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“Residual income is income that one continues to receive after the completion of the income-producing work.” – Investopedia, 3/24/21
Happy Holidays, Blockhead Nation!
YFB is back again with a few tips for all fellow podcasters to consider if you are wanting to start making some side revenue with your show. To be noted: I did make a YouTube video a while back on these topics, but I figured if you guys and gals might be burnt out on YouTube and want an easy, comprehensible read…so, here ya go.
First of all, some of these may be very self-explanatory, and some of you may already be trying these avenues out. My intent is to share with you the methods that have worked for ME as a podcaster. Everyone blazes their own unique trail in podcasting, so take from this blog that which may be fruitful for your show.
Web Hosting Monetization Options
This one varies as not everyone uses the same web hosting platform for their podcast. Anchor.fm has ways for you to earn passive income on theirs, as Blubrry has a Promote And Earn approach. I use Spreaker and they enable Pre-Rolls and Post-Rolls at the beginning and end of my show that allows for monetization from these ads dependent upon the number of downloads. In other words, the more listens and downloads you have for your podcast, the more you passively earn over time.
A very common platform creators use in this realm is Patreon. If you prefer this approach, more power to you. As a podcaster, I have personally felt like using Patreon builds a ‘pay-wall’ between you and your listener. I prefer to look at listeners of my show as fans, friends, or as I call it “the Blockhead Nation”. Patreon just feels more like seeking out clientele. Therefore, I have two other suggestions for crowdfunding, one that I personally use:
Ko-fi (my page)
These sites above give more of the impression of a “tip jar”. If you liked the show, send the podcaster a ‘tip’ if they have utilized one of these sites.
Yes! I know! You probably are tired of hearing about affiliate sales, as they are common on blogs, social media, YouTube, etc, these days. Just let me assure you, I have had some small, sporadic success with this over the last 5 years in blogging and podcasting.
The most common and easiest to get started with is Amazon Associates, but I have personally had no luck with this one. I have also have used Walmart and Ebay in affiliate marketing. There are well-known affiliate sights you can sign up for such as FlexOffers, Rakuten Marketing, Commission Junction, ClickBank (this one is mostly digital products), and sometimes a company’s website has an affiliate link specialized just for them with the website, Impact.
I have had the most success with ShareASale, and I only have two companies that I promote these days: a t-shirt company called Five Finger Tees and a snack box delivery service, UrthBox! Both are fun to promote and I like their products.
Either making your own merch (t-shirts, coffee mugs, wrist bands, car decals, water bottles, koozies, etc.) or using a website like Store Frontier is a great way to get your merchandise out to your listeners! If you own a CriCut, it can be a fun way to start making some merch for fans as you are getting started after you design your logo and make a few preliminary shirts or other products. If this seems like to much of a workload, you can find local craftsman to make it for you or use freelance services on Fiverr.com and go that route.
Host Read Ads
There is one particular way I was recently introduced to that does not make you much money up-front. The way it works is you contact a local business and offer them 1-2 months of Mid-Rolls (mid-show recordings) FREE in order to generate traffic to the business’s website and partner with them to boost sales. You can also offer that if the customer mentions that they heard about this business from your show, the business offer the customer a discount on products or services (5%, 10%, $5 OFF, etc.).
NO, this approach does NOT promise you immediate payment. What it DOES do is build trust in your brand with that business and allows for you to have an opportunity to discuss a sponsorship or partnership with that business after the trial run. If no sales were made, it’s a simple thanks for the opportunity and part ways. If you DID generate revenue, then that would be a good time to discuss percentages they pay in commissions, referrals, coupons, etc. in thanks for your service.
If you would rather offer pre, mid, or post-rolls by auditioning for the opportunity, then Podcorn.com might be a better route for you.
Passive Investing in the Stock Market
Hands down, this is the route of passive income that has made me the most side revenue! Period.
There are plenty of websites to set up a brokerage account: Public.com, Robinhood, WeBull, E-Trade, TD Ameritrade, Schwab, etc. Also, most of these offer referral programs, and if you get friends online to sign up, you are either given free stocks or cash to re-invest and boost your earnings.
Below is the one I like to use because it uses something called ’round-ups’. Whenever I spend on my debit card, it takes a small percentage and invests it for me into a portfolio of my choosing:
The cool thing is that right now until after Thanksgiving, Acorns will invest $600 into your Invest account when you invite 5 friends to sign up and make their first investment. Plus, for every referral, both you and each friend will get a $5 bonus investment. This offer ends 11/27/2021!
I also like to use websites that help me know what stocks to buy, hold, or sell.
Well…as Daniel Stern, the narrator for T.V. show “The Wonder Years” infamously put it: “And, there ya had it.”
I hope this is helpful to you, fellow podcasters and Blockhead Nation! Reach out anytime if you have questions or need guidance. Always glad to help!