By Heather Osgood, founder of True Native Media
Do you have a podcast? Curious how to monetize it? It is time to think about how to use all of the energy that you have diligently put into your show. There are five steps to follow when taking your podcast from a side business to a full-time moneymaking business. In this article, we’re going to cover:
- Establish a business mindset
- Design a simple yet effective business plan
- Invest in your podcast and in yourself
- Focus on growing your audience
- Determine your sources of income
You will also find a bonus tip at the end of the article. So don’t miss it!
1. Establish a business mindset for your podcast
Changing your mind about your podcast is the first step in changing the path to financial success. Take a moment to think of a podcast that you admire and that is financially successful. Chances are, the host of the show has a goal-oriented mindset and the confidence to get better results.
Getting an honest assessment of your podcast’s current performance is critical to creating a business mindset. For example, are you achieving the sales targets you set? Are you increasing your audience size and keeping the audience? Are you creating the types of content you want to create? From there, take the time to develop achievable goals, and then work backwards to formulate the steps you will need to take to achieve the goals.
2. Develop a simple business plan for your podcast
Make the podcast a priority. Take some time each day to focus your energy on these steps and goals. I’ve found that creating a simple podcast business plan can go a long way. Include things like:
- A vision for your podcast. Take a moment to visit yours again Why– the reason you started your podcast. Is it the same or has it shifted?
- The goals you developed.
- Your target group / customer demographics.
- How to monetize your podcast through ads, courses, memberships, book sales, coaching, services, etc.
- The cost (including time) of creating your podcast.
- How you plan to market your podcast to increase audience.
When all of this is clear, you will have the foundation you need to turn your podcast into a profitable business.
3. Invest in your podcast and in yourself
Customers and advertisers alike buy in consistent, high quality content. While there are free options available for creating your show, such as: For example, using your phone or computer microphone to record and host your podcast on websites like Anchor. However, many of them have limitations that affect quality. Investing in a good microphone is just as important as having a quiet studio room or an environment with sound-absorbing equipment.
Two of the most overlooked services are a Hosting platform that can grow alongside your podcast and a Production person. A skilled editor can get a listener to sign up in a flash.
In parallel with investing in your podcast, as an entrepreneur, you need to invest in yourself. Taking the time to build your business skills is critical to building a goal-oriented mindset. If you want your podcast to generate revenue, you need to approach it like a business and develop business owner skills. Important skills are knowing how to take consistent, measurable actions for business growth, understand the financial aspects of your podcast business, and fuel your determination to succeed.
There are free resources available to help you level up, such as: B. YouTube or LinkedIn Learning. Many influential entrepreneurs offer free resources, webinars, and other educational resources to get you started. For paid options, books and courses are readily available and won’t break the bank.
4. Focus on audience growth
After a podcast’s first honeymoon period, it’s common for download numbers to hit a plateau. Podcasters often focus on producing episodes and forget to promote their show.
The first step in solving this problem is to create a basic audience growth plan that answers the following questions:
- Who is listening to your podcast (so you know how to address it)?
- What kind of content besides your podcast would your audience be interested in?
- Which social media channels can best reach your audience?
- What’s your booking plan?
- What metrics will you be tracking to see if it’s working?
Here you can prepare for success with my Audience Growth Guide.
Another important element of growth is having a website for your podcast – a place where you can build a community for your podcast and track sales.
An audience growth strategy needs to be systematic and consistent to get results. It can feel overwhelming. So create a plan and work it out step by step until you get the hang of it and then move on.
Another important point is that podcast listeners listen to podcasts. Hence, taking advantage of other podcasts to grow your audience can be extremely useful. Here are three ways to do this:
- Promo Swap: Each presenter reads a promo for the other show.
- Guest interview: Be a guest on another podcast, share the value with the audience, and promote your show as a call to action.
- Podcast Ads: Buy ads on other podcasts to grow your podcast audience.
In session 462 of the SPI podcastPat talks to Heather about the tremendous opportunity to use ads to add to your podcast.
5. Determine your sources of income
The fantastic thing about podcasting is that you can create multiple sources of income from one channel. Visit your target audience and audience again Why to figure out which sources of income to focus on.
Podcast sources of income are:
- Promote your home business to attract new customers.
- Sell your own products and services such as courses, training, coaching or member groups.
- Selling podcast ads.
- Crowdfunding support with subscription platforms like Patreon.
The next step is to ask yourself what is missing from your audience that you could provide.
Your podcast can be a valuable source of income. All you have to do is decide how best to generate that revenue.
If you want to get sponsors for your podcast, take the Podcast Moneymaker course.
Bonus tip: start with the ending in your head
While starting a podcast is relatively easy, managing and expanding your show is more complicated than most podcasters expect. You can start with the idea that it is a hobby, but you never know where it will lead. So always start with the end.
For example, let’s say one of your goals is to attract advertisers to your podcast over the next few years. In this case, you need to format your podcast correctly from day one to get ads. For example, you would need to create natural breaks in your content that ads can later be inserted into.
Think beyond the immediate status of your podcast. Implement a business mindset and give yourself tools to grow as an entrepreneur. Take the time to develop a system for growth and your sideline will turn into a full-fledged podcast business in no time.
Heather Osgood is the founder of True Native Media, a boutique podcast representation agency specializing in podcast advertising. She is the creator of Podcast Moneymaker, a course for podcasters who want to deploy the formula, tools, and tactics to advertisers in six weeks. She is also the host of The podcast promotional playbook, a show interested in educating anyone interested in podcast advertising.