How to stop LOSING money on your podcast
✴ The One Cost You Might Be Forgetting
This video is for the Podstars knee-deep in production. Not sure if I’m talking to you? Well if I ask you what day it is and you’re counting back from your last published episode?... Yeah, sis...I’m talkin’ to you.
I get it! Podcasting can be an all-consuming task when you’re in the thick of it. It’s no wonder I get questions all the time about how to monetize. There’s no shame in wanting to make enough money to cover, at very least, the costs of production like buying equipment, your hosting platform, and a podcast website. However, there’s one cost that you might not be accounting for that you’re no doubt losing money on as we speak. YOU!
Time is money, and you’re pouring a lot of YOUR time into YOUR podcast! Today is the day to put a dollar value on your time and energy, gals. Like L’Oreal says “...because you’re worth it!”
On today’s video, I will lovingly shake you and yell “STOP THAT”....well, metaphorically. It’s time to plug the pod-hole from which you’re slowly hemorrhaging time and money and feel like a total badass doing it, what do you say?
✴ About This Video
If you’re new here, I’m Lauren Popish, and I’m the founder of The Wave. The Wave helps women grow and monetize their podcasts. Consider me the “Jill Nye” of podcasting. I conduct podcast experiments and report back to YOU with all the need-to-knows! Bubbling beakers sold separately.
Once I’ve gathered all my finalized data, I release weekly videos on the subjects of crafting, producing, growing, and monetizing your podcast, so if this sounds useful, be sure to subscribe to our channel by hitting the Subscribe button in the lower right and be sure to hit the bell so you can get notified every time we have a new episode.
✴ How to stop LOSING money on your podcast
SO, back to the money you’re already losing on your podcast. Now, I don’t say this to scare you, but to show you the light! (rays of light and angelic vocals rain down) The first step toward recovery is admitting you have a problem, and this is a problem we have ALL dealt with.
✴ Step 1: Understand your podcast costs
One of the toughest things about doing creative work is learning to put a price on your time, especially when it’s not technically “your job” just yet. Here’s a quick way to get a rough estimation of what your time spent podcasting is worth.
Calculate the cost of your time by finding the hourly rate of your annual salary.
Multiply your hourly rate by the hours you spend on podcasting, including prepping, recording, editing, and marketing. And voila! That’s the price of labor on your labor of love. If you’re not sure how much time you’re spending exactly, start time tracking whenever you work on your podcast. We’re pretty partial to programs like Harvest and Clockify. You’ll be surprised to see how long things are actually taking you.
✴ Step 2: Decide what you’d like to outsource
Once you’ve done the “Beautiful Mind”-style mathematics to figure out just how long certain tasks are taking and what that time is worth, you’re ready to take a long hard look at that equation... and take yourself out of it. Make a list of all of your podcasting tasks and identify the areas taking up the most of your time. Editing is usually a big one. Select parts of the process you’d like to outsource or at least automate with the help of new tools.
✴ Step 3: Hire some help
Once you’ve Marie Kondo’d your podcast process, it’s time to find someone to step in and help.The real trick here, is to pay less for your outsourced help than what YOUR hourly rate is and BOOM. Just like that, you’re saving money. You can always use places like Upwork or Fiverr to find individual contractors, or you can use my brand new editing service for women called The Wave Editing. We offer affordable editing services by working with female audio engineers in developing countries and paying them a livable wage. It’s podcast editing for women by women at a fair price that is also fair to our editors. Learn more here.
✴ Step 4: Reallocate your time
Now just because you’ve gotten some time back doesn’t mean you should spend it binging The Office for the 5th time. The last part of the equation is to take that newly rescued time and put it into money MAKING activities for your podcast. This should include building your email list, guest podcasting, creating sellable products and services, and marketing the ish out of your podcast. Now THAT’s a recipe for success.
✴ Super Secret Bonus Resource
If you’ve made it this far you are dedicated to leveling up, and we respect and reward that at The Wave. If you’re feeling super motivated to invest in some outsourced help on your podcast so you can make more money, we’ve included a list of our favorite companies that specialize in helping female podcasters succeed. Yes, my own company is in there BUT it’s not just because I’m vain - it’s actually an awesome and ethical service too. Check out the link in our description and let ‘em know Lauren sent ya!
Download our guide to the best outsourcing companies for women here.
✴ Let’s break it down from the top
It can feel like a long road to viability, but you don’t need to set your relationship status to “It’s complicated.”
Step 1: Understand your podcast costs
Step 2: Decide what you’d like to outsource
Step 3: Hire some help
Step 4: Reallocate your time
Bonus: Check out our highly recommended resources below to be sure you’re outsourcing to the best of the best!
Look at you, thriving out loud!
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Thanks watching. Keep podcasting, and enjoy the ride.
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