How to start a podcast and make money in 2024? Explained by Digimagg

Starting a podcast can be enjoyable, immersive, and profitable. Whether you're pursuing podcasting as a hobby, a part-time gig, or a full-fledged business, this guide will walk you through the essential steps, pitfalls to avoid, and strategies for monetization.

What is a podcast?

A podcast is a series of audio episodes featuring one or more hosts discussing a specific topic. Podcasts cover a wide range of subjects, from current events to true crime to niche hobbies like beekeeping.

Reasons for starting a podcast

There are several compelling reasons to start a podcast:

• Building an audience: Podcasts offer a cost-effective way to attract a large following, with some of the most successful podcasts reaching millions of listeners.
• Establishing credibility: Podcasting can enhance your reputation as an expert in your field or niche.
• Generating revenue: Podcasts can serve as a platform to promote and sell your products or services. Additionally, you can monetize your podcast through sponsored advertisements.
• Networking: Podcasting allows you to connect with like-minded individuals and expand your professional network.
• Enjoyment: Podcasting can be a fun and rewarding hobby, even if you're not aiming for business or financial gain.

Common misconceptions about podcasting

Don't be misled by these common myths about podcasting:

• You don't need a specific skill set to start a podcast. The key requirement is the ability to discuss topics you're passionate about, rather than being an expert. Passion is essential, while expertise is beneficial but not mandatory.
• Expensive equipment is not necessary to start a podcast. You can use the equipment you already have, and there are many free tools and resources available to help you begin.
• Podcasts are not a dying medium; they remain popular and profitable. Major companies like Spotify and Apple are investing heavily in podcasts to attract more listeners and revenue.
• You don't need a large following to start a successful podcast. While having a following can help initially, you can build an audience by creating high-quality content that resonates with listeners.
• Podcast episodes do not need to be long. There is no set length for a podcast episode; you can make them as short or as long as you like, depending on your content and audience preferences.

How to start a podcast in 5 ways

1. Define your niche or topic 

Before recording your first episode, research if there are similar podcasts already available.

You may discover few or no podcasts on your chosen topic, or you may find that your niche is already saturated. Regardless, researching existing podcasts can help you position your podcast uniquely.

Research existing podcasts 

Before you start recording your inaugural episode, it's wise to conduct some research to see if there are any existing podcasts similar to your concept. You might discover that there are few or no podcasts covering your chosen topic, or that your niche is already quite saturated. Even in the latter scenario, conducting research can assist you in determining how to differentiate your podcast and position it uniquely.

Decide on your format and schedule

You have the flexibility to create a solo podcast or collaborate with others. If you opt for a co-hosted show, you'll need to plan how to manage this effectively. Similarly, if you plan to feature guest interviews, you may need to reach out to potential guests.

Your publishing schedule, or cadence, determines how frequently you'll release new episodes. Some podcasts release daily, while others prefer a biweekly schedule. Choose a schedule that suits your availability and stick to it, as consistency helps build trust and a loyal audience.

Identifying your audience

One of the most critical steps in creating your podcast is defining your target audience. Understanding who your ideal listener is will guide you in creating valuable and relevant content. Consider key details about your audience, such as:

• What are their age demographics?
• Where are they located?
• What is their occupation?
• What media do they typically consume?
• Do they listen to podcasts already?
• How do they spend their free time?
• What challenges do they often encounter?
• What topics are they interested in learning more about?

2. Acquire recording equipment and editing software

You can likely use your existing computer, tablet, or phone for recording audio, but for better sound quality, many podcasters suggest getting a dedicated podcast microphone. These can range from as low as $20 to as high as $10,000.

For editing software, you have free options like GarageBand for Apple devices or Audacity, which is available on any device. Alternatively, you can opt for more advanced paid software like Adobe Audition, Logic Pro X, or Hindenburg Journalist.

If you prefer not to edit your podcast yourself, consider hiring a freelancer. You can find freelance podcast editors on platforms such as Fiverr, Upwork, Craigslist, or Facebook.

Setting up a website or RSS feed for your podcast

Now that you've recorded a few episodes of your podcast, you'll need to make them accessible to listeners. One way to do this is by creating a website for your podcast. You can use free or paid tools to build your website, but for a more professional feel and greater customization options, we recommend opting for paid tools. On your website, you can host download links or embed episodes for listeners to enjoy.

Alternatively, you can create an RSS feed using a podcast-specific hosting service, such as Anchor or Buzzsprout, instead of using a traditional web host like WordPress or Wix. While the term "RSS feed" may remind you of blogging in the early days of the internet, modern podcast distribution software still relies on RSS feeds. However, you don't necessarily need a full website to submit your podcast to directories like Apple Podcasts, Spotify, or others.

Many companies offer podcast hosting and RSS feed creation for free or at a low cost. Simply upload your episodes and provide basic information, and you'll receive an RSS feed that you can use to submit your podcast to various directories.

Create Social Media profiles

When starting a podcast, it's advisable to create social media profiles using your podcast's name. While it may be tempting to join numerous platforms, it's wise to focus on those most used by your target audience. Social media offers excellent marketing potential, but it's effective only when actively utilized.

Set up an account with a podcast platform

Although optional, this step is highly recommended for maximizing your listener reach. Submitting your podcast to a directory can enhance its discoverability. Major directories typically use your podcast's RSS feed to verify ownership and legitimacy, underscoring the importance of having one set up beforehand.

Here are some of the most popular podcast directories where you should consider submitting your podcast:

• Apple (formerly iTunes)
• Spotify
• Stitcher
• Audible
• Google Podcasts
• iHeartRadio

Once your podcast is uploaded to a directory, it becomes searchable by title or keywords for anyone using that directory.

3. Acquire recording gear and editing software

It's highly probable that you can utilize your existing computer, tablet, or phone for audio recording. However, for superior sound quality, many podcasters suggest investing in a dedicated podcast microphone, which can range from as low as $20 to as high as $10,000.

You're not obligated to purchase podcast editing software if you prefer not to or are unable to do so. GarageBand serves as an excellent free option for Apple device users, as does Audacity, which is freely available on any device. Alternatively, you may opt for more advanced premium software like Adobe Audition, Logic Pro X, or Hindenburg Journalist.

If you're not comfortable or lack interest in editing your podcast, consider outsourcing it to a freelance editor. Platforms such as Fiverr, Upwork, Craigslist, or Facebook can help you connect with freelance podcast editors for collaboration.

4. Record and edit your initial podcast

After finalizing your equipment setup, you can begin recording. Some podcasters prefer scripting their content in advance to ensure they cover all key points, while others prefer a more spontaneous approach. Whichever method you choose, you may need to pause, re-record, or edit parts of your audio to achieve a polished final product. Like any skill, podcasting improves with practice and experience.

Title your episodes

Give each episode a distinct title that accurately reflects its content and, if relevant, features any guest speakers.

While it might be tempting to use clever or humorous titles, it's more effective to choose titles that are descriptive and relevant. This approach can improve your podcast's SEO, making it easier for listeners to discover your episodes through search engines or podcast platforms.

Craft engaging show and episode descriptions

To inform potential listeners about your podcast's content, you'll need to write a brief overview as well as descriptions for each episode. For the general overview, aim for clarity and brevity while addressing these key questions:

• What is the focus of your podcast?
• Who is the intended audience for your podcast?
• What content can listeners anticipate?
• Why should individuals tune in to your podcast? What benefits will they receive?
• What is your podcast's release schedule?
• How can people engage with you beyond listening to your podcast?

Your episode descriptions should be similarly concise, but you’ll have the opportunity to insert relevant links to resources, products, or any other topics you discuss.

Submit your episode to directories

Once you have your podcast ready to go, the next step is to submit or upload it to your chosen podcast platforms.

5. Promote your podcast

After making your podcast discoverable and downloadable, it's time to start promoting it. You can take a grassroots approach by sharing direct links with friends and family, or consider creating a paid social media ad campaign. The choice is yours.

One effective method for promoting your podcast is through social media platforms like Instagram, Twitter, Facebook, and TikTok. If you have a following on social media, use your existing accounts to promote the podcast. Otherwise, create new accounts dedicated to promoting the podcast and engaging with your audience.

How can you earn money through podcasting?

There are numerous ways to generate income from a podcast. Some methods can be successful even without a large following, while others require a significant demand and audience base to be effective. It's advisable to have multiple revenue streams as a podcaster to mitigate financial risks.

Sponsored Ads (or Episodes)

 Many popular podcasts feature hosts reading sponsored advertisements. Companies pay podcasters to promote their products or services through these ads. While this can be a relatively straightforward way to earn money, it often requires a sizable listenership and detailed demographic data to attract advertisers.

Affiliate codes or links

 Brands may provide exclusive discount codes for your listeners, with you earning a small commission for each use. Similarly, you can earn commissions through affiliate links, receiving a percentage of sales generated from purchases made through your link. Joining affiliate networks like Amazon Associates, LTK, and Skillshare can expand your affiliate opportunities.

Promoting your services or products

You can increase sales for your existing services or products by discussing them on your podcast. Explaining what you offer and how it benefits your audience is an effective way to inform listeners and encourage them to make a purchase.

Consulting or coaching

Your expertise as a subject matter expert might be sought after for more personalized guidance beyond what you offer on your podcast. You can use your podcast to attract consulting or coaching clients who want to learn from you in a more tailored manner.

Accepting donations or tips

Producing a podcast requires time and effort. To help cover the costs of each episode, you can ask your listeners to tip you or donate money. Platforms like Venmo, Patreon, or GoFundMe can be used to collect donations.

When requesting tips or donations, be specific about how the money will be used, such as purchasing a new microphone for better sound quality or hiring an intern to assist with production.

Gated content or memberships

While podcasts are typically free, you can create additional episodes that are accessible only through a paywall. Listeners must either pay a one-time fee or subscribe to a premium membership to access this exclusive content. Platforms like Patreon and Buy Me a Coffee are popular for hosting subscriber-exclusive content.

Advertising networks

Podcast advertising networks act as agents for your podcast, connecting you with brands for sponsorship opportunities. Some networks allow you to reach out to advertisers directly, while others pitch to advertisers on your behalf. Examples include AdvertiseCast, PodcastOne, and Megaphone. Joining an advertising network may require meeting certain criteria, such as a minimum subscriber count.

Selling Merchandise

Consider selling branded merchandise featuring your podcast's logo, iconography, or catchphrases. For instance, if your podcast focuses on organization, selling a planner with your branding could be a lucrative revenue stream.

Starting a podcast can be a fulfilling venture, but it requires some initial effort and preparation. With the right mindset and goals, your podcast can be a rewarding experience, both financially and personally.