Do you want to start a podcasting business with low money? If so, find here in this article, a detailed business guide on the steps you need to follow to successfully start a podcast 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 out 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.
10 Steps to Start A Profitable Podcasting Business
As a creator, you should focus on creating seamless podcasts with exciting and engaging content that can help you expand.
Step 1. Create a Business Plan
You need a plan to start a podcast business successfully. Choose a few topics you want to talk about, research, and see if it has an audience, calculate the investments you need to make, equipment, and editing software you need to buy.
Take some time off and start documenting your podcasting business plan. Some of the basic issue that must be addressed in your plan document is the following:
- Who is your target audience?
- What are the initial and running costs?
- Your pricing strategy?
- How 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. Financing A Podcast Business
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.
Step 4. 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 5. Choosing A Platform For Your Podcasts
You will have to choose a platform for your podcasts. You can cater to a larger audience on broadcasting platforms like Stitcher, iTunes, or BluBrry. You can even upload your episodes on YouTube, the most popular video streaming platform on the planet.
Step 6. 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 7. Legalizing Your Podcast Business
You have to establish your podcasting business legally. 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 over how to run the business a week later. You can even choose to run ads on your episodes and can take a share of it.
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 people can pay.
Step 10. 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’s A Podcast? How Can One Earn From It?
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.
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 Podcasting Business?
A podcast is not live, unlike a radio. You have to record stuff, and then edit them and finally upload it to your respective platforms. The investment involved is quite basic. You will need these to start a podcast business:
portable XLR recorder
You need to record the audio, re-record 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 Segment A Target Audience For a Podcasting Business?
As a podcaster, you can have a large target market. Basically, a podcast can be about anything. It’s up to the podcaster to determine their niche. You can choose to segment out a part of it for your podcasts. Like if you speak of political issues, you will have a segmented target audience who are interested in politics or are not kids.
How Much Does it Cost to Start A Podcast Business?
It would take as low as 250-$500 for a good quality podcast. If you are planning to scale up and become a professional podcaster an investment in the range of $5,000 to $10,000 may be a necessity.
How To Make Money With A Podcasting Business?
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 the 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 business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.