Starting a podcast is a major business decision. It requires an investment in terms of proper equipment and the time it takes to create the material for the podcast and record it. Here are several ways to make money from your podcasts.
1. Sell Each Episode on iTunes
Make each podcast high quality and of interest to your niche. Market each episode and get paid for it.
2. Sell Each Episode on SoundCloud
SoundCloud allows people to access your content on a range of platforms. It’s also easy to use, with an interface quite similar to that of YouTube. In order to monetize your content, you need to join SoundCloud Premier, which accepts independent artists.
3. Accept Ads
You can accept ads from anyone who wishes to get their name out there and thinks your podcast would be a good opportunity for this. Be prepared to give them data about how many listeners you have. Also prepare a rate card. Research what other podcasters are charging. The longer you have been in business and the greater the number of followers you have, the more you can charge.
4. Find a Sponsor
A sponsor would be similar to an exclusive advertiser for your podcast. Think of the kinds of products and services in your niche (besides your own) that your target audience would be eager to buy. Then approach the business owners to see if they would be willing to sponsor a podcast. You might need to gear your content towards their products. You might even be able to get a person from the sponsoring company to agree to appear on the show and be interviewed.
Patreon.com allows ordinary people to support your podcast on a per-podcast or on a monthly basis. Choosing the monthly option means you can count on a predictable stream of revenue. Per podcast can start bringing in significant profits if you can create high quality podcasts regularly. This is also a good way to develop a following and make meaningful connections with your target audience, who care about your content and your success.
6. Affiliate Marketing
Join affiliate programs such as Amazon’s, or affiliate marketplaces such as ClickBank, and sell products related to the topics of your podcasts in exchange for a commission. If you are in a niche with expensive products, this can be a significant stream of income.
7. Sell Your Own Products and Services
Create information products and expand your business to start offering services. Run your own spot ads on the podcast. Create special offers your target audience would be foolish to miss out on.
8. Partner with Others and Split the Revenue
Partner with other in your niche who have products and services to sell. Both of you can promote the podcast and split the revenue.