Is starting a podcast worth it? It depends. Starting and Growing a podcast is hard work. Let me forewarn you, it is a time suck and there are costs involved that you need to consider as well. Is podcasting worth it? Let’s break it down.
Is Podcasting Worth it Financially?
If you’re trying to get rich, then usually podcasting is not the answer. However, there are times when it may make financial sense to start a podcast including:
- If you already have a business and this is now an addition to your marketing mix
- You already have a large social media following and are open to taking sponsors.
- You already have a large audience via e-mail you can market to.
- If you have access to people with large audiences who want to support you and share your content.
Think about it. You will be paying for podcast hosting, website hosting, editing software (or a professional editor), microphones and you will also be paying with your time. Generally shows don’t get sponsors unless you have 10,000 downloads per episode, and the large majority of podcasts won’t see those download numbers. If you already have a business plan and this is a way to reach an engaged audience that you can promote your services to, then it may be worth it to start a podcast.
What If you are starting a podcast from scratch and don’t have a business or following?
This is up to you to decide if you want to go down this path. If you have extra cash laying around for equipment, time for editing (or money to pay an editor), and time for show notes, then go for it. It may be just the passion project/hobby you were looking for. If you’re expecting to be one of the top podcasts right off the bat and get paid to podcast without it being attached to a business or larger audience, then lower your expectations… you have a long road ahead of you.
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