Podcastingis a lucrative career that has the potential to bring in a significant amount of money. There areseveral ways you can winas a podcaster. You can even get to the point where you can quit your 9 to 5 job and work on podcasting full-time.
On the flipside, there are also those who tried podcasting full-time and ended up going back to their 9 to 5 job because they weren’t getting any financial returns.
If you’re seriously considering becoming a full-time podcaster, here are some key things that you need to take into account before you dive in head first.
Know Your Why
Podcasting, full-time or otherwise, will require a great deal ofinvestmentin terms of time, effort, and resources. And just like any business, you are likely to encounter a lot of challenges before you reap the rewards.
That being said, it is crucial that youhave a clear and substantial understanding of why you want to do it.Your “why” will be your motivationto keep going especially when times are challenging.
If you are considering getting into the podcasting business just to get out of a job you hate, then I’m going to be honest and tell you you are most likely not going to last long in the business. As a general rule of thumb, you need to have a profound reason. Otherwise, you will most likely give up when setbacks occur.
Understand Your Current Situation
Another critical thing you need to consider before taking the leap of faith is ifyou have the meansto keep yourself and your podcasting business afloat while you are still in the process of building it.
Gauge your financial readiness by asking yourself the following questions:
- Do you have enough savings to cover at least six months of your household expenses?
- Do you already have a following on your current podcast?
- Is your podcast already making money?
- Is the amount you’re making in your podcast equal or more than what you’re earning in your current job?
If you answered “NO” to even just one of the questions, it would be wise to put your podcasting dreams on hold until such time when you are financially ready.
The same approach was used by podcaster and entrepreneur Michelle Price-Johnson. In apodcast interview with Cole Johnson, she pointed out that she decided to quit her 6-figure day job only after she was sure she’d earn more from the podcast than from her day job.
Have A Concrete Plan
Just like any business venture, you also need tohave a clear and solid game planfor your podcasting business. This is especially necessary if you intend to do it full-time.
Start creating your business plan by identifyingwho your core audience is.Generalizing the people they want to target is often one of the biggest mistakes many podcasters commit. Michelle Price-Johnson recommends narrowing down your core audience to a specific genre.
I personally suggest taking it one step further by narrowing it down to just one person. Marketers call this apersona–a data-based, semi-fictional description of the individual you would like to target. However, consider it best not to limit yourself to the demographics.
Instead,create a storybehind your persona complete with all the different problems and challenges they are likely facing. That way, you don’t only have a more precise idea of who you’re trying to reach out to, you will also gain a better understanding of the kind of products or services you can offer as a solution.
Once you have the basics covered, you also need to figure out how you’re going to market your podcast and your business. Far too often, many podcasters spend too much timeproducing podcaststhat they tend to overlook other important aspects like marketing and management. Having a plan in place can help ensure all the key aspects of the business are attended to accordingly.
Podcasting Full-time
Becoming a full-time podcaster can be alife-changing decision. Keep in mind that it can go both ways. Done at the right time and the right way, podcasting full-time can be a very lucrative career. However, if you venture into it unprepared, you can get burned. Build a robust foundation for podcasting while you are still employed. The tips I shared above are good starting points if you don’t know where to begin. As long as you have all the bases covered, your transition will be smooth sailing once you decide to make the shift.
Share this post!
As an enthusiast deeply entrenched in the world of podcasting, having dedicated countless hours to both consuming and producing content, I bring a wealth of firsthand expertise to guide aspiring podcasters. I've witnessed the evolution of the podcasting landscape, navigating through its challenges and witnessing success stories that underscore the potential for a lucrative career.
The article rightly emphasizes that podcasting can be a lucrative venture, but my extensive involvement in the podcasting community allows me to provide additional insights and nuances to the concepts presented. Let's delve into the key concepts outlined in the article:
-
Knowing Your Why:
- Expertise: Podcasting demands commitment, and understanding the motivation behind your venture is crucial. My experience underscores the significance of having a profound reason to sustain the challenges. I've observed successful podcasters driven by passion and purpose, which ultimately fuels their resilience.
-
Understanding Your Current Situation:
- Expertise: Financial readiness is a pivotal aspect often underestimated by aspiring full-time podcasters. Drawing from real-life examples, like Michelle Price-Johnson, reinforces the importance of ensuring your podcast generates sufficient income before quitting a stable job. I've seen instances where premature leaps led to setbacks, emphasizing the need for financial preparedness.
-
Having a Concrete Plan:
- Expertise: A solid business plan is the backbone of any successful podcasting venture. My knowledge extends to recognizing the common pitfalls, such as overlooking target audience specificity. Michelle Price-Johnson's advice aligns with my understanding that defining a clear persona, going beyond demographics to understand challenges and needs, is pivotal for sustained growth.
-
Podcasting Full-time:
- Expertise: Transitioning to full-time podcasting is a significant decision, and timing is paramount. My insights echo the article's advice on building a robust foundation while still employed. I've witnessed cases where meticulous planning and attention to marketing lead to smooth transitions, underscoring the importance of a comprehensive approach.
In conclusion, the journey to becoming a full-time podcaster is rife with challenges and opportunities. My expertise allows me to augment the provided insights, emphasizing the need for a strategic approach, financial preparedness, and a deep understanding of your podcast's audience. This amalgamation of experience positions me as a reliable source for those aspiring to turn their podcasting passion into a thriving career.
