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 ability of area of interest content material.
This can be a dialog filled with 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.
Watch the Full Episode
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 personal fairness, and finally 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 will ultimately change into his full-time pursuit.
For practically 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 individuals. By simplifying complicated matters and infusing humor into his content material, he discovered his viewers.
Quick ahead to as we speak, 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 grasp 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 remainder are traders and enterprise fans who get pleasure from studying how corporations generate income.
One key lesson CJ realized: area of interest audiences may be extraordinarily invaluable.
He questioned whether or not his audience was too slim, however he realized that CFOs management firm budgets and make vital monetary choices—making them a extremely invaluable group for advertisers.
Progress 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 jot down 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 gradual stream of content material concepts
Conversations with CFOs and trade leaders offered new insights that he may flip into publication matters
Leveraging Substack Suggestions
Being on Substack allowed him to profit from their advice system, which introduced in new readers who already adopted related content material.
At round 8,000 subscribers, CJ seen a shift—his publication was now gaining 50+ new subscribers every day, purely by phrase of mouth and natural progress.
Monetization: Constructing a Enterprise
CJ’s enterprise mannequin advanced over time.
Right here’s how he makes cash as we speak:
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 Advertisements
CJ runs one advert per publication, conserving the content material clear and premium
He sells sponsorship packages quarterly, bundling each the publication and podcast
This structured strategy helps keep long-term advertiser relationships
3. Knowledge Studies
His new Finance Tech Stack 2025 Report is the primary of what he expects to be a profitable information enterprise
He surveyed over 1,000 CFOs on the instruments they use and benchmarked them by firm dimension
4. Unique CFO Dinners
Internet hosting in-person dinners for 20 CFOs, with a number of paid sponsor spots, permits for networking and monetization
Sponsors worth the possibility 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 fee: Averaging 1,500–2,000 new subscribers monthly
Engagement alerts: Extra essential 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 presents a number of takeaways for these seeking to develop their very own viewers and monetize content material:
Write about what you realize—however make it accessible.
Discover your viewers by partaking 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 singular voice and lean into your persona.
Closing 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 for enterprise metrics—can’t wait to learn.
