The latest podcast statistics show that podcasts’ popularity has increased in the last few years. There are many reasons behind this growth, but one thing is certain—people want entertainment when exercising, driving, doing housework, or running errands.
Besides being background noise, podcasts can be highly informative and beneficial to listeners. They can also be a powerful marketing tool for brands. Here’s what you can do to create your own podcasting business.
Photo by Magda Ehlers from Pexels
Create a Business Plan
Just like in any other business, you’ll need a business plan. While creating a business plan, it’s essential to focus on your niche and target audience. You should also calculate the costs to start a podcast business and think about how you can monetize it in the future.
Overall, you should focus on finding the right equipment so that you can sound professional. For this, you’ll need:
- A recorder
- Audio interface
- Good audio editing software
- Publishing software
Include these costs and yearly maintenance in your business plan, think about the name of your business, and proceed to the next step.
Develop a Concept
You should develop the concept for your podcast at about the same time when you decide on your business plan. First, your concept should answer the question of why you’re creating a podcast. Then, you should think about how vast your topic will be.
However, this is a time when you shouldn’t create any content or podcast artwork. Still, you should define the format of your podcast. There are a few formats to choose from:
- Interviews
- Scripted non-fiction
- Scripted fiction
- News recap
- Educational podcasts
Once you’re done creating a concept and a business plan, you can move on to the next step.
Form a Legal Entity and Register for Taxes
The most common business structures are sole proprietorship, partnership, LLC, and corporation. For podcasts, you should go with an LLC or corporation business structure, which keeps you protected from personal liability in case of a lawsuit.
Visit the IRS website and register for Employer Identification Number (EIN). Now you can proceed to register for necessary taxes based on the type of business structure you selected. Once you finish with all registrations and know your tax-related responsibilities, open a business bank account.
Obtain Necessary Licenses
Even though your podcast business will be online, that still doesn’t mean you can do whatever you want. Keep in mind that license and permit requirements differ across states. While you can get the basic information online, it’s best you visit the local offices and contact them directly via email.
You’ll also want to think about copyright both for your podcast business and the music and content you’ll use. If you plan to develop a unique product or a brand, it’s necessary to register for the appropriate trademarks and copyright.
When it comes to the music you’ll use on the show, you’ll need to obtain synchronization licenses. Avoid using “fair use” music covers as these are very limited. Also, keep in mind that even if your guests appear in your show to promote their music, you still must obtain proper licenses.
Create Your Business Website
Even though your podcast will be hosted on a podcast platform, that isn’t your official website. Also, Facebook and LinkedIn can’t officially represent your business either. Luckily, today you have access to various platforms where you can build your website with ease.
You’ll use your website to reach more customers and promote your podcast. As a result, you’ll seem more legitimate and can eventually include a blog that will help you promote your podcast.
Develop a Plan for Marketing and Growth
There are many ways to promote the podcast and let it grow organically. You can submit it to directories, create an email list, or even try to be a guest on other shows or invite other podcasters.
As always, do your best to grow your social media presence and focus on creating interesting content to share besides your podcast. Finally, consider paid advertisements via Google or social networks.
Think About Monetization Options
The idea behind your podcast business is to make money off of it, and there are two ways to do it. If you decide on advertising, you’ll want to focus on creating bonus content, scoring sponsorships, and receiving donations.
On the other hand, you can focus on product sales, where you’ll generate content for affiliate marketing and paid products. You can also make premium content that listeners will have to subscribe to or sell your own product or service.
Remain Constant in Content Development
Every business requires that you continuously offer and promote products or services. When it comes to podcasts and similar online businesses, you’ll want to be consistent in creating content. More content means more audience and more opportunities to get listed in podcast directories.
One of the best ways of getting ideas for new content is to monitor your competition. Then, since you already know your target audience, compare that data to what you’ve learned from the competitors. You’ll get a better understanding of what people want to hear, and you’ll be able to create the best content that helps you stand out.
Summary
The online realm offers multiple chances of creating an online business. However, one industry is growing slightly faster than others. Podcasts have grown in popularity, and that’s why it’s a good idea to consider starting a podcast business.
Once you analyze the market and make a business plan, think about the concept of your podcast. Once you’re certain you can devote your time and energy to it, work through the steps above to establish your podcast business.
