Podcast Financial Investments
Podcasting can be a great investment both personally and professionally. It has been used as a way to get your thoughts and business out there, plus it can seem like it will be a quick and cost-effective way to do that. It can be but it doesn’t go without having some price tags you’ll need to consider. So, today I will be covering the podcast financial investments that you may come across when starting a podcast.
Budgeting and Financial Planning
Like anything just jumping into things can have good outcomes but we think that it’s important to do a little research to figure out what budget you are looking at and create a plan to set your podcast up for success.
First, sit down and figure out what kind of budget you have for starting a podcast, you can find everything you need within that budget (even a very low budget) but be realistic so you know what to look for and what you will be able to afford. Some things you may have to wait until you have a bigger budget and that’s totally okay!
Next, you’ll need to think about what your expenses will be when it comes to the podcast and what areas will you have costs (both one-time and subscription-based). To get you started I have a list of some things you can expect in the next section!
At the same time, you will also need to think about your revenue streams (or potential revenue streams). How are you planning on making money with your podcast to sustain it? For some ideas on ways to monetize your podcast, read our blog on monetization basics here. Note: if you aren’t planning on making money with your show, that’s okay! Yan ignore this part but you will still want to know what expenses/things you need and how you’ll pay for it.
Then don’t forget to track your income and expenses as you get going. Especially if you are planning on turning your podcast into a business itself then this will be important. You can use tools like Excel or Quickbooks to keep track. Here is a great article by Amanda McLoughlin, Bello Collective on accounting for Podcasters that covers all of this.
Finally, set up a plan for growth and sustainability. Set your money goals and make a monetization plan.
And don’t forget to regularly review and adjust your budget. This will help you to make better financial decisions for your show. And if you are planning to use your podcast to generate its own revenue like through monetization then it’s good to regularly monitor your finances to know how the show is doing.
Areas that May have Costs
Now depending on your specific budget and show needs, these costs may vary. You may have all of it or only some of it, so take some time to assess your budget as said above, and figure out the items you won’t be able to live without, especially if you have a tight budget.
Studio Setup
You don’t need much to set up your podcast studio, it could just be a closet or your office space with some rugs and curtains. But you will want to make sure to have it set up to maximize the space you are in. Here are some areas that may cost extra:
Other than blankets, pillows, and items like that lying around to help. You can also install acoustic paddings like these ones to help.
Or consider just adding an isolation shield like this one.
Also, consider going to a podcast studio (or the podcast bus!) to record, it will have a professional look and feel for your listeners and you won’t have to have anything for setup. But of course, these will cost.
Equipment
Note again, depending on your budget and needs there are various price points for all these options (including using what you have already!) To get an idea of those different ranges, here is our blog with different budget options.
Computer
microphone
headphones
Some extra costs: Pop filter (here is an example), or even a mic windscreen (option 1 or option 2).
Software
A hosting platform to actually get your show out into the world. Some options are Spotify for Podcasters (free!), Buzzsprout (starting $12/mo) + Captivate (starting $17/mo)
An editing program if you plan on doing any post-production work for your show. Here are our two different blog posts on options, Podcast Programs: Setting Up Software and 5 Free Podcast Editing Programs.
If you even plan on having a website for your podcast (and you don’t have one already) this could be an additional cost with WordPress or Squarespace. Some other websites to consider though are Podpage or Carrd.
Any programs to help make promotional materials like Canva or Wavve, a program for scheduling posts like Buffer, or for video snippets like Vidyo. Many are free but look around if you want paid options to make sure you aren’t overdoing your subscriptions!
Marketing and Promotion
There are a lot of free marketing options out there when it comes to social media and email marketing. But some of them can have additional costs (like email marketing depending on your program and how many subscribers you have) or paid advertising like on social platforms. So, again if you are planning on doing more than just free promotion, this is a good time to take that into account as well.
Outsourcing and Delegation
To help keep your podcast going due to your time constraints or capacity for it in general. One great way to keep your podcast afloat is by hiring outside support. Outsourcing can help take care of tasks like editing, production, marketing, and more to help save you time and produce high-quality content.
But this will come with a cost when you are passing it off to expert service providers in their fields. This price range can depend on how much you are outsourcing and what you are outsourcing.
Read our blog on whether should you hire a podcast manager, if you are on the fence about it. Read our blog on hiring a podcast manager stress-free if you are ready to take the leap but aren’t sure what tasks to hand off or what the costs may entail.
Monetization
When it comes to monetizing you can usually make money (as we mentioned above) but sometimes to make money you have to fork out some in return. So, consider your budget and strategy when setting up your monetization plan. Areas that may cost money in monetizing are paying for advertising if you make merchandise, and if there are any fees when it comes to your subscription plans.
Getting Financially Fabulous
Having an idea from the get-go what you may need when it comes to podcast financial investments can make a big difference in the long-term success of your podcast. It gives you an idea of where you are and where you want to be.
If you already have a show and haven’t considered it, take some time to sit down and see what your podcast finances currently look like and to help get you to where you are headed.
Let us know in the comments what is one way you manage your podcast’s finances.
Aleea
Disclaimer: The information above, including but not limited to, text, graphics, images, and other material contained on this website is for informational purposes only. We are not financial advisors. No material on this site is intended to be a substitute for professional advice, seek professional advice for financial questions and matters.
