After starting a podcast as a hobby, you might have realized you could turn the pastime into a profitable business. Yet, if you don’t class yourself as an expert on the subject, you might be unsure how to run a podcast full-time and increase its profitability.
If you have experienced fantastic engagement after publishing a couple of episodes, your podcast more than likely has great potential. Secure many listeners and a bigger revenue by reading this beginner’s guide to turning a podcast into a business.
View a Podcast as a Business
If you are ready to turn the hobby into a successful business, you must adjust your mindset. While you might have started a podcast for fun, you must adopt a business mindset when attempting to generate revenue from your episodes.
You will need to work in a quiet office to focus 100% of your attention on marketing your podcast, answering emails, developing content, and securing advertisement deals. Therefore, you may need to move out of a busy home and find a flexible office space to tick essential tasks off your to-do list.
For example, you can find affordable hot-desking spaces at thebrew.co.uk, which can provide a more professional setting over your home office or a local coffee shop. Plus, you could work alongside companies and self-employed individuals from different industries, which could lead to many creative collaborations or business opportunities.
Remember, you will also need to register your podcast as a business, file taxes annually, and look for ways to save money throughout the year to increase your podcast’s profitability.
Feature In-Show Advertisements
Generate a substantial income with in-show advertising. If you have many subscribers, a brand will pay good money for your airtime. The more listeners you secure, the more money you can make from your podcast.
If you have secured a large pool of listeners, an ad network will happily source sponsors for your podcast. Plus, they will negotiate fees, terms, and the script on your podcast’s behalf, so you can focus 100% of your attention on growing your subscribers and improving content.
However, if you have a small audience, you can approach a brand directly with a sponsorship opportunity. While you must work hard to secure a sponsor, it will cut out the middleman, and you will receive 100% of the advertising fee.
Launch a Podcast Website
A website is a must-have if you want to run a successful podcast. It will serve as a hub for information on your podcast, its platforms, and upcoming news. Plus, you can use the website to increase your audience base, podcast recognition, and email list.
For example, your podcast website can help you gather your visitors’ email addresses, and you can then send email updates on your latest episode directly to their inbox. Plus, you could publish a blog to offer further information on an episode topic, which can increase your podcast’s value and provide greater advertisement potential.