I loved my interview with Annie F. Downs so much I thought I should write a blog all about what I learned!
How Much Podcasts Make
How much can you make as a podcaster?
Well here’s how you calculate it!
If you get 10,000 downloads per episode and you post four episodes a month, an advertiser will pay you around $720 a month.
That’s $180 per episode. If it’s a 60 second ad and advertiser might pay around $250 an episode or $1,000 a month to be on all four of your episodes.
That’s $12,000 a year.
But if you had three 60 second ads in each episode, that would be $3,000 a month, or $36,000 a year.
Incredibly successful podcasters, on the other hand, can get A LOT more.
If you get 100,000 downloads an episode, post 10 episodes/month, with 4 sixty-second ads/episode, get paid $10,000/ad,
That’s $4.8 MILLION a year!
If you want to learn how you can start building a successful podcast, book a FREE strategy call with us today!
You Can Afford to Hire Someone
The second takeaway I got was when Annie said, “Before you can afford help, get help.”
That reminded me of a concept in my second book, Procrastinate on Purpose: Five Permissions to Multiply Your Time.
That concept is M.V.O.T or Money Value of Time.
This should not be confused with the time value of money.
The concept of the time value of money is about knowing what $1 today will be worth in the future based on some assumptions of compounding interest.
Money value of time, however, is a much simpler calculation.
All of us have an hourly rate of pay even if you don’t get paid hourly.
You might be a salesperson on commission or an owner who’s on profits but all of us can figure out what our hourly rate of pay is.
If you take the total amount of money you earned and divide that by the total amount of hours that you’ve worked for a year (2080 hours), that is you M.V.O.T.
People always say, “I can’t afford to hire somebody else.”
But you already are affording it!
You’re either paying someone else at their rate of pay, or you are paying yourself at yours.
Because if you are using an hour of your time to complete any task, then the opportunity cost of your time is equivalent to whatever your M.V.O.T.
If you could hire somebody for less than my own rate of pay, I could reinvest that time into things that generate even more income.
What you find is that if you do that over the course of time, your M.V.O.T gets higher and higher because you spend more of your time focused on higher income earning activities.
Be a Mission Driven Messenger
The third takeaway I want to share with you is to be a mission driven messenger.
At some point in your career, you have to come to a conclusion and say, “I will not be stopped, I will not quit, I will not give up, I will not abandon, I will stay, I will fortify, I will edify, I will solidify this commitment.”
There’s no one in this world who can stop you except you.
You’re the one who ultimately gives up.
You’re the one who ultimately fires yourself.
You’re the one who ultimately calls it quits.
No one else can do that for you.
They can bounce you around from different opportunities and close certain doors.
But, at the end of the day, you’re the one that decides if you’re going to be successful or not.
If you’re ready to become a mission-driven messenger, book a FREE strategy call with us today!