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(upbeat music)This is the show for creative entrepreneurs who have a message to share and want to live a life of freedom.Learn how to grow your network and net worth.Hear from exciting guests and more.My name is Dylan Schmitt,and welcome to Digital Podcaster.Welcome to Digital Podcaster.I'm your host, Dylan Schmitt.Today, let's talk about some podcasting myths.There's a lot of them out there,but let's talk about five of them.Five of some of the more common that I hear.Myth number one, podcasting is an oversaturated market.So a lot of people believe that the podcasting field as a whole is already super crowded,which makes it pretty much next to impossible for new people getting into the game to gain any type of traction with their podcast.But when we look at other mediums like blogs,which are still relevant, still around,YouTube channels, TikToks, Instagrams, you name it,podcasts are relatively fewer across the board.There's only a few million active podcasts right now.And so a lot of them start and then stop.What that means is it might appear oversaturated,but the reality is the people who stick with it is not a lot.And so when it comes to actually being a podcast that stands out in your market or your category,your category would be something like if you talk about true crime, business, entrepreneurship,tech, news, those types of things.If you really look at it, because the discovery system of podcasting is not that great,people have a hard time finding podcasts.So when you might go to look at the charts and things like that, it depends on the charts you're looking at and it depends on the categories you're looking at, but I would bet that it is not oversaturated in whatever market you're looking at.Also, what you bring to the table is going to stand out on its own because unless you're just copying somebody that's already doing something, it's going to be different. It's going to stand out. So podcasts are not oversaturated. In fact, it's still plenty of time and plenty possible to dive into the game. Just like digital podcaster, for example, this podcast is coming up just a couple months shy of two years old. And, you know, we've grown a lot since we started.But the same thing was being said about podcasts when I started Digital Podcaster.And I knew when I started it that there were like, well, I didn't do a ton of research of looking if there was already a lot of podcasts that talked about what we talk about on this show.Because I just thought whatever I was bringing to the table would be me.And I was doing it for me, for the people who would listen,less about the market.Like I wasn't concerned about the market.You know, this isn't like Shark Tank.You don't need to present the idea to sharks and get someone to invest in it.You can, you know, go with the MVP, the minimum viable podcast episode.You need to publish to get your show out there.That's important.And then test the market that way, but don't look at the market and then just say it's oversaturated and then not do it because that's not going to get you very far.Myth number two is you need professional equipment and studio to start a podcast. Having high quality equipment is awesome because it, you know, makes your podcast sound professional. But there is a cost that's not just money when it comes to high quality equipment.It's figuring out the gear. Like I have an audio engineering background, and I can't tell you how much I wish I would have just started out with simpler things. Getting started. When you start getting more advanced stuff it just starts getting more complicated figuring things out you have to spend more time looking up tutorials watching youtube videos reading through reddit or different forms trying to piece together and ultimately that's all taking away from time that you could spend making content for your listener because nobody really cares about the microphone you use as long as it sounds pretty good nobody really cares about you know what software you're using at the end of the day.Even me who talks about gear occasionally and how to make podcasts and stuff like that.Like really nobody cares that I'm using Ecamm live to record this or if I use Logic Pro whatever I used Riverside at the end of the day.Like yeah you might care because you're like I want to use that but you don't care about the software as much as it is a means to get your message across to your listener.So the professional equipment thing is a complete myth and you know, looking at the past few years, the barrier to entry has gone way down.Now you can, you know, pay 50 bucks and get a microphone.That sounds fantastic.You don't have to spend a lot.And I still meet people, you know, I still talk with people that are like, I want to start a podcast.I'm going to talk to my bank and see about a loan for $15,000.Absolutely.Like not.I will talk anybody out of that unless it is tied to some revenue with your company and there's like some bigger thing going on there.there is absolutely no reason to spend more than a couple hundred dollars if you're just gonna be doing podcasting as a hobby and I look at it like take it as a hobby at first if You're not quite sure how you're gonna make money from that if you're not quite sure how you would get Sponsors or do ads or monetize in any sort of way unless you just have the money to blow on it like cool But most of us don't so most of us don't need to be spending on on a bunch of equipment that is just going to be longer to figure out to use before you get your episode out there.Myth number three is that podcasts must follow some type of specific format.Now we could blame some of the top podcasts and it's not their fault.It's us as looking at like who are the top people in podcasting on the charts like we need to do it that way.So one specific format that everyone copies and doesn't always add their own spin on or make it unique in any which way is something just like the interview format.Something like a Joe Rogan style where it's just talking.There's like next to no editing, Caller Daddy.There's these interview shows where people will just hop on, talk, no edit, and then publish.Or they might edit in the beginning or they might edit in a couple ads.And I think there is a common idea out there that podcasts just have to follow this specific interview format.Where I talk with so many entrepreneurs and businesses that have podcasts and doing things that way actually will do less good,more harm than good.Because maybe your clients are looking for a solution that you could be talking about.And when you do these specific interview style formats,they're not getting a chance to hear the solution that they're coming to you for.So if you have a business style podcast or you have anything that is with the intention of converting clients or highlighting a solution that you're an expert in,for example, only doing a specific interview format style is hurting your goal.And if you want to use podcasting just for networking,I had Zach Mitchum, who is a video podcasting expert,a few episodes ago, and he broke down three different styles of YouTube video podcasts that was helpful.And he had a great point of not using podcasts only as one way of only doing it for the growth of your audience, but also just doing it for the person you're talking to.And I thought that was a great perspective.that makes a lot of sense. So following just the interview style format, which so many podcasters just hop right into, you don't have to do that. You know, there's no set format, there's no set length that your show needs to adhere to. You could do short 10 minute daily episodes, or short10 minute bi weekly episodes. Or you could just do one two hour drop a month around some specific topic. A lot of people get into podcasting because it is more freeing than other types of media like Instagram, you know, you're combining, you got the timeline, you got, you're competing with everybody and it's just noisy. And then YouTube where you got video editing, which is a whole other beast to it. Not a Mr. Beast, but also Mr. Beast. That's cheesy. But, but podcasting gives It gives you a lot of freedom.And I just want to remind myself and you listening that podcasters need to remember that they have that freedom and they can switch it up at any time.If you've listened to Digital Podcaster for a while,you know I've switched it up.I've done longer episodes,I've done shorter episodes,I've done more frequent episodes.I did a podcast a day for the month of May last year.I like switching it up.I would be bored just doing interviews, honestly.It's not my style.Just because, honestly, I can't find that many people I want to have conversations with,is probably what it comes down to.And I really care about you listening,and I don't want to waste your time with conversations that I'm feeling like I have to have when I should have just said no,which I have never had that on this show,but I get hit up all the time from people that want to come on this podcast,and I'm just like, I'd rather not.I'd rather just create a solo episode for you talking about what we're talking about right now.So myth number four is that podcasting is a quick way to make money.A lot of people will look at podcasting like,you know, there is a number of podcasts out there,podcasters out there making a good amount of money,but the reality is this is like not the quick way.And content in general is not a quick way.I've been in this for a minute now,like years, 10 years plus.It's not a quick way to make money is content,especially now more than ever because there's just so much people doing it.Like the barrier to entry has gotten lower,so you got more people doing it.On the flip side of that, my voice is dying.On the flip side of that, if you do it right and you have the right strategy,yeah, there is a roadmap you can follow that you can monetize your platform,but it does take a loyal listener base.It takes time and it takes effort and it takes consistency.And those four things have to be in place for the money to come.And it doesn't, there's not a set number of how many listeners you need before you can make money.Because if we're talking about a loyal listener base,time, effort, and consistency,the loyal listener base could be as simple as like five listeners or less.Could be one listener who just heard you and like,you know what, I want to hire you if,I'm just saying, this is not obviously the most common scenario by any means,but all it takes is one listener who has money and is like, you know what, actually I'd like to hire you to do a podcast on my network.I'm gonna pay you whatever X amount.So yeah, anything's possible,but it still takes time, effort, and consistency,and I wouldn't bank on one listener coming across your podcast who's wanting to throw money at you.It's kind of like, I've lived in Southern California,I've lived in Los Angeles specifically for the last 10 years, I'm not an actor,but there is that cliche of like someone coming to LA and being like, I'm gonna work at a coffee shop and someone's gonna walk in and they're gonna wanna hire me and I'm gonna be the next star.Like, I've never heard of that happening to anybody that I've known.I don't really know that that happens by any means.I know people who've worked extremely hard and gotten nothing out of it for whatever reason.It's all specific case-by-case basis.But the reality is you don't do it because you're going to make a bunch of money right away.You do it because you're engaged in it and you're really focused on the long game and the long effort and consistency and what you're going to learn.And the longer you stick with it,really, the more gold you're going to get out of it.Last big myth is you need a huge listener base to be successful.So success in podcasting isn't about getting millions of listens,millions of listeners. It's not about being top of the charts.It's such a personal shared experience that you do.And if I've learned anything over the last couple of years doing this, uh,being behind the mic, I've worked with podcasters behind the scenes for years,but something I've learned as a host is like, it's not about,I don't look at the analytics really,but they consistently go up.And it's because I want to just make engaging content.And I just know that what I was saying in the last myth is the longer I stick with it, the better things get.No matter how big or small it gets in the end,it's already been so amazing.I go into it with such little expectation that I am like,every episode needs to do this result.Every episode needs to be published. Alex from Mosey, he's like a,kind of everywhere right now, but not everyone's familiar with him.So I won't assume that you do know who he is,but he's like a business entrepreneur guy. Um,wrote a book called a hundred million dollar offers. And he,I have like a whiteboard over here. Uh, he said a quote that,I don't know if it's his, but I'll attribute to him. Uh,cause he's where I learned it. But he said this and I just,It's like perfect for applying to podcasting and I'll end today's episode here. But he says, make the goal, the action, not the outcome.Make the goal, the action, not the outcome.How I interpret that is, is just keep publishing.Don't focus on how many downloads I'm going to get,how many thousands of dollars it's going to bring me.The goal is publishing like that.The action of recording and publishing the podcast is the goal, not the outcome of recording and publishing the podcast.Now I can still attach things like that, but that's not the main goal.That's not the main thing.And as they say, keep the main thing, the main thing.So make the goal that wait now I'm confused myself.Make the goal, the action, not the outcome.How good is that?I hope this helps.I hope you found this.You know, useful in your own podcasting journey.And just to recap real quick, myth number one, podcasting is an oversaturated market.Not true.There's plenty of space for you.It's not too late whatsoever.Myth number two, you need professional equipment and a studio to start a podcast.Absolutely not.If you're just getting started and you don't have like a bunch of money to spend, just like a couple hundred bucks will get you exactly what you need to get going.Myth number three, podcasts have to follow a specific format, especially an interview style format.Nope, you got the freedom to do whatever you want and you got the freedom to change it up at any time.Myth number four, podcasting is a quick way to make money. I wish, but it's really not and I wouldn't make money the focus.I would be making the goal of engaging content for you and your listeners the focus because that's going to pay off in the long run.run. Myth number five, you need a huge listener base to be successful.Absolutely not. You need to be successful in publishing your podcast.And at the end of the day, that's what matters most.I will catch you in the next episode.