Podcasting Your Way Through The Coming Recession [Episode 259]
I podcasted my way right through the 2008 financial crisis. But don't think that I'm some sort of financial genius. I'm also the moron who bought a gigantic house I couldn't afford at the height of the mortgage bubble. So while I’m no help on economic issues, I do have some relevant advice for you and your podcasting efforts on surviving the coming recession
My four pieces of advice will focus on things other than “go find more money”. Though clearly, if your podcasting efforts right now are funded by other people -- sponsors, advertisers, patrons, big VC dollars -- economic downturns are going to be particularly problematic for you.
So let’s get into the four ways you can prepare as a podcaster for the coming financial hiccup.
1 - Diversify The Content You Podcast
When the recession comes, it's going to impact shows disproportionately. Yes, podcasting will survive, but a lot of shows won’t. With multiple shows or you having roles to play on multiple shows, you spread out your risk.
2 - Differentiate Your Podcasted Content
When the recession hits, a lot of those undifferentiated shows will share the same fate. On the surface, that sounds like a good thing. Instead of 3,152 entrepreneur interview shows available today, that number might shrink drastically. If yours is one of the few that survives, that’s more audience for you, right? Maybe. But that’s being hopeful instead of strategic.
3 - Understand Your Podcasting Stack
If you rely on other people to keep your podcast running, remember that the recession will hit those service providers too. Some may go out of business. Some may be forced to give up their side hustles and find a more permanent gig. What happens when one of the cogs in your machine or of the links in your chain (pick your metaphor) is taken out of the picture thanks to that recession? What are you going to do?
4 - Built Your Network Now
The 2008 recession hit many people completely unaware. Without access to their work email accounts or their contact database from work, they had to start building a brand new network from scratch. Do whatever you can to start networking. Start making connections. Get out of the podcasting bubble that you have created for yourself and make sure you've got lifelines out to other people. Who knows what might happen and who might be able to help you? Or who you might be able to help.
Remember, it's not a question of if the next recession's coming but when. I'm not predicting its arrival. I am saying that to not only survive the next recession but to podcast your way through it, those four tips will help you get there.
And doing one or all of these three things will help me help you:
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