Substack Step-by-Step Tutorial for Beginners | How to Make Money with Substack

Key Concepts

Substack, newsletter, monetization, subscription model, creative career, 1000 true fans, 67-day rule, content calendar, AI, community building, digital marketing strategy, Stripe integration, consistency, theme-based content.

Substack: A Start-to-Finish Tutorial

Introduction to Substack

Substack is a platform for writers, creators, and others to earn income by sending out newsletters on a periodic basis. It's comparable to Patreon, Gumroad, and ConvertKit. It allows users to monetize their content through free or paid subscriptions. Substack has expanded its verticals beyond writing to include video production and podcasting.

Cost Analysis

Starting a Substack is free, but Substack charges a 10% fee on all transactions made through paid subscriptions, plus credit card processing fees. This is higher than Patreon (5-8%) and Gumroad (5%). However, Substack provides a suite of tools. A significant advantage is that 40% of all subscriptions and 15% of paid subscriptions on the platform come directly from the Substack network.

The 1,000 True Fans Concept

Drawing from Kevin Kelly's concept, the video emphasizes that creators don't need millions of followers to earn significant income. The video uses a calculator to illustrate that even 400 subscribers at $5/month can generate over $1,600 per month. The goal is to reach 1,000 true fans to create a sustainable income stream.

Getting Started with Substack

Two ways to get started:

1. Start publishing directly on Substack.
2. Import an existing newsletter or blog. The import tool can be spotty, so exporting content to a document may be better.

To create an account:

1. Sign up using an email address. The video suggests using a Proton Mail alias for privacy.
2. Enter your name, bio, and social media links.
3. Choose a publication URL, considering branding and SEO.
4. Import an existing email list or skip this step.
5. Select areas of interest to personalize the Substack experience.

Dashboard Functionality

The dashboard includes sections for:

• Posts: Draft, schedule, and publish content. A content calendar is recommended for planning.
• Podcast: Import or start a new podcast.
• Chat: Engage with subscribers.
• Subscribers: Manage subscribers and track growth.
• Stats: Analyze traffic, email open rates, and click-through rates.
• Settings: Customize the Substack experience.

Creating a Post

1. Choose a post type (text, video, audio, note, chat thread).
2. Add a title and subtitle.
3. Write content or use AI tools like ChatGPT for assistance. Example prompt: "Can you write me a simple introduction to my Substack newsletter welcoming people and letting them know that I'm going to be sharing some of my tips and advice about finance and personal savings and smart money management."
4. Format the post with multimedia, buttons, and polls.
5. Preview the post in mobile and desktop views.
6. Select the audience (everyone or paid subscribers).
7. Add tags for discoverability.
8. Customize the social preview.
9. Schedule or send the post immediately.

Podcast Integration

Substack allows users to import existing podcasts or start new ones. Users can upload audio files, add titles and descriptions, and generate transcripts.

Community Engagement

Substack offers a chat feature to engage with subscribers. Building a community is crucial for fostering loyalty and creating an emotional connection.

Digital Marketing Strategy

Substack provides stats to track email open rates, click-through rates, and subscriber growth. This data can inform a digital marketing strategy and help forecast future growth.

Settings Customization

The settings section allows users to customize the Substack experience. Important settings include:

• Facebook Pixel: Install a Facebook pixel to run conversion-based ads and retarget users.
• Google Analytics: Integrate Google Analytics for sophisticated tracking.
• Email From Sender Name: Choose a recognizable sender name.
• Subject Line: Craft compelling subject lines to increase open rates.

Monetization

To get paid, connect a Stripe account and set up subscription tiers. Consider the value subscribers will receive and highlight those benefits.

Best Practices for Success

1. Focus on Value: Understand what subscribers are getting out of the Substack.
2. Stay Committed: Be consistent with content creation. The 67-day rule emphasizes building a habit of taking action.
3. Create a Theme: Maintain a continuous thread of emails to increase engagement. Tease upcoming content to build anticipation.
4. Engage in the Substack Community: Participate in discussions, link to other people's content, and ask for social proof.
5. Stay On Topic: Avoid mixing unrelated topics in one newsletter. Create separate newsletters for different niches.

The 67-Day Rule

The video promotes the "67-Day Rule," a method for crushing procrastination and building a habit of taking action. It involves committing to consistent action for 67 days to reprogram the mind and achieve goals.

Conclusion

Substack is a powerful platform for creators to monetize their content and build a community. Success requires consistency, a focus on value, and a strategic approach to digital marketing.