The First question I get asked when people find out I”m a podcaster is ” How Do You Make Money From a Podcast”.
A lot of people in the world of podcasting, especially if you’re newer, may think that making money with their podcast is a long shot, but what if I told you that this could not be any more further from the truth. With the increasing amount of online businesses out there, the amount of revenue streams has skyrocketed. Podcasting is becoming the next gold rush, and there are countless ways in which you can generate income, whether you’re new with a small following or experienced in your field, you can create yourself an awesome income with these techniques:
Though this may not make you any money up front, the potential power that this gives you is unmatched by anything else you can do. This should be your first step, since building a trusting relationship with your audience is absolutely key. A list is to further build your relationship, and this builds into all the other ways to generate income with your podcast. Remember, nobody will buy from you or listen to what you say if they don’t trust you. So remember that your audiences are your potential customers, so build trust first. Once you have someone on your list, it will generate a future lead with anything you create or recommend.
– By having a podcast, you are perceived as an expert in your area of work, just like an author would be considered an expert. This is a huge bonus, as it gives you the ability to recommend and create products to sell. If someone follows you and reads your content, chances are they will want more and will pay for it. This is where creating products such as Ebooks or online courses comes into play. Creating short Ebooks related to your field should be your first step. This will be a way of advertising your site and create a new audience. These books can also bring in sales for your course. Your books should be great and relatively cheap, and the idea of the course is to take it to the next level.
This is one of my favourite ways to create passive income. Affiliate marketing is basically recommending someone else’s product or service to your audience and receiving a commission. This will only work if your audience trusts you, and this is why we started building our list first and giving them awesome free content. Once they get to know you, this is when you start recommending products that you believe will help them. This is a super easy way to make money online, just remember to only suggest products and services that you’ve used and believe in.
Once you’ve built up you audience and gone through the first three steps, it may be time to look at sponsorships for your show. Sponsorships will require you to talk about a product at the beginning and end of your show, and in return they will pay you per episode. The general rule for this is that you should be getting at least 3000 downloads per episode. If you are not at this level yet, I wouldn’t recommend looking for sponsorships because your audience size won’t be appealing to the company. Instead, continue with the first three steps until your audience grows to the required level. If you do this right, you will be making a lot of money from other areas, so don’t get discouraged if you can’t get a sponsor.
This is another option to create money using your knowledge. This can be a useful thing to look at in your growing stages, but once you have an established podcast it may be too much effort helping others 1 on 1. If you have the time this could create you a lot of money, but if your time is limited, try setting up mentorship meetings, which can be done over the internet. This will enable you to help a group of people in a shorter amount of time, all while making more money. Either of these options will be incredibly beneficial.
Yes, you can even ask for donations. Believe it or not, your listeners will want to give you money if your content brings enough value. Even though your podcast will be free, people will contact you and ask how they can help you and donate to the show. This won’t take much effort and can be done by a simple donation box at the bottom of your page. In your podcast mention, “If you like the show and would like to donate to keep it going, click on the donate box below”.
The number one thing to remember is to build a trusting relationship with your audience first. I cannot stress enough how important this is, and if you do this you will be successful.
I hope this list helped you, and I wish you all the best on your podcasting journey.