He was able to take it to the next level with the support of a well-researched business loan.
He notes that funding “allowed us to grow from a weekly broadcast to a daily show, and as a result, we were able to treble our income.”
Growing a successful podcast business necessitates both time and money to cover the costs of:
However, as many podcasters have discovered, income lags behind expenses, whether from sponsors, affiliates, or product sales. Investing in higher-end equipment can be costly, and effects may take longer. This is where funding comes into play. Here are three strategies for funding and growing your podcast:
Credit Cards for Businesses
Jane, co-host of The MillMoney says, “I utilize my business credit card on a regular basis to maintain a nice cash flow from sponsor money coming in and expenses going out.”
She “pays producer and editing costs, as well as the website, hosting, and accounting bills” using plastic.
“I also pay for travel expenses when we attend podcast-friendly conferences in order to meet new people who can aid The Money Millhouse,” she continues.
Jane, who hosts a financial podcast, pays off her credit cards in full each month to avoid paying interest, but she charges as much as she can to collect points. “The cherry on top is that my firm gains points that I may utilize on future business prospects or just plain pleasure,” she explains.
Consider getting a company credit card instead of a personal one. Many business credit card providers do not regularly disclose balances to the owner’s personal credit reports, but they do to business credit agencies, which can help you develop company credit.
Kelly Josephs Show, a podcast for creatives, raised nearly $20,000 through crowdfunding for its third season. Kelly Joseph, the show’s host, used the rewards-based crowdfunding platform Kickstarter. A loan-based crowdfunding platform is another alternative. Kiva, for example, provides small loans with a 0% interest rate.
A solid group of admirers, whether it is an email list of listeners or an active social media following, is often the foundation of a successful crowdfunding campaign. Always be adding to your mailing list.
Loans from a bank
Hellen used an SBA-guaranteed bank loan to invest strategically in his company. These loans are tempting because of their low rates and good terms. There are several choices available, including loans up to $5 million.
Are you looking for a loan with a lower interest rate? Loans of $60,000 or less are available through the SBA microloan program, with an average loan amount of slightly over $20,000.
Non-profit organizations facilitate these loans.
While the SBA establishes basic standards, individual lenders may have additional restrictions.
Just because one lender says no, doesn’t mean you won’t be able to acquire a loan from another.
There’s also another option if you don’t qualify for the following financing mentioned above. You can search for an online lender that offers quick financing options like GAD $255 loan.