"Beware of the half truth. You may have gotten hold of the wrong half."
Podcasting is a fun and affordable way to promote your business, connect with influencers, invite influencers on your podcast, and tell about your expertise. You can start a podcast as a home business as well.
Many people face the challenge of technical know-how, and logistics can be overwhelming. There is a lot of planning involved and itis not difficult to start a podcast if you go step-by-step and choose the correct podcast format –
Here are the steps to start a podcast as a home-based business to generate revenue
Step 1 – Plan your business well.
A concise plan is a shortcut to success for an entrepreneur. It will help you to map out the specifics of the business and discover the unknown facts. A few important questions to know are –
- What are the startup and ongoing costs?
- Who is your target audience?
- How long will it take to break even?
- What will you name your business?
To begin with, let us resolve these factors –
What are the costs involved in opening a podcasting business?
A podcast owner requires a portable recorder, which costs between ₹3000-₹7000—an audio interface costs around ₹1500-₹4000. A basic laptop is also required, which we are assuming you must be having. You will also be required to purchase good audio software for ₹1500-3000. Publishing software is for around ₹1000.
Hence, to sum it up, the necessary startup costs amount to a little under ₹10,000 if the business is getting started on low-budget.
What are the ongoing expenses for a podcasting business?
Technology maintenance and upgrades are inexpensive; they are about ₹25,000 per year. You will be majorly spending on ongoing expenses, which will be directed towards gathering information and real-life experiences. This will also include travel costs.
Who is the target audience?
There is no end to a podcaster’s market; it is quite significant. A podcast can be about anything; it is up to the podcaster to choose any niche.
However, a podcaster’s market is anyone who listens to podcasts. People who often drive or go for a walk, they do download smartphone podcasts.
The listeners are prone to e-commerce purchases, mainly which are lucrative.
How to earn money through podcasting business?
A podcaster can make money in different ways. First, they can have sponsors, and every time a sponsor is used, a podcaster is paid. A podcaster can also ask for donations.
Some podcasters also give away free episodes, and then they charge listeners for other episodes.
Others might offer free partial shows while charging for all other entire shows. Social media advertisements also generate money as a podcast’s website.
Successful podcasters build an entire brand around their services, becoming product providers and consultants. If a podcaster is well-connected, they might sell an iPhone app along with their podcast.
How much can a podcaster charge from its customers?
Podcast memberships are usually between ₹100 and ₹1000 per month. Hence, if you are selling an app, you can ask for ₹70 for one download.
How much profit can a podcaster earn?
A highly successful podcast can make as much as ₹2,00,000 per episode. However, small podcasters earn ₹1,40,000 per year. Typically, the average podcasters earn about ₹7,00,000 per year.
You can earn about ₹15,00,000 if you are a moderately successful podcaster.
How can you make your business more profitable?
Start with a general podcast, even in your niche. As you develop an audience, become more specific. The more specific your podcast in the more attention you will attract.
What will you name your podcaster?
Choosing the right name is very crucial. It is essential to select a name for your podcast as soon as possible and secure it early so no one else can take it.
Step 2 – Form a Legal Entity
Establishing a legal business entity such as an LLC prevents you from being liable. You must go to a registered agent to help protect your privacy and stay compliant.
Step 3 – Register for Taxes
You need to register yourself for state and federal taxes before you open any business. In case you want to register for taxes, you need to apply for an EIN. It’s free and easy.
Step 4 – Open a Business Bank Account and Credit Card
It is crucial to use dedicated business banking and credit accounts for personal asset protection.
When your personal and business are mixed, your assets are at risk in the event your business is sued.
Hence, it is essential to go step-by-step –
Open a Business Bank Account
- This separates your assets from your company’s assets, which is vital for personal asset protection.
- It makes accounting and tax filing easier.
Get a Business Credit Card
- This will help you in separating personal and business expenses by putting your business expenses all in one place.
- It also builds your company’s credit history, which can be useful to raise money and investment later on.
Step 5 – Set up Business Accounting
Recording various expenses and sources of income is vital to understand the financial performance of your business. It will simplify your annual tax filing if you keep accurate and detailed accounts in place.
Step 6 – Get the necessary permits and licenses.
It can result in hefty fines or even can shut down your business if failed to acquire necessary permits and licenses.
State and Local Business Licensing Requirements
It is required to have individual state permits and licenses to operate a podcasting business.
Trademark and Copyright Protection
If you want to develop a unique product, concept, design, it is essential to protect your rights by registering for the appropriate trademarks. The nature of legal requirements is changing rapidly, especially in terms of copyright laws.
You know, at times, you will come across that you loved the product or idea by another company. You can contact the owner or manufacturer for rights and negotiate a sublicense to use the concept under a royalty fee or fixed fee arrangement. It is not a good option to use content without authorization from the rights holder, as this could have serious legal issues.
Step 7 – Get Business Insurance
Insurance is highly recommended to all business owners. Even if you hire employees, workers’ compensation insurance may be a legal requirement in your state.
Step 8 – Define your Brand
Your brand is what your company stands for, as well as how the public perceives your business. A strong brand will help your business stand out from competitors.
How to Promote and Market a Podcasting Business
Make your business recognizable on a small scale by recognizing your unique podcast value. Once you know the exceptional value, you will be able to promote it effectively.
For marketing purposes, contact well-known podcasters. You can ask them to promote your podcast, and you can offer them to do the same in return.
A lot of successful podcast owners promote one another. Apart from radio stations, you can also rely on word-of-mouth for promotion.
Social media ads also play a huge role.
How to keep customers coming back
You can attract customers by having content in other podcasts. You can retain customers by offering rewards programs, membership discounts, and of course, great content.
Make sure you update your podcast regularly.
Step 9 – Establish your Web Presence
A business website allows customers to learn more about the company and the products or services. You can also use social media to attract new clients or customers.
It is believed that traditional podcasting is coming back in trend and YouTube; Netflix Amazon Prime will lose its popularity.
We all feel that podcasting is an excellent way to express your passion for a hobby and share some information with friends, right? But, in reality, the demand for audio content is going to increase, and the most popular way to consume this content is through the podcast.
The podcasting has been around for quite a long time now; it just seems to be hitting the mainstream that means that it is an excellent opportunity to start your podcast, build an audience, and make money while doing it.
The information economy is getting crowded with the latest technology, and video certainly has its appeal. However, podcasting retains some advantages over video.
For example, people cannot watch video working out at the gym while driving or while running, and several other activities. And these are the times that podcasts can get popular for people.
You can consider above, go step-by-step, and start your podcasting journey.