I can’t say that podcasting was my idea.  Like most brilliant business events that happen in my life, it started in the always-innovating-idea-factory that is my husband’s brain.  I did have the idea that I wanted to do something BIGGER than what I had been doing…something that impacted millions and something that would give me the financial and time freedom I so desired.   So, podcasting it was!

Every single day of my 13 month podcasting journey thus far can be summed up in one simple phrase:

 

I’m just trying to figure it all out.  

 

Knowing I never will, of course.  Knowing only that each day something becomes easier while something else stands in front of me like Mount Everest.   It’s been a journey that’s been full of laughter, tons of tears, way too many sleepless nights and lovely moments of celebration.  And a hell of a lot of awesome people.

 

That’s why I wanted to share this journey with you.

 

Because I realize in the world of online businesses (which I have created through my podcast), true vulnerability and transparency is rare.  And yet it’s one of the most helpful tools that any of us out there wanting to grow can utilize!   So, without further ado, here is what being a podcaster and online business woman is really like.

 

Starting From Now

I could easily spend the next 12 posts going through the ups and downs of my first year.  I’ll get there eventually.  For now, I’d like to start in the present moment and let these act as potential time warps to tell the “old” stories.  Because now this is raw and real.  And I don’t want you to get the buttered up version that my mind recreates in 3 months.

 

How I Make Money With a Podcast

Since this is the most common question I get, let’s start here.  The simple answer is through being an affiliate, sponsorships, mentoring and programs.   The more complicated – and more accurate – answer is, I’m constantly trying to figure that out.  Unlike some other podcasts, Biz Women Rock was never a “side hobby” for me.  I’m an entrepreneur and I knew I wanted to make this a viable business.  One that produced income, one that allowed me to work from home and one that allowed me to leverage the digital medium to reach people all over the world.

 

Affiliate Income

 

In the first few months, I made most of my income through recommending John Lee Dumas’ Podcasters Paradise program.  He pays a percentage for affiliate referrals and because I am a part of that community and see immense value in it, I loved talking about it!  To date, I’ve made $5,979 by being an affiliate for John and Kate.

 

I have a great relationship with Audible, who accounts for a whopping $90 of affiliate income!  I can’t tell you how excited I was the first time I got a $30 check from them!  (seen below).

 

 

In 2014, I stepped up to the plate to do some “online workshops” (ie. webinars) with Jessica Kupferman and Kate Erickson, both who had great products that I thought my community would benefit from.  So, I conducted webinars with each of them and made a cut of the products they sold for a total of $530.  

 

I have a few other affiliate relationships that haven’t produced and it’s mainly because I haven’t promoted them.  Not for any other reason than I haven’t put any focus on them.

Affiliate Income To Date: $6,599

 

Sponsorship

Sponsor are what every podcaster dreams of when they first start (assuming they see their podcast as a business).  We all drool at the mouths wondering when our download numbers will be big enough to finally get some sponsors.   Because I was looking to podcasts like Entrepreneur on Fire as examples, I spent the first 8 months closing my mind to the possibility of sponsors.  I had nowhere near the number of downloads that were needed to fulfill the standard equation for pricing out sponsorships.  $18 per 1,000 downloads?  I was getting an average of 8,000 downloads per month during those first 6 months…$144 for a sponsorship?  What?!  That didn’t make any sense to me, so I started looking around for other examples.

 

Thankfully, I found it in fellow podcaster Jessica Kupferman, whose podcast Lady Business Radio had been around a year longer than mine and, with her background in Advertising, had created sponsorship packages that were more holistic and considerate of the entire community at large, rather than just download numbers.   So, I made a list of all the ways a brand could have exposure within my community.  By then, I had a thriving Biz Women Rock Facebook page, a super active private Facebook group and a decent size email list of about 800.  And I got creative with some packages.

 

I swallowed my fear and reached out to a dozen of my past guests of the show – women who knew my brand, women who could actually benefit from what I had – and made the ask.   Luckily, my very first guest – who happens to be a friend of mine – said she’d give it a shot.  I was asking $500/month for 3 months and she paid all up front! [play out moment of victory here!]

 

My second sponsor – again, a friend – saw a presentation I did about my community and offered his sponsorship there in the room!

 

The story of sponsorship doesn’t end there.  

 

One of the responsibilities I have is making sure my sponsors are getting value out of their investment.  This is shown in click throughs to their website, opt ins to their lists, and ultimately purchasing of their products.

 

I’ll be straight with you that I’m still figuring out the perfect formula for this.  What kind of spot works best on the podcast?  Does a logo on the episode banner really help?  How many clicks are they getting from the show notes page?   I’m constantly living in the space of creating innovative ways to get my sponsors exposure without coming across as salesy to my community.  It’s definitely something I worry about because ultimately, I want my sponsors and my community to get value out of the relationship.  And I want my business to see sponsorship as a regular line item on my income statement.

 

I keep in touch with my sponsors regularly to see what’s working and what isn’t.  When I tweak something, I ask for feedback.  When something’s not working, I come up with a new way to present it.  Anything that will move forward progress.   When I figure out the algorithm for this…I’ll let you know.  🙂

 

Lessons I’ve learned thus far is to make sure to set the stage with your sponsors.  Make sure they fully understand the medium, the manner in which you’re promoting and make sure you understand their expectations…so you can do your best to exceed them.

Sponsorship Income To Date: $3,000

Mentoring

I never saw myself as a coach or consultant.  But from the very beginning of launching the podcast, I saw that I was being seen as an expert and people were wanting to get advice from me.  So, I created a mentorship program.  It turned out to be one of the most fulfilling parts of my business!

 

To market it, I simply added a PS line to my email letting them know that a spot had opened up in my mentoring program.  I’ve done this a total of 3 times.  Out of that, I’ve had about 15 women respond with interest.  Out of those 15 women, 5 of them turned into phone calls to get further information.  Out of those 5, one became a paying mentee.  She paid me $1,000 for 3 months of mentoring.  I’ve taken on a few others free of charge so I could enhance my mentoring skills and test out my program.

 

I felt like a total fake when I started mentoring.  I felt fake when I even referred to “my mentoring program!”  I had to stop many times and remember that I did have valuable business knowledge that I could share with others, that I actually was a savvy business woman who could help others see what they couldn’t see.  Eventually, the fake feeling wore off as I got more comfortable with my process.

Mentoring Income To Date: $1,000

Special Programs

In 2014, I wanted to test the waters of my own program and because creating a huge “online course” terrified me, I piloted the 30 Day Biz Challenge.  Everything that could have gone wrong on the live webinar did go wrong.  My site where I was hosting the webinar went down.  The video didn’t work for everyone.  My husband, who was supposed to help me manage the chat roll never came in.   When I finished the webinar, I shut off my mic, made sure the camera was off and cried my eyes out.   And then $97 came in from my PayPal account and I realized that someone had purchased my program!  It was all I needed to know I was moving in the right direction.  No one else ended up purchasing, so I comped 6 other women in to give the group-centered program a healthy start and off I went!

 

Just recently, I launched the updated version of the 30 Day Biz Challenge and my emotional experience was very similar!  The webinar, though it was much better content and had only a few minor hiccups, did not produce one single purchase that day!  I cried again.  Hard.   The “I’m a loser, I’m not good enough” crap came up with a vengeance.  Thankfully, I have a friend to call in these moments who separates the “what happened” from the “what meaning I’m putting on it” and I slept peacefully that night.  To my delight, over the course of the next week, 3 ladies opted into the program for $297 each.  With 3 others who won complimentary entry, the group is sure to make an impact!

Total Program Income To Date: $988

 

So, in the last 13 months, the Biz Women Rock brand has earned $11,587 in income.

 

But how much have I actually spent?  About the same, if not a little more.  All that information and strategy we can go into at another time.

 

Did I want a 6 figure business by now?  Yes.  Do I feel like a loser because I haven’t achieved that yet?  Nope.   Man oh man how much smarter I’ve become in the ways of online business.  And how much closer I am to “figuring it out.”  😉

 

The biggest lesson I’ve learned is that I have to be money mindful without being money centric.  

 

Meaning that I must always focus on what brings my community and audience more value rather than “how can I make more money?”   The latter question is not a bad one, but it must never take the lead in the conversation.  It will naturally be fulfilled when the former question is answered correctly.

 

What ways have you tried to produce revenue that didn’t work for you?

 

What ways have you successfully generated revenue for your business online?  

 

I would love to hear from you!

 

And if you happen to be a podcaster – or are thinking that podcasting might be for you – I would LOVE for you to join me at the 2015 Florida PodFest!  April 24-25 in Tampa, Florida…come join for for a STELLAR lineup for presenters who will be giving all the insights you need to start, grow, monetize and totally ROCK your podcast!!  Click HERE to find out more!  (And don’t forget to use the code bwr to get $75 off!).