Do you want to start a podcast and make money? If yes, you are in the right place. Here in this article, find a detailed business guide on the steps you need to follow to successfully start podcasting for fun and profit.
If you are someone who has a fascination to speak, podcasting can be perfect for you. In simple words, a podcast is like a private radio. You speak of things, topics, and categories on various platforms. There’s a huge market for it, maybe not as big as the video market, but the audience is segmented and is ready to pay for good podcasts.
So, if you plan to start a podcast of your own, you first need to segment your audience. Do remember that this is a creative business, so your end product has to be good enough. You need to produce good podcasts to attract listeners.
Furthermore, it is essential to be disciplined and focused when turning your hobby of podcasting into money making machine. In addition, you must have a clear understanding of the needs of the age group you are addressing. As a creator, you should focus on creating seamless podcasts with exciting and engaging content that can help you expand.
11 Steps to Start Podcasting and Make Money
Step 1. Create a Business Plan
You need a have a business plan to start a podcast business successfully. Choose a few topics you want to talk about, research, see if it has an audience, and calculate the investments you need to make, equipment, and editing software you need to buy.
Take some time off and start documenting your podcast business plan. Some of the basic issues that must be addressed in your plan document are the following:
- Who is your target audience?
- What are the initial and running costs?
- Your pricing strategy?
- How do you plan to promote your podcast business?
Step 2. Selecting A Target Audience
You need to make sure that you have a sizeable target audience. Supposedly you want to start a podcast around detective books. Your first need to carry out research targetting your desired audience, your competitors in a similar genre, and whether there’s actually an audience or not.
Step 3. Competitor Analysis
Make sure you are aware of what your competitors are doing. Doing a proper competitor analysis is important. If you produce content similar to someone else, it won’t help you build an audience. But in case you think you can do better than others, definitely go for it.
Step 4. Choosing The Right Topics To Speak About
Building an audience is important for a podcast. So, you need to choose the right topics to speak about. You may turn out to be a public personality in a few days, so speaking responsibly is really crucial. Pick up the topics carefully and make sure they are interesting enough to engage an audience.
Step 5. Cost of Equipment Required for Podcasting
The investment primarily involves buying new equipment, editing software, and signing up on a few platforms. Your financing will involve buying equipment for your podcast business:
- Portable XLR Recorder: $100 to $500
- Audio Interface: $30 to $300
- Laptop / PC: $500 to $700
- Audio Editing Software: $200 to $300
- Publishing Software: $20
These are the basic equipment you will need. You can easily start a podcast business for under $1,000.
For solo podcasting for entry-level podcasters with a limited budget, an Audio-Technica ATR2100x-USB will be sufficient. As a matter of fact, many professional podcasters use this mic. It is equipped with both USB and XLR plugs enabling you to start a podcast at ease by just attaching it to your computer.
In addition, if you looking for an over-ear microphone for your podcast, check out Sony ZX Series Wired On-Ear Headphone. This headphone is a favorite for most successful podcasters.
Step 6. Choosing A Platform For Your Podcast Hosting
It is essential to choose an appropriate platform for your podcasts. Just like for launching a website a web host is mandatory, for podcasts also you need a media host.
You can cater to a larger audience on broadcasting platforms like Spotify, Stitcher, iTunes, Google Podcasts, or Blubrry. One can also upload your episodes on YouTube, the most popular video streaming platform on the planet.
Presently, there are a lot of specialized podcasting companies available for hosting podcasts. Some of them worth trying are the following:
- Buzzsprout – Best Overall ( Using this link You will get a $20 Amazon Gift Card)
- Podbean – Best for Easy Hosting
- Transistor – Best for Analytics
- Spreaker – Best for Monetization
- RSS.com – Best for Professional Podcasters
- Castos – Best Podcast WordPress Plugin
Suggested Read: Best Podcast Hosting Sites for Podcasters
Step 7. Legalizing Your Podcast Business
You have to establish your podcast business legally. The first step is to register your podcast business. Every country and state offers a wide range of company formation structures depending on the scale of your venture.
For example, if you are from the United States are a sole proprietorship, partnership, limited liability, or corporation. Many startups prefer forming an LLC as it protects your personal assets in case of financial disputes and also for ease of filing taxes.
Also, register for the state and federal taxes. You may also have to get a few permits and licenses to upload any copyrighted content. Be extra careful while talking about anything which is censored or banned.
Step 8. Finding Sponsors
As a business, you have to bring in money to keep it going. You need to find sponsors for your shows. This will help you to produce more content without worrying about how to run the business a week later. You can even choose to run ads on your episodes and can take a share of them.
Step 9. Monetizing Your Content
If you don’t want to find sponsors, you can directly charge your listeners. Once you have a large base, start charging with subscriptions. Don’t go overhead. Make sure that it’s affordable, and that people can pay.
There are a number of ways one can make money from podcasting. Some of the popular ways of monetizing podcasts are listed below:
- Affiliate Marketing
- Create Online Courses
- Offer Consulting Services
- Ask for Donations
- Host Live Events & Collect Tips
- Create Premium Content
- Sell Physical Products
- Write Books
- Make Members through Platforms like Patreon
- Join Podcast Advertising Networks
Step10. Create a Podcast Website
If you are serious about developing a successful podcast venture, having a website is a must. It will not only create another avenue of getting traffic but also encourage brand growth.
It is without saying, creating a website is easy nowadays and requires little money. You can check our article on building a website of your own to learn more.
Step 11. Establishing A Brand
You have to establish your own brand. A strong brand will help your podcast business bring in sponsors and more listeners. Use social media to attract more listeners and let existing listeners know that your new episode is coming up.
FAQs on Podcast Business
What is a Podcast?
If you break up, it’s basically an entertainment business. You as a creator will have to upload audio files online for listeners, and they will subscribe to you. People can listen to you over a smartphone app or a website.
You can generate money via advertisements or sponsorships. There are platforms where subscribers need to pay to subscribe to your podcasts with bonus material and extra episodes.
Is Naming a Podcast Business Important?
Yes, it is extremely important to select a catchy and relatable name for your podcast venture. It not only enhances brand growth but also will help in finding more customers.
Learn More: How to Name Your Business
How Can You Be a Successful Podcaster?
Speaking up flawlessly isn’t easy. For a successful podcast business, you will have to choose a niche subject and understand audio entertainment. If you are a good speaker, you need to have the ability to talk without any breaks. You need to have the skills to engage an audience and have to be a good host.
What Equipments Do You Need to Start a Podcast?
A podcast is not live, unlike a radio. You have to record stuff, then edit them, and finally, upload it to your respective platforms. The investment involved is quite basic. Some of the basic tools you will need are as follows:
- Podcasting software
- Portable XLR recorder
- Audio interface
- Editing software
You need to record the audio, re-record it if needed, edit and then export the files.
You as a creator need to make sure your podcast sticks to its topic and at the same time has the entertainment factor to engage an audience.
How to Make Money with Podcasting?
Not only advertisements but there are a number of ways a podcaster can make money. With a sizeable base of listeners, you can approach brands for sponsorships. If you choose to run a free podcast, you can ask for donations via platforms like Patreon.
You can even choose to offer free partial shows to build up momentum, and then charge the full shows for a fee.
To sum up, to run a podcast business successfully, you have to pick a niche subject to discuss, have basic technical knowledge, and understand modern entertainment vividly!
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.