There are a lot of businesses you can try out nowadays because the possibilities are huge but it can be hard to follow new trends. One of the biggest trends is podcasts which are very similar to having your own radio. You can look at it as a long live video-recorded interview with a certain individual which is meant to be listened to only.
But, most people don’t know that there is a lot of preparation to it before starting any business. You will need to have a business plan, get the right equipment, find sponsors, find guests, and more. You don’t have to do all of the things mentioned but it’s always better to be prepared.
Create a Business Plan
There’s no need to have a business plan but you will have a clear overview of what needs to be done and what parts could be difficult to achieve. You will need to have a clear idea of what the show will be about if it is going to be locally or you plan to make it commercial. You can easily find a few examples online that you can use as a template.
Another step is to choose your targeted audience and what interests them the most. Most of the podcasts and radios we have now are covering multiple topics which can be the best choice because you can target more people. In order to check what will work for you the best, you will need to do a market analysis which is also a part of the business plan.
You can also write a S.W.O.T analysis that includes strengths, weaknesses, opportunities, and threats. This will help you a lot in figuring out what you can expect in the near future after starting the business. Maybe the most important part is to work on your finances, earnings and spending, and what you can expect in the next 5 years.
How Much Can a Radio Station Cost?
There are a lot of details you have to think about when running a start-up, especially in a competitive industry. From getting the right equipment to finding the right Internet Radio Hosting, you will need to do proper research to find the best option. For example, the hosting can be from $1 to $100 per month.
Depending on how much you are willing to invest and what you can manage on your own, you might have to hire an engineer to set everything up. This can cost you from $300 to $2000 and you will need to have a budget for equipment that can range from $2500 up to $100 000. There is specialized equipment like having your own signal locally which will cost a bit more but you can manage everything online for much less.
So, the overall cost when starting from zero will be $3000+ on a low end but the more you invest the better equipment you will be able to get. This is very important because you want to have high-quality sound for your listeners. You also need to have a monthly budget for hosting and rent if you don’t have your own place.
How to Fund It?
Depending on where you live, starting an online business can be funded by a small business loan but it’s always better to have someone as a sponsor. Most of the stations you can in the world were started by having a great idea and presenting it to potential sponsors. There are some great options online like Kickstarter where you can get funding from thousands of people that are willing to invest.
Another great example of how to get your sponsor is to have them included in your brand name. This will mean that they will be the main sponsor for your radio station. It’s always recommended to get a business license that goes with additional fees but you will be legitimate. But, there are plenty of examples of online companies that are not registered.
Talk About Viral Topics
One of the best things when it comes to online businesses is that you can start promoting it before you even start your first broadcast. This can be done for a very cheap price compared to traditional ways. But, in order to get the right audience, you will need to figure out what will be trending or is currently trending.
There is constantly a certain topic that the majority is talking about even globally like the epidemic or environmental safety. So, make sure you get the right guests for the first few visits. When you have these interesting trending topics, more people will be willing to hear you out and potentially become long-term clientele.
Check Your Competition
Your competition is the only thing that is separating you from your audience so you will need to figure out how to beat them. You shouldn’t check out those that work on different topics from you because they have different types of listeners that you don’t need. Focus on the best in the industry and what they are doing.
Once you figure out their concept and the details that make them different, it is time to add something of your own that will make the show even more promising. These small details that you would change will be a major difference later on when you build your platform. The best way for starters is to find a group of people like your friends that will be there and spread the word.
What to Do Once You Start?
Most of your listeners will come from the people you bring to the radio meaning that you should have a list of people that you would want to come on your show. For example, invite someone you know that is successful in a certain field that is trending. If you don’t know anyone, start from people that don’t have large followers but have the right knowledge and can express themselves.
This is the perfect opportunity for growth and others will larger followings will gain your trust by seeing who’s been on your show. So, make sure you gradually bring new people.
