribed to just 2–3 of their favourite newsletters), there’s still a lot of time and space for you to create someone’s favourite newsletter.
You have multiple ways to make buckets of money.
The obvious one is getting paid subscribers, and don’t get me wrong: this one alone has a 7-figure potential.
The top 10 authors on Substack collectively make $25 million per year. It’s worth saying that this number has tripled in just two years, from 2020 to 2022, and keeps growing today.
You might be thinking, “But Maya, I’m never going to be among the top 10.”
First of all, you don’t know that for a fact.
Second, you don’t need to be to make very good money. The top people on any platform are supposed to show you what’s possible; they’re the ones holding up the ceiling to show us how far we can go.
Now, even if you achieve 10% of the results of the 10th most successful Substack, you’re still making $100K (or more).
Only from paid subscriptions.
And of course, you can also:
Sell products to your subscribers
Sell services to your subscribers
Sell sponsorships for your newsletter
Use the power of your audience to get book deals and then sell your books
Use the power of your audience to become a high-earning public speaker
Really, the opportunity is endless.
The audience is already here.
Getting subscribers used to be a social media game, and a tough one. Massive growth used to require ad spend, too.
Substack has changed the game. The audience is here, eager and willing to subscribe to anyone they like, even if they’re an absolute nobody. What a chance!
Everywhere you turn, you see people with over 1000, over 5000, even over 10,000 subscribers.
That’s insane! Do you know that if you submit a book proposal to one of the Big 5 publishers and you have 10K subscribers, you’re almost guaranteed a yes? At the very minimum, you’re guaranteed their serious consideration.
Having a book in bookstores? That used to be a mind-boggling pipe dream. Now, it’s actually possible.
If I have to choose one mistake I see a lot of Substackers make…
I want you to make the best of these times of opportunity.
It seems like anyone can, but not everyone will. Many will give up before they get traction, and I don’t want this to be you.
There’s a lot of great advice out there about how to make it on Substack: write regularly, build a community, work on your headlines, show up on Notes. All great.
One piece of advice I don’t see enough has to do with your Substack description.
It’s the thing people see when they hover over your name on Notes…
It’s the thing people see on your subscription page, right before they decide whether to click Subscribe or No, thanks…
It’s the thing people see when they click on your name to check you out after they read one of your comments.
Now, imagine you’ve given all your energy to write great stories every week. Imagine you’re on Notes, posting and commenting (hopefully, commenting when you have something to say and not only to get attention).
Imagine you’re really doing the work, only to have someone click on your profile and decide to pass.
You don’t want that.
The moment people read your newsletter description is a sacred moment. Your newsletter description is either the final nudge that’s going to get them there; or the thing that will make them reconsider. Because who needs another boring/unnecessary newsletter in their inbox?
So how do you write a Substack newsletter description that’s absolutely irresistible and entirely you?
That’s what we talked about in yesterday’s webinar, Irresistible Substack Description.
Thanks to over 25 people who showed up! You’re such a supportive, amazing community. These are the kind of messages I got afterwards…
If you didn’t catch the live webinar, you can find the recording below.
If you’d like to watch it, but you’re not a paid member of the Smarter Solopreneurs community, consider becoming one because my goal is for all my paid members to build 6-figure businesses as fast as they can. ❤
Either way, have a wonderful weekend and keep showing up. As Marie Forleo says, this world needs that special gift that only you have.
Paid subs will be able to see the link to the Irresistible Substack webinar recording below. ↘
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