Podcasts for Profit with Morgan Franklin

#002: How Much Does It Cost to Start a Podcast

March 11, 2024 Morgan Franklin Media Season 1 Episode 2
#002: How Much Does It Cost to Start a Podcast
Podcasts for Profit with Morgan Franklin
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Podcasts for Profit with Morgan Franklin
#002: How Much Does It Cost to Start a Podcast
Mar 11, 2024 Season 1 Episode 2
Morgan Franklin Media

Like so many new podcasters, in the beginning I was relying on my most *trusted* mentors – Google and YouTube for all my advice on podcasting. 

The funny thing is, today the first result when I Google “How much does it cost to start a podcast?” is a Forbes article that says starting a podcast could cost anywhere from $20 to $5,000?! That a huge range, and while it’s fairly accurate, that's probably not  the answer you were hoping for. 

My best advice is to remember it's okay to grow with your podcast and invest more as your audience and opportunities grow. Don't let the cost stop you from starting. After all, some of the most successful podcasts start with nothing but a great idea and a passion for sharing it!

In this episode:
(0:02) Exploring the varied costs and equipment for different types of podcasters.
(4:35) The critical step you should take before buying equipment.
(8:29)  Equipment recommendations for beginners and professionals.
(14:48) Podcasting equipment and setup.
(16:00) How I almost ruined one of my biggest podcast opportunities by not having the right equipment.
(20:00) Podcast hosting, editing and virtual recording costs.
(23:12) What actually matters when you start podcasting.

If you enjoy the show and you want to help more business owners and podcasters make money with their podcast will you give me a 5-star review? It helps the show rankings and gives more listeners an opportunity to find the show. Thank you!

Links mentioned in this episode:
Sign up for Buzzsprout Podcast Hosting
Ger Riverside.FM Virtual Recording Program
Total Podcast Setup Under $500
Complete Professional Podcast Setup $2,500
Follow Morgan on Instagram

Show Notes Transcript

Like so many new podcasters, in the beginning I was relying on my most *trusted* mentors – Google and YouTube for all my advice on podcasting. 

The funny thing is, today the first result when I Google “How much does it cost to start a podcast?” is a Forbes article that says starting a podcast could cost anywhere from $20 to $5,000?! That a huge range, and while it’s fairly accurate, that's probably not  the answer you were hoping for. 

My best advice is to remember it's okay to grow with your podcast and invest more as your audience and opportunities grow. Don't let the cost stop you from starting. After all, some of the most successful podcasts start with nothing but a great idea and a passion for sharing it!

In this episode:
(0:02) Exploring the varied costs and equipment for different types of podcasters.
(4:35) The critical step you should take before buying equipment.
(8:29)  Equipment recommendations for beginners and professionals.
(14:48) Podcasting equipment and setup.
(16:00) How I almost ruined one of my biggest podcast opportunities by not having the right equipment.
(20:00) Podcast hosting, editing and virtual recording costs.
(23:12) What actually matters when you start podcasting.

If you enjoy the show and you want to help more business owners and podcasters make money with their podcast will you give me a 5-star review? It helps the show rankings and gives more listeners an opportunity to find the show. Thank you!

Links mentioned in this episode:
Sign up for Buzzsprout Podcast Hosting
Ger Riverside.FM Virtual Recording Program
Total Podcast Setup Under $500
Complete Professional Podcast Setup $2,500
Follow Morgan on Instagram

Morgan Franklin:

How much does it cost to start a podcast? So before I really started working on my outline for this episode, I randomly Googled how much does it cost to start a podcast. And I thought the funniest thing was the first search result that came up. And it's from Forbes. And it says, starting a podcast can cost anywhere from $20 to$5,000. And that pretty much leads into my answer which tip parents I know no one wants to hear that answer. And it's really not the answer I want to give you either. But it's the truth. Hello, and welcome to Podcasts for Profit. My name is Morgan Franklin. I'm a podcast producer, strategist, and educator. This podcast will help you create and grow a podcast that cuts through the noise of social media and speaks directly to your target audience. If you're ready to create a podcast that will align you with the experts in your industry, position yourself as a trusted leader and create another source of revenue for your business, you're in the right place. You could start a podcast from your laptop with no equipment, right this moment, literally today. And all you would have to pay for is your podcast hosting. Or you could buy a $600 Shure microphone that needs an XLR cable just to plug into the mixer that cost $1,000 to be recorded on a $50 memory card. So yeah, there's a lot of different answers to this question. Today, we're gonna walk through three different price points for podcasts, and who I really think would benefit the most from each equipment setup. Like so many podcasters I had no idea what I was doing. When I started podcasting. I was googling. I was reading Amazon reviews. I was watching bad YouTube videos. And if you're listening to this podcast, you've probably been watching them too. It's some guy. He has an LED light in the background with a fake plant. And you're thinking to yourself, has this guy ever had a podcast? Has he ever listened to a podcast? What is going on with him? Is he AI? I'm not sure. Long story short, I was searching high and low. Not only did I have no idea what I was doing, I had no clue what I was looking for. I just wanted something that would sound professional, and wouldn't completely break me financially. The first podcast I launched was a professional podcast for a brand I worked with. So just to give you some context, this wasn't just a podcast for fun. Podcasting for fun is something that kind of always makes me laugh, because podcasting isn't really that much fun. It takes a lot of planning and writing and scheduling and recording and editing and more writing and uploading and overall, isn't exactly what I would consider fun. Can you have fun doing it? Absolutely. But I think this is where a lot of people get misconceptions about podcasting, and that, oh, we're just gonna go in and we're gonna talk and we're so funny, and people are gonna love it. And I love listening to you, why wouldn't other people, I think this is kind of where we start to see podcasters that are dividing into two different groups of people that are actually going to make this a viable part of their digital marketing plan, or the people that are just going to record a couple episodes and probably never even put them out because they couldn't get anybody to edit it. And we can't meet on this Saturday and X, Y and Z. And that's what I mean by podcasting itself can be fun, but do I consider it fun? Not really. Let's start with my first group of podcasters. This is anybody that has an idea that maybe you're not 100% sure about, but you want to try it out. My best advice is don't go out and spend hundreds or 1000s of dollars. I'm just saying I've seen so many people that have very solid ideas for shows. And the moment a microphone comes out. They are crumbling to pieces. So if you're hearing me and thinking, Man, she just does not know what she's talking about. I could do this any day of the week and twice over on Sunday, then I want you to take that competence and I genuinely you are the person that needs to start a podcast. What I want to suggest to you is you get a piece of paper and you get a pen and you start mapping out some of those episodes before you even buy a microphone. prove to yourself that you are willing to put in the work and go ahead and outline for episode so that'll be a month worth of your podcast. And if you can really genuinely map out for episodes of what it would look like whether if it's a solo And from my mistakes, so we have our equipment, and we're ready to record our podcast is that it one time be paying for the equipment, we're good? Not exactly, you're gonna need somewhere to host your podcast and an RSS feed. And this will likely be a monthly fee. And it'll be charged per the amount of content that you're posting. Personally, I use a service called Buzzsprout. I've had a great experience with their software and hosting. Anytime that I have a question or concern, they are quick to help me out. And I've never had any problems with publishing or episode scheduling. I've used Buzzsprout for three years now. And I've published hundreds and hundreds of episodes without any problems. They have hourly reporting on downloads and distributions to all the major podcast networks and lots of networks that I've never even heard of before. I am not sponsored to talk about them in any way. But I do have an affiliate code in the show notes, it'll give you $20 credit when you upgrade to any paid plan. For reference, my current plan is six hours of content each month, and it costs $18. They also have a lower plan that's $12, where you get three hours of content a month. So when I'm saying content a month, I'm meaning that's how much podcast you can put in per month, if that makes sense. And they also have a free option. But warning on the free option, it will only host your episodes and anything you upload for 90 days, and it's limited up to two hours. Another viable cost will be editing and virtual recording. So personally, I use Adobe Creative Suite in full transparency, I have the complete suite, it costs about$60 a month, but you can get a smaller package that I believe is about $22. And there is a free month trial if you want to try it out. There's also free editing options like Audacity. I've never used audacity professionally, but I have played around with it before. And I think it's super user friendly. And it's a great option for people that are getting started. Again, do not overwhelm yourself with all of these fees and subscriptions and costs. So when you can do so many of these things for free and try them out. I greatly encourage you to do that. And if you're planning on doing any kind of virtual recording or hosting with guests, please please please spend the money and get Riverside. If you're taking the time to do an interview with someone don't do it on Zoom or Google meet or anything like that, Riverside that you can find them@riverside.fm Riverside records the audio and video locally to your computer. So what that means is if you have connection problems or lags or delays on the recording on either side, it is going to be simultaneously recording to the cloud. So when you download it, it won't have any of those issues. Also, it isn't just taking the recording off your computer like zoom would. The standard version of that is $15 a month, and it will hold your videos, audio recordings and transcriptions all in one place. It's honestly pretty incredible. There isn't a straightforward answer to how much it costs to start a podcast. But we can technically start for free. Or we can spend $3,000 It's all depending on where you are in your journey as a podcaster and what you hope to achieve through your podcast. It is okay to grow with your podcast. Don't be like if you don't have the money to buy a $500 microphone you will be less of a podcaster or that the message you have to share is any less valuable. People drop 1000s of dollars on podcast equipment every day to never start a show and incredible podcasters start shows on their phone and go on to be top ranking podcasts. The content and planning put into the podcast is worth more to your audience than any microphone you Thank you so much for joining me on this episode. If you enjoyed could ever buy. the podcast and you'd like to hear more episodes like this one, go ahead and subscribe to the show new episodes air every Monday morning and if you found this episode valuable and you want to help other business owners and podcasters will leave me a five star review? It helps the show rank higher in the charts and brings more entrepreneurs the information they need to start making money on their podcast.

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