When Should I NOT Start A Podcast?
This was a unique question and I thought it was deserving of a somewhat detailed answer! It seems like everyone is giving information on who needs to have a podcast, why you should have a podcast and how to start a podcast. But nobody is talking about reasons NOT to start a podcast!
Some of the misguided assumptions about people wanting to start a podcast includes fame and fortune. So in this series of episodes, I want to cover some very good reasons you should NOT start a podcast! If you find yourself wandering down a few of the trails I’m going to identify here, you should rethink your motivation for wanting to start a podcast!
As I covered in previous episodes, podcasting IS the new communication medium for this generation. It is easy to enter. It is fairly easy to produce. It is easy to promote. All of this makes it fairly easy for someone to just “hit record” and they are a podcaster! But the same accessibility also means there are many, many podcasters out there. And many of them, truthfully, are not that great.
So the competition is to stand out amongst the crowd. How do you do that? By being unique in what you are offering. Be unique in the way you present the information. Be unique in the information you are presenting!
If you look at the statistics, only about the top 20% of podcasts make “any money” at all. By that I mean, they do not even cover their expenses. Let’s say your expenses are $50 per month. If you make $2.50 per month from some kind of advertising revenue, you are in the top 20% of all podcasters, income wise.
Only about 5% of podcasters make enough money each month to cover their expenses. And I’m not talking about salaries of staff. I’m talking about hosting, advertising and equipment costs. If you are not over 10,000 downloads per episode, most sponsors will not even talk to you! The usual rates are something like $30 for every 1,000 downloads. So if you were to have 1,000 downloads per episode and you produce 5 episodes per week, you are looking at only $150 per week – before taxes and expenses!
About 1% of podcasters make a living from podcasting! Probably even less than that! These podcasters have a loyal fan base. They have built up their following over time, often years. They have something else they are offering and the podcast is just one avenue of the business plan for them. And most of them have close to a million downloads per episode! Definitely over 100K per episode.
If you are planning on starting a podcast in order to make a full time income, leave your 9-5 job and have the easy life – you will be sorely disappointed. I do not want you to think it’s impossible to do. But it is NOT going to happen quickly, in most cases it will not even happen at all.
Even though the equipment is not necessarily expensive to buy and the podcast creation and hosting is not that expensive…it is not free, either! Yes, you can get by with a cheap microphone or even your cell phone. But the quality will drive away some listeners. And if you are driving away listeners, or not getting subscribers who keep coming back, you will never make any money!
And let’s not forget about the TIME it costs you to make and produce your podcast! Time is money! For example, let’s say you have a weekly one hour podcast. It will take you at least 3 hours to prepare for it. One hour to produce it. Then probably another two hours to edit, get show notes ready and load it for publication. That is six hours of TIME for one podcast.
Not a big deal, right?
But if your goal is to “add to the family budget,” you could have gone out and worked part time for those six hours per week, let’s say at only $10 per hour, and brought in over $200 to the family budget in one month!
So if making money is one of the driving factors in making and producing your own podcast – rethink your priorities! You are probably NOT going to add income to the family budget. At least not of a long time. You will be spending time and money instead of saving time and money!
Next time, I will discuss the “Skill and Knowledge Requirements” as reasons “When Should I Not Start a Podcast!”
If you have a podcasting question, send it along to me. You can leave your questions in the comments section below. But a better way of communicating with me and making sure I am able to see your questions rapidly is by using the contact form on my website. Go to https://podcast-training.com/contact and click on the contact tab. Fill out the form and be sure to send me your questions.
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If you would like to watch the YouTube video I created for this topic, please click here: https://youtu.be/TdZQnhG5Gag
So, until we talk again, “Keep Listening, You’re Awesome!”by