In the last few years, podcast content has become immensely popular, and many people are considering starting a podcast to make money. If this sounds like you–you’re not alone.
I’ve always been curious about how long a podcast takes to make money, so I did some research and got a timeframe for this.
A podcast can take anywhere from a year to 18 months to start making money. However, the time duration depends on the size of your audience and how well you have monetized your podcast. There’s also creating appealing content, selling yourself effectively, and luck.
In this post, I’ll discuss how you can make good money as a podcaster and give you my insights on successfully starting and running a podcast. Read on!
Can You Make Good Money as a Podcaster?
Research shows that over 2 million podcasts and more than 48 million episodes are produced monthly. The podcast demographics also show that 37% of Americans listen to podcasts at least once a month.
Therefore, podcasting appears to be a promising source of passive income. So, can you make good money as a podcaster?
You can make good money as a podcaster because 1,000 downloads per episode offer a standard CPM rate of $20. If you’ve 10,000 downloads per episode, you’ll earn $200. When you factor in affiliate sales and other advertisements, 10,000 downloads can make you between $500 to $1000 per episode.
Are you wondering where I got these figures? Here’s my simple calculation.
Assuming the normal CPM rate for 1,000 downloads per episode is $20. For 10,000 downloads per episode is $200.
1,000 = $20 10,000 = ?
(10,000 X 20)/1,000 = $200.
Note that these amounts are normally for new podcasters because podcasters with a strong foundation can make considerably more than that from 10,000 downloads per episode based on their:
- CPM rate
- Affiliate sales
- Premium content
I’ll use the table below to explain your status (rank compared to other podcasters) and how much you can earn from your podcast.
|The Number of Downloads (Per Month)||Podcast Status (Rank)||Monthly Earnings (CPM Rate of $20)|
Pro Tip: If you’re looking for a get-rich-quick scheme, I’m sorry to tell you that podcasting isn’t and has never been one. You’ll need to be patient and stay motivated for a very long time to start raking in good money from your podcasts.
But I’m here to simplify things for you. Right? Let’s get started on how to start and run a podcast.
How to Start and Run a Profitable Podcast
You’ve probably decided to start a podcast to promote your services or products. However, you may have no idea how to scale your business effectively. Don’t worry. I’ll walk you through a straightforward process for launching and running a profitable podcast.
1. Identify Your Niche and Pick a Unique Name
If you don’t want to sabotage your money-making podcast goals, I recommend you start by identifying the ideal niche or topic. Choose something you’re passionate about and can commit to for an extended period of time.
You should also pick a unique name that integrates with your niche to have the same interests as your podcast’s target audience.
2. Set Your Goal and Choose the Best Podcast Format
I’m sure you have personal goals when creating a podcast in the first place. For instance, is it for educational purposes? Do you want to sell your services or products? Or is it just for your family and friends?
This is the most overlooked step when most people decide to start a podcast, and you should think about it to avoid getting off track later on. Once you have defined your goals, you can choose the best type of podcast.
The following are the most common podcast formats:
- Interview podcasts
- Solo podcasts
- Multi-host podcasts
Tip: You should also write a compelling podcast description and choose the length of your podcast episodes to serve the purpose of your audience.
3. Choose a Hosting Server and Purchase the Necessary Equipment
Start with a free hosting service like Buzzsprout or Podbean, which provide free trials. If what you’re looking for is profit, then you should always minimize your costs as much as possible.
Once your audience grows, you may consider upgrading to a premium hosting plan to take advantage of more advanced features and scale your podcasts more effectively.
Additionally, it’s ideal to invest in the appropriate recording and editing equipment for your podcasts so that your listeners may enjoy the highest possible video or audio quality, which will lead to more conversions.
Some of the equipment you may need include:
- Laptop or desktop (if you don’t have one).
- Microphone and a boom arm or stand.
- Mixer and USB cord.
- Pop filter or windscreen.
- Recording and editing software.
You may already have many of these at home, which will drastically reduce the startup costs of your podcasts. Otherwise, you must save money and budget for the equipment. You can also use the extra money to prepare for any unforeseen situation.
4. Create Artwork and Select Intro and Outro Music
Ensure you have your podcast artwork ready, as this will be the first picture your target audience sees as they browse through podcasts. In addition, a superb intro and outro music can be the game-changer for the success of your podcasts.
I recommend you create a podcasting schedule, so you don’t keep your listeners waiting too long. You may also inform your audience when new podcasts will be available by announcing your schedule in advance, whether weekly, bi-weekly, or monthly.
5. Launch and Monetize Your Podcast
The final step is uploading your episodes and earning your audience’s trust. You can start by trying to engage them in your live podcasts through Q&As or one-on-one interviews.
You can now proceed to the monetization phase, which opens up the possibility of making money from your podcasts in various ways.
Here are some ways of monetizing your podcasts.
- Premium content.
- Affiliate marketing.
- Sponsorship and ads.
- Direct support (donations).
- Selling online courses, books, or other products.
I understand how overwhelming starting a new podcast can be, especially if you’re looking to generate steady income from podcasting. I hope this guide will help you with everything you need to know to start and run a podcast profitably.
Remember that your podcast can take anywhere from a year to 18 months to start making good money, so try not to rush it. The good news is that you can see speedy results in a few months if you follow my step-by-step instructions for starting and running a podcast!