5 Tips to Turn Your Side-Hustle Podcast Into a Profitable Business – Smart Passive Income

Heather Osgood sitting at a desk with a podcast microphone

By Heather Osgood, founding father of True Native Media

Do you could have a podcast? Are you interested in find out how to monetize it? It is time to consider find out how to capitalize on all of the power you’ve been diligently pouring into your present. There are 5 steps to think about when taking your podcast from aspect hustle to full-time moneymaking enterprise. On this article we’ll cowl the next:

  • Establishing a enterprise mindset
  • Designing a easy but efficient marketing strategy
  • Investing in your podcast and your self
  • Specializing in rising your listenership
  • Figuring out your income streams

On the finish of the article, you’ll additionally discover a bonus tip, so be certain to not miss it!

1. Set up a Enterprise Mindset for Your Podcast

Shifting how you concentrate on your podcast is step one to alter its path to monetary success. Take a second and take into consideration a podcast you admire that’s financially profitable. Likelihood is the host of the present has a goal-oriented mindset and the boldness to drive higher outcomes.

An sincere analysis of how your podcast is at present doing is crucial in making a enterprise mindset. For instance, are you hitting the income objectives you’ve set? Are you growing your viewers measurement and retaining listeners? Are you creating the kinds of content material you got down to create? From there, take the time to develop achievable objectives after which work backward to type the steps you’ll want to attain the objectives.

2. Develop a Easy Enterprise Plan for Your Podcast

Make the podcast a precedence. Dedicate a sure period of time every day to focus your power on these steps and objectives. I’ve discovered that making a easy podcast marketing strategy can go a great distance. Embrace issues like:

  • A imaginative and prescient in your podcast. Take a second to revisit your why—the explanation you began your podcast. Is it the identical, or has it shifted? 
  • The objectives you’ve developed.
  • Your audience/buyer demographic.
  • How you’ll monetize your podcast, via adverts, programs, memberships, ebook gross sales, teaching, providers, and many others.
  • The price of producing your podcast (together with time).
  • How you intend to market your podcast to develop listenership.

If all of that is clear, it provides you with the inspiration you’ll want to springboard your podcast right into a worthwhile enterprise.

3. Spend money on Your Podcast and Your self

Prospects and advertisers purchase into constant, high-quality content material. Whereas there are free choices accessible to create your present—like utilizing your telephone or pc mic to file and internet hosting your podcast on websites like Anchor—a lot of them have limitations that have an effect on high quality. Investing in an excellent mic is essential, as is a quiet studio house or surroundings with sound-dampening gear. 

Two of essentially the most missed providers are a internet hosting platform that may develop alongside your podcast and a manufacturing particular person. A talented editor could make a listener subscribe in a flash.

Parallel to investing in your podcast is the necessity to spend money on your self as an entrepreneur. Taking the time to construct your small business abilities is essential in constructing a goal-oriented mindset. If you would like your podcast to provide revenue, you need to strategy it like a enterprise and develop the talents of a enterprise proprietor. Vital abilities embrace understanding find out how to take constant, measurable motion towards enterprise progress, understanding the monetary features of your podcast enterprise, and cultivating your willpower to succeed. 

There are free sources accessible that can assist you stage up, like YouTube or LinkedIn Studying. Many influential entrepreneurs supply free sources, webinars, and different instructional belongings that may get you began. For paid choices, books and programs are available and will not break the financial institution.

4. Deal with Listenership Development

After the preliminary honeymoon interval of a podcast, it is not uncommon for obtain numbers to plateau. Podcasters are sometimes targeted on churning out episodes and overlook to advertise their present. 

Step one to move off this drawback is to place collectively a primary viewers progress plan that solutions the next questions:

  1. Who’s listening to your podcast (so you know the way to focus on them)?
  2. What sort of content material in addition to your podcast would your viewers be eager about? 
  3. Which social media channels are greatest to achieve your viewers?
  4. What’s your posting schedule? 
  5. What metrics will you monitor to find out if it’s working?

You may set your self up for fulfillment right here with my Viewers Development Information. 

One other important piece to progress is a web site in your podcast— a spot the place you’ll be able to construct a neighborhood in your podcast and seize gross sales. 

An viewers progress technique must be systematic and constant to see outcomes. It may possibly really feel overwhelming, so arrange a plan and work it step-by-step till you get the dangle of it after which transfer on.

One other crucial factor to recollect is that podcast listeners take heed to podcasts. So, leveraging different podcasts to develop your listenership will be extraordinarily helpful. Listed here are 3 ways to try this:

  • Promo Swap: Every host reads a promo for the opposite present.
  • Visitor Interview: Be a visitor on one other podcast, share worth with the viewers, after which promote your present as the decision to motion.
  • Podcast Adverts: Buy adverts on different podcasts to advertise listenership in your podcast. 

In session 462 of the SPI Podcast, Pat talks to Heather in regards to the large alternative to develop your podcast utilizing adverts.

5. Decide Your Income Streams

The great thing about podcasting is you could create a number of income streams from one channel. Revisit your audience demographic and your why to assist decide which income streams to concentrate on. 

Podcast income streams embrace:

  • Selling your major enterprise to be able to acquire new purchasers.
  • Promoting your personal services comparable to programs, coaching, teaching, or membership teams. 
  • Promoting podcast adverts.
  • Crowdfunding help with subscription platforms comparable to Patreon.

The subsequent step is to ask your self what your viewers is missing that you could possibly present them.

Your podcast could be a beneficial automobile to create income. You merely have to determine how you will greatest generate that income. 

If you’re eager about getting sponsors in your podcast, take a look at the Podcast Moneymaker Course. 

Bonus Tip: Begin with the Finish in Thoughts

Whereas beginning a podcast is comparatively simple, sustaining and rising your present is extra sophisticated than most podcasters anticipate. You could start with the thought of it being a interest, however you by no means know the place it can lead. So, all the time begin with the top in thoughts. 

Suppose certainly one of your objectives is to get advertisers in your podcast within the subsequent few years. In that case, you’ll want to format your podcast appropriately from day one to obtain adverts. For instance, you would want to create pure breaks in your content material the place adverts will be inserted later. 

Assume past the speedy state of your podcast. Implement a enterprise mindset, and provides your self instruments to develop as an entrepreneur. Take the time to strategize a system for progress, and your aspect hustle will change into a full-fledged podcast enterprise very quickly.

Heather Osgood is the founding father of True Native Media, a boutique podcast illustration company specializing in podcast promoting. She is the creator of Podcast Moneymaker, a course for podcasters who need the method, instruments, and ways to get advertisers in six weeks. She can be the host of The Podcast Promoting Playbook, a present devoted to educating anybody eager about podcast promoting.

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