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(By Gerri Detweiler) when LuAnn Nigara started her podcast, A Well Designed Business, she fully expected it to be the business that would take her through retirement. She, her husband Vince, and their cousin Bill Campesi, own Window Works, a successful window treatment and awning retailer, and while she didn’t want to retire, she also knew she wanted a business that wouldn’t require her to “knock on doors and design draperies” forever.
After guesting on a business podcast, she knew this was the vehicle for her. It was designed as a business from the start. “If I wanted a hobby to fulfill me, I’d become a yoga instructor,” she laughs.
She took the following steps to help increase her chances of success:
- Did her homework. “I’m an insane researcher,” she says. For months she consumed all the content she could on how to create and market a podcast, as well as technical tips.
- Identified her audience. Figuring out who she would be talking to and why they would care was essential, she says. She’s crystal clear that her mission is to “help teach, empower and advise interior designers to run profitable interior design firms.”
- Identified revenue opportunities. For her, that included sponsorship and advertising but also speaking, consulting, and publishing. She also knew that the podcast could benefit their brick and mortar business if interior designers sent business their way. It’s worked remarkably well: she can track a mid-six-figure boost to Window Works’ bottom line.
- Set up parameters. LuAnn, Vince, and Bill agreed they would take stock every six months. They were prepared to pull the plug if necessary. “It took one full year to go from the red to the black,” she says.
- Track progress. She often tells her listeners, “it’s either a hobby or a business. If it’s a hobby, then don’t bother to track anything. But if you tell me you have a business, then you better tell me you are tracking things.”
Her efforts to create a business have paid off handsomely. A Well-Designed Business® is the #1, 5-star-rated podcast in the interior design business category and has published over 520 episodes, a number that exceeds any other podcast targeted to that audience. The podcast is going strong and has over 2.3 million downloads to date, and is performing in the top 10% of all podcasts in the iTunes Library (now Apple Podcasts).
More importantly, it’s a profitable business that continues to grow. Nigara has also published two successful books and earns revenue from speaking and consulting as well.
5 Smart Steps To Take
If you want to turn your hobby podcast into a business, Nigara’s experience provides a helpful blueprint. Here are additional steps you want to consider:
- Invest in good equipment. A good mic isn’t terribly expensive but can make a world of difference. Ask your guests to make sure they are using a mic, or at least a headset, and consider doing a test run to ensure they do. It’s surprising how often hosts accept terrible sound quality from guests. Or even worse, when they don’t seem to use any kind of headset or mic themselves.
- Protect your business legally. Creating a formal legal structure such as an LLC can help protect your personal finances from the activity of your business. If you do business as a sole proprietor, there is no separation between you and your business.
- Get a good editor. Either learn how to edit or hire someone who knows how to do it well. If you hire out, make sure your editor is reliable so your audience hears from you on a regular schedule. (A former podcaster myself, I hired someone who was good at the technical aspects but unreliable, and as a result, my podcast suffered.)
- Separate your business and personal accounts. Use a business bank account and a business credit card for all business transactions. It will make things much easier at tax time and will help you understand whether your business is profitable. A business credit card can also help build business credit, and a low-rate card can provide short term financing if sponsors, clients, or affiliate programs are slow to pay.
- Protect your intellectual property. Copyrights, a trademarked name, and proper releases are all investments in the future of your business. There’s a type of business identity theft called trademark ransom where a scammer registers a business name as an official trademark and demands a ransom for release of the trademarked business name.
Ultimately, you’ll have to decide whether you want your podcast to simply be a creative outlet or a business. If the answer is a business, make sure you take the steps to give it the best shot possible.
Gerri Detweiler is the author or coauthor of five books, including her most recent, Finance Your Own Business: Get on the Financing Fast Track. Today, Gerri serves as the Education Director for Nav, an online platform that matches small business owners to their best financing options and gives free access to personal and business credit scores.