As the podcasting industry is getting more lucrative, with brands realizing the power of podcast marketing, many business podcasts are stepping into the competition. But no business is complete with a business plan. So, why don’t you develop a podcasting business plan to make sure your podcast is heading on the path of not only meeting your expectations and exceeding them?
Writing a podcast business plan will help you outline your milestones and give you a clear vision of the podcast’s audience, growth, marketing, monetization, and more.
Let’s take a deeper dive:
Why Does Your Podcast Need a Business Plan?
Many podcasters start their podcasting venture without a business plan to back them. But, what difference can a podcast business plan make?
Podcasting is just like any other business. It needs money, time, resources, and additional investment to ensure its success. Even if you don’t aim to make millions from your podcast, you still want to expand your reach and drive down the podcast highway.
A podcast business plan will help you:
Understand What you are Doing
You can lay out all of your ideas and tasks in a podcast business plan. The plan helps you know what steps to take before you start. Ultimately, this will increase your efficiency and probability of following through.
Value your Podcast like a Business
To run a successful business, you need to carefully analyze your numbers. What is your income potential? What will you spend? How will you monetize it? These questions will help you assess your show’s business success.
Any lender, financier, or investor will ask to see a podcast business plan if you ever need funding for your show (perhaps to launch a marketing campaign or improve production quality). It is this document they will use to evaluate the success potential of your show.
Increase your Success Rate
A podcast business plan increases your chances of being successful, just like a road trip wouldn’t be successful without a map. Most importantly, a plan helps you determine what success looks like so that you are able to keep track of it.
Boost Lisnter’s Confidence
Having a podcast business plan will reassure potential listeners that you are serious about your show at any point in the future. In addition, you’ll be able to explain your long-term plan so they can make a wise decision about joining you.
What Belongs in a Podcast Business Plan?
It’s easy to get overwhelmed when you first hear the phrase podcast business plan because it can sound so complex. The good news is it doesn’t have to be complicated to be effective.
Writing a result-oriented business plan isn’t much different than a traditional sales-generating business plan. Creating a podcast business plan only requires five primary components:
- Defining your podcast’s mission
- Create your ideal listener’s persona
- Developing the right monetization strategy
- Developing editorial calendar
- Drafting a solid marketing plan
So, grab a pen and paper, and let’s learn about every step in more depth:
Define your Podcast’s Mission
A mission statement is an essential component of every business plan. It explains why you created the show.
Ask yourself why you want to share your message with others. Is it to solve a problem? To spread knowledge? How do you add value to the world?
You should also be honest with yourself about your goals of fame and money at this time.
Is your goal to become a podcaster famous? It’s okay – but you need to define this goal beforehand so you can reverse engineer how to get there.
Create Your Ideal Listener Persona
Podcasts aren’t for everyone, so you need to be specific about your target audience.
Creating a podcast that is for everyone isn’t possible because there isn’t one. You should instead focus on the perfect person that needs to listen to your show.
Having this information is crucial to your podcast business plan because it facilitates marketing and product development for your audience. What they want and how they will benefit from your products and services depends on who they are and what they want.
Once you know who may listen to your show, you can craft targeted strategies to attract them to your show.
Therefore, spend some time analyzing and studying the market. For instance, what does the listener want from podcasts? What would make them keep coming back? What are their problems?
Developing the Right Monetization Strategies
Get started thinking about how you’ll monetize your podcast. Consider all the ways you can earn money from podcasting.
However, try not to complicate things too much at first. Podcaster business plans are generally focused on the fundamentals.
Profitability isn’t a rule; rather, you need to plan how to achieve this goal from the get-go.
Start by deciding which monetization strategy is right for you. If you need fast cash flow, you will also need to plan for that. In the beginning, selling affiliate products or taking sponsorships from local businesses may yield quick returns to fuel your business efforts.
Furthermore, selling services is a much faster method of monetizing than building a subscriber base first. When it comes to bigger sponsorships and donation amounts via platforms like Patreon, having a healthy fanbase is usually necessary.
Developing an Editorial Calendar
With an editorial calendar, you will be able to make quick work of the tasks ahead. By scheduling recordings, editing, and releasing consistently, you never run out of something to do.
Here are some ideas:
- What frequency should episodes be released?
- When you will release episodes?
- How long your episodes will be?
You will need to take into account the holidays and quarterly themes occurring at the time of release. You should also stay on top of current events.
Following the completion of an editorial calendar, you can then plan your podcast workflow by batching and scalability and scheduling as much of your work as possible ahead of time.
Drafting a Solid Marketing Plan
As a final consideration, you should consider how you’ll market your podcasting venture.
As part of your podcast business plan, you need to develop a rough and basic idea of how you will market the show.
Consider these questions:
- Is launching my website before releasing a podcast necessary, or should I launch the site before monetizing (if you’re already podcasting)?
- Where will I get listeners for my podcast?
- By writing blog posts that are optimized for search engines?
- Social media?
- Podcast directories?
- Email list?
- Guest podcasting?
Time to Get Started
There is so much to do in order to set up your podcast that creating a podcast business plan might seem tedious and unnecessary. We know that it’s boring. The process is tedious. Your business plan, however, should be viewed as a launching pad for your show. It should be used in all other decision-making to guide you.
Remember, it doesn’t have to be complicated. Keep it simple. Write in plain language. The document is primarily for you. Only a few people other than you will ever read it.
But most importantly, revisit and revise the document periodically – or at least once a year – and update it as your show progresses. Ensure that your podcast business plan is an evolving document that keeps you a bit ahead so that you can guide your growth.