How to Start a Podcast and Make Money
As podcasting continues to grow in popularity, many are looking to join this newly emerging field with hopes to monetize their passion or knowledge. If you’re like most casual podcast users, you’ve probably asked yourself what it takes to start a podcast?
Good news, it’s easier than before to start… And there are plenty of ways to monetize it.
Some work well as soon as you start while some take time to grow. Either way, you can easily find at least one money-making method that will suit your niche.
When starting a business, the first thing you require is a good idea and then some resources to fulfill it. The same goes for podcasts, starting on your own isn’t difficult, but requires a series of steps that you need to complete.
Here are some of the basic things you required to start a podcast.
This is the initial stage of the podcast, where you explore your creativity and come up with something to talk about. You can either make your podcast focused on one topic or cover a whole category.
The best way to organize this is to divide it into different formats. For example, instead of talking about laptops, in general, you can start with the performance and then cover reliability.
As for the length, you don’t need a 28-minute podcast, because that’s the average driving time. It can be either 5 minutes or as long as 4-hours. What you shouldn’t do is try to drag the content over and over again. Make it simple, easier to understand, and to the point.
This part covers your budget and how to optimize you want your setup. You can start with as low as $50 or as high as $5000 – The choice is all yours. If you’re strapped for cash, then you can always use your computer microphone.
But if you’re serious about this and want to make the process enjoyable, here are some of the gears you will require:
There are two ways you can progress with this section; learn the editing software or hire someone to do your edits. It’s understandable that audio production is completely full of jargon, but there is plenty of software that can help you with this.
Audacity or GarageBand is to name some if you want to take the things in your hand. The software can help you:
Either way, hiring an audio editor comes with experience and perks that can surely take you to the next level.
This is where you upload your podcast and start the money-making process. Some of the prominent platforms in this category include:
Once your podcast is submitted, now the real fun starts. You first have to spread the word on your own. For this, you can either opt for different marketing strategies or optimize your podcast in such a way that it starts receiving organic traffic. Some owners start a podcast page and get traffic from search engines while others run ads and get paid traffic.
There are plenty of podcast ad networks that connect you with advertisers just like what we see on YouTube. You get views on your podcast and start making money based on commercials. Some of the ad networks in this category include Midroll and Authentic.
You can partner with a brand and start promoting their products or services on your podcast episode. This way the company gets sales and you’ll end up making money on your side. However, sponsorship usually works when you have a huge audience on your podcast, so start this when you have some success.
This is where you refer people to a company and start making commissions based on sold products or services. This is the same as sponsorship, but unlike getting a full payment one time, you’ll earn based on the sales you generate.
This can be anything ranging from special interviews, to behind the scene content. Have fun coming up with unique ideas to deliver additional value to your listeners.
If you’re good at something, like teaching or business consultation, you can always try one on one coaching. It’s easier to start with this as a lot of customers are always on the lookout for credible information. All you need is a good strategy, a payment method, and a scheduled time to assist the audience.
You can organize a special meetup and bring together special fans from all over the world. Today, virtual meetups are kind of popular and share great value among fans.
Leveraging a good podcast into an eBook is another great way to make money and increase your credibility. There are thousands of podcasters already doing this and you can enter the wave as well. Amazon is a great platform to sell your audiobook.
Most likely, in your early stage, you’re going to throw a lot to the wall to see what best suits you. There can be times when you perform low but it’s all trial and test. The best way to earn money from a podcast is through sponsorship, affiliate marketing, or selling some sort of product - And the best way to engage your listeners with these strategies is to provide them with quality content.