How hard do you think it'll be to make $10,000 podcasting? Seriously, if I sat down with you right now and said, Give me a plan for how you're going to make $10,000 with your podcast, how hard do you think that that would be for some of us, this would be no problem. We have digital products, we have partnerships. We're pitching ourselves in every episode. This is the status quo. However, for the
greater majority of us, we would have no idea. In this episode, I'll walk you through how I'd help a client make their first $10,000 with their podcast, what you need to know and how you can capitalize on your experiences, your audience and your existing brand to make your first $10,000 podcasting. Hello and welcome to podcast 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. One quick note before we get into
this episode, if you're like me, I'm a visual learner. I feel like writing things down is really the only way that I learn something. I have a completely free printable PDF companion that goes with this episode. It's a worksheet and also a gold tracking asset, and that will be in the episode description. First things first. Why do you want to do this? And I know that this might seem like an easy answer, right? Because obviously, it's because you want to make money. You can make
money a million different ways. Why do you want to make money from your podcast. Why would making $10,000 be meaningful to you and your goals moving forward? For me, when I think about this question, it's because it's validating to me and my podcast that it's worth $10,000 but also because I want to grow my podcast. I want to hire a staff of people to help me edit and write and promote. I want to go to podcast conferences. I want to be able to be where podcasters are, to
talk to them in person. I love podcasting, and when I make money through my podcast, it helps me do more of what I love and help people to do more of what they love. It's easy to not follow through on a goal that has no meaning to your life. We know that. Have you ever noticed that when you have to get something done, there is literally no way and nothing that could stop you? That goal has a purpose, and when you have to get something done, there is no other choice other than to
get it done, right? So if it helps you, think about this in the same way use the purpose of why to get you over the finish line. How will making this money help you, or your business or your podcast? What exactly will it improve for you? What will you be able to use this money on? Give the money a job, figure
out exactly what it's going to do for you. And when you make this money and commit yourself to making the money, we can't do X without y, and we have to do Y. So how are we going to do X after we figure out why we're going to do this and what it really means to us now, we need to add some specifics, because we can hold ourselves to a mission all day, but if there's not a clear path to when and how we're going to get there, that's a problem. Okay, so how long are we gonna give ourselves to make
this money? This is all going to depend on you and what your audience size is and what methods of monetization that you already have in place. So how many sources of revenue does your podcast currently have? How much time and effort do you have to put into making this happen? That's a huge question that you need to consider. Like I said earlier, this could be really easy for some of us and could only take a matter of weeks, but
for some of us, it might take all year. So either way, that's okay, but you need to have a clear picture of how long that you're gonna give yourself to make this money. For the sake of this example, let's say that we're going to make our first $10,000 with our podcast over the next three months. So that's
roughly 3333 a month, or $833 a week. For me, it's a lot easier to break a goal down into weeks if it's stretching over months, so that I can say, Okay, I need to make just under 850 Week to reach this goal in three months, versus just saying, all right, this is how I'm gonna make $10,000 because that's a lot of money to just figure out how you're gonna make if it's over
one block of time. So take some time download the worksheet that I've made for you and do the math on how much time that you want to give this goal and what it will look like every week for you to contribute to this amount. All right, so logistically, we're pretty sound, but you're probably thinking, Morgan, I can look at the numbers and mission all day
realistically, how am I gonna make this money? And obviously there are endless ways to do this, and I can't speak directly to every single one of you in this moment, but I can tell you that if I was talking to the average podcaster who has never made a dime on their podcast, and they came to me and said, What do we need to do to get to $10,000 in the next three
months? This is what I tell you. First, we need to know your audience, and I'm not just talking about the gender or age of your average listener, we need to take a deep dive and say, here are the top three reasons that your audience is tuning into your show every week. We need to get that listener profile down to the exact person. There can be no
deviation on this. If we want to make money on a podcast, we need to know exactly who is listening, and that doesn't matter if it's partnerships or selling your own products or affiliates or memberships. I don't really care. Our first order of business is figuring out who your audience is and what they want from you. If we don't know that, we can't really
go any further. Defining your audience is not easy. I'm not going to pretend like it is. I'll say this as a podcaster that's constantly trying to evaluate and re evaluate my audience, knowing who is listening and what reason, is a never ending quest, but it is such a necessary one. You can't sell to someone that you don't know. After we figure out your audience and we really get to put together a meaningful listener profile, we're gonna go through all the ways that you
could potentially monetize your podcast. First being, what do you already have available? Are you a business owner? Have you done partnerships before? Do you have affiliate deals? Do you do coaching? Do you have memberships? What do you have available to leverage in making this money? Because here's the thing, podcasts don't just make money. It's not only you putting in the work of having this podcast, then it's also you having to figure out how and what you're going to sell
through the podcast. It doesn't happen by accident, and that's something that I wish that I could share with every podcaster that's thinking that they're gonna be a millionaire by posting and uploading an episode every week. Sadly, if you aren't making a plan, you aren't making any money, but let's pretend, for this example, that you don't currently have anything to sell on your podcast other than you're an entrepreneur with a
service based business. Sometimes you'll casually bring up your business in your podcast episodes, but you aren't even really super consistent in that. This is what I tell you. First thing we're going to make a contact form that speaks directly to the listener that would be hiring you after listening to your average podcast episode. We'll say that, for example, you're a YouTube expert, and your podcast is
about growing on YouTube. You would make a contact form that is speaking directly to YouTubers or future YouTubers you want to work with on that form, it'll ask questions about their channel, what they want to accomplish and how you would be able to help them. Okay, so after they fill out the initial contact form, you are going to have three packages set up that you are able to share with them, either at the time of your exploratory call, or the pitch that you follow up with when
they contact you through the form. You really only need three services to sell someone, and these services should be very, very clear. This is what I can do for you. This is why you'd want me to do it, and this is when I'll have it done. So speak to the problems that you are addressing consistently in your podcast episodes and tell them how you can solve those problems. After that, I'd have you make a list of 10 companies
that you would like to partner with. So from there, we're going to send a media kit about your podcast, asking if they are looking for any kind of paid partners to represent their brand. So explain why your podcast audience is the exact audience that needs to be hearing about their product. If they say no, that is when you're going to ask about an affiliate program. Because usually affiliate program. Have a much lower barrier to entry. So that's because they are not
having to pay you unless you are making money for them. So if you get a no on doing a partnership deal or asking them if they would like to advertise with you, follow up with, do you guys have an affiliate program? I love your product. I still want to represent you that way you can keep working for them, and then a year, a year and a half from then, say, Hey, look at all these sales that I've made for you. I want to have you as a partner on my show. And I'm not gonna lie to you, this is gonna
take some time. It's gonna take some time with following up. This is where you are gonna have to be really organized and know what your podcast is bringing to the table. Also, this is where you can't be shy about bragging on yourself. You want this company to pay you to talk about them. So tell them why. Tell them why they should. After you've sent the first 10 pitches, figure out the next 10 that you want to reach out to my
best advice is to pitch 10 brands every month. This seems to be the sweet spot for podcasters without overwhelming yourself. Don't try to send 10 pitches a day. Instead, just figure out who you are really aligned with and who you'd like to work with, and make sure that you're putting in that even amount of effort so that over time, it is showing some impact
for this goal and for your bottom line. I'd also tell you to get on websites like Amazon and like to know it, and Walmart and any of these other big companies that you shop at that have affiliate codes if you are plugging a product in your episode at any time, there is no reason that you are not tagging that product in the episode description with an affiliate link so that you can make some money off it. We don't do free promo here, so make sure that you have affiliate links for
everything that you are pitching next. What kind of digital product can you make my episode before? This one is dedicated completely to digital products, so please listen to it if you haven't. Digital products are the best way to make money without having much money. It's the best way to make money if you're a one person show and you're basically starting with
nothing. I'm not gonna harp on this too long, because I know I just had a whole episode about it, but I do have a free tool that will email you 10 digital product ideas that are made specifically from your podcast with a little bit of magic. For me, the link will be in the episode description of this episode if you haven't used it already. It is so amazing, and I am so proud to provide this resource for you. So make sure
you go check it out. Like I said, it is based on answers from you about your podcast, about your audience, and it is just such a cool way to see how you could make money from digital products. Exclusive content is another thing that I look into after figuring out what kind of digital products that I want to make. And what do I mean by exclusive content, content that is behind a paywall, and this can be so stupid easy you want to know a podcaster who should teach a
masterclass on this is Payne Lindsay. He has that podcast. It's called up and vanish. But he also has radio rental. He does this thing where you can pay five or $10 a month to listen to the next episode of the podcast. It's basically a week before you could listen to it for free. You can listen to
it without ads. I know this isn't groundbreaking, but I just wanted to bring it up because I think his production company, which is called tenor fit TV, does this really well, because they've hooked me on so many shows and got me to pay for it, and I rarely will pay for anything like that, so make sure that you go check them out if you want kind of an inspo on how you could do this. It's basically just that you have another episode ready to go, and if someone pays, they can listen
to it a week early. This goes for all my podcasters. Whether you are filming your episodes or not, you need to be repurposing your episodes every way you can into any kind of content you can, because you can monetize YouTube and Tiktok so easily. And I know it's like only a 10th of a cent of you, but if you are already making that content, there is no reason that you're not making money from people watching it. Take the time and effort to repurpose your content into formats that make sense for
your podcast. So YouTube, Tiktok, I'm talking even Instagram and Facebook have monetization now. So monetize those channels and start building audiences on those channels so that you can also drive back listeners to your podcast when they see a short clip, or they see anything that has to do with your podcast, they think, oh my gosh, yeah, I want to go listen to their podcast. So make sure you're
taking advantage of repurposing all of your episodes. Finally, make sure that you have started and are actually utilizing an email list. There is no better. Way to access your listeners, to share with them, then an email list. And I want you to do this, whether it's for making money or just simply growing your podcast. You are a podcaster. You have something to share with them every single week. You don't even have to make anything
up. So make sure that you are taking advantage of this and you are using every opportunity to grow your email list, because you know, podcasting is a really cyclical media, and the more you use your social media and your email list and your products and services, the whole ecosystem of your business and your podcast will thrive if you are ready to make your first $10,000 podcasting, please reach out to me. My contact page is in the episode description, or you can get a hold of me at Morgan. At
morganfranklin dot media. I know I said this at the beginning of the episode, but there is a printable PDF companion and tracking worksheet. Those will also be in the episode description. And as always, I can't wait to listen to your podcast. Hey. Thank you so much for joining me on this episode. If you enjoyed 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 you 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.