Let’s get clear about one thing right off the bat: Podcasting is a horribly inefficient way to try to make money.
*long sigh*
Ok, I said it, it’s out in the open.
Yes, there are some people who make money off of their shows, some of them make a lot of money off their shows, but you and I probably never will, at least not directly.
That doesn’t mean podcasting isn’t worth pursuing, however.
Podcasting is a fantastic endeavor for many reasons.
It’s a great way to share what you have to say, to refine your thinking, find your voice, learn to communicate effectively, practice marketing and audience building, meet incredible people, create something that means something and so much more.
There are so many incredible benefits to starting a podcast that are worth investing your time and money in, regardless of whether your show ever earns you a dime. Again, it probably won’t.
It makes me incredibly sad when I see podcasters who started a show for the joy of it, a creative outlet, a way to contribute something to the world, grow bitter and weary as their focus shifts to monetization.
In my mind, podcasting is better thought of in the category of hobbies like gardening, painting, woodworking, or photography. Of course, there’s a chance that you might make a little money here or there, but the reason you’re doing is that the pursuit itself is enough.
If you get really good at podcasting and spend two to three years steadily working to refine it, testing the variables in your content, production and marketing to find something that really resonates, it’s entirely likely that you’ll be able to land some sponsorships and bring in some cash.
But in all likelihood, it’s not going to be quit-your-day-job money, and besides, think of the effort and emotional labour it would take to earn that money.
Again, podcasting is a horribly inefficient way to try to make money.
If you just want to make money, start a side hustle. I know dozens of people personally who have used skills they already had to start profitable side businesses within a month. Podcasting won’t do that for you.
Even if you don’t have any existing skills to base a side hustle on, there’s enough free information in the world that you could learn the skills to start a side hustle in a weekend or two.
Podcasting is one of the very best marketing tools for an existing business. It’s a way to generously share knowledge and help your audience level up for free while giving them the opportunity to go deeper by working with you or buying your products. This is a repeatable process and one we’ve helped our clients use to generate them millions of dollars in sales.
But for an individual creator with no product or service offerings, I feel like we do ourselves a disservice by using monetization as a standard of success.
Rather, what we should be shooting for is creating something we’re proud of, something that connects with others, that makes a difference in the life of even one person.
Creating something like that is worth doing, regardless of whether it brings in any income.
Remember why you started, be clear on what you want to gain from doing your show, and find the joy in creating for creating’s sake.
Anything else beyond that is gravy.
Every Sunday I send out an exclusive article on how to use podcasting to build an audience and grow your business.
No opt-in, no checklist no bribe. But hopefully a new perspective, encouragement, and maybe even some occasional wisdom. It’s something I’m proud to create and I’d be honoured to share it with you.
Jeremy travels full-time, loves long-distance cycle touring, and will always look back on the day he finally saved up enough money to buy the Millennium Falcon Lego set as one of his proudest achievements. He believes that the way to grow sustainable businesses is by leading with heart, vulnerability, and helping your people be and become their best selves.
- Why Wouldn’t They Just Google It? - March 14, 2021
- Before You Can Market Your Podcast, You Need To Create A Marketable Podcast - March 11, 2021
- Podcast Promotion & Marketing Are Different (Here’s How to Use Each Effectively) - March 10, 2021
