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Generally, you will be able to adjust the size of your newsletter to the amount of information you`ll be providing. You can assume you`ll have space for 3 to 6 items per 8-1/2x11" size page.
A newsletter for a small company, such as a daycare or home-based business, is best kept to two pages - front and back of a standard 8-1/2x11" sheet. Larger companies or organizations will be happier with newsletters that are four pages (either two 8-1/2x11" or one 11x17 with a half-fold) or eight pages (two 11x17 with a half-fold). Cost is another factor that will determine size.
Readers usually like to finish a newsletter in about 4-5 minutes...if your newsletter takes longer than that, they will start to lose interest.