Are you looking for a side hustle that allows you to speak on topics you are most passionate about? Try podcasting! Learn how to make money by podcasting in this article.
One thing that I like to do a lot is listen to podcasts. I grab my earbuds, head to my favorite podcast channels, and press play. I can listen to podcasts while cooking, cleaning the house, or gardening. It’s a great way to learn new things while multitasking.
As a listener, I find podcasts fun, entertaining, and educational.
But have you ever wondered what’s in it for podcasters?
Podcasting can be a lucrative side hustle. According to Go Banking Rates, the amount of money you make podcasting depends on various factors, such as the number of listens, sales made from affiliate marketing, sponsored content, and advertising.
Take, for example, Dave Ramsey, a famous personal finance expert who podcasts money advice to his listeners on the Dave Ramsey Show. His podcast gathers around 13 million weekly listeners and makes around $10 million annually.
I’m not saying by any means that you’ll make this much when you first launch your podcast. But I’m here to tell you that if you love to talk about the things that matter to you and your audience, you can make money podcasting as a side hustle, a full-time job, or a full-fledged business.
Why start a podcast?
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A podcast is a form of digital audio-only media in which you or more people talk about specific topics. These topics can include entertainment, lifestyle, personal finance, business, and travel.
There are many reasons why you’d want to consider starting a podcast:
Cheap and easy to start
One of the best benefits for starting a podcast is that it is extremely budget-friendly. In fact you can easily get started with a basic set-up consisting of a decent microphone, an audio editing software and a reliable computer.
You also don’t need a specific educational degree or come from a specific background to start a podcast. Anyone can start a podcast even with a minimal upfront investment.
Increase reach
Podcasts have become increasingly popular. According to Statista, the podcast industry has grown in leaps and bounds since 2006.
Today, it is one of the most popular pastimes in the US, and is predicted to have 164 million monthly active listeners in 2024. Podcasts are a fantastic medium to increase your reach and connect with your audience. Unlike traditional media, listeners can access podcasts with a few taps and clicks, making them even more accessible and convenient.
Creative expression
Another notable thing I like so much about podcasting is that it is an excellent venue for creative expression. I like to express through this blog, but if you’re the type who likes to speak your thoughts instead of writing them, then a podcast is the perfect platform for you. You get to interview people and discuss things that matter to you and your audience. It’s a fun way to share your knowledge, skills and experience.
Networking opportunities
Running a podcast also help you widen your network. Not only are able to connect with your audience, you also have the platform to invite guests and collaborators to speak on your podcast. This is an opportunity to meet new people in your industry and build connections that could come handy for your personal and professional growth.
Make money
Of course we can’t leave out the money-making part. A podcast can be more than just a hobby but also a profitable business or side hustle. Successful podcasters make millions a year! There are many ways to create extra income streams from your podcast, and I will discuss them below.
Ways to Make Money Podcasting
It’s fascinating that a simple, high-value podcast can produce various income streams! In this section, you’ll learn all the best ways to make money podcasting. As with blogging, you can also make money podcasting through the following:
1. Sponsorships
Landing sponsorship deals can be lucrative, especially for podcasters with a significant following. You partner with a brand, and you promote the brand’s products or services in your podcasts. Either brands approach you for deals, or you pitch your podcast to them.
With sponsorships, it is essential to remember that you need to have the numbers to show for it. Brands care a lot about investing their money in the right places, so they must ensure you have fantastic listener retention rates and download numbers. With these statistics, you are in a better position to negotiate higher sponsorship rates.
2. Podcast Ads
Much like a YouTube channel or a blog, you can also get paid for advertising within your podcast. Since you’ve got listeners tuning in, you’re selling air time to brands, which can be pre-corded or spieled by the host, before the program (pre-roll ads), in the middle of the program (mid-roll ads) or after (post-roll ads).
You can secure ads by working directly with brands or joining ad agencies and networks like Popcorn and AdvertiseCast. Several factors come into play when determining ad rates, such as your niche, the size of your following, and your pricing structure. Add-ons like social media mentions can also increase your rate.
3. Promoting Products or Services with Affiliate Marketing
Affiliate marketing is on the rise, and it’s not stopping anytime soon, making it another fantastic opportunity to make money from podcasts.
Affiliate marketing in podcasts works by giving a unique affiliate code or link on the product or service you’re promoting on your show notes, episode descriptions, blog links, and social media sites. You earn a commission when a listener clicks on the affiliate link and makes a purchase.
What I love so much about affiliate marketing is that it’s easy to set up, the marketing work is done for you, and it can be a great source of passive income. You can keep earning money from the same affiliate link if people click on it and make a purchase through it.
That said, it is essential to find products or services that align with your niche and are of interest to your target audience. For example, if you have a podcast on beauty, fashion, and lifestyle, you can promote affiliated products, such as beauty treatments, makeup and cosmetics, clothing, etc.
Related: How to Make Money with Affiliate Marketing
4. Subscriptions and Memberships
As your podcast grows, you’ll realize that you can make money by getting people to pay for exclusive or premium content through subscriptions and memberships. This is a lucrative strategy as you can set your rates and control what content your subscribers or members can access.
But let’s first discuss subscriptions. With this podcast monetization method, subscribers pay a flat monthly fee to access all your content. You can start building your content library and offer exclusives to paying subscribers. This content can vary from bonus episodes to early access and live chats with the hosts. Remember to produce extra valuable content that is worth paying for. While it means extra work for you, it’s also a great way to boost your podcast income.
5. Sell a product or service
Running a podcast allows you to establish your authority and credentials in your chosen field and reach people likely to be interested in your products or services. For instance, if you are running a travel-related podcast, you can sell your travel guides (products) or travel merch. You can even slap your podcast brand into items like shirts and caps and sell them. The best thing about this is that you get to promote your podcast channel and make money from sales.
As for selling your services, you can market yourself as an expert in your field and provide consulting services to people who may need them. For example, if you’re running a personal finance podcast, you can get paid to provide customized help to listeners who need to get out of debt, save money, or fine-tune their budgets.
You could also use your podcast to sell trade-specific services. Whether you’re a coach, a writer, or a photographer – there’s always room in your podcast to attract new clients.
6. Sell an online course or eBook
A podcast is a fantastic way to establish your expertise, and you can further monetize your channel by creating and selling an online course or an ebook. Your ebook or online course should offer additional value, providing useful, actionable tips and practical advice.
You can market your online course or ebook on your podcast by getting people to sign up for your email list, highlighting them in your podcast show notes, and integrating calls-to-action, affiliate partnerships, and exclusive offers. As a self-published writer or course creator, you can create an additional income stream and make more money from podcasting.
You can sell your course through platforms like Teacheable and sell your eBook on Amazon. Thankfully, you don’t need to pay before you start earning money on these platforms. You can try Teacheable for free and start earning before you pay.
7. Tips and Donations
The easiest way to make money from podcasts is to get tips and donations from your listeners. You can easily gather tips and donations by setting up a Venmo, Zelle, Patreon or PayPal account and leaving the details of these accounts on your podcast descriptions or show notes.
Additionally, you can stream your podcasts on Facebook and YouTube, where fans can send stars that practically equate to cash. Listeners who find your podcasts engaging and valuable can directly show support for your show through this method.
How to Start a Podcast
Now that you know you can make money podcasting through these six revenue streams, you’re probably excited to start.
But before that, you must know these basic steps for starting a podcast.
- Identify your niche
Identifying your niche is the most crucial first step when starting a podcast. It allows you to establish a clearer focus and target the audience that finds your content valuable and engaging. Additionally, having a well-defined niche helps you narrow down podcast topics to serve what your audience wants.
- Craft Your Brand
Crafting your brand for your podcast is the next essential step. You want your podcast to be relatable, and it should show how you present the brand. At this point, you should think of a catchy podcast name, tagline, and essential brand elements, like the logo, cover art, fonts, and colors. This helps build a brand identity for your podcast – sort of giving it its own identity. People will remember your podcast just by hearing your tagline or seeing your logo or cover art, so remember to take this step seriously.
- Plan your content
Before you launch your first podcast episode, you want to have content planning all sorted out. This means you must brainstorm your topics and decide on the format. Will you do it solo, have co-podcasters, or invite guests? Brainstorm essential topics that you think will be useful for your audience. Whether they’re trending issues or evergreen content, what’s important is that it aligns with your niche.
- Record and promote your podcast
After completing your first podcast, you’re now ready to promote it. There are many ways to spread the word and reach a larger audience for your podcast. You can start by sending the podcast link episodes directly to family and friends, or post them on your social media. You can also post them on Facebook groups, podcast directories and forums, your own website and your email newsletter.
Learn More
I love taking online courses to improve my skills. My two favorite sites for cheap courses and classes are Udemy and Skillshare. These sites have thousands of classes or courses you can take to learn money-making skills, including podcasting.
Here are some of the top podcasting courses at Udemy:
- The Podcast Masterclass: The Complete Guide to Podcasting (It’s so popular with over 100,000 students!)
- Podcast Masterclass: The Essentials for Podcasting Success
SkillShare is also a great platform for learning. Instead of paying individually for a course as you would with Udemy, you pay a very affordable membership fee and have access to thousands of classes at SkillShare. They offer a free one-month trial here.
More Ways to Make Money
Key Takeaways
If you’ve always wanted to make extra income streams right from your own home and work on your own schedule, a podcast might just be the answer to that!
The best things I love about making money from podcasts is that they’re cheap and easy to get started, you can work on a flexible schedule, and it opens more doors for revenue. Not only can you make money from the podcast itself, but also leverage the platform for selling your products and services.
