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 learn how to monetize it? It is time to consider learn how to capitalize on all of the vitality you’ve been diligently pouring into your present. There are 5 steps to contemplate 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 make certain to not miss it!

1. Set up a Enterprise Mindset for Your Podcast

Shifting how you consider your podcast is step one to vary 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 essential 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 varieties 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 must 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 vitality on these steps and objectives. I’ve discovered that making a easy podcast marketing strategy can go a good 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, by way of advertisements, programs, memberships, e book gross sales, teaching, companies, and so on.
  • 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 muse you must springboard your podcast right into a worthwhile enterprise.

3. Put money into Your Podcast and Your self

Clients and advertisers purchase into constant, high-quality content material. Whereas there are free choices out there to create your present—like utilizing your cellphone or pc mic to report and internet hosting your podcast on websites like Anchor—lots of them have limitations that have an effect on high quality. Investing in a superb mic is essential, as is a quiet studio area or atmosphere with sound-dampening gear. 

Two of probably the most neglected companies are a internet hosting platform that may develop alongside your podcast and a manufacturing individual. 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 online business abilities is essential in constructing a goal-oriented mindset. If you would like your podcast to provide earnings, it’s essential to method it like a enterprise and develop the talents of a enterprise proprietor. Necessary abilities embrace figuring out learn how to take constant, measurable motion towards enterprise progress, understanding the monetary elements of your podcast enterprise, and cultivating your dedication to succeed. 

There are free assets out there that can assist you stage up, like YouTube or LinkedIn Studying. Many influential entrepreneurs provide free assets, 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. Concentrate on Listenership Progress

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

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

  1. Who’s listening to your podcast (so you understand how to focus on them)?
  2. What sort of content material moreover your podcast would your viewers be interested by? 
  3. Which social media channels are finest to succeed in your viewers?
  4. What’s your posting schedule? 
  5. What metrics will you observe to find out if it’s working?

You’ll be able to set your self up for fulfillment right here with my Viewers Progress 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 group in your podcast and seize gross sales. 

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

One other essential factor to recollect is that podcast listeners take heed to podcasts. So, leveraging different podcasts to develop your listenership may 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 advertisements on different podcasts to advertise listenership in your podcast. 

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

5. Decide Your Income Streams

The great thing about podcasting is that 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 main enterprise to be able to acquire new purchasers.
  • Promoting your personal services and products resembling programs, coaching, teaching, or membership teams. 
  • Promoting podcast advertisements.
  • Crowdfunding help with subscription platforms resembling Patreon.

The following step is to ask your self what your viewers is missing that you can present them.

Your podcast could be a useful car to create income. You merely must resolve how you’ll finest generate that income. 

If you’re interested by getting sponsors in your podcast, try 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 difficult than most podcasters anticipate. You might start with the thought of it being a pastime, however you by no means know the place it’ll lead. So, all the time begin with the tip in thoughts. 

Suppose considered one of your objectives is to get advertisers in your podcast within the subsequent few years. In that case, you must format your podcast appropriately from day one to obtain advertisements. For instance, you would wish to create pure breaks in your content material the place advertisements may be inserted later. 

Assume past the instant 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 turn 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 system, instruments, and techniques to get advertisers in six weeks. She can also be the host of The Podcast Promoting Playbook, a present devoted to educating anybody interested by podcast promoting.

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