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Episode #53
This is a very special episode because it’s a whole year since I started out in this crazy podcasting world! I can hardly believe that it’s already a year, it has just flown by and another thing that is unbelievable to me is that I have done 53 episodes (including this one). I remember putting those first few episodes out and wondering how I was going to keep it up, but like everything, it got a lot easier once I got the hang of it!
I truly believe that podcasting is a great tool for any aspiring business owner (or side hustler) because it allows you to connect with an audience of potential customers and test out your passions and ideas before you make them into a business. Plus once you are set up in a business, it's a great marketing tool and potential extra stream of income. More on that later!
WHAT IS A PODCAST & HOW POPULAR ARE THEY?
As you are a regular listener of my podcast or reader of my blog, I’m guessing you know what a podcast is, but just in case let’s look a the Wikipedia definition…
A podcast is an audio program made available in digital format for download over the Internet. It usually features one or more recurring hosts engaged in a discussion about a particular topic or current event.
Podcasting first started as it is now around 2004, although the concept was around for longer. According to the podcast platform Blubrry, the word podcast derives its name from the iPod manufactured by Apple Incorporated. But, podcasts and podcasting did not originate from Apple and do not require owning an iPod to listen to/view podcasts. Apple added podcasting support to their iTunes software in the summer of 2005, which then allowed iPod users to consume podcasts as easily, if not easier than other mp3 players at the time
Another top podcasting platform Buzzsprout reported that as of May 2022, there are 2,442,670 valid podcasts and over 65 million episodes. Podcasts are really popular in the US, where 57% of adults listen to them, whereas here in the UK, it’s only 18%. But that is rising all the time, and I don't know about you but it does seem at times like everyone, particularly celebrities, are starting a podcast right now! As you can probably imagine, a lot of people started podcasts in 2020 and 2021 during the pandemic when they could not work, and a lot of people discovered the podcast medium and started to become listeners.
But, if knowing that there are over 2 million shows already out there puts you off starting one yourself, then don’t despair. YouTube has 113.9 million channels as of March 26, 2022. So, in other words, if YouTube is an adult then Podcasting has moved from childhood to its teenage years but still has a lot of growing to do. You could be part of that.
WHAT PODCAST TOPIC OPTIONS ARE THERE?
There is a huge range of topics for podcasts, you can literally talk about whatever you like. Besides business, topics include True Crime, Cooking, Education, Technology, Relationships, Sports, Money, Political and Comedy.
You don’t have to have a podcast on the exact topic of your business, it could be broader talking about a wider range of topics. So if you are planning on starting a business selling homemade pottery on Etsy, your podcast could be about setting up your shop and how others could do it, or it could be about what it’s like creating the pieces, or the life of a potter, or pottery through the ages. There needs to be a link, but it does not need to be exact.
And, if you are not ready to start a business yet, or are not sure if you will at all, you can just choose what you want to talk about most and enjoy sharing your passion as a hobby.
Yes, some podcasts will be successful and some won’t but there are still many many reasons why starting one is a good idea as an aspiring entrepreneur, even if you don’t get the number of listeners as the top podcast show The Joe Rogan Experience (which is 11 million listeners per episode by the way!)
So here are my reasons why I think you should consider starting a podcast to kick-start your escape from your desk job.
DECIDE ON YOUR PASSION
If you are not sure which of your passions to create a business from, a podcast can really help. It can give you experience in your chosen passion and help confirm if it’s the right one to turn into a business. It’s like a sand pit to play with your ideas in. You can see which episodes have the most downloads, and which are resonating the most with people. If one idea doesn’t seem to be popular, then you could switch the focus or start up another podcast with the new content. There is no rule on how many podcasts you can have but ideally, unless you have unlimited time, you want to just focus on one or two. You could run two podcasts in parallel talking about differing passions of yours and see which one picks up the most followers. In fact, some platforms like Apple podcasts allow you to host a podcast channel which can host multiple podcasts.
Having a podcast can also help you hone in on your message once you’ve decided on which passion you want to take forward into a business. When you are speaking around your passion and business every week, you get really clear on what you want to talk about, and what specifically your business focus will be. It also really tests your commitment to your passion. If you get bored talking about it after a few weeks or months, then really is it something that you can work in for the next few years?!
FIND YOUR AUDIENCE
Whether you plan to freelance or open an online business or bricks and mortar business, Whatever business model you plan to have. Whether you have big financial goals or are just happy with having enough to give you a life of balance and freedom. You will need to have clients, customers, and people to buy whatever it is that you have to offer, your fans, your followers, and your people. If not, then it’s just a hobby really isn't it!
I didn’t know this before I left corporate, but discovering who your kind of people are, and who will be interested in what you have to share is hard. It is probably one of the top 5 things that aspiring entrepreneurs struggle with as they start out being their own boss. It seems simple right, you think of a business and then the right people will be interested. Well, I’m sorry to tell you it’s not a matter of “If you build it, they will come!” There are a lot of other people out there who will be doing something similar, so you need to discover what it is about you that will attract people to you, what will make them want to choose you, your skills, your products, and your yurt park! In marketing terms when you niche down, get specific on who will be your clients, it will help you attract them.
Why am I talking about this in terms of podcasting? Well having a podcast is a brilliant way to find out who people will be your kind of people. Who will be interested in what you have to say. Who will set aside a bit of time each week to listen to you speak. You can see where in the world your potential clients are. Maybe you could have a massive client base in Japan and did not know it! This is all gold dust when you are starting out.
Now, if you listen to podcasting guidance you will be told to work out your ideal client ie who you want to attract to your podcast before you start, and this is true. But often you don’t get it right the first time, so launch the podcast with who you think you want to listen to and then work out if that is the right one as you go. After a while, you will understand what works and who is your real tribe.
YOU CAN MAKE MONEY FROM A PODCAST
It’s a little-known fact that podcasts can make you money. It is still in its early days, but podcast hosting platforms like Apple podcasts are making it easier by introducing subscription based and premium content options. If you ‘Google’ how much money you can make with a podcast it is not huge, but it all depends on how you go about it, how much effort you put in and how popular your podcast idea will be.
Advertising and sponsorship is the main way you can make money from a podcast. Companies are very interested in this because as Buzzsprout reported 81% of listeners to say they pay attention to ads on podcasts more than they do to radio, TV adverts, billboards, and even digital ads on social media. As the listeners trust their podcast host, their opinion and words carry a lot of weight.
Entrepreneur Stephen Bartlett (whose Diary of a CEO podcast is a must-listen) has admitted openly that he makes around 1.2 million dollars out of his podcast. This is through advertising products that he already uses and believes in. That’s the key, if you don’t believe in or use the thing you are advertising or if what you are advertising is just nothing to do with what you are talking about it can seem a bit weird and icky to your listeners. I know it’s put me off a podcast when your listening to a great episode and suddenly it breaks off to talk about something unrelated to the topic.
Stephen Barlett did say that he did not use any of the many companies that connect podcasters with potential advertisers, because what he calls the middlemen to take a big cut and you don’t get much. He recommended contacting the companies you genuinely use the products of and pitching your podcast to them as a potential way they could advertise. But you would only really do this once you have started and can say how many listeners you have.
You can also advertise your own products on your podcast. Like if you have physical products or services you could offer a percentage off, or if you have a hospitality business you could advertise special packages, or if you have online products like courses or memberships you can tell your listeners about them. You just create a small advert, which you can do easily
Another way to make money out of podcasting is paid subscription-only shows or premium content. If you have knowledge that is sought after, or unique, then you could start a paid-for-only podcast and even have that as your main business. As long as you know people really want to know what you have to say. In this kind of podcast, you probably need to get a bit deeper and more detailed in terms of the content you give because when people are paying (of course) they expect more.
Premium content is where you have a free podcast like this one, but you offer bonus episodes or more advanced levels if you pay a fee to access the premium level.
Both ways can be a good source of income but it really depends on your number of listeners. You would need to make sure you have a topic which would be popular enough for
INDULGE IN YOUR PASSION AS A HOBBY
Finally, having your own podcasts means you can indulge in your passion, even if it’s just as a hobby. If you’re not sure if you are cut out to be your own boss or are unsure about leaving the security of the 9-5, you could just start a podcast talking about your passion. With no motive but to share your knowledge with others and enjoy talking about what you love.
Sometimes they are the best podcasts as they are a labour of love and there are some fantastic topics out there that people have chosen. Actually, the top podcasts are those which have nothing to do with business or career but are just for fun. The top podcast category is actually comedy! Followed by news, true crime, sport and health and fitness. Who knows, you could start something for fun and it could turn into something bigger just because you catch people's imaginations and interest.
GETTING STARTED - THE TECH
If after hearing all I’ve said you think that podcasting is for you, then get started! Out of the three main ways of getting your message out (the other two being YouTube and blogging), it is arguably the easiest to start, particularly if you are able to speak on your passion topic easily and without too much planning or a script.
I’m not going to get into detail on how you set up a podcast right now, as it would be an episode in itself. But my advice if you are starting out is to keep it simple.
You need something to record it on, something to edit it on, and a podcasting platform to host it on and which will distribute to the platforms like Apple, Spotify and Stichewer.
There are a variety of tools you can use as you get more into it, and if you go into podcasting Facebook groups you will hear nothing but the type of equipment they have. But seriously if you are just trying podcasting on for size, don’t spend too much. Get the basics and if you like it you can invest more later.
So record on your android or iPhone, you can decide not to edit at all and just keep it real but if you really feel like you need the edit, then use Garageband which is free and already installed on mac or use Audacity for android (actually audacity works with mac too). Descript is also making a mark in podcasting in terms of editing and has a free basic subscription level.
I recommend starting with the Anchor podcasting platform which is an all-in-one. They say they help you create, distribute, host, and monetize your podcast, 100% free. It is super quick to set up and I think you can also do some basic editing on it too. If you want a little more sophistication and don’t mind paying, then I use the Buzzsprout hosting platform which is reasonable in cost and has loads of articles and videos on podcasting to help you get started.
GETTING STARTED - THE BRAND
Finally, you will need to create cover art, which is the square bit of artwork you see as a thumbnail for podcasts on podcast platforms. Keep it basic, if you look at mine it’s just a picture of me and the name on a plain background. The name is the most important thing, as you need to read it from a distance. You can do this in the design software Canva, which has a free subscription and really is fantastic for design. Click here to go to my resources page where you will find links to Buzzsprout and Canva (I’m not an affiliate of either right now, I just love these tools)
Then you just need to choose a passion to talk about and get going!
To find out more I recommend you follow Pat Flynn, from Smart Passive Income, who has courses, programmes and free guides all about starting, launching and marketing podcasts.
THE BOTTOM LINE IS…
I have really enjoyed my first year as a podcaster. It’s not without its ups and downs but ultimately I love talking about how you can power your passion to escape the 9-5 and start an exciting new business that will bring you happiness and success, whatever that success looks like for you.
If you love talking about your passion, if you have loads of ideas of what you could talk about and would love to share that with others, then start a podcast. I can’t promise you will love it but you will learn a huge amount along the way about your passion, yourself and your potential business, and you certainly won’t regret giving it a try!
