Podcasting Full-Time: Do You Have What It Takes?

Podcasting is a lucrative career that has the potential to bring in a significant amount of money. There are several ways you can win as a podcaster. You can even get to the point where you can quit your 9 to 5 job and work on podcasting full-time.

On the flipside, there are also those who tried podcasting full-time and ended up going back to their 9 to 5 job because they weren’t getting any financial returns.

If you’re seriously considering becoming a full-time podcaster, here are some key things that you need to take into account before you dive in head first.

Know Your Why

Podcasting, full-time or otherwise, will require a great deal of investment in terms of time, effort, and resources. And just like any business, you are likely to encounter a lot of challenges before you reap the rewards.

That being said, it is crucial that you have a clear and substantial understanding of why you want to do it. Your “why” will be your motivation to keep going especially when times are challenging.

If you are considering getting into the podcasting business just to get out of a job you hate, then I’m going to be honest and tell you you are most likely not going to last long in the business. As a general rule of thumb, you need to have a profound reason. Otherwise, you will most likely give up when setbacks occur.

Understand Your Current Situation

Another critical thing you need to consider before taking the leap of faith is if you have the means to keep yourself and your podcasting business afloat while you are still in the process of building it.

Gauge your financial readiness by asking yourself the following questions:

Do you have enough savings to cover at least six months of your household expenses?
Do you already have a following on your current podcast?
Is your podcast already making money?
Is the amount you’re making in your podcast equal or more than what you’re earning in your current job?

If you answered “NO” to even just one of the questions, it would be wise to put your podcasting dreams on hold until such time when you are financially ready.

The same approach was used by podcaster and entrepreneur Michelle Price-Johnson. In a podcast interview with Cole Johnson, she pointed out that she decided to quit her 6-figure day job only after she was sure she’d earn more from the podcast than from her day job.

Have A Concrete Plan

Just like any business venture, you also need to have a clear and solid game plan for your podcasting business. This is especially necessary if you intend to do it full-time.

Start creating your business plan by identifying who your core audience is. Generalizing the people they want to target is often one of the biggest mistakes many podcasters commit. Michelle Price-Johnson recommends narrowing down your core audience to a specific genre.

I personally suggest taking it one step further by narrowing it down to just one person. Marketers call this a persona–a data-based, semi-fictional description of the individual you would like to target. However, consider it best not to limit yourself to the demographics.

Instead, create a story behind your persona complete with all the different problems and challenges they are likely facing. That way, you don’t only have a more precise idea of who you’re trying to reach out to, you will also gain a better understanding of the kind of products or services you can offer as a solution.

Once you have the basics covered, you also need to figure out how you’re going to market your podcast and your business. Far too often, many podcasters spend too much time producing podcasts that they tend to overlook other important aspects like marketing and management. Having a plan in place can help ensure all the key aspects of the business are attended to accordingly.