Mobe Scam Pros: Selling a quality service or product is the number one objective of any business owner. Simply put: when you sell, you earn. If you’re running a quality podcast and interacting with your customers, you might want to consider monetizing the service in order to bring in some extra capital.
You can monetize your podcast through various means, such as selling premium content, promoting affiliates, or gaining sponsors.
But if you’re still deliberating over whether you should use your podcast to make money, here are a few good reasons to do so.
Cover the Costs
It takes money to make money. Although podcasts are relatively cheap to produce and run, you still need to spend money on purchasing equipment. You’ll need to spend considerably more if you’re looking to purchase high-end equipment in order to produce higher quality podcasts.
Don’t forget to take maintenance and repair fees into consideration. If you have to pay a studio fee or need to update your equipment each month, monetizing your podcast becomes imperative. The money earned from the podcast could offset the cost of operation.
Adapt to Demand
Maybe your competitor is producing a more effective and engaging podcast by getting better equipment or hiring an engaging host. In order to stay ahead, you’ll need to perform better than the competition.
With money earned from the podcast, you could to hire someone, bring in guest speakers, or purchase quality equipment, helping you to compete in your market more effectively.
Get Rewarded for a Quality Service
If your podcast contains high quality content and is well received by listeners, you should consider getting paid for the service you provide. You are providing a professional service that you should consider selling just like you would any other.
Be sure to produce a podcast that is worthy of commanding payment. People will not mind paying for a worthwhile service if it’s having a positive impact on their lives and business goals.
Alleviate the Stress
Managing expenses can be stressful for small business owners. You have to make sure that you’re covering all your costs, yet saving enough money to reinvest in your enterprise.
Monetizing your podcasts can make life simpler as it may help you avoid borrowing from other parts of your business. Less hassle and less math!
As beneficial as it may be to monetize your podcast, there are a few things to be aware of:
The More You Earn, the More You Owe
Any additional income you earn needs to be declared on your tax returns, so money made through the podcast will be taxable. You will need to keep all financial documentation regarding your earnings organized in preparation for filing taxes, which could be a hassle.
Professional Conflicts May Arise
If you podcast with a business partner, you’ll have to divide the podcast earnings between the two of you. Before deciding to monetize, consider how the earnings will be spent and split. Also decide each partner’s responsibilities and the appropriate pay for it. Without a clear understanding of how the money will be dispersed, there is a potential for ill feelings between partners.
Also, if you hire an expert or guest speaker for one of your podcasts, you’ll have to pay for their fees, especially if they know that you are making money by having them on the show. There may be times that you can get favours from some of your contacts, but it’s difficult to pay them nothing when you are making money. Don’t be unethical!
There Could Be Conflicts of Interest
If you accept money from sponsors or affiliates for your podcast, you’ll be obligated to mention them in your content. You may be expected to promote their products or services simply because they have given you money. While there is nothing wrong with this, listeners may wonder if they can trust your endorsements and whether your primary objective is to make money rather than to inform, educate or entertain.
If you don’t monetize your podcast, you can freely discuss what you like without any obligation to a sponsor or third party, allowing you to maintain a trusting relationship with your listeners.
You’ll Interrupt the Flow of Content
We’ve established that payment from sponsors is typically done in exchange for promoting their product or business. If you had a seamless program before, you will now need to allot time for commercials. This may interrupt the flow of the conversation and frustrate listeners.
As you’re deciding on whether to monetize your podcast, be sure to weigh the pros and cons. Remember, that the effect this change has on your listeners, whether positive or negative, is the most important thing to consider. Do not leverage your integrity and credibility to earn money. Whatever you decide, be sure that it is not at the expense of quality work.