When Danielle Town launched the InvestED podcast, a weekly investing show with her hedge fund manager father Phil Town, she was looking for an excuse to learn investing techniques and score a break from her stressful day job at a law firm.
“I had no clue what to do with my money, and it was a good excuse to talk to my dad about it,” Town says.
What she didn’t expect was for the audio show to alter the trajectory of her career. In the three years since launching InvestED, Town, who is 36, has been able to quit her job, move to Switzerland, develop investing education products and even co-write a book with her father. “My whole life has changed, thanks to this podcast,” she says.
[See: 8 Easy Ways to Make Money.]
A decade ago, podcasts like Town’s were relatively rare. But in recent years, spurred by popular podcast shows such as “Serial” and “Reply All,” these digital audio files have surged in popularity. Today, more than 30 million Americans download or listen to a podcast each month, with smartphones driving their uptick in popularity, according to a 2018 report from Nielsen.
For aspiring educators and entertainers, making podcasts is a tempting side hustle. The startup costs are relatively low, and there’s potential to grow a large audience. Some podcasts earn money through advertisements, live shows and sales of related products. The most successful podcast hosts can build a career out of their skills and interact with adoring fans.
But before aspiring podcasters become blinded by the dollar signs, veteran podcast hosts warn that starting a successful audio show isn’t as simple as plugging a microphone into your computer, making jokes for an hour with your friends and watching the money roll in.
“[There’s] the idea that you can record something with your friend and post it, and it will find its way out into the world and you’ll be the new ‘Serial,'” says Liz Dolan, a longtime podcaster and host of “Satellite Sisters” and “Safe For Work.” “And, no, that’s not happening.”
So what does it take to launch a successful podcast? Here’s what to know, according to the experts.
[See: 12 Best Part-Time Jobs to Pay the Bills.]
Do your research. Before even hitting the “record” button on a new podcast, build an understanding of the industry you’re entering and competing podcasts in your space. “The first thing someone who wants to start a podcast should do is listen to podcasts,” says Kathy Doyle, vice president of Macmillan Podcasts and the Quick and Dirty Tips network. “Do some comparables research.”
Think about the format you like, experts say. Ask yourself: Will I have regular guests? A co-host? Will it be heavily scripted or improvised? How long will each episode run? What production qualities do I like?
“You do need to spend some time surveying,” says Shannah Compton Game, certified financial planner and host of the “Millennial Money” podcast. Identify the other podcasts in your topic area, then determine how your podcast will differ from those preexisting shows while remaining relevant to your niche, Game says.
Spend a little money. The good news for aspiring podcasters is that digital audio shows don’t require much capital to launch. “If you’ve got a laptop, all you need is a microphone that plugs into your laptop,” says Laura Adams, host of the weekly “Money Girl” podcast and a U.S. News My Money blog contributor.
For example, Adams records her show with a $125 Blue Yeti USB microphone and edits on a free platform called Audacity. Her other expenses have included outfitting a walk-in closet with soundproofing and subscribing to Libsyn, a syndication platform with subscriptions starting at $5 per month.
In addition to a microphone, Game says she pays about $7 per month to maintain her podcast’s website. For podcast hosting and analytics, she uses the platform Blubrry, where plans start at $12 per month, and she’s purchased a $40 call recorder for Skype. She edits her show for free on GarageBand. “To get started, you don’t need a whole lot,” Game says.
If recording, editing and distribution sounds daunting, technology-challenged podcasters can outsource those duties to freelancers, whom they can find through a site such as Upwork or by conducting a quick online search, experts say.
Release regularly. To build a successful podcast and loyal audience, aspiring hosts should aim to release their audio files regularly and stick to self-imposed deadlines, experts say. While your podcast may not be a personal or professional priority, treat release dates like you would any other work deadline.
How often you schedule your podcast is less important than publishing it at the same time each day, week, month or quarter, Doyle says. “It’s very alienating to a listener to open up their podcast app expecting to find content that is scheduled and it’s not there,” she says.
Know your audience. Successful podcasters know who their audience is in order to put on a good show, find new listeners and appeal to advertisers, experts say. To find out who’s listening, consider using a hosting platform such as Blubrry or Libsyn, which can offer analytics information to podcasters. Hosts may also be able to nail down listener demographics by releasing audience surveys to their fans.
[See: 10 Fun, Frugal Ways to Spend Your Free Time.]
Consider options for making money. There are myriad ways to monetize your podcast, experts say, depending on your audience size, the amount of time you want to put into making money and other factors. Podcast hosts can, for example, sell advertisements to companies, utilize affiliate marketing, run a paid membership service for dedicated listeners on a site such as Patreon, deal in books and supplementary courses or sell tickets to live podcast recordings.
But don’t expect these money-making opportunities to materialize instantly. “It took me 2 1/2 years to get to a point where my podcast was super attractive to advertisers,” says Game, host of “Millennial Money.”
Other experts agree that podcast hosts should be patient when expecting compensation. “They shouldn’t go into it thinking they will make a significant of money off the bat,” Doyle says. “You have to build your audience first … then your advertisers will follow.”
Use it to boost your profile. For some podcasters, the advertising dollars and other earning opportunities are less important than the career boost or increased visibility a successful podcast can bring.
For example, a comedian may host a podcast to gain a loyal fan base and book new shows. A marketing director may use a digital audio show to build her network and boost her profile in her industry. A writer may use a regular podcast to sell his books and network with other writers.
For many podcasters, the career benefits and networking opportunities are worth the time they put into recording a regular show, even if they aren’t earning advertising dollars. And for most, podcasting is not a way to make quit-your-job, retire-tomorrow kind of money. “I don’t think having a podcast as your sole source of income is a great idea,” says “Money Girl” podcaster Adams. “I look at it as this: It is a marketing tool. For me, this is a blog on steroids.”
More from U.S. News
10 Social Media Posts That Can Endanger Your Finances
8 Big Budgeting Blunders — and How to Fix Them
10 Big Ways to Boost Your Budget — Without Skimping on Your Daily Latte
How to Start a Podcast originally appeared on usnews.com
