I get A LOT of questions from people who want to start a podcast. They range from what equipment to get to how to get guests on the show. Throughout my conversations, I noticed a few trends and unrealistic expectations from those who reach out to me. Read these 7 deadly sins of podcasting before you start!
1. Trying to be like Joe Rogan
A big misconception about podcasting is that you will become as famous as Joe Rogan if you start a podcast. People forget that Joe was podcasting for 10 years before signing a $100 million exclusivity contract with Spotify.
TEN YEARS.
That's a whole decade. Are you ready to release an episode (or three), every week, for 10 years?
Also, people only know him as a podcaster and don't realize that he started in show business. He's a celebrity before he is a podcaster. However, he is just better known as a podcaster.
As one of the first people to host a podcast, it also makes sense that he can get any guest on the show and talk about whatever he wants. It's part of a first movers advantage. You get to take advantage of the market before it gets saturated. So if you're thinking of starting a podcast like The Joe Rogan Experience, it won't work. You need a target audience - a group of people who have a similar interest.
2. Buying Expensive Equipment Before Starting
Podcasting equipment can get quite expensive, very quickly. When people ask me about equipment, it's usually after they already purchased expensive equipment.
I have no idea why they do this.
Anyway, they tell me about all the fancy equipment they got. However, I absolutely do not recommend doing this. It's the equivalent of renting office space and buying all the furniture BEFORE getting a client.
It doesn't make sense.
Podcasting is tough, but just like anything new, you want to try it before investing too much into it. If you don't like it, you'll feel obliged to continue because of all the money you spent.
To summarize, don't buy expensive equipment before starting your podcast. Set a realistic budget for yourself.
3. Thinking You Can Make Quick Money
Podcasting is not lucrative. In fact, 93% of podcasters never make money. So don't quit your job to start a podcast. Don't put a podcast above revenue-generating initiatives.
Podcasting is often used as a marketing tool to generate leads and build brands. However, you need to make sure the podcast is part of a larger strategy.
4. Stop Learning
Before launching The No Formula Podcast, I did a bunch of research. I watched hours of YouTube videos, read articles on best practices, and listened to other podcasts. However, as soon as I got into a routine. I stopped learning about podcasting. I stopped paying attention to trends. I was SO focused on managing my own podcast that I neglected to continuously improve my own.
Don't get me wrong. I made a few changes along the way but I should have continued to learn and improve, every week. Little tweaks every week is much easier than 100 little tweaks after a year. Trust me.
5. Not Identifying a Clear Audience
As part of my research, I knew I had to identify a target audience for my podcast. I chose entrepreneurs. What I didn't do? I didn't niche down further. I didn't target a specific entrepreneur.
For example, entrepreneurs can be solopreneurs, millionaires, work on service-based businesses or offer a product, they can be international or only from North America. There are so many ways to niche down, but I kept mine broad.
As a result, it's harder to make decisions.
"Should I interview this person?"
"Is this what my audience wants?"
Only after a year am I honing into my target audience - SaaS and service-based entrepreneurs and small businesses who need help taking their businesses to the next level.
It's a work in progress but it helps me make decisions on a weekly basis!
6. Not identifying Value before You Start
Why should people listen to your podcast over anyone else's? If you can answer this question, you're gold.
If you aren't differentiating your podcast and making it worth listening to, then why would anyone listen?
Is it entertaining? Informative?
What do people get out of it?
Reasons why people listen to the No Formula Podcast:
Informative, actionable business tips (that the listener can apply to their own business)
Great guests that have a lot of value to share
A conversational style podcast (friendly tone)
Guests share their journeys about how they got to where they are today (Inspiring, motivating)
What makes the podcast different from others? It covers the guests' background, the challenges they faced, their successes and extracts their expertise on a specific topic.
You should constantly be improving your podcast!
7. Not Distributing Episodes
As of October 2020, there are 1.5 million podcasts with over 34 million episodes. Needless to say, no one will find your podcast if you do not promote it.
YOU NEED TO SHARE IT.
Start with your family and friends. Tell them to share it. Build audiences on social media platforms. Collaborate with other podcasters. Podcast host of Young and Profiting, Hala Taha, told me that you should be spending more time distributing the episodes than ANYTHING else.
Thanks for reading the 7 Deadly Sins of Podcasting.
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