This is the first question that everyone asks when they want to start a show. “Can I make money podcasting?” The answer is always yes. But there are several things that must happen first. To generate real revenue from your show you must be consistent, have a solid audience and research the brands you want to work with.
Steps to Make Money Podcasting
The first step is to have that solid foundation. We started this program with branding so you should be good there. Those two questions about who your audience is and what value your show provides for them will always be important.
The next step is to be consistent. It sounds easy but its more difficult than you’d think. Consistency with a podcast means that you’re posting at the same time every week and promoting on the same platforms. Give your audience something to expect every single week.
Researching is important if you want to make money podcasting. You have to know about the brands you want to sponsor you. You should also know the rates at which your podcast is worth so you always get paid what you’re worth.
The Forms of Monetizing
There are different ways rates can be negotiated in your podcast. One is a fixed rate. This means a company pays you a specific amount per episode. These payments can range from $10 per episode to $3,000 per episode. It all depends on your number of downloads per episode.
Pro Tip: Never commit to long contracts. The value of your show could drastically increase in literally days so you don’t want a contract that lasts more than a six months at the most.
Next is the per 1k downloads style. This is when the company sets a rate that they’ll pay for every 1,000 downloads your episode has. So for example, if your rate is $15 per every 1,000 downloads and you have 5,000 downloads, that one episode is now worth $75. This a great style for short contracts.
Another style is the affiliate style promotion. This is when a company gives you a promo code and you’re paid a percentage when customers actually make purchases. When you show is young you might have to start out this way to begin generating early revenue.
As always, get your workbook and keep track of your progress. You’ll find this handy when you start recording episodes consistently. Podcast Program