How to Make Money Podcasting and Build a Lifestyle Business

by | Apr 24, 2021

I love podcasting! What a fantastically fun way to get your message out, interview some super cool people, or simply stroke your own ego! (And why not!)
 

make money podcasting
 

However, the question remains. How do you actually make money podcasting?

If you want to break into podcasting to earn a bit of extra money as a side hustle or you already have a podcast you’d like to monetize to build your lifestyle business, then you’re in the right place.

This article will discuss the best routes to make money podcasting and how to use your podcast to fund your lifestyle business.

The 7 Best Ways to Make Money Podcasting

As it turns out, there are several ways to make money podcasting. The most popular methods are:

  1. Sponsorships and advertising
  2. Selling a physical product
  3. Advertise your course or services
  4. Build profitable relationships
  5. Affiliate marketing
  6. Direct crowdfunding
  7. Influencer Status

You don’t have to choose just one of these methods, and you may in time combine a good number of them.

Some will be worth more to you than others based on the niche and audience of your podcast. But it’s worth trying them all out at some point to see what works for you.

In the meantime, let’s look a bit closer at each method;

Sponsorships and Advertising

I’m sure you’ll have heard (sometimes annoyingly so) at the beginning of many podcasts, a 3-5 minute ad read for some product or another.

If you download Joe Rogan’s podcast in the audio format, for example, there is always an ad read from a company that he endorses, co-owns, or highly recommends.

Sponsorship values will vary based on the size and reach of your podcast but can become very lucrative as your audience grows.

How your sponsorship deal pays will also vary as well. You’ll most likely be paid on a CPM deal (Cost Per Mille, where a mille equals 1000). This means per 1000 downloads you’ll be paid a fee.

Usually, a higher fee will be paid if the ad read is a mid-roll ad that interrupts the podcast. One of these deals can go for around $20-50 CPM based on the deal and the size of your podcast.

A small reaching podcast with around 5000 listeners may be on the lower end of that scale, whereas someone with 50,000 plus viewers will be attracting deals on the higher end.

You can also upload your podcast to a monetizable platform such as Youtube, and generate income from Adsense or other third-party ads.

roosterteeth podcast ad example

Popular gaming/animation company Roosterteeth always has an ad read at the beginning of their podcasts. Such sponsorships extend beyond their podcast but when they often have hundreds of thousands of views you can imagine just how much such deals can be worth.

Source: Youtube

2. Selling a Physical Product

For many up-and-coming podcast influencers, physical merchandising seems the next logical step to make money with their podcasts.

T-shirts, mugs, baseball caps, and more have cropped up over the years as a consistent income stream for many podcasters.

But you don’t have to wait for the podcast to become well-known enough to sell a product.

What if you decide to build a podcast around something you already have? Many people have started podcasts alongside an already established store and brand to help spread the word over multiple platforms.

podcast merch example

A selection of podcasts that sell merchandise such as hoodies, mugs and more through a dedicated website. Fans love to support and represent their favourite shows.

Source: Podcast Merch

 

If you already have an established brand or product then a podcast can be a fairly low-cost way of providing extra advertising for your business. Try not to be too “salesy” though.

Using your podcast to try and shove a product down people’s throats can have the opposite effect of what you’re trying to achieve.

Be sure to find the informative, educational or entertaining side of your product business to attract new listeners, many of whom over time will become customers.

3. Advertize Your Course or Services

Alongside a physical product, you can use your podcast as a platform to advertize your expertise and knowledge on a particular subject. This, in turn, can be monetized by selling your services as an SME or instructor on the subject.

For example, if you become well known in the digital marketing niche and already sell a few products or services relating to it, a digital marketing podcast will reinforce your knowledge and skills to your audience.

This gives listeners a free and engaging method of getting to know you before pursuing any kind of business with you.

selling courses to make money podcasting

Daily Mind Medicine is part of the Traffic And Funnels sales training. It’s aimed at boosting your mind and improving your way of thinking to gear you up for success. Short 5-10 minutes monologues have helped boost credibility in their approach to sales and self-improvement.

Source: Traffic and Funnels

4. Build Profitable Relationships

Building relationships with the right people takes strategy, time, credibility, authority and at times can feel unobtainable. However, the right network can directly affect your net worth!

There is a reason people with well-connected networks are so highly valued.

Your podcast gives you a route to building highly profitable relationships, especially if you are on the higher end of the listener scale.

Probably one of the most well known examples of this is Joe Rogan. The Joe Rogan Experience (which averages millions of views on Youtube and even more in downloads) has some of the biggest names in comedy, politics, science, martial arts, TV, sports, and more every week.

Presidential candidates, award-winning movie stars, and champion MMA fighters appear regularly on the JRE, with many now approaching Joe Rogan to star on his show and not the other way around.

While they technically aren’t worth any money directly, having presidential candidates as friends opens many doors I’m sure!

joe rogan youtube channel

Look at this line up from the JRE: Patton Oswald, Tony Hawk, Kevin Hart. Those are some serious names to be working with. And this doesn’t even scratch the surface.

Source: Youtube

 

Of course, we’re not all Joe Rogan, but everyone has to start somewhere!

Just by putting yourself out there, you’ll start to build connections which will lead to more connections which will lead to more, and so it goes.

Actively seek out people who you believe working with could be mutually beneficial. Build your podcast network and offer value TO them instead of just seeking it FROM them. Give, don’t take. It will all come your way eventually.

5. Affiliate Marketing

Affiliate marketing is a popular way for a business to supplement its income by endorsing other people’s products.

The same is true for podcasting. In the same vein as an ad-read, you can use affiliate marketing to endorse products that you believe in.

The difference being, that instead of being paid using the CPM model, you will be given a code or direct URL that your listeners need to use to purchase the product or service. Once they do, you’ll receive a cut of their spending or an agreed fixed fee.

E-Commerce platform Shopify provides a great video describing affiliate marketing in depth and how you can benefit from it.

Source: Youtube

 

Audible’s affiliate scheme is a great example of this and they are very open about how much you can potentially earn by including an advertisement for their services.

The image below shows how much Audible will pay if someone uses your link to sign up for their service.

This means if you have 1000 listeners, and 2% use your link to sign up for a full monthly account you would receive £160 in affiliate fees. Of course, these are ballpark figures and they will vary monthly but it gives you a good idea of what is possible.

audible affiliate program

6. Direct Crowdfunding

Crowdfunding has become a highly popular way of using your listenership to help cover essential costs for your podcast or service.

Many fans are looking for ways to help support their favorite shows and personalities, and websites such as Patreon allow them to do just that. Fans can contribute at varying levels each month, with the money going directly to you.

By offering rewards each month you can give something extra back as a way of saying thank you.

patreon for podcasters

Patreon has a dedicated page for podcaster information, should you decide to work through their platform.

Source: Patreon

 

Sites like Patreon allow you to set up multiple donation levels that enable your fans to donate within their means and receive benefits for doing so. Higher levels may get direct access to behind-the-scenes and extra footage to supplement your free, public production.

Smaller levels, such as $1 a month, may not receive anything extra but are happy to donate a little bit of money each month to help cover the running costs of their favorite podcast.

Patreon themselves have a great article on what podcasters can offer their fans if you’re stuck for ideas.

make money podcasting via crowdfunding

There are very clear benefits from using a platform such as Patreon.

Source: Patreon

 

Be wary though as such a model will require extra transparency as to where your funds are going and may require more work to keep on top of the monthly rewards and content. This is best used early on in your career until the podcast is established enough to pay for itself.

Of course, you can continue to use it later on, but just be open about what you’re offering in return for your audience’s continued support.

7. Influencer Status

Growing a popular podcast may over time propel you to influencer status.

Take Note

I understand becoming the next Kim Kardashian may not fill you with glee, but I assure you, you won’t need to walk about in teeny tiny bikinis or have a butt operation named after you to make enough money to fund your ideal lifestyle.

However, becoming an influencer within your niche or industry will most certainly help if you choose to publish a book, become a public speaker, launch a new product or service or however you want to monetize your brand.

A great example is John Lee Dumas who started the podcast Entrepreneurs on Fire in 2012. He consistently hosted a daily podcast for 6 years or so, launching ebooks, courses, a blog etc, along the way.

In 2016 he launched and sold his Freedom Journal and in 2021 published his first book ‘The Common Path to Uncommon Success: A Roadmap to Financial Freedom and Fulfillment’ which quickly became a No1 New Release on Amazon.

john lee dumas uncommon success

I’m pretty sure if you visit his Instagram you won’t find a bikini or butt pick anywhere! 🙂

Developing Your Podcast & Audience

Much like building any business, your podcast has a brand and voice that is unique to you. Your podcast will either be an extension of your lifestyle business or the core of your operation. Either way, it must be built with the same level of detail you’d dedicate to a new business.

You’ll need to spend time developing your niche, ideal audience, branding, tone, and more. Let’s look at each of these areas in a little more detail.

Where to start?

At the beginning!

Here’s a brief list of a few things you should consider when starting your podcast:

  • Niche: are you discussing marketing, sales, video games, TV, movies? What niche are you targeting with your podcast?
  • Target audience: Knowing your target audience will make it easier to choose your distribution services and develop your voice.
  • Branding: Is your podcast an extension of the brand you have already built with your lifestyle business, or is it something else entirely? Is it your only business?
  • Format: Are you going to host guests or go solo? Are you going to read a script, bullet points, or just wing it?
  • Recording & Hosting: How will you record? What equipment will you need? Where will you host your podcast? (I’m going to share with you the fastest and easiest route to launching your podcast – you could be up and running today if you like!)
  • Promotion: How are you going to promote your podcast? Paid ads, social media? Will you use video clips or still images?
  • Monetizing: Which method will you choose? How will you start to monetize?

You’ll find lots of other bits and pieces to consider along the way to make money podcasting, but for now, these seven key points are what you should be focused on.

What Niche Are You In?

You’ve likely heard on your journey to build a business that the ‘riches are in the niches!’

This is also true with a podcast.

Particularly when first getting started. Most generalist podcasts have become so over time after attracting a very specific audience type. Only when podcasts reach millions of listeners can you say that their audience is truly diverse and less targeted.

example of podcast niches

An example of podcasts from Spotify in the marketing niche. Great for learning the here and now of marketing techniques.

Source: Spotify

 

What niche will your podcast fall under?

  • Online Marketing
  • Small Business
  • Startups
  • Angel Investing
  • Personal Finance
  • Personal Development
  • Relationships
  • Cryptocurrency
  • Health
  • Fitness
  • Keto

The options are endless, but a good place to start is by looking through all the categories in Apple Podcasts or Spotify. This will give you an idea of the types of podcasts currently available within your preferred niche.

Your goal is to come up with a unique angle or your own perception/experience on a particular subject.

Who Is Your Audience?

I talk about knowing your audience a lot in all my business training articles.

Knowing who you want to target with your content is crucial to building your business. If you’re unsure who your ideal listener is, how can you speak their language and engage them in the conversation?

It’s important not to start too broad as you simply can’t please all of the people, all of the time, so I recommend starting small and growing into a bigger audience as your podcast listenership increases.

A great example of this is one of my favorite podcasters James Altucher. When he started his podcast in 2014, almost all of his interviews were with authors who wrote business, financial or personal development books.

He continued with a similar model for over 5 years, gradually increasing the number of podcasts and exploring more genres. I was always amazed at how many books he must have read in a week.

james altucher podcast

Interviews with authors back in 2016/2017

 

Then in 2020 as the world went into chaos, having built a large audience, James started to branch out. He interviewed scientists to stay abreast of the Covid situation, comedians, politicians and began to expand the topics and subjects he dove into.

So much so in fact that I, as a fan, now only listen to a handful of his podcasts as he covers lots more topics that don’t interest me anymore. But I’m still a fan and therefore still a subscriber of his content.

james altucher podcast 2021

A far more diverse range of content

 

Had he started all those years ago talking generally about topical conversations as he does now (interspersed still with interviews with great authors), would he have had the success he’s enjoyed? It’s anyone’s guess. But the chances of building die-hard fans when covering a multitude of topics is infinitely harder than growing a targeted audience all interested in the same thing.

Get clear on your niche, create a customer avatar of who your ideal listener is and then create content based on questions you know your ideal audience is looking for the answers to.

I once heard Dana Malstaff from Boss Moms say in one of her excellent podcasts, keep your topics fairly narrow, but try to reach more of your ideal audience.

Branding

If you’ve already established a business and your podcast is now an extension of that, then you’ve likely defined your brand and can move on to the next step.

If on the other hand, you plan on hosting a podcast as your sole method of funding your lifestyle business or as a brand new concern, then it’s time to start thinking about your brand!

What’s Your Brand Ideal?

Branding is so much more than your color scheme or logos. Your true brand is what you stand for. It’s what you believe in, your higher purpose for being, and what your target audience will identify with.

Take Nike as an example. Their mission is to ‘To bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete.’

Their social media accounts are filled with inspirational messages, quotes, and videos (and by the way they also sell t-shirts, trainers, caps, bags, etc)

Redbull is the same. Their mission is to ‘give wings to people and ideas’. Their social media accounts are full of awe-inspiring extreme sports videos. They literally show people ‘flying’ through the air! Talk about giving wings.

redbull content representing brand ideal

Redbull – Instagram

 

Take a moment to consider your mission. What values do you stand by and want to become known for?

Your Podcast Name

I called my podcast my business name. Not hugely innovative, but my business name came from my mission to ‘inspire & educate solopreneurs to build lifestyle businesses they can run from anywhere in the world’ so it made sense to me to call my podcast the same.

your lifestyle business podcast

 

In an ideal world, your name should be easy for people to remember and briefly describe what you are about. If all else fails, you can just name it after yourself.

Whatever you choose, keep it simple and easy to remember. People shouldn’t have to reel off your podcast name like a speech. Short and snappy will make it more memorable.

podcast name examples

The Digital Marketing Podcast, Marketing Week, The Marketing Secrets Podcast. Easy names to remember, and they all do what they say on the tin. Your name doesn’t have to be special. Just memorable.

Source: Spotify

Your Podcast Thumbnail

I’m not going to go into logos or color schemes here as that’s a whole subject matter on it’s own. But I will just say don’t spend weeks trying to create the perfect thumbnail.

Something is better than nothing, so to get started, head to Canva.com, type ‘podcast cover’ into the search bar, pick a template you like and amend with your podcast name, logo or brand name.

canva podcast covers

The most important element of a podcast is the content, not the cover, so just get something up for now, you can perfect it later!

Your Podcast Format

The format of your podcast refers simply to whether you’ll be delivering interview-style podcasts, storified, scripted information style, ad-lib, or just two friends having a chat!

While knowing which format you’d prefer to deliver your podcasts is advisable, it’s not imperative as it will likely change from podcast to podcast or as you grow and try new things.

The easiest way to start your podcast is simply to record yourself. You can fire up your phone or computer whenever you feel the desire and record your thoughts, message, training, rants, whatever you like!

You can even record 2, 5, 10, 20 episodes in advance so you can schedule them and not be under pressure to record and publish a new episode each week.

The most interesting podcasts, however, do tend to be the interview style, as you have different voices, opinions, and topics for each episode, which keeps your listeners engaged and is much more fun for you, the host!

Your biggest challenge with the interview style is in finding and scheduling guests.

Finding guests

In my experience finding guests is pretty easy. Finding quality guests is more of a challenge. As your podcast grows, it will get easier, but you will have to put some effort into it in the early days.

There are a few ways you can invite guests on to your show. The first and most direct way is simply to send out a request to someone you believe is perfect for your next topic. Easy.

will you be on my podcast
 

The challenge as a new podcaster, however, is that many of the guests you’d love to interview may not respond to someone they’ve never heard of and who hasn’t got a long track record and millions of downloads.

Every now and again you might get lucky, especially if you send a highly personalized email detailing what it is you LOVE about the person you’re targeting.

Expect to receive a few rejections along the way or even just a general lack of responses to your emails. Don’t take it personally and make a note to hit the same person up a year from now when you’re a podcasting GOD!

In the meantime…

podcast guests

You can sign up at PodcastGuests for free.

Source: podcastsguests.com

 

You can use podcastguests.com. Here you can register as either a guest or a podcaster and get access to a database of hundreds of people in varying niches that you can approach to appear on your show.

Other routes to getting awesome guests are to tap up your connections, ask around in niche-specific FB groups, and of course ask each amazing guest to recommend someone they know!

Having high-profile guests within your niche is a phenomenal way to boost your credibility and social clout (plus you’ll likely learn a ton!) and as you grow you’ll find you’ll start to get many more Yes’s!

podcasts are a great way to develop relationships

Script or ad-lib?

If you don’t plan on having guests, you should seriously consider a script or “structured ad-lib.” By this, I mean you should know what you’re going to say before you say it. One person waffling on for 2 hours about nothing exciting will get boring fast.

To be fair even one person waffling on for 2 hours about something interesting can still get pretty boring, pretty fast.

Use bullet points, a simple list, or a full-blown script to structure your dialogue before you hit the record button.

If you work from bullet points, I highly recommend top-level bullets and sub-level bullets to keep you on target. This keeps your listeners from zoning out and stops you from going off on an unrelated tangent.

make money podcasting

The 5 W’s. A great place to start if you are struggling to talk about a topic.

Source: Pixabay

 

If you must ad-lib (which I frequently do), just make sure that it’s somewhat structured and not an incoherent ramble. Try to have some kind of loose list of crucial points you would like to cover rather than just rattling on and on.

The ad-lib method of podcasting works well with guests. You can bounce ideas and conversational pieces back and forth with ease while still landing on some essential points here and there.

Having a loose but coherent structure of some kind is great no matter what your podcast is about. Keep a notepad in front of you to read and take notes as you go. You never know what you might learn.

Recording & Hosting

When I started way back when, the process was far more convoluted than it is now (or rather than it needs to be, you can still make it convoluted if you wish).

You had to record your audio, edit your audio and upload your audio to a podcast specific hosting platform like Libsyn who then created what was called an RSS feed which you had to feed into iTunes and any other podcasting platform for your podcast to show up.

Also for each episode, you had to do something called ‘tagging’, which meant downloading a special piece of software that you connected with your mp3 recording on your computer.

You’d then complete all the details for each episode, add the podcast image, press lots of buttons, repeat copying and pasting your show description in numerous places, and then eventually upload into your hosting company, repeating some more pasting of descriptions and images and finally schedule for publication.

You’d then get a plugin for WordPress which acted as a podcast player, grab the RSS code from the hosting platform, enter that into the settings in the plugin, grab the shortcode, add that to your blog post, do some more copying and pasting of descriptions and images and finally you’d have a blog post with a podcast!

Pheweee – what a palaver!

comic image

Can you believe that many podcasters still follow this routine? The more successful guys and gals just hand it over to a podcast producer and say ‘you can do all that it’s far too much like hard work‘, and it is!

I’m happy to say there is a far easier way that doesn’t involve hiring an expensive podcast producer (or not yet anyway).

1. Sign up for Anchor.fm (totally free).

sign up page for anchor

2. Create a 1400 x 1400px image for your podcast

build a business anywhere in the world

3. Add your podcast name, your description, the category you want to show up under, and what you want your show URL to be.

4. Add in your website address, name, email, social connections, etc.

how to sign up to anchor.fm

5. Click advanced and be sure to click ‘Clean’ (unless it’s not!) and click Save.

how to sign up to anchor.fm

That my friend is the first and last time you will need to add your podcast image, description, and details. Boom!

Ok so there are now two ways to record and upload a podcast episode;

1. On your computer to the desktop platform.

Using audio recording software like Garageband or Audacity, you record your podcast into your computer and edit within the app.

Here’s a great video on how to do this using Garageband from the expert podcaster himself Pat Flynn


 

Once your podcast is edited and exported to your computer, you simply head over to the anchor platform, log in, and click ‘New Episode’.

sign up to anchor

Then drag your audio into the box on the right.

anchor.fm sign up

Once the audio is uploaded, simply ‘Save Episode’.

If you want to, you can add an intro & outro to your audio. Either when recording the podcast episode or you can record them separately and upload them so they’re in your library to use at any time.

This is particularly handy when using the mobile app.

I recorded my intro and outro by creating the script, finding a short piece of music, (I use Audio Jungle and then recording my voice speaking as the music is playing.

The beauty with the Anchor app is they already have a bunch of short music pieces in the app, so you can do the same using their app and their music. You gotta love these tech gods making our lives so easy!

So, if you have recorded your intro & outro separately simply upload as you would your main audio, and then every time you upload a new episode, click on Library, navigate to where your intro & outro are saved and click the ‘+’ button to add them to your episode.

should i sign up to anchor

Then if you want to, you can head to ‘transitions’ and add a small sound or piece of music which links all your segments together. You drag and drop to make sure everything is in the right order and then click ‘save episode’.

how to sign up to podcast player anchor

On saving the episode you’ll be taken to the page to add the title of the episode, the description, the publishing date (you can save as a draft or schedule to be published), and the episode number, etc.

anchor podcast player signup

And that my friends is that.

No tagging, copying & pasting, or bundles of RSS feeds.

After you have published your first episode, Anchor will start to distribute your podcast for you and within a few days, you’ll be on Apple, Spotify, and all over the place! – Distributing Your Podcast on Anchor

Take Note
But there is an even easier way!

How to Create a Podcast on Your Phone

No recording equipment or fancy stuff required.

This is the fastest and easiest and most efficient way to get started podcasting right now!

Firstly download the anchor.fm app to your phone.

Then have a look at Matt here from Greatness Every Day as he explains exactly how to record a podcast directly to the app on your phone.


 

I would just like to add to this, that when I record into the phone, I do actually plug in a sennheiser lapel mic as it makes it easier to sit comfortably and record without having to hold the phone and the sound quality is better.

Also as I said above I have already uploaded my intro & outro, so on the mobile app, I can just add them from the library into the episode.

But if you haven’t yet recorded them, you can do straight into the phone, add some background music and save them to your library for next time! It’s so easy, the sound quality is pretty good, and right now, it gets you off the starting line.

I’ll talk a bit more about equipment shortly, but first…

Promotion

Learning how to promote your show effectively is essential when exploring how to make money podcasting. If you can’t market effectively, then you’ll struggle to make money in the long run.

Where to Promote Your Podcast

Before you rush off to spend your hard-earned cash on ads, there are plenty of free promotion options available to you including;

  • Social media sharing
  • Word of mouth
  • Submit it to aggregators and hosts
  • Email links to relevant parties
  • Appear as a guest on other podcasts

Social media sharing

Images, videos & audio are infinitely more engaging and shareable than text-based posts.

That’s why apps like Wavve and Headliner.app are so popular.

Simply use an engaging image behind a short, 30 sec – 1-minute sound-bite of your podcast, and boom, you have yourself a cool little video to post!

Do this for all of your episodes to start with and your more highly downloaded episodes as you grow.

These sound bites can be uploaded directly to your social media accounts and shared online for all to see. In the attached caption, include links to where people can find you and relevant links to guests.

Encourage people to share your content online and make a point of interacting with people where possible. The more people like you as a podcast host and as a person, the more likely they are to share your posts.

Hot Tip

When sharing to sites such as Instagram or Twitter, remember to use relevant Hashtags.

Word of mouth

Just like social media, word of mouth is free. Tell everyone and anyone that you are now running a podcast and ask them to give you a try.

Encourage your friends and family to pass the word around that you’ve started your podcast. Let your email subscribers know, Facebook groups, and any communities you belong to! The more people you can get listening early on, the better.

Submit to aggregators and hosts

If you are manually hosting your podcasts and don’t yet have a delivery mechanism set up to share with all primary podcast hosts, make it a point to share each episode with as many streaming services as possible.

This includes iTunes, Google, Spotify, Youtube, and so many more. The more your podcast is in the wild, the better chance you have of someone listening to it.

Almost every popular podcast is on all of the major streaming platforms. There’s a good reason for this. It works.

If you use Anchor.fm as demonstrated above it automatically distributes your podcast to all the major platforms without you lifting a finger.

anchor distribution example

However, for your information, here is a comprehensive list of all the podcast hosts online today!

iTunes and Spotify alone account for billions of streams of hundreds if not thousands of podcasts. Why wouldn’t you want a piece of that action?

Email links to relevant parties

Do you know someone in the podcast game that may be able to share your podcast? Or do you already have an email list of people who subscribe to your business?

Then utilize that list!

Send your podcast, with a nice hand-crafted email, of course, to your entire email list, as well as a few choice big names. Let them know what your podcast is about, and ask them for their opinions.

If you can reach the inbox of a few people with considerably more reach than you, then you may be able to leverage this as a potentially beneficial future relationship.

If you’ve adopted the interview-style podcast then remember to ask all your guests to please email the link out to the interview to their subscribers.

Appear as a guest on other podcasts

If you have the opportunity to appear as a guest on another podcast, grab it with both hands.

I can’t tell you how many times I have added a new podcast to my watch list because I heard someone on another one.

This works even better if you are featured on the podcast of someone with significantly more social clout than you. Notice how we are using our relationships here again?

The reverse is true here as well. The chances are guests on your podcast will share the podcast and spread your name across their social media pages.

Building and leveraging a network so you can perform this kind of cross-promotion is a vital part of growing your audience and reaching new people.

Start a video podcast

You’ve likely heard or read how powerful video is.

Just google video stats 2021 and you’ll be hit by a million infographics extolling the virtue of video. We’re undoubtedly and unashamedly, deeply immersed in the video revolution!

So why miss out on this powerful medium. If you’re recording podcasts anyway, why not connect your phone to a tripod. Press the record button and create a video at the same time as you record the audio.

All of a sudden you’re building a community on YouTube, TikTok, Insta, FB, wherever it is you choose to host your videos and a percentage of that community will likely subscribe to your podcast channel also.

Win win!

authority hacker video podcast

One of my favorite video podcasts, Mark Webster & Gael Breton of Authority Hacker

Monetizing Your Podcast

At the top of this article we walked through the 7 best ways to make money podcasting;

  1. Sponsorships and advertising
  2. Selling a physical product
  3. Advertise your course or services
  4. Build profitable relationships
  5. Affiliate marketing
  6. Direct crowdfunding
  7. Influencer Status

Now you know the 7 best ways to make money podcasting which one will you focus on?

You may want to incorporate multiple streams of income and I wholly encourage it, but to get started it’s always better to focus on one as this will influence the strategy you choose.

For example, if you decide to go down the ad or sponsorship route, listenership and downloads are crucial. Your entire goal will be to get the very best guests who attract large audiences and who can help you to grow fast!

If you’re going to be selling your own products whether physical or digital, you won’t need to grow as fast and may well be using your podcast as the educational arm of your business.

If you use crowdfunding, you’ll likely start earning from Day 1.

So go back through the methods in Part One of this article and choose which monetization strategy you want to start with and focus on this until you achieve it!

I can’t emphasize enough the importance of focusing on one goal until you’ve mastered it and then diversifying to expand. Too many people try to diversify too early and end up pedaling fast going nowhere.

As an old mentor of mine used to say;

choose two rabbits quote

What equipment do I need to start a podcast?

If you choose to go down the Anchor.fm route, you need a phone and nothing more.

Literally. We’ve gone from the days of full-on recording studios to being able to pick up a phone and record an episode. These days you can make it as complicated and unwieldy or as simple as you prefer!

However, as audio is, without doubt, the most important element of a podcast it will reap dividends if you’re prepared to take that extra step and get yourself a decent microphone.

Headset or Desktop Microphone

As I said above, I use a Sennheiser Lapel Mic which plugs straight into my iphone and I’ve used that for both audio & video.

sennheiser mic for phone recording

If you want to take it up a notch, however, then a decent USB headset connected to your computer will do the trick.

I’ve used a logitech usb H390 for years and years and the sound is fantastic!

logitech headset for podcasting

(I can hear all the expert podcasters calling me a heathen right now)

If you truly want to go to town and aren’t planning a life on the road, a desktop microphone is your next level up.

I have a Blue Yeti, which I’ve used for FB lives and some videos. But to get decent sound you will need to ensure you’re not in an echoey room.

blue yeti mic for podcasting

Popular podcaster (20+ million downloads) Jenna Kutcher host of GoalDigger, records her podcasts in a closet!

Recording & Editing Software

Free recording software is built into our computers/phones these days and again if you use Anchor.fm you can record straight into the application.

However other free options for recording and editing are Garageband and Audacity.

audacity recording software for podcasting

Audacity is entirely free and is a powerful tool for any podcaster.

Source: Audacity

 

If you’re planning on hosting multiple guests, whether with audio, video or both you can also use Zoom or an FB Live platform like Streamyard.

zoom recording software for podcasting

Zoom has become famous the world over in recent times. It’s free, and you can use it to record your video calls. Excellent if you are uploading to Youtube.

Source: Zoom

 

Just fire the platforms up, hit record, and let the tech do the rest. You can then take the audio file and edit it in Garageband or Audacity if you’re used to using one of those platforms.

I myself use ScreenFlow for mac as I’ve used it for video for years and it’s just as easy to use for audio also.

The most important thing is to keep it simple! Don’t get bogged down by the tech. Choose the options which suit your lifestyle the best and start recording!

Final takeaways

As a method of building a lifestyle business or becoming a digital nomad, a podcast is an excellent way to go about it.

However, it isn’t without its trials or tribulations. A podcast takes time, effort, and even some level of financial outlay to get started.

It also isn’t a get-rich-quick scheme. It could take months or years for your podcast to reach a point of autonomous financial freedom, but it will be worth it when it finally does and what a fun journey!

Whether you currently have a business and plan to use a podcast to supplement your content and add an extra stream of revenue to your life, or are starting a podcast to become your main income source, then go for it.

Even if your podcast only brings in $100 a month, that’s still $1200 extra a year to go towards funding your ideal lifestyle!

Don’t be put off by the perceived complexities of starting a successful podcast and just run with it. Once it starts to earn you extra money each year, you’ll be glad you started sooner rather than later.

Good luck!I hope it’s a rip roaring success and I look forward to seeing you at the top of the podcast charts!
 

Please share with anyone you think this might benefit. Thank you 🙂