how to start a podcast business: a step by step guide to get you started in the podcast business the right way.
A podcast is an on-demand internet radio talks. The word Podcast comes from two words pod and cast. “Pod” refers to iPod and “cast” refers to broadcast.
Podcasts are getting very popular this day according to statista the number of people who are aware of the term podcast in the United States grow from 22% in 2006 to 70% in 2019. And, now there are more than 86 million people who are podcast listeners and this number is expected to grow to 132 million by 2022.
This post provides a simple step by step guide to show you how you can start your podcast business.
How to start a podcast business
follow the following step by step guide to start your podcast show.
Step 1: Select your niche to start your podcast
Answer the following question to select your niche the right way.
Why do you want to podcast?
Define the goal you want to achieve with your podcast. Making money may be a good achievement but you are going to need a purpose that drives you to dedicate your time and energy for podcasting. Defining your purpose clearly help you to create a better podcast. For example, if you are a science enthusiast your purpose of podcasting can be teaching science in a passive way.
Who is your audience?
You need to identify your audience range by answering questions. Such as: – What age range you want to target, what are their goals and aspiration. This will help you to plan a relevant and helpful podcast for your audience.
When you define your purpose and audience range you can easily select a niche (a topic) that you are going to stick to.
Step 2: Consider Purchasing Equipment
You need podcasting equipment to start your podcast. The budget you allocate is going to determine the quality of your podcast. You can start your podcast in a cost-efficient way. Using a microphone, computer, and headphone.
But you have to upgrade the quality of your podcast when you start getting an audience.
Your budget is what determines what type’s equipment you can have. You can consider purchasing the following equipment based on your budget
for low budget
- Microphone – Samson Meteor Mic for ($59.99)
- Computer – Acer Chromebook for $268.8
- Headphones – Sony MDRZX310-WQ for $20
- Stand/Boom Arm – Neewer for $13.39
- Shockmount – Neewer for $9.99
- Audio Editing App – Audacity free
- Microphone – MXL 990 Mic for $99.99
- Computer – Premium HP Laptop for $342
- Headphones – AKG K 240 for $69.99
- Stand/Boom Arm – InnoGear Adjustable $16.99
- Shockmount – Blue Radius II for $59.99
- Audio Editing App – Adobe Audition for $119.99/year
for high budget
- Microphone – Rode Podcaster for $223.38
- Computer – Apple MacBook Pro for $564
- Headphones – Sennheiser HD280PRO for $99.95
- Stand/Boom Arm – Etubby for $21.99
- Shockmount – Neumann $129.95
- Audio Editing App – Avid Pro Tools $999/year
You may also need a Website. Your website will serve you as a marketing tool and as a way to generate more revenue through banner ads and affiliate links.
Step 3: Record and Edit Your Podcast
The specific details of recording and editing your podcast is dependent on your chosen tools. However you have to make sure everything is connected and working, and the volume of your microphone is adjusted right.
While you edit you have to listen to your recording and use the noise reduction feature of your software to reduce background noise, delete sections where you made mistake, and use the leveling features of your software to level section where the volume may be louder, and then export your recording to WAV or mp3 format.
Step 4: Submit Your Podcast on iTunes
Apple app iTunes is the most popular podcast player in the world that is why you need to submit your podcast to iTunes. After recording a few episodes you can submit your podcast by following these steps.
Before you submit your podcast to iTunes you need a valid RSS feed URL and apple ID and also make sure you prepare your podcast title, your hostname, podcast subtitle, podcast description, and podcast artwork.
Your podcast title
For most people this is the name of your blog or the name of your brand along with “podcast” and since iTunes is a search engine, you can add few extra keywords that you want to rank for. But don’t add lots of keywords and keep it natural.
This is your name but you can add a few extra keywords you can rank for. Don’t focus only on search algorithms you need to keep it natural.
Your Podcast’s Subtitle
Have a small description of your podcast for subtitle in iTunes and other directories.
Your Podcast’s Summary/Description
This is the main description of your podcast in iTunes with up to 4000 characters allowed. Include your keyword to target as well.
Your Podcast’s Artwork
Your podcast artwork is a square image that is going to represent your show. You can use an image with a maximum size of 3000 x 3000-pixel image (minimum size is 1400 x 1400 pixels) at 72 DPI. Using the maximum size is recommended. Additionally, you will need the same image with 300 x 300 resolution but slightly different file name.
You can also submit your podcast to other podcast directories like Spotify, Google Play Music, Stitcher, TuneIn, Spreaker, Blubrry, Digital Podcast, etc.
Step 5: Market Your Podcast
If you don’t tell people your podcasts exist then no one will know they exist. You have to market and tell people you offer something valuable that can help them solve their problems. You have to reach out to other podcasters as well and invite them to be guest on your show and tell them you will be happy to be guest on their podcast in return.
Promote your podcast episodes on popular social media sites like YouTube, INSTAGRAM, Facebook, etc.
Youtube is not just a social media site it is actually the biggest search engine after Google getting more than 2 billion monthly traffic.
Transcribe and optimize for search engine
Hire a virtual assistant and transcribe your best part of the show and create an article using the transcription and post it on your website. Use keyword research tool like Google keyword planner to plan your keyword and optimize your article with the keyword that your target audiences are using on the search engine.
Your identified keyword have to be used in the URL, title, heading tags(body), alt text of image and meta description.
Promote your episode on popular social media site. Like YouTube, INSTAGRAM, Facebook groups, etc.
Step 6: Monetize Your Podcast
As your podcast attracts lots of traffic you can monetize your podcast using various ways, such as:-
You can use affiliate marketing to monetize your podcast by promoting affiliate links for product and service that offer value to your audience.
When your podcast gets popular, companies will be willing to sponsor your podcast. On average your podcast sponsorship generates between $15-25 per 1000 listens. The pay rate is dependent on the number of listeners and the time (15 sec, 60 sec, etc.) the host advertises the product.
Selling your own info product and services
After you run your podcast for some time you will generate a good amount of content and traffic. You can turn your content into sellable info product like eBook and sell it to your audience. You can also promote your services and other products like a custom t-shirt or any other custom made product.