In this new episode of The RevolutionFI Podcast, Tim explores the idea of Substack and newsletters as tasty revenue.
“So, the question is this: How can 50+ folks like us, honest and hard-working, how do we manage our current responsibilities and still plan for retirement? 401ks alone won’t be enough and we don’t have 40 years to save, so how do we leverage our experience and wisdom to gain financial independence? That is the question, and this podcast will give you the answers. My name is Tim, and welcome to the Revolution. The RevolutionFI podcast.”
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Every time I start to record a Thursday episode, I can’t get the Nazareth song out of my head.
Welcome to Thursday, it’s Hair of the Blog. We’re almost to the weekend. Let’s indulge a little bit today let’s talk a little bit about food.
Before we get into the episode, I would love if you told someone about the podcast. If you’re finding a lot of value in RevolutionFI, and you find that the topics are relevant, and moving you towards eliminating debt, and earning money for your retirement, please tell someone. The power of word of mouth is supreme, and I would love it if you helped me with that.
Let’s talk about tasty revenue today. This comes from tastecooking.com. The title of the article, which was published on August 4 2020, is The Future of Food Media is in Your Inbox. I would like to read you a small segment of this post, and then we’re going to talk about it.
“The future of food media is in your inbox, and that time may be sooner than she thinks. Substack’s growth within the food media sphere is significant. It’s allowing voices to be heard through simple and free publishing tools, but it also allows creators to flip the switch for monetization. Of course, the work needs to be done, and the work can be tough. Many of the creators interviewed stated the obvious, these operations take time and concentration which can be in short supply, but the future of the inbox is bright.”
Okay, you may have heard of The Substack. If you haven’t, Substack is a paid newsletter service that is all the buzz in the internet marketing world right now. Email lists have been around for a long time, and mostly they’ve been used as lead generators. Hopefully, you’ve grabbed the solopreneur formula worksheet and you are on my newsletter list. If you’re not, hit pause now and go do that, but that is free. It doesn’t cost you to be anything on that list.
Substack is new, it’s a paid newsletter. From their website, they say readers pay directly for writing they care about, start accepting paid subscriptions in just a few minutes, top writers on Substack make hundreds of thousands of dollars per year. Okay, don’t get too excited. This doesn’t mean that you can create a Substack account and you’re automatically going to be making six figures by sending newsletters, but it’s being done.
What to Remember
A few things to remember about Substack and newsletters–there’s no tech skills required. At Substack, you just connect your bank account and set a price, you decide what’s free, and what goes behind the paywall. On substack, you make money by doing work that subscribers value. They have a community feature, you can build deeper relationships with your readers.
Here’s what you’ve got to remember. Whether it’s Substack or some other paid newsletter service like Patreon, you must have something of value. In this article about the food industry, what they are saying is people who are experts in the food industry don’t have to be limited to opening restaurants or creating product lines.
They can monetize their knowledge of the food industry with a newsletter, so think about that skill that you have, that you could share, and think about sharing it through a newsletter service like Substack. It must be something of value, something people want.
Starting an Audience
It’s also really important to remember that starting an audience at zero is difficult. Anytime you start a newsletter, you’re starting with zero subscribers. That is just how it works. Every newsletter that has ever been started started with zero subscribers. Think about that. It’s a long play game, but there is potential. Now is a great time to be exploring with paid newsletters. It might not be food for you, but think it could be anything that you’re interested in, and think about how you could create a weekly newsletter that would teach other people about the passion that you have.
Think about what we talked about earlier this week in the areas of health, wealth and relationships. If you can put it into one of those three broad categories, you have a much better chance of monetizing that newsletter and creating an additional revenue stream that can only grow. It can’t cost you. You can’t start at less than zero.
The old Chinese proverb, the best time to plant a tree was 10 years ago. The second best time is right now. So, go plant your tree right now.
That’s it for Hair of the Blog. I will be back with tomorrow’s episode, Hot Pods, and I am going to be featuring one of the most well known minimalists out there today. If you don’t know what a minimalist is, make sure you tune in to the podcast tomorrow. I’ll see you then.
Transcription by Otter.ai, please forgive the bot for typos and mistakes.
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