👋 Hi friends -

Welcome to The Newsletter Growth Memo. Twice a month, I share short reflections with my newsletter clients + other operators.

Zero formality, ads, or affiliate links - just a guy sharing learnings from working with media operators doing $25k-$5M+ / month with newsletters.

New reader highlights: Jay Clouse, founder at Creator Science | Lara Acosta, Founder @ Kleo | Ben Thompson, founder @ Stratechery | Dickie Bush, Co-founder at Premium Ghostwriting Academy

The Personal IPO Summit was a hit.

What started as an idea on April 2nd, Chenell Basillio and I turned into (we hope!) the most tactical event for audience-first founders of 2026.

  • Speakers including Sam Parr, Justin Welsh, Nathan Barry, Dickie Bush, Jay Clouse, Katelyn Bourgoin, and more

  • 6,707 registrations, including 543 founders with audience sizes of 25,000-500,000

  • A 100% free event, thanks to our title sponsor (shoutout Kit)

Our goal is to make our free stuff as good as other people’s paid stuff and I hope we delivered on that promise.

Below are my takeaways from each speaker. Three things before we get started:

  1. This is a much longer email than usual (12 sessions, 3-5 takeaways from each), so if you’re new here - just know normally I get you in and out of here much faster!

  2. Recordings from day 1 and day 2 are available on YouTube until 8pm ET on Friday

  3. A lot of our speakers have been guests on my podcast Personal IPO, where we go deeper with them on their finances, funnels, and feelings - I highly recommend episodes from:

    1. Dickie Bush (emails and funnels)

    2. Sam Parr (community/finding a co-founder)

    3. Justin Welsh (product launches / content strategy)

Here we go!

Lara’s built one of the fastest-growing LinkedIn creator brands in the world (340k followers, $300k/month rev). Her talk was a masterclass on how to change your LinkedIn strategy.

  • LinkedIn stopped rewarding generic expertise. The platform now prioritizes experiential authority over informational authority. “10 leadership lessons” posts are dying in favor of content like “My one-person business crossed $200k/month” because they prove you actually did the thing.

  • Broad content gets followers. Specific content gets clients. Lara recommends ~60-80% niche authority content, ~15-25% broad topical content (AI, productivity, leadership), and the rest storytelling.

  • Storytelling posts work when you pivot from “I” to “you.” Her viral posts all start aspirational (“POV: you became the first millionaire in your family”), then quickly introduce humility or struggle. The audience stops feeling jealous and starts imagining themselves inside the story.

  • Treat your profile / bio like metadata, not branding. LinkedIn now parses profiles like AI prompts - headlines, comments, engagement behavior. Your account is effectively training the recommendation system on who should see your content.

2/ Jay Clouse - How to Disrupt Yourself Before AI Does

Jay’s built a $500k/yr community and gave one of the most honest talks of the summit about how AI is changing creator businesses in real-time.

  • Self-paced courses are in terminal decline. Pure information products get weaker as AI makes information infinitely accessible. The winning offers increasingly combine accountability, live interaction, and implementation. Think services, workshops, live cohorts, and communities.

  • Clear + compelling + honest + accurate copywriting is the new trust framework. Jay argued modern marketing over-optimized for “clear and compelling” (Lose 10 pounds in 60 days > lose weight), but sacrificed honesty and accuracy (dozens of case studies proving you get people to the outcome). You need all 4 for winning offers going forward.

  • Direct outreach is working again. Many of the creators Jay surveyed with strong 2026 performance were doing more outbound, offering sales calls, and proactively handling retention - ‘the sales page does all the work’ era might be ending.

  • Offline experiences may be underpriced. Jay is intentionally losing ~$10k on a community event because he views it as relationship infrastructure, not event profit. Really smart long-term thinking around retention and belonging.

3/ Justin Welsh - Building Small on Purpose

Justin’s done $15M+ in revenue at 90%+ margins, and he’s shutting a lot of it down. Great talk on what’s “enough” and how to design a business around the life you want.

  • “Don’t hold onto relevance forever.” Justin compared creator businesses to athletes and entertainers. Everyone exists in a limited window where they’re “hot.” He wants to intentionally step back (but not out) before becoming someone desperately trying to stay relevant.

  • Holistic partnerships > sponsorships. Justin has moved away from one-off newsletter sponsors toward deeper deals with revenue share / equity, or long-term ambassador relationships with companies like Kajabi.

  • Email depth > social media reach. Justin increasingly believes email matters more than social audience size because readers who consistently open your emails actually know you well. That depth creates long-term optionality for books, future products, and partnerships.

  • Spending money is a skill. Justin’s made $15M+ the past 5 years. He spends heavily on a few things he cares deeply about like travel, food, and fitness, not watches or cars.

  • The longer you’re in the game, the more the niche becomes ‘you’. At some point, you stop listening to customers. His audience loved tactical solopreneur content, but after 4+ years Justin got bored writing it. He pivoted toward writing about the intersection of life and work even though some subscribers complained.

4/ Nathan Barry - The Future of Audience-First Companies

Nathan’s scaled Kit to $40M in ARR - he’s buddies with largest creators on the planet and so naturally we had to have him talk about where content / AI / product strategy is moving.

  • Building your business on social media is a trap. You’re on a hamster wheel of content and when you stop, so does your business. The winning creator stack is 1 social platform that drives to an email newsletter, where you maintain a durable/direct relationship with your audience.

  • Obsess over the customer and do things that don’t scale. One of Nathan’s favorite examples was Sam Vander Wielen (her webinars do $500k+) doing 1,200 free calls before building her flagship offer. Massive trust-building + customer research. Founders massively underestimate how much advantage comes from directly talking to users early.

  • Audience research is content strategy. Justin Welsh asking thoughtful questions at the end of every email and getting 300-500 replies gives him an endless content engine. Your audience will literally tell you what to write about next if you create enough feedback loops.

  • Audience intelligence is the biggest AI opportunity for creators. Claude / Kit’s MCP ingesting raw data from your email list or other sources and using that to distill who your best readers are, what buyers have in common, and what topics drive retention is the highest leverage thing you can do.

5/ Milly Tamati - Build A Community People Pay For

Milly started Generalist World from a tiny island off the coast of Scotland with basically no network and turned it into one of the strongest community brands online ($500k+ in revenue).

  • Start slow - the first 100 members are everything. Your earliest members determine the entire future culture of the community. She calls them “lighthouses” - they attract the next wave.

  • Communities have ‘made it’ when members stop consuming and start stewarding. Milly intentionally pushed herself out of the center of the community over time. Her goal became turning members into operators running programs, hosting events, and onboarding others.

  • Host your community where your members already spend time. Generalist World still runs primarily on Slack because professionals already live there all day. Instead of forcing behavior change onto members, she optimized for convenience and habit.

  • Consider lifetime pricing. Milly charges $950 for lifetime access and finds it makes people feel psychologically safer investing deeply into relationships / playing the long game.

  • Sponsorships can replace recurring revenue. The lifetime model only worked because Generalist World simultaneously scaled sponsorships, which now account for 40% of revenue (community is the remaining 60%).

6/ Justin Moore - How to Make Your First $10k Selling Sponsorships

Justin’s the GOAT at sponsorships. Highly recommend the recording of his talk on day 1, he did live breakdowns of brands suggested by the audience.

  • The smaller and more niche your audience is, the easier sponsorships can become. Justin shared an example of a pathology doctor doing livestreams for only 50–100 viewers at a time. But the viewers were hospital decision-makers. One sponsored stream sold a $250k medical device for the advertiser. Tiny audience. Massive buyer density.

  • The easiest way to stand out to brands is to reduce their workload. Brands are bandwidth constrained, not idea constrained. Justin’s pitch philosophy:
    I’ll make this turnkey for you - strategy, creative, deliverables, and reporting.

  • Sell solutions, not deliverables. Tie your sponsorship to existing priorities. Justin did a live breakdown from the audience of how he’d position a QuickBooks campaign in B2B as a quarterly engagement because business owners file their taxes quarterly.

  • If you’re small, use the brand’s distribution instead of your own. If you make content for brands that goes on their existing channels, that is just as useful. Look at what they’ve stopped doing or could do better - e.g., “I noticed you stopped doing webinars. I’ll run them for you.”

7/ Dickie Bush - The Email Flows Powering Our $700k/month Portfolio

My buddy Dickie is a former hedge fund trader who built one of the biggest writing education businesses on the internet. Everything in the portfolio runs through email flows, segmentation, and nurture systems.

  • The golden sales email ratio: 2:4:1 of value / indirect emails (education + light CTA) / direct CTA. This will maximize your sales without risking the relationship you have with your reader.

  • Educational email courses outperform newsletter opt-ins. People are much more likely to opt into: “5 days to solve X problem”, and so all of their traffic flows through social/ad → 5-day email course → newsletter → pitch

  • There are only 2 ways to design a lead magnet / educational email course. Skim the top of a multi-step solution to a big problem (the 5 steps to becoming a ghostwriter - skill, offer, pricing, outreach, fulfillment) or go extremely deep on a narrow problem (the 5 steps to maximize your email open rate)

  • Treat every click like buying intent. The second someone clicks a product page, Dickie starts a separate sequence that handles objections and shows proof.

  • Every business vertical needs its own newsletter. His portfolio (paid newsletter, agency, ghostwriting coaching, etc.) all have their own email lists because people subscribe to have specific problems solved, not because they care about every subject you have to teach personally.

8/ Sam Parr - How to engineer (and 10x) your luck

Sam’s the man! We jammed about the playbooks he used to meet his podcast co-host (Shaan Puri) and his heroes in his 20s, and what my friend group here in NYC can learn from his “engineering your own luck” playbook

  • “Light yourself on fire with passion.” We talked about our buddies Isaac French and Josh Suggs, who live and breath energy. People are drawn toward visibly passionate founders, even when the idea itself sounds irrational or unlikely to work.

  • The fastest way to build a network above your league is organizing events. Sam hosted an absurd number of events in San Francisco - meetups, founder dinners, and the Anti MBA book club.

  • Cold email people way above your league. Sam repeatedly emailed people saying: “I’ll already be in New York tomorrow.” Then booked flights after they said yes. He did this before money, fame, or The Hustle. Most people dramatically underestimate how aggressive they can be early on.

  • Find people you live and do life with them. Sam bought a house in Austin next to his best friend Neville. Now he lives within blocks of Austin Rief on the Upper West Side. This is the key to happiness.

  • Create accountability groups with friends who want the same things as you. This is effectively what Hampton does, but you can do it for free - set monthly meetings, set the expectation of vulnerability, and ask about what people want their life to look like in 5 years (family, routine, net worth, etc.)

  • Sam met Shaan Puri by cold emailing him asking to host a HustleCon dinner at Shaan’s office for free. The pitch was basically: “I’ll bring 20 insanely interesting founders. You don’t have to do anything.”

  • The best cold outreach is “Here’s a unique experience/opportunity I can create for you.” One of the few recent cold DMs he replied to was from Grant Owen because his podcast set looked incredible and visually differentiated. Another creator got a yes simply because they pitched creating a “home movie” style day-in-the-life video Sam’s kids could watch someday

9/ CJ Gustafson, Michael Kauffman, Nathan Latka - How we made our first $100k with a small audience

Three very different media businesses:

  • local newsletter/community

  • founder podcast + fund

  • niche B2B finance media

…but they all converged on the same idea: audience quality > audience size.

  • Tiny audiences with buyers are worth more than massive generic audiences. CJ’s private-equity CFO newsletter has under 10,000 readers, but he estimates it contains ~20% of all PE-backed CFOs.

  • One unit of input should create 9 units of output. Nathan Latka creates 1 20-minute podcast episode and repurposes the numbers/takeaways for SEO pages, newsletter content, conference decks, and virtual webinars. And it works - I challenge you, search “Typeform revenue” or any other “SaaS revenue” and see who comes up first in the results, it’s usually Latka.

  • Write for brands for free at first. CJ’s first big unlock came from offering free guest posts to companies like Ramp and Settle. He’d write genuinely useful finance/operator content for their audience, then repost it on his own channels and capture subscribers from their distribution

  • Local media CACs are absurdly low. Michael Kauffman said local newsletter acquisition costs are often cents, not dollars. He spends ~$100/day and acquires ~200 subscribers/day in the Catskills.

  • Niche / expert operators will be the new content leaders. AI content saturation actually makes genuine expertise more valuable, and brands are going to pay an incredible amount of money for those creators going forward.

10/ Max Sturtevant, Marketing Max - How to Build a $1M+/yr Service Using Content

Two Maxes, two very different approaches to life:

  • one scaling toward 100+ employees (Max S. does $600k/month at 23!)

  • one intentionally staying lean (Marketing Max makes $1-2M/yr and prioritizes family)

  • Don’t procrastinate with courses/YouTube, get paid to learn. Max Sturtevant started with zero experience. He watched a few YouTube videos, then immediately started pitching clients on Upwork. He hit $10k/month as a college freshman.

  • Personal brand works best after you’ve done interesting things or build in public. Marketing Max built and sold a prior agency managing tens of millions in ad spend before seriously creating content. Max S. posted content from day one, even during the “frat guy doing Upwork gigs” phase.

  • Pick up the phone and record. Alex Hormozi follows Max Sturtevant on Instagram for his email marketing content - all of Max’s videos are talking head style going through emails, poorly edited and shot from an iPhone.

  • One social channel, one lead magnet, and one email list can drive millions of dollars. Max S. posts 1-2 IG videos per day and funnels people from stories / Reels to his email newsletter with a lead magnet. Those new readers get a 30-day flow with all of his other lead magnets / his best emails he’s ever written before getting his regular emails. This books 30+ calls a month.

  • “See if you qualify” is the best CTA. Marketing Max has tested this on his newsletter and across 30+ clients, works like a charm for booking calls.

  • Launching a service/agency from your newsletter is a flywheel. Marketing Max uses unsold ad slots in his newsletters to advertise his own services. Any time he wants more revenue, he gives himself another sponsorship slot, and if his business is full (remember, he’s optimizing for lifestyle) he just focuses on his million-dollar ad-monetized newsletter.

11/ Katelyn Bourgoin

Katelyn’s a master of ownable ideas that get people to buy. One of the sharpest talks of the summit on positioning, narrative design, and becoming synonymous with a concept.

  • The people who break through usually own one big idea. Justin Welsh = solopreneur. Codie Sanchez = boring businesses. Simon Sinek = start with why. The phrase becomes mentally fused with the person.

  • There are 6 types of ownable ideas:

    • Coined problem → “The Measurement Gap” (Chris Walker / Refine Labs)

    • New category → “Zero-Click Content” (Amanda Natividad)

    • Philosophy → “Start With Why” (Simon Sinek)

    • Method/framework → James Clear / Atomic Habits-style systems thinking

    • Identity label → “Solopreneur” (Justin Welsh)

    • X vs Y framing → “Deep Work vs Shallow Work” (Cal Newport)

  • Every ownable idea is really an argument wrapped in a story. Katelyn’s 5-question framework:

    • what does the buyer want?

    • what problem stops them?

    • what do you see others miss?

    • what hidden truth reframes everything?

    • what must people believe/do differently?

12/ Nathan May - How to Make $1M/yr With Less Than 1,000 Followers

You do not need a massive audience to build a massive business. You need the right people, trust, and consistent distribution.

  • It is financially irresponsible to not have a newsletter. Every business model - agencies, software, coaching, digital products - see an increase in conversion rate from their top of funnel channels (social/ads) with email

  • Focus on who reads your newsletter, not how many people read it. I built an invite-only newsletter, my first readers were Tyler Denk, Chenell Basilio, Sean Griffey (sold his company for half a bil), and other folks I admired

  • 90% of your ICP is not ready to buy today. A newsletter written 2x a month makes you the first trusted partner someone thinks of when they’re ready for a product or service.

  • Lead with proof and promise in your writing. “We generated $250k from a 15,000-person newsletter product launch.” was my opening line on a client case study, followed by a stripe screenshot and a promise I’d walk everyone through the full launch. That’s what earns someone the right to ask readers to to spend 5-8 minutes on an email.

  • Build an ugly newsletter. Your newsletter should feel like an email memo, not a magazine. You want the ideas to stand on their own and for your writing to feel personal.

  • Use Dream 100 Outreach to build a list of the right people. My first 1,500 readers came from building a list on LinkedIn and manually DMing each founder with a compelling reason why they should join my invite-only email list. This is how we hit $1M in ARR in 10.5 months with 920 readers.

That's the letter.

- Nathan

  1. Find me on LinkedIn

  2. The Feed Media drives hundreds of thousands of subscribers and sales with newsletters every month - see if you qualify to work with us here

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