Are You Ready to Monetize Your Podcast?

Introduction

Today’s topic is one I get asked about all the time: How do I monetize my podcast? Is it time for me to monetize my podcast? There are countless ways to make money with your podcast, but before diving into those, we need to ask a critical question: Are you ready to monetize your show? Let’s explore this today.

The Question to Ask

Talking about making money with a podcast can be uncomfortable, especially if you’re new to it. Many people believe the only way to monetize is through sponsorships, which require thousands of listeners. While that is one method, it’s not the only way. Before exploring the various monetization methods, you need to determine if you’re ready. There are three aspects to consider before monetizing your podcast: mindset, systems, and treating your podcast like a business.

1. Mindset

First, we need to address your mindset. If you’re treating your podcast like a hobby, it’s going to be hard to monetize. Many of you might see your podcast as a side project, and that’s perfectly fine. However, if you want to monetize, you need to shift your mindset from hobby to business.

Think of a hobby like doing jigsaw puzzles. My mother-in-law loves puzzles, but she’s not trying to monetize her hobby. She does it for relaxation. If your podcast is just a creative outlet, that’s great. But if you want to monetize, you need to treat it like a business. You need a clear distinction: is your podcast a hobby or a business?

2. Systems

The second aspect to consider is systems. Do you have processes and workflows in place for monetizing your podcast? For many new podcasters, I recommend starting with affiliate marketing. It’s a great way to generate revenue if you have a small following and no products or services of your own.

Creating systems means being organized. If you’re not organized with your podcast now, adding monetization will only make things harder. Start with a content calendar, guest schedules, and standard operating procedures. For example, I use Asana for planning my affiliate campaigns. Having these systems in place will make monetizing your podcast much smoother.

3. Behind the Scenes

The third aspect is treating your podcast like a business behind the scenes. This includes setting up an LLC, a business bank account, and keeping personal and business finances separate. I set up Proffitt Media, which encompasses all my digital courses and the Proffitt Podcast, to keep my business finances separate from my personal finances. This helps avoid financial messes and provides legal protection.

If you don’t have the funds to set up an LLC or a business bank account right away, start saving and plan to invest in these structures. It will make managing your podcast’s finances much easier, especially if you suddenly start making significant income from your podcast.

Recap

Let’s recap the key points:

1. Mindset: Determine if your podcast is a hobby or a business. If you want to monetize, treat it like a business.
2. Systems: Set up processes and workflows for monetizing your podcast. Be organized with content planning and affiliate campaigns.
3. Behind the Scenes: Set up an LLC and a business bank account to keep personal and business finances separate and provide legal protection.

If you’re serious about making your podcast part of your business and monetizing it effectively, consider implementing these steps. They will lay a strong foundation for your podcast’s financial success.

Outro

I could keep talking about making money with podcasts, but I’ll save that for another day. If you want to dive deeper into podcast monetization and marketing, check out Proffitt Podcasting. You can find more information at KrystalProffitt.com/course.

For more details on today’s episode, visit KrystalProffitt.com/episode269.

Let me know what you learned today. Take a screenshot, tag me on social media, and share your number one takeaway. I’d love to hear from you. As always, keep it up. We all have to start somewhere.