Doing it with no money.
WHAT IS FREE
Most platforms have a free tier covering a few hundred subscribers and a monthly send allowance.
That is sufficient for a small business's first year or two.
WHAT COSTS MONEY
Larger lists Higher send volumes Advanced automation, on some platforms Design services, if you buy them
WHAT NOT TO SPEND ON
An elaborate template. A plain message from a person frequently performs better. Buying a list, which costs money and damages you. A platform with features you will not use.
WHERE THE REAL COST IS
Your time writing. An hour a month, sustained.
That is the actual investment, and it is what most businesses are unwilling to make.
KEEPING COSTS DOWN AS YOU GROW
Prune inactive subscribers. Platforms charge by list size, so paying for people who never open is waste.
That is a commercial reason to do what you should do anyway.
WHEN PAYING BECOMES WORTHWHILE
When the list produces measurable revenue exceeding the cost, which is a straightforward calculation.
THE HONEST POSITION
Email marketing is the cheapest channel available to a small business, and the one requiring most discipline.