How to Turn Your Podcasting Business Into a Profit Machine
If you want to start your own podcasting business, there are a few key things you’ll need to do before you get started. First, you’ll need to choose the type of podcast that you want to create and decide on the best way to distribute it—whether that means putting it out yourself, finding an existing channel, or something else entirely. Next, you’ll need to figure out how much money you should spend upfront and how much money your business will make over time so that you can budget accordingly in the short-term and set goals for the long-term.
Get your idea ready
Before you start, sit down and make an outline of what your podcast will be about. Think about how you can monetize it. This might seem a little advanced for your first foray into podcasting, but it’s helpful to know ahead of time how you’ll turn listeners into dollars. Make sure that before launch day, you have at least 10 episodes ready to go so that people have something to listen to. Have fun with it! You’re going to be talking about something you love, after all. But also think about who your audience is and what they want from you. Will they pay for premium content? Will they want to hear from experts? Are there opportunities for sponsorships or product placement? There are tons of ways to make money off podcasts, so figure out which one works best for you.
Record podcasts consistently
Consistency is key. If you produce great content, people will listen. However, if you only release episodes once in a blue moon, people might not take you seriously. Consistency builds trust and draws in your audience for long-term growth. Aim for releasing one episode per week. This way, listeners know when they can expect new content from you—and they’ll be more likely to tune in again next time. You can even add value by including links to resources or other podcasts at the end of each episode so that listeners can learn more about your topic of choice. It’s also a good idea to include ways for listeners to interact with you directly within your podcast (for example, on SoundCloud). Asking questions and responding to comments helps keep your audience engaged between episodes. Just make sure not to overdo it! No one likes an overly promotional podcast. Make sure there’s still room for fun!
Know when you’re going live
There are many different ways you can announce your podcast on social media and other places online. The most important thing is to plan out how you’re going to alert people when it’s time for them to tune in. Be sure you let people know what time your show will be released so they can check back for it. If you have an RSS feed, make sure that’s posted somewhere prominent as well. Most importantly, though, don’t forget to tell your friends! You want as many listeners as possible, but word of mouth is still one of the best ways to get noticed. Even if you don’t have any audience yet, keep telling people about your podcast; soon enough, they’ll be telling their friends too.
Get paid by sponsors
Podcasts are an incredibly cost-effective way to get your name out there and gain exposure, especially if you’re in a very niche industry. While getting sponsorships can be tough, it’s not impossible! Here are some tips for how you can get sponsors on board with your podcast. These methods have worked wonders for me and many other podcasters that I know. If you don’t mind turning down money from companies that want to advertise on your show, then check out my guide on how to start a podcast without any equipment or experience .
Three Great Tips For How To Get Sponsors On Board With Your Podcast: 1) Use an Intro/Outro Track When You Record Episodes: It is no secret that podcasts make money from advertising. The majority of advertisers like having their products featured during natural breaks in programming such as after or before episodes.
Understand the costs involved
All businesses have start-up costs, and podcasting is no different. Before you get started, you’ll need a few things—some of which may require an investment of time or money. The basic equipment you’ll need is: _____ (e.g., microphone, computer) _____ (e.g., website hosting) _____ (e.g., software). If you want to use your podcast as a way to build your business, it’s also wise to invest in some other important items, such as: ____(e.g., business cards) ___(e.g., email marketing software).
Make a business plan
Writing a business plan helps formalize your idea and can streamline the business-creation process by getting you to sit down and think things through methodically. And, yes, plans are (often) worthless, but planning is everything. Many entrepreneurs say they rarely look at their plan once they’ve launched—but they’ll also tell you there’s value in thinking through and researching your idea; writing a business plan is the perfect canvas for this exercise.
Write down all of your podcasting goals: How much money do you want to make? Are you seeking brand exposure or community connections? What kind of impact do you want your show to have on listeners? Do you just want an excuse to chat with famous guests like Vince Vaughn or Dick Cavett?
Set up your social media
If you want your podcast to grow, you’ll need to promote it. The best way to do that is by setting up social media accounts and telling people about your new show. Luckily, most social media sites now have free tools for business owners that make these processes simple and effective. If you haven’t created an account yet, go ahead and set one up right now—Facebook, Twitter, Instagram and LinkedIn are all great places for small businesses to start.
Promote, promote, promote!
Whether you’re brand new or have been around for a while, you need people listening. There are lots of ways to do that, but remember: no one is going to care about your show until they know it exists—or at least have heard of it. Spend some time each week pitching your show on other podcasts, in social media groups, and anywhere else you can think of.