How To Make Money With A Podcast (2020)

how to make money with a podcast

Podcasting has become the new craze in today’s modern digital world.

This post will look exactly how you can capitalise on this.

This post will not only show you how to make money with a podcast but how exactly to get set up.

Before we get started, here’s a quick overview of what this post contains:

  • Podcast facts/statistics
  • How to get set (broken down step by step)
  • How To Make Money With a Podcast
  • Conclusion

Now you have an outline of the content, let’s dive straight in.

Podcast Statistics

In the United States, the number of people who know what a podcast is is higher than the number of people who know the name of the country’s Vice President.

Hardly surprising if you ask me but hey ho.

According to Podcast Insights, there are currently 700,000 shows and 29 million episodes available to listen to and download.

It’s also said that podcast listeners are very committed, with 80% of listeners tuning in every episode.



The ease of listening from smartphones has had a massive impact on the integration of podcasts into everyday life.

This is perhaps the biggest factor in its growth over the past few years.

Now we’ve established some pretty pointless facts let’s look at how you can get set up.

Getting Set Up

Before you can make money with a podcast, you need to know how to get set up.

Without a thought out structure and plan of action, you may find that you are much slower to take off.

Therefore it’s important to go through the motions to ensure this doesn’t happen to you.

So let’s look at getting set up step by step.

Step 1- What’s Your Niche?

Of course, if you want to start up a podcast its best to have a clear topic or niche in mind for your content.

That way you’ll be easily identifiable to the people you want to attract.

So be sure to make it at obvious as possible with your podcast name, image and description.

I love podcasts on everything surrounding entrepreneurship which has proved an easy topic to find with podcasts.

Why?

With names like the Side Hustle Project and the Disruptive Entrepreneur, they don’t leave much room for speculation.

(Check out my post on the Best Podcasts For Entrepreneurs if you want to learn more)

The easiest way to find a topic if you haven’t thought of one already is simple, what are you passionate about?

This will at least give you a rough idea that you can begin to flesh out.



Try not to get too caught up on deciding a name as it can always be changed later down the line.

Conversely, try to hold back on you podcast’s branding/artwork until you have created a few episodes.

That way you won’t be kicking yourself for spending money on design only to change your mind a few episodes down the line.

Step 2- Podcasting Style

This is perhaps an overlooked question but an important one because it goes hand in hand with your podcasts niche.

If you’re unclear what I mean by the style of a podcast here a few things to consider to give you a better understanding:

  • Are you going to have multiple hosts or just you on your own?
  • Will you interview people on each episode or just answer questions yourself?
  • Are you going for a more formal, professional style or is it going to be more laidback and approachable?

For example, a podcast revolving around politics should be formal with multiple hosts or bring on guests to get a wider range of opinions.

Historically podcasts that have multiple hosts or at least have frequent guests have been the most popular as they add another dynamic to the podcast.

This is because it opens the door to banta, disagreement, synergy and so on.

These of course are key elements to a successful podcast.

Here are a few tips based on differing styles/circumstances:

  1. Co-host– If you have a friend with a common interest, try to get them on board if you think they would fit in nicely.
  2. Interviewer– If you’re lucky enough to have some good connections, leverage that by doing interviews with them.
  3. Going solo– If you want to do it alone, place more emphasis on interesting content and focus on being engaging.
  4. Scripted content– If your content is going to be pre-planned/scripted for reviewing products etc, try not to make it too obvious.

This shouldn’t take you too long to have a clear idea in your head about what style your podcast will suit.

(You can always contact me via email at Dan@the-money-equation.com if you need any help)

Step 3- Software And Recording Equipment

Now I must confess I am no tech whiz, nor do I pretend to be.

So I don’t think it would be fair for me to personally recommend any products to you as they are most certainly better versions out there.

So with the help of HARO, I’ve received many opinions from people who know more about the finer details than me.

Using the answers I then created a spreadsheet of the most common responses for each piece of equipment.

(Note: I’m going to assume you already have a computer)

Here were my findings :

  • MicrophoneThe Blue Yeti USB mic (£110) was a crowd favourite when considering price and quality of sound.
  • Pop Filter– There were a few recommendations for the higher-priced options. However, the general tone was that most do the job and I assume you don’t want to pay £100+ so I decided on the AKORD (£5.99).
  • Audio interface- The general response was that it falls on how many hosts or guests will be apart of your podcast. Therefore I would suggest you do some research as it depends on your situation.
  • Stand (optional)- Stands can vary considerably price wise so I choose the middle road of the options and went with the InnoGear microphone arm stand (£40).
  • Headphones (recommended)- The overwhelming majority said a pair of Audio-Technica ATH-M20xs (£38) will get the job done.

Step 4- Podcast Software

If you want to make money with a podcast, you’re going to need a good solid auditing software.

There are a few options you can go with differentiated by price, quality and device compatibility.

Since everyone’s situation varies, I’m going to list a few providers so you can establish which is the best fit for you.

logic Pro X

Price: £199  Device: Mac(s)

Designed by Apple, you can have the Logic Pro X  software on your Mac for £199.

This software is aimed more at music production, however, it has all the features for podcasting.

Not to mention, Apple is frequently updating this software free of charge for existing Logic Pro X customers.

This means if history is anything to go by, that this is a one-time payment as opposed to the common monthly subscription model for other providers.

For your money, you will receive an array of instruments and effects coupled with an intuitive interface.

Not to mention the seemingly endless audio editing and mixing workflow capabilities.

Any product or software created by Apple is going to be of high quality, the Logic Pro X is no exception.

Garage Brand

Price(s): Free  Device: iOS & Mac

This is another service developed by Apple, however, the base software is free with purchasable add ons.

The interface is simple and it’s easy to capture, adjust and mix your audio on any of your apple products.

This is great for those who move around as you have the freedom to use GarageBand on multiple devices simultaneously.

I recommend downloading GarageBand and examining its features to see if it’s a good fit for you.

There is no harm in looking since it’s free!

Adobe Audition

Price: £19.97/mo or £30.34/mo  Device(s): Windows and updated macs

Up next is Adobe Audition which is yours for a monthly subscription fee of 19.97 (annual plan) and is compatible with most devices.

Audition is a comprehensive toolkit that allows you to create, mix, edit and restore content.

This work station is designed to accelerate video production workflows and audio finishing professionally.

This software has everything you’ll need for podcast creation.

Audacity

Price: Free   Device(s): Windows, Mac and Linux

Audacity could be a great place for you to start if you are brand new to podcasting and want to learn some basic features.

The software has a host of different features although over time they have become outdated.

If you don’t want to spend any money you can get your podcast up and running with Audacity just don’t use it forever.

So overall I would recommend you use this software to learn and help you progress from a beginner to an intermediate.

Step 5: Get Creating

Now you have all the foundational elements together, it time to start producing content.

Make a list of topics within your niche that you want to talk about for each episode.

Make sure to include a plan around each topic i.e. will you have any guests, the overall structure and any important questions you want to answer or to be answered.

Remember that you’re not going to be perfect right off the bat, like everything it’s going to take time.

So any awkward silences, stuttering or mistakes should be accepted for what they are and should not be dwelled upon!

With that out the way it’s also around the time you can start to think about creating staples of your podcast such as the theme song, intro and artwork.

These aspects of your podcast serve as a great exercise for your creativity and a chance to reveal some of your personality to your audience.

If you’re currently feeling uninspired get a few episodes under your belt and then perhaps you’ll have a clearer image as to how you want these things to be.

How To Make Money With A Podcast

Now that’s all out of the way we can move onto the real reason why you are here!

You want to know exactly how to make money with a podcast, a question with which I have a few answers too.

But just before we take a look I want to first start by saying if you want to make money with a podcast, your content needs to come first.

I say this because it’s not hard to tell whether someone produces episodes out of passion or purely for money.

So when you look through each way to make money with a podcast from the options below, think carefully about how many to utilise.

Not only that but how and when to incorporate them.

So with that clarified, let’s have a look at how to make money with a podcast.

Sponsorships

Some businesses have your audience as their target market.

They are going to be more than willing to pay good money to get their product/brand before your audience.

You can charge this person/company for recommending their product, reviewing their product in your podcast, mentioning it or even inviting them to talk with your audience.

Affiliate Marketing

Affiliate marketing allows you to make money when a member of your audience buys a product from your affiliate link.

You can recommend a product and drop an affiliate link where they can click and buy the product or service.

Hence, For every purchase, you earn a commission.

Membership Site / Online Courses

An exclusive paid membership site is a great way to monetize your podcast.

When you announce a premium membership class, the fear of missing out will make most of your audience want to join- especially if you create quality content.

Alternatively, you can create and sell an online course on a topic of interest in the form of a digital product or an email series.

Public Speaking

Podcasting can put your speaking skills on display.

Someone organizing an event related to your niche will be willing to pay for you to speak at his or her event.

Moreover, you can reach out to event organizers in your niche to speak at their events.

Host A Live Event

Instead of (in addition to) speaking at events organized by others. You can organize an event, invite other speakers and charge attendants a fee.

The quality of your thoughts and the influence you have on the audience will help you acquire attendants in their number.

Sell Your Products Or Services

If you have your product or offer services relevant to your niche, you can use your podcast as an avenue to promote the product to your audience.

Conclusion On How To Make Money With A Podcast

Podcasting like blogging and becoming a Youtuber requires a lot of effort, as a podcast does not grow itself.

You know what that means.

Dedication, resilience, consistency and implementation of the proper strategies are all necessary.

To round of this post here’s a few final key tips:

  • Understand your audience
  • Be highly active on your podcast’s social media
  • Study your competition

I hope you have learnt a great deal from this post on not only how to get set up but how to make money with a podcast.

 

 

Podcast