Podcast – Is it a Viable Business Idea?

Are you a huge fan of podcasts already, and do you wish to start one? Well, it can be a great side hustle idea or a full-fledged business venture if you know how to implement it effectively. Podcasts are easy to start with a few challenges if you are a complete newbie and don’t know how to promote them. However, we can assure you that podcasts can fetch you sufficient income if you plan it properly and take action in time. 

Following are essential details about podcasts – the type of equipment you need and the pros and cons. You can go through them and make an informed decision. 

What is a podcast? 

A podcast refers to a series of audio episodes that could be interviews of celebrities or speakers. The listeners can download and listen to it from the streaming application and seek knowledge out of it. Podcasts vary as per the niche. It could be general motivation and productivity and might also be related to a specific group of persons such as those suffering from a mental disorder. 

Equipment 

The best thing about starting a podcast is that it requires minimal requirements. A newbie can use free applications and start a podcast even by using his or her phone. Following is the list of equipment needed: 

  1. Microphone – You will need a microphone that can also be on your smartphone. However, if you want better clarity and a more enhanced version of the same, you can invest in an excellent quality microphone. 
  2. A recording software – This software will help you record all the audio and convert them into files. A free version is certainly available on your laptop or your smartphone, but a paid version will do the advanced job and provide more efficiency.
  3. An editing software – This software helps you edit the audio files and make them more presentable for the audience to listen to. You can edit audios on your phone by downloading a free app, but for better editing quality, you can buy good editing software. 

Pros 

We have a long list of pros of starting a podcast. But, even if we discuss the challenges at the end of this post, you can never overlook the pros given here. So, let us begin with the golden benefits of venturing into the podcast industry. 

  1. Needless to say, a podcast is very much easy to start as you need only three pieces of equipment. If you prefer to stay on a budget, go for the free versions. If you want enhanced quality, opt for the paid software and microphone. But still, it is much easier to start a podcast as you won’t need any major devices such as cameras or paid professional assistance. 
  2. A podcast offers convenience to spread the message to the world. You can connect with the audience without making much effort, such as editing and shooting long videos. Podcasts are primarily for knowledgeable purposes and less for entertainment. Hence, if you have a message and you need to directly convey it to the audience, choose a podcast. 
  3. As the audience will be listening to your voice and relying on it completely, it establishes more authority than the other media publications. It creates a personalized connection between you and the audience. Yeah, we know they will depend on only one sense, but the impact is commendable. 
  4. The audience will not check your facial expressions or outfits or get distracted by the things around you. But they will be deeply focused on the truth you speak in the podcast. Hence, podcasts are generally used by people who have a solid message and want to convey it to a genuine audience. You will not find any random person commenting or mocking at your podcast; this is certain. 
  5. As compared to the other social media avenues, no numbers are displayed for a podcast, such as a number of times listened by the listeners or any popularity number. Generally, a new audience will check whether a video or audio is popular or not and then go for it. But in the case of the podcast, there is no judgment based on numbers. Your podcast will not have a ranking, and that’s the positive thing to happen. Listeners will come to you no matter what. 
  6. While listening to your podcast, the audience can work or read or drive. They do not have to focus on the podcast entirely; they can move on with their important activities and still stay tuned in with your message. 
  7. Another good thing is that a podcast does not carry any major distractions. For example, when you watch a video on YouTube, you can get easily distracted with captions, other videos, or video suggestions. You hardly focus on a single video. But in a podcast (provided it is engaging), the audience will not be distracted and stick to it till the end. 
  8. As podcasts are of longer duration (the average is 30 minutes), you have sufficient time to keep your audience engaged and make them convinced to return in the future. 
  9. You can build your email list along with podcasts and have a connected and long-term audience. 
  10. A podcast is a profitable venture and you can earn decent income out of it even if you think of a side hustle in the initial days. 

Cons 

  1. It is a bit challenging to start as there is no fixed regulation for the display of podcasts. 
  2. It is challenging to seek momentum in the initial days. 
  3. It needs promotion on a larger scale; you cannot expect that to happen indirectly. 

To conclude, while creating podcasts, you grow, expand your wisdom, connect with the audience and earn income. If you want your strong message to be spread fast and to a larger genuine audience, podcasts are meant for you. Even if you have less or no capital, you can begin with a podcast easily.