3 Ways I Made $100,000+ Podcasting (in <6 Months!)
March 21, 2023 Newsletter.
If you follow me, you know podcasting is my thing. I host Tribe of Millionaires (from Gobundance) which is approaching 300 episodes! Many wonder if a podcast is worth their time. In this week’s newsletter, I’ll lay out how income has flowed to me via the podcast and why YOU need to add a podcast to your branding strategy as an entrepreneur!
Let me be clear - our podcast does not make any direct income from sponsors or other ads. The podcast serves as a value add for members of Gobundance but also as a way for people interested in Gobundance and all of its communities to build affinity with this incredible mastermind. In the future we may sell outside ads, but for now, it works as a top of funnel lead magnet for Emerge, Elite, Champion and GBW membership.
From the podcast, I get a lot of interest in joining any level of Gobundance and also in me personally. I’m blessed to be the face of this show and I derive lots of benefits from that - most of which is the people I get to meet and interview.
Consider that our Gobundance Emerge and Gobundance Elite/Champion membership is marketed through the podcast and I get lists of leads for both that I or my team have conversations with, some of whom join as members.
Here’s the breakdown of income streams for me personally as a result:
MEMBERSHIPS SALES - $110,000
In January, I took an $80,000 distribution personally thanks to a healthy 4th quarter of sales thanks to lots of marketing from the podcast. In addition, I can attribute $10,000 in affiliate income from Gobundance members that joined as a result of this podcast ($100,000 in revenue for Gobundance) and $20,000 from my Mid-Life Entrepreneur Mastermind which I didn’t directly market on the podcast, but because the podcast has increased my following, I was able to market to my followers.
SPEAKING - $5000
I was privileged to do some light speaking engagements that generated $5000 in income for me thanks to recognition from the podcast.
CAPITAL RAISING - $30,000
I don’t advertise that I’m raising capital on the show, but because the show provides me the platform to display my personality and generate the almighty KLT (know, like, trust) with my audience, many explore my offerings and ask about investments. Quantum Capital closed on 2 deals in Q4 and I made about $30,000 in acquisitions fees. All of this and then some went right back into the properties as my LP position on both - but it’s income nonetheless.
SHOULD YOU START A PODCAST?
The short answer is yes! There are three objectives of a podcast and none of them are to become Joe Rogan.
1. Build a network with the guests you have on 2. Build credibility within your niche 3. Build rapport with your audience (KLT)
Think of a podcast like a modern day business card. Do it for you and don’t worry about ‘monetizing’. Opportunities will come as long as you are consistent!
Also, in the US, only 38% of adults have listened to at least 1 podcast in their lives! In South Korea, that jumps to 70%. There’s a TON of room for podcasts to grow as younger generations who consume content in this manner start to enter the podcast listener space. I think video and live episodes are the next iteration, but there’s plenty of growth potential in the podcast space!
WHEN TO MONETIZE
As late as possible is the short answer! If you attempt to monetize within the first 6 months of your show launching, then you’ll make significantly less than if you continue to build your show and free content with no ask for, say, a year or two. And if you can wait until 5 years before you ask anything from your audience, then you’ll make even more at that point!
Value has a snowball effect. The longer you let the snowball build, the bigger it is - and therefore the bigger the payoff when it’s right to make an offer to your audience.
#1: Now’s the Time to Start!
Economic news being what it is, there’s no better time to invest the energy in building a podcast platform for your business or brand. Create value through this economic cycle and you’ll be much better positioned on the other end to capitalize.
#2: A Podcast Is A Business
I read that if your marketing doesn’t generate revenue, then it’s just a hobby. I generally agree with that. There’s a fine line between being pitchy and leveraging your marketing in a strategic way to build brand awareness and revenue. After all, for you to operate and add value to others, you need financial backing to do so! Think about what’s under the podcast in your funnel. Is it a book, course, service, coaching call, etc? Build your funnel and do it over time. The key is to get started.
#3: You Can Build a Podcast in 5 Minutes!!
Don’t believe me? I’ll prove it. I’ll be introducing the 5 Minute Podcast Creator soon - a free video that simplifies podcast production. Drop me a line if interested in hearing more about it. Essentially, you don’t need to spend any more or much time at all to go from concept to published first episode in 5 minutes .. really!
Tribe of Millionaires Podcast Episode
✯ Lots of talk about the economy recently. Check out this episode with Dirk Van Reenen - someone who suffered tremendously with the loss of his business and nearly his marriage in the 2008 crash. The lessons learned that he shares will serve you as we move through economic turbulence!
✯ This is a not yet released video on my channel that lays out the value of an audience and deep dives a funnel for those interested. Check it out! As always, appreciate a subscribe like and comment!
Lessons From Living Abroad ✯ My oldest son had a school recital scheduled for March 26, 2023. So, I planned a trip to Austin for our Emerge event on April 23, 2023. Then, the school announced that the recital would be moved to April 23, 2023! The one day I can’t be there. Their reason? They just wanted more time. So when I presented them with the conflict, suddenly the March 26 date was ‘flexible’ and I shouldn’t have expected that it would stay on that day. And, it’s too difficult to move the date!!! Fire came out of my eyes when speaking with the school administrator. The lesson is that I’m accustomed to timeliness expectations that just don’t exist in this culture. That’s not an indictment, but simply my lesson learned. Nothing is set in stone, your time is not valued by others and expectations for punctuality barely exist, if they do at all. Signed, Frustrated Father
Stuff I Find Funny ✯ I had to Google this one to confirm that it’s an actual product!
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