We’ve all had that little voice that says “Hey I should start a podcast.”
And maybe you should.
But anyone can build something.
The true test is maintaining it. Because while it’s true that podcasts are started every day, they also die away just as quickly.
So for yours to work, you should ask yourself a few things.
Here’s what to think about when starting a podcast.
Watch this video.
Can you start one without doing this? Sure. But can you also drive with your feet? Yeah. You don’t do it, though.
You don't necessarily have to do one, but make sure to have a plan to make money!
Can’t watch the video?
No problem. Here’s what we talked about…
All right, what's going on guys? Welcome to another episode of Freedym.
Today we're talking about "should you podcast?" Everybody says yes. Everybody says no. What do you do?
I know Ryan, you've done some podcast work in the past. In fact, you had a really popular podcast back in the day.
Yeah, I've coached a lot of podcasters like John Lee Dumas, been doing it for a long time. My idea was to do a short daily podcast, and each podcast was about 10 minutes. And it started off really well, it was great. But it was just a lot of work.
And I knew for me, like it was going to be more about number one, the relationships like meeting all these new people every day. And number two, the whole idea was really to go from podcasts and get them some podcasts onto my list. But after a while, I found it wasn't really worth the amount of time and effort I was putting into reaching out scheduling the meetings and the interviews, and it just wasn't worth it for me.
I think a lot of people start their podcast today, because they keep hearing everyone say you have the podcasts, you have the podcast, and they don't really know why they're doing it and like, Oh, I'm doing it because I have to and they don't really have a path to look, let's be real, to money, right?
Like if you're gonna spend hours and hours a week, 10 hours, 15, 20 hours a week, and it doesn't make any money eventually, then why are you doing it? And Travis, I know, you know, you have a big filter, like if it does not get you some profit, why do it right?
Yeah, I mean, I mean, ever since I've known you guys, I've talked about doing a podcast because I wanted to just to talk to people that I thought were interesting.
But the reality is, it's not like there is no direct way to monetize it, especially for me or for my business. I just don't see that. I just don't see it.
And so the return on investment, for me always seems like it's just, it's just a big investment for like a maybe return.
One question I have about your podcast, though. Ryan, you said that one of your goals was to get people on your list? Did you have a mechanism for that? And did it work?
Yeah, I would, obviously at the beginning. So I didn't take sponsors like that. So some of my friends, like one of my closest friends, Jonathan Fields, he does really well with his podcast, because he gets like a million downloads a month. And he has advertisers he has, he uses an advertising network to sell.
That's what for me, my own list was really my advertising. So I would promote my list at the beginning and say, hey, get a free, whatever. And then I even had a text thing where people can text their email address, and I added them to the list automatically.
So I did have those two mechanisms. But it wasn't, it's crazy. Because there's no there was no real way to directly advertise my podcast, like to do a Facebook ad, to get them to listen to a podcast didn't make any financial sense.
And the amount of time I was spending to build my list, I could have just taken all that time and money and put it into ADS and get them right onto my list. I could have cut out a step.
So. So based on that, do you think that the success or the lack of success from it from that like monetarily was because your core skill set is an email like you are the king of daily email marketing?
And so this just being additional effort?
Do you think that is a big part of why it's not worth it so that maybe it's good for someone who has that, like that skill set and really likes to either be in front of the camera, or they just talk?
Yeah, no, and that's a great, great point. And I like doing the talking and the videos, and we're gonna be doing a lot of that stuff for Freedym as well.
I just found that it was taking me away from my core business and what I'm really good at, I just caution people, if and if they are really good at podcasting and interview and they love it, you still have to have like a financial model behind it, right?
Like, and if you want to do it, it's just a hobby, and you want to meet cool people and you want to do one about, you know, Stranger Things. And it's like fun. Cool, go for it. But if you want to turn this into actual business, there has to be some type of business strategy. I know, Josh, you had a crazy daily podcast, but you had a financial incentive from the beginning.
It was, yeah, the podcast itself was a live show called Firebuilders Live. And I did it six days a week. And you know, the difficult part about that was actually the scheduling and getting people and doing the interviews live on Facebook.
I mean, and I think that people watched it because it's like NASCAR, where you show up and you're just like, wait for a car crash, like because it's live. You just never know. You never know what's going to happen. So it's kind of a meltdown.
But the point is, is that the direct monetization when I was doing firebuilders (the software) and I created a piece of software called Firebuilders. It was high end at a couple hundred bucks a month. And the podcast served as a direct relationship building tool.
So I, I didn't, I made, expanded the network and I got a lot of the initial customers for fire builders through that podcast, mainly because we talked about topics in the podcasts that were relevant to what the software solved.
That was the idea from the very beginning. Of course, I loved it, I found out that I that I loved the podcasting and the interview process way more than I thought that I ever would. However, I definitely had a plan. And I didn't just do it, because I thought it was cool.
Yeah, yeah. And I think a lot of people are kind of jumping into the podcast waters now. I mean, all you have to do is go into iTunes or anything.
And you could see, the overwhelming majority have just died, you know, they come out of the gate strong, and they're doing an episode a week. And they do it for like, two, three months. And then it's like, they miss it, they miss them on. And then all of a sudden, and then it's just, it's just gone. And it happens, unfortunately, more than not.
And I feel like one of the things like something you did that was really unique. This is when you started your podcast, one, you had a monetization model, you've had a model for exactly what the purpose of the whole thing was.
But you also had a very specific commitment before you started. So you stuck it out, and you actually made it into something.
Yeah. And that, and like, I have to say, like at the very beginning, that commitment, it was relatively clear. But I didn't understand the logistics, like the tactics of fulfilling that commitment.
Until a little bit farther on, it was difficult to to actually commit.
And to do this every single day live? That was that was difficult.
I had to build all of these systems and stuff to make my life easier because it was just me like it wasn't I didn't have a team of people. I did the live portion because you didn't have to edit anything. I didn't have to go and take it. Like get a sound engineer to make sure that everything left, right. channels were balanced so that they had perfect listening experience. Whatever. It was raw, it was real.
People enjoyed it. And there was a rooster. Everybody loved the rooster named Elvis.
In upcoming videos, we're going to talk more about specific things in terms of you or if you are going to do a podcast and interview show how to find the right cast.
And Josh, you're going to talk about the equipment you could have or what's necessary and maybe what's optional, and all and other ways to monetize it. But I guess the bottom line takeaway here is you don't have to podcast right like you could still be successful without it.
If you are going to do it, have a reason why don't make the reason why just you want to start a pot you're starting apart. Yes, because everyone tells you to there should be a reason or a goal. So hopefully this can save you a lot of time and headache.
And if you do it we're going to show you ways to do it better. So gentlemen, let's good yeah, we got more podcast stuff coming your way if you want to podcast if not watch our videos anyway, because we're so damn entertaining.
As always, on behalf of Josh and Travis, this is Ryan signing off with another episode of Freedym more coming your way. Keep on clicking and watching. See you soon.