Yes it’s true, your inbox is not deceiving you, there was no S+S newsletter last week. It was one of those weeks when all the things happened at once and there were other pressing priorities. I asked myself what I would tell a client in this situation and decided to take my own advice. And you know what happened? Nothing!
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In my last newsletter I shared that I
almost launched a Substack newsletter. It was a great idea,
until it wasn’t. When I really took the time to look at how a Substack fit into my current business model and marketing strategies, it just wasn’t aligned with my goals.
But first, here’s where Substack did align:
Low ticket offer: I wanted to create a way for entrepreneurs to engage with Slow & Steady at a lower price point, especially for those in an earlier phase of business and may not be a good fit for my one-on-one services. I also know subscribers generally stick around for a long time before they buy and I was looking for a micro-offer to that would give them some actionable advice and tools at a no-brainer price point, while potentially warming them up for a bigger investment in 1:1 work.
Diversify revenue streams: All of my current revenue comes from service delivery – and while I love working 1:1 and consulting, I would like to diversity my revenue streams to include digital products and more asynchronous work.
Try something new: I love to learn and explore new platforms, and I have been craving the thrill of being a beginner. Figuring out how to use Substack and all of the different features was compelling and I was excited about the fresh energy into might bring into my workflow and routine.
Now that sounds great on the surface, but there were some key pieces that didn’t fit:
Potential revenue: There just wasn't enough potential for revenue, given how much energy I would have to put into it – my conservative estimate was I could maybe expect $25-$50 in revenue after fees? I would be paying myself pennies.
Energy for impact: To that point, the impact that a Substack would have on my business – as a growth strategy, revenue generator or marketing channel – was negligible compared to the amount of effort I would need to put in to really make it work.
Modifying my business model: I like the current structure of my business. While I can make or find time for a special project (like writing and recording an audio course!), I’m not able to add more to current workload. I also wasn’t in a position – financially or just from a place of desire – to give any of my current work up to devote to Substack.
Managing a community: While the idea of a thriving community of badass Slowpoke business owners doing their own thing, chatting about running a business, cheering each other on and cross-pollinating their slow and steady businesses with collaborations and co-creations sounds like A DREAM, I definitely have zero interested in managing a community.
Muddy marketing: Substack isn't a place for email marketing. So how would I continue to grow the advising and consulting pieces of my business? How do I market Substack to grow my readership and revenue? As a just enough devotee it was making my head hurt trying to figure out how these two channels would compliment or contradict each other.
When I was struck with the idea to create an audio course, very quickly I could see it fit nicely within my current offer garden, audience, marketing strategies and channels – and because it would be a short-term investment, I'd be able to find the time between client work or on weekends to create the content. While it may not generate recurring revenue the same way that Substack would, I can sell it at a higher price point and it’s evergreen - providing unlimited possibilities for sales!
In the end, I'm glad to have said no to that idea – even if there were compelling reasons why it might be fun or enjoyable to try out. And while I am big fan of throwing a bit of spaghetti at the wall from time to time, that's not where I'm at in business right now so ultimately, Substack was a no.
