Thread
Launching a Substack changed my life. After three years:
🙏 ~1,100 paid subscribers
🎉 ~40,000 free subscribers
🤯 ~$500k ARR
For anyone thinking about launching a newsletter, here’s everything I’ve learned
🙏 ~1,100 paid subscribers
🎉 ~40,000 free subscribers
🤯 ~$500k ARR
For anyone thinking about launching a newsletter, here’s everything I’ve learned
1/ Do something UNIQUE. You want to be the only person who does what you do. Build a personal monopoly. No one wants more email, so you need something unique and differentiated to make it work
2/ Internet niches are bigger than you think, even when your account for the fact they are bigger than you think. Passionate about agricultural tech? European bonds? Fine wines? Women’s Soccer? Each of these would work if you're passionate and dominate it
3/ Keep it simple and short. Keep the max length below 2,000 words. If you are even thinking about cutting something, then cut it. Brevity is the soul of wit
4/ Fewer emails. I send six emails every month (4 free and 2 paid). Daily emails are not required, especially in professional services. People would much rather read something great once a week, than something mediocre every day. Leave readers wanting more!
5/ Great content + great distribution = great success
It’s not just about what you write, but how you get new readers to find your content
Here’s a breakdown of where @BearCaveEmail got its traffic in the last 90 days
It’s not just about what you write, but how you get new readers to find your content
Here’s a breakdown of where @BearCaveEmail got its traffic in the last 90 days
6/ Use Twitter. Almost all successful Substack authors tweet frequently because Twitter is a superpower for connecting with new readers and building trust with your audience. Use it wisely and professionally
7/ Accept every podcast invitation. Podcasts are great for building deep connections and reaching completely new audiences. Accept every invitation and prepare so you can hit it out of the park. Doing well will lead to more invitations
8/ Respond to emails/DMs quickly. Responding quickly (especially to reporters) leads to a ton of new opportunities. It is flattering for the other person and doesn’t require more time from you
I’ve found when I don’t respond to a reader, they often unsubscribe 3-6 months later
I’ve found when I don’t respond to a reader, they often unsubscribe 3-6 months later
9/ Clearly define what paid subscribers get. Have a very clear policy on what free subscribers get and what paid subscribers get. People want to know what they are paying for. Having it wishy-washy is a big turn off and will generate complaints 
10/ Occasionally target free subscribers with promo emails. A truthful and intriguing promo email can work wonders. The email below generated $15K+ of revenue in one day.
A good promo email will also include social proof, like tweets for others praising the publication
A good promo email will also include social proof, like tweets for others praising the publication
11/ Good promo email + good content is the source of 80% of paid growth. 
12/ Newsletter economics. Substack takes 10%. Stripe takes ~4%. Refund requests ~1%. BUT you are paid a lot upfront with annual subscriptions. Low churn in the professional services sector. If people can expense it, they are much less price-sensitive
13/ Charge more and be generous. A newsletter cost is de minimis if it will help someone do their job better. When I raised prices from $34/month to $44/month growth increased! At the same time, I offer .edu emails 75% off and have a generous hardship policy 
14/ Customize your welcome email. A good welcome email to free sign-ups set the tone for your reader relationship. Ideally be concise, positive, tell readers what to expect, and share links to popular past content 
15/ Avoid spam filters. Sending emails at consistent times, avoiding certain keywords (e.g., IRS), and encouraging people to reply to your emails are the best way to avoid getting marked as spam
16/ Befriend other newsletter authors. I’ve constantly looked to help other newsletter authors and ask for advice. Give away comped subscriptions and share their content and the return will be 10-fold
Other Substack authors I love are @DoombergT, @Petition, and @MaxfieldOnBanks
Other Substack authors I love are @DoombergT, @Petition, and @MaxfieldOnBanks
17/ Branch out. In addition to @BearCaveEmail, 18 months ago I launched @IdeaBrunchEmail to interview great off-the-beaten-path investors
It’s still small but has a loyal audience and is growing through word of mouth. I also learn a lot from doing the interviews too!
It’s still small but has a loyal audience and is growing through word of mouth. I also learn a lot from doing the interviews too!
18/ It’s worth more than money. I joke Substack is like Twitter on steroids. Every one of your subscribers sees what your write, no algorithm can take your audience away, and many more people use email than Twitter
Starting a Substack has changed my life
Starting a Substack has changed my life
19/ If you're not a subscriber to The Bear Cave newsletter yet, please consider joining up
thebearcave.substack.com
thebearcave.substack.com
And if you are a new Substack author just starting your journey, please shoot me a DM if you’d like to do a quick call sometime! I’d love to help❤️
