Every few years, a new trend hits the internet. Podcasts. YouTube. TikTok.
But one channel has quietly created more millionaires in media than almost any other: the humble email newsletter.
Morning Brew → scaled to 4M+ subscribers and sold to Insider for $75M.
Milk Road → launched in 2021, sold for $3M less than two years later.
The Hustle → acquired by HubSpot for ~$27M.
These weren’t side projects. They were newsletter businesses — real companies built around audience ownership and recurring monetization.
And here’s the good news: you don’t need a massive team or millions of readers to start. You just need the right strategy.
This guide shows you how to build a newsletter business from scratch — and turn attention into revenue.
A newsletter business is a digital media company where the newsletter is the core product.
Instead of relying on rented distribution (social algorithms, SEO rankings, ads), you own your audience’s inbox.
Your job is simple:
Deliver valuable content consistently.
Build trust with your readers.
Monetize that trust with ads, subscriptions, products, or services.
Think of it like running a mini media company with zero printing costs, global reach, and recurring revenue.
The timing couldn’t be better. Here’s why:
High revenue potential → A newsletter with 10,000 engaged subs can generate $5k–$10k/month.
Audience ownership → Unlike social platforms, you control your distribution.
Media companies want them → Big players buy newsletters for their loyal audiences (see Hustle, Brew, Milk Road).
👉 In other words: it’s one of the few online businesses where attention really does convert into cash.
The Pain Points (and the Fixes)
1. “The market feels oversaturated.”
Truth: Oversaturation exists only for generic content. If you pick a specific audience + unique angle, there’s always room.
👉 Example: Instead of “crypto news,” Milk Road became “crypto explained simply, daily.” That clarity created viral growth.
2. “I don’t know how to grow.”
Most newsletters die because nobody knows they exist — not because the writing is bad.
👉 Fix: Every issue you write is fuel. Repurpose into:
LinkedIn posts
Twitter threads
Short videos (TikTok, Reels, YouTube Shorts)
Guest appearances on podcasts/blogs
3. “I’m not sure how to monetize.”
Many beginners wait until they have 50k+ subscribers to think about revenue. That’s a mistake.
👉 Fix: Start testing monetization early. Even with 500–1,000 subs, you can try:
Affiliate links
Digital products
Small sponsorships
There isn’t just one way to monetize. You can mix and match depending on your audience size and niche.
1. Sponsorships & Ads
Brands pay you to reach your readers.
Works best once you have 5k+ subscribers.
Revenue scales with list size.
👉 Morning Brew makes millions per month through sponsorships.
2. Paid Subscriptions
Offer a free tier + premium tier.
Example pricing: $10–15/month or $100/year.
Works best in B2B niches (finance, tech, business).
👉 Stratechery by Ben Thompson charges $20/month. A solo writer built a multi-million-dollar business.
3. Affiliate Marketing
Promote products or tools you actually use.
Earn commission on sales.
Best when you have a high-trust relationship with readers.
👉 Backlinko monetized SEO tutorials with affiliate software deals worth 5–6 figures annually.
4. Digital Products & Courses
Sell templates, e-books, cohort courses.
Low overhead, high margins.
Easy to bundle with free newsletter.
👉 Newsletter Operator sells playbooks on newsletter growth and monetization.
5. Services & Consulting
If you’re an expert, use your newsletter to land clients.
Works even with 500 subs, as long as they’re the right subs.
👉 Example: Many B2B consultants run free newsletters that directly generate high-ticket consulting contracts.
Step-by-Step Framework to Build a Newsletter Business
Step 1: Choose a Profitable Niche
Not all niches monetize equally. Focus on audiences with purchasing power.
High-value → finance, SaaS, careers, AI, business.
Medium → travel, wellness, productivity.
Lower-value → memes, lifestyle (unless paired with strong brand partnerships).
Action step: Validate demand. Search Reddit, Quora, and niche forums. If people are already discussing your topic, you have a market.
Step 2: Pick Your Platform
The tool you pick matters less than your execution — but it should align with your monetization goals.
Beehiiv → Best all-around. Growth features (referrals, boosts), built for operators.
Substack → Easiest setup, great for premium tiers.
ConvertKit → Perfect for creators selling digital products.
Mailchimp → General-purpose, better for ecommerce.
Step 3: Create a Signup Page That Sells Itself
A high-converting signup page includes:
Headline → Clear benefit (“AI news in 5 minutes, daily”).
Sub-headline → Who it’s for (“For founders, creators, and investors”).
Social proof → “Join 12,000+ subscribers.”
1 CTA button → “Subscribe free.”
👉 The Rundown AI nailed this formula and hit 500k+ subscribers in less than a year.
Step 4: Write Your First Issues (Before You Launch)
Avoid the trap of launching with just a “welcome” email.
Pre-write 5 issues so subscribers get consistent value right away:
Personal story or origin.
Practical tip or framework.
Curated resource roundup.
Case study or analysis.
Another actionable insight.
Step 5: Get Your First 1,000 Subscribers
Your first 1k subs won’t come from ads. They’ll come from existing networks.
Post teasers on LinkedIn/Twitter.
Share in communities (Reddit, Slack, Discord).
Add signup link to your email signature + socials.
Guest post or swap with another newsletter.
👉 Extra Points (sports biz newsletter) reached 10k subs by tapping into niche FB groups and forums.
Step 6: Scale Growth Beyond 1,000
Now you can add more aggressive tactics:
Referral programs (Morning Brew’s secret weapon).
Cross-promotions with similar newsletters.
Lead magnets (free playbooks, templates).
Paid ads (once you know subscriber value).
Step 7: Monetize Early and Test Models
A realistic monetization timeline:
At 500 subs → test affiliates.
At 1,000 subs → sell a digital product.
At 5,000 subs → sponsorships.
At 10,000+ subs → premium subscription tier.
Step 8: Treat It Like a Real Business
If you want to scale, think like a founder:
Content calendar → plan 4–6 weeks out.
Analytics → track opens, clicks, revenue.
Outsourcing → hire freelance writers, editors, designers.
Sales systems → outreach for sponsors.
Brand expansion → add a podcast, YouTube, or events.
👉 The best newsletter businesses aren’t just emails — they’re media brands
Turn Your Audience Into a Profitable Newsletter
We build, grow, and monetize your newsletter — so you can earn without the hassle.
Also available for 100% revenue share, zero upfront costs.