You can start to make money from podcasting once you’ve got a good base of listeners for each of your episodes, so it will take some time to get your podcast to that level so that you can start earning from it.
But once you do get to a certain level, you can actually make a lot of money from podcasting. Take a look at Entrepreneurs On Fire, for example; for the first 3 months of 2020, they’ve generated $521,558 gross income, the majority of which come from sponsorships for their EOFire podcast (77%, to be exact):
But just like with blogging, you need to pick a good niche, one with a lot of potential. Plus, if you want your podcast to grow and get more listeners with every episode, then you need to spend a lot of time promoting it.
If you’re thinking of going the podcasting route, here are some tips to help you pick a good niche and get started with podcasting:
- Make a list of what you know, what you can do, what you’re passionate about, your skills and knowledge and use that to make a shortlist of podcast ideas that you’d like to do (in needs to be something that you’re knowledgeable about and that you’re comfortable talking about at length)
- Do some competitive research: look up the most popular podcasts in your categories and listen to them; what topics do they cover? What makes them special? Why do people love them so much?
- Choose a podcast format: by listening to the other popular podcasts in the niche you want to go in, you’ll also get a better idea of the formats you can use for it. Will it be you and another person (or more!) talking through the entire podcast? Or an interview-style podcast? Just you?
- Think of the future: is there enough material there to create dozens – nay, hundreds! – of podcast episodes?
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