What does it take to develop a thriving publication with 60,000+ engaged readers all whereas working full-time as a CFO?
CJ Gustafson, from Principally Metrics, is on this week’s episode of the Area of interest Pursuits Podcast to share how he constructed a extremely worthwhile model on the aspect.
On this episode, he delivers a masterclass in publication progress, monetization, and the facility of area of interest content material.
This can be a dialog full of actionable insights and behind-the-scenes tales, and CJ reveals how he turned a once-slow-growing aspect venture right into a high-performing B2B media model serving over 60,000 subscribers—together with CFOs, founders, and enterprise nerds who geek out over monetary fashions and firm benchmarks.
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From CFO to Full-Time Creator
CJ Gustafson’s story is a compelling one.
As a tech CFO, he climbed the company ladder, gained expertise in non-public fairness, and in the end discovered his ardour in monetary evaluation and scaling companies. However in December 2020, he began one thing on the aspect—Principally Metrics, a publication that might ultimately change into his full-time pursuit.
For almost two years, CJ’s publication had simply 400 subscribers. He admits it was powerful, however he saved writing as a result of he believed within the course of. He quickly found that his distinctive means of explaining monetary metrics and enterprise ideas in plain English was what resonated with folks. By simplifying advanced subjects and infusing humor into his content material, he discovered his viewers.
Quick ahead to right now, and Principally Metrics has over 62,000 subscribers, a mixture of paid and free readers. He lately took the leap and left his CFO function to concentrate on the publication and its associated ventures full-time.
Discovering the Proper Viewers
Initially, CJ was writing for “CJ from 5 years in the past”—somebody attempting to know monetary metrics higher. Over time, his viewers refined itself:
- 25% are CFOs or work in finance roles
- 20% are entrepreneurs and enterprise leaders on the lookout for higher methods to allocate sources and monitor metrics.
- The remaining are buyers and enterprise fanatics who get pleasure from studying how firms earn money.
One key lesson CJ realized: area of interest audiences may be extraordinarily beneficial.
He questioned whether or not his target market was too slender, however he realized that CFOs management firm budgets and make essential monetary choices—making them a extremely beneficial group for advertisers.
Development Methods That Labored
CJ’s publication progress didn’t occur in a single day. He examined a number of methods, a few of which labored exceptionally properly:
- Proudly owning a Area of interest on Twitter
- He created a listing of 20 finance-related phrases and phrases
- Each night time, he searched Twitter for these phrases and left insightful feedback whereas linking again to his publication
- This technique helped him develop from 1,000 to 10,000 subscribers
- Visitor Posting for Firms
- CJ leveraged his experience to put in writing visitor posts for well-known monetary manufacturers like Brex and Mercury
- These partnerships gave him credibility and helped him attain bigger audiences
- Beginning a Podcast
- His podcast, Run the Numbers, gave him a gentle stream of content material concepts
- Conversations with CFOs and trade leaders offered new insights that he might flip into publication subjects
- Leveraging Substack Suggestions
- Being on Substack allowed him to learn from their advice system, which introduced in new readers who already adopted related content material.
At round 8,000 subscribers, CJ observed a shift—his publication was now gaining 50+ new subscribers every day, purely by means of phrase of mouth and natural progress.
Monetization: Constructing a Enterprise
CJ’s enterprise mannequin advanced over time.
Right here’s how he makes cash right now:
1. Paid Subscriptions
- He turned on paid subscriptions at 11,000 subscribers
- The paid publication prices $15/month or $150/12 months
- Paid content material consists of playbooks, templates, and deep dives into CFO technique
2. Sponsorships and Adverts
- CJ runs one advert per publication, holding the content material clear and premium
- He sells sponsorship packages quarterly, bundling each the publication and podcast
- This structured strategy helps preserve long-term advertiser relationships
3. Information Stories
- His new Finance Tech Stack 2025 Report is the primary of what he expects to be a profitable knowledge enterprise
- He surveyed over 1,000 CFOs on the instruments they use and benchmarked them by firm measurement
4. Unique CFO Dinners
- Internet hosting in-person dinners for 20 CFOs, with a couple of paid sponsor spots, permits for networking and monetization
- Sponsors worth the prospect to attach instantly with decision-makers
Key Metrics to Monitor
As a numbers man, CJ is meticulous about monitoring success. Listed below are the important thing efficiency indicators (KPIs) he watches:
- Shares and forwards: The strongest indicator of engagement and natural progress
- Subscriber progress price: Averaging 1,500–2,000 new subscribers monthly
- Engagement indicators: Extra vital than likes, he values private replies and discussions from readers
- Conversion charges for paid subscribers: Helps decide the effectiveness of his free-to-paid content material technique
Classes for Aspiring Creators
CJ’s journey affords a number of takeaways for these seeking to develop their very own viewers and monetize content material:
- Write about what you recognize—however make it accessible.
- Discover your viewers by participating the place they already are.
- High quality content material results in natural progress—don’t depend on hacks.
- Diversify income streams, from paid subs to sponsorships and occasions.
- Create a novel voice and lean into your persona.
Remaining Ideas
CJ’s success with Principally Metrics reveals that nice content material, strategic progress, and viewers belief can flip a distinct segment publication right into a thriving enterprise.
By specializing in high quality insights and making monetary ideas relatable, he’s constructed one thing that CFOs—and anybody all in favour of enterprise metrics—can’t wait to learn.
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