Risk: Moderate

Starting a Substack newsletter business from scratch carries a moderate risk. While the setup costs are low, ranging from $0 to $50, there is a possibility of losing time and energy if the newsletter fails to attract subscribers. Beginners might invest time and effort into creating content without seeing immediate financial returns. Some individuals have reported spending money on marketing efforts with minimal results. However, with dedication and strategic content creation, it is possible to break even or make a profit within 2 weeks. Overall, the risk primarily involves potential time and energy losses rather than significant financial setbacks.