5 Ways to Make Over $5,000 per Month on Substack (Without Selling Subscriptions)

Your audience is an asset. Here's how to actually monetize it.

📣 Before we dive in: This post is all about monetizing your expertise beyond paid subscriptions, and our #1 recommendation for newer creators who want to finally monetize successfully in 2026 is to focus on mini-courses.

If you want hands-on help building your first mini-course, join us inside Mini-Course Accelerator. Enrollment closes Tuesday.

Most creators think paid subscriptions are the only way to make money on Substack.

They build an audience of free readers, flip on paid subscriptions, and... wait.

And then they wonder why only a handful of readers actually convert.

Here’s the thing nobody tells you: If you rely only on paid subscriptions, you might actually be limiting your income.

Don’t get me wrong - paid subscriptions are great.

At Write • Build • Scale, we’re about to cross 1,000 paid subscribers, yet our paid tier on Substack is not our primary monetization method.

Instead, we treat Substack as a growth and discovery channel and focus on monetizing our knowledge in other ways, like through digital products. These are assets that work for you 24/7, no matter if you’re sleeping or on vacation.

In this post, I’m going to walk you through five monetization models that work best on Substack right now, ordered from lowest to highest earning potential, with a specific recommendation for beginner creators.

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Why Paid Subscriptions Can Actually Limit Your Income

Before we dive into the five models, let’s talk about why relying only on paid subscriptions might be holding you back.

First, you have a single revenue stream.

You’re dependent on one monetization model. And if you’ve ever heard me talk about monetization, you know that I recommend being as independent as possible. Sure, you need to use platforms like Substack to reach and grow your audience. But when it comes to monetization, you want to build a solid business, not just a presence on an external platform.

Second, value perception matters.

Some people prefer to buy products and services over subscriptions. Instead of browsing through a huge backlog with dozens of resources, they might just want to get their problems solved right away. That’s possible through coaching, consulting, or certain types of digital products, but it’s not really what a Substack publication does.

The good news is that your Substack audience is actually the perfect foundation for multiple income streams.

You’re already building the most valuable asset: an engaged email list. Now you just need to know what to offer them.

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Model 1: eBooks

Let’s start with the simplest option.

Now, before you think “eBooks don’t work anymore,” hear me out.

If you’ve written 20-30 Substack posts, you’ve basically already written an ebook. With tools like ChatGPT, you can compile and edit your existing work in just a few hours. And a price point of $10-$20 makes this an easy impulse purchase for your audience.

I’ve sold eBooks myself, and here’s what I learned: the eBook itself isn’t going to make you rich, but here’s what it does do: it converts readers into buyers. And this is crucial because once someone buys from you, they’re more likely to buy from you again.

The customer who spent $15 on an eBook might become your $4,000 coaching client a few months later.

The eBook is your foot in the door. It’s the beginning of a customer relationship, not the final destination.

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Model 2: Digital Templates & Databases

Here’s something that sells even better at a similar price point: digital templates and databases.

This is actually one of our best-selling products at Write • Build • Scale.

While an eBook gives information to the reader, a template or database is about implementation. It’s something people can actually use right away.

Here’s what this could look like for different types of creators:

• Personal finance expert? A budget tracking Google Sheet.

• Career coach? Professional resume templates.

• Writing expert? Content calendar and email templates.

We created the Write • Build • Scale Database years ago. It’s a collection of hundreds of templates for content, emails, sales pages, and more. We sell it for $47, and it’s generated multiple five figures by being sold hundreds of times:

People love templates because they save time and remove the guesswork. They can plug in their own content and just go.

Pro tip: Templates make excellent order bumps when someone buys a course or coaching offer.

eBooks and templates are great entry-point offers. But now let’s talk about where things get really interesting.

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Model 3: Mini-Courses (The Winner)

This is my favorite monetization model, and honestly, I think it’s the most underrated option for Substack creators.

Not massive flagship programs. Mini courses.

A mini-course is typically one to two hours of video content that solves ONE specific problem for your audience.

Instead of building a giant “Ultimate Business Course” with 50 modules and 20 hours of content, you build a portfolio of smaller courses.

Here’s what this looks like in practice:

• Fitness creator? One course on meal prepping for busy professionals.

• Career coach? One course on negotiating your first salary increase.

• Parenting expert? One course on getting your toddler to sleep through the night.

• Finance creator? One course on setting up your first investment portfolio.

My co-founder Jari built his entire previous business on this model. His Peak Productivity newsletter monetized almost entirely through mini-courses. Instead of one massive productivity course, he created focused mini-courses like The Procrastination Antidote, which solved a hyper-specific problem.

These mini-courses generated multiple six figures over three years. And The Procrastination Antidote alone generated over $60,000 in 2 years.

Why do mini-courses work so well?

1. They’re fast to create. You can record one to two hours of content in a weekend.

2. They have higher perceived value. You could give away the same information in an eBook, but people will pay $67-$150 for a course versus $20 for a PDF.

3. They actually get results. Completion rates are 40-50% versus under 10% for massive courses.

4. They’re in the impulse purchase sweet spot. Priced in a way that doesn’t need weeks of decision-making.

5. They’re a perfect entry point. They turn strangers into customers. And buyers buy again.

But here’s the key that most people miss.

You can’t just build a random course YOU are excited about. Ideally, you build a mini-course on a subject that keeps your audience up at night.

Jari learned this the hard way. He built a course on morning routines because he was passionate about it, and it flopped.

Then he surveyed his audience and discovered their biggest struggle was procrastination. So he built The Procrastination Antidote instead.

Same niche, same audience. But this time, he built for their pain point, not his passion.

The mini-course formula:

1. Identify one specific, painful problem your audience has

2. Create one to two hours of video showing them exactly how to solve it

3. Price it impulsively

4. Sell it to your email list

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Model 4: 1-on-1 Coaching

This is where you can generate serious revenue without needing thousands of subscribers.

I’ve sold 1-on-1 coaching myself, and here’s a painful lesson I learned along the way: Don’t ever sell single sessions.

Most people on Substack offer something like “Pick my brain for an hour—$200.”

That’s a weak offer. The benefit is too abstract. Even if someone wants to work with you, they’re going to second-guess whether it’s worth the investment.

Instead, create a transformation-focused program.

With a program, you’re selling a clear outcome. A specific transformation. A defined timeline.

And here’s the paradox: it’s actually easier to sell the $2,500 program than the $200 session.

Think about it: Finding 12 people to pay $200 equals $2,400.

Finding ONE person to pay $2,400 also equals $2,400.

And trust me, finding one serious buyer who values your work is A LOT easier than finding 12 people who are second-guessing your offer.

What I love about this model is that you can actually incorporate it into your Substack paid tier beautifully by using your founding member plan as a 1-on-1 coaching offer.

The downside is that you’re still trading time for money. You can only serve so many clients.

Which brings us to the final model.

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Model 5: Group Programs & Live Cohorts

This is where you guide a small group of people toward the same goal, all at the same time. A program like this usually runs for 4-8 weeks.

I’ve run multiple group programs myself: week-long challenges, writing bootcamps, and full programs like Medium Writing Academy and Substack System.

The advantages of group programs:

1. More scalable than 1-on-1 coaching. You can help multiple people at once without answering the same questions repeatedly.

2. Lower price per person. Makes it affordable for people who really want to work with you but can’t afford direct access.

3. Higher total revenue potential. You’re not just trading time for money anymore.

4. Community effect. People love learning together.

There’s one catch if you’re teaching live: cohorts and live programs require you to show up. Depending on the group size and your availability, it can be hard to serve everyone at the same time, especially if you’re doing it alone.

Ideally, you’ll create a program that also makes sense for those who can’t join live but can catch replays and learn asynchronously.

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Which Model Should You Start With?

If you’re brand new to selling digital products, I recommend starting with a mini-course.

Here’s why:

• Manageable to create. A weekend or week-long project, not months of overthinking.

• Accessible price point. Makes it easier for you to sell confidently, especially if you don’t love the idea of selling.

• High profit margins. Even priced as low as $27, you keep the majority.

• Evergreen. Create once, sell forever.

• Builds momentum. Turns readers into buyers quickly. And buyers buy again.

But here’s what most creators get wrong about mini-courses:

They build what they’re excited about, not what their audience actually needs.

The mini-course topic selection framework:

1. Analyze your content. Which posts get the most comments and questions?

2. Survey your audience. What are their biggest goals and obstacles?

3. Look at your own journey. What problems have you solved that others struggle with?

4. Talk to your people. DM your most engaged readers and ask questions.

The difference between a mini-course that makes $500 and one that makes $50,000 is often topic selection.

You need to find the intersection of:

• Something your audience desperately wants to solve

• Something you’ve actually done or solved yourself

• Something specific enough to promise a clear outcome

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Ready to Build Your First Mini-Course?

If you’re thinking, “I want to do this, but I could use some help,” we recently opened the doors to our Mini-Course Accelerator.

It’s specifically designed to help you create and sell your first mini-course in the next 14 days.

Inside the program, we walk you through:

• Choosing a topic people will actually pay for

• Structuring your course for maximum results

• Recording your content without expensive equipment

• Writing a sales page that converts

• Launching and making your first sales

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Either way, the most important thing is that you start.

Don’t overthink it. Don’t wait for perfect.

Pick one of these five models and just get it out there.

Your knowledge is worth more than you think. It’s time to turn it into income.

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What monetization model are you most excited to try? Drop a comment below—I read all of them!

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