Is it smart to start a podcast with friends? Starting a podcast with friends can be great but it can also throw up many unexpected situations, the most important thing you can do is to set clear protocols to operate your business. Creating a podcast with someone far away
In most cases, you will need to remember that the primary purpose of a business is to remain in business. Starting a podcast with your friends will change your relationship.
How to start a podcast with friends
If you’re thinking about turning your friend(s) into your podcast business partner, here are some tips to take into consideration:
Before you start your podcast with friends it’s important to be clear about your goals. Don’t assume that you are on the same page about things—you need to communicate.
Everyone should know what their role and responsibilities are. Who would hold which position, what work will be done by the person and what deliverables they are responsible for? Have tough conversations early especially about money.
When in doubt, speak up! Miscommunications happen but it’s important to always communicate.
Don’t: Let your podcast take over your friendship
During working hours, you will need to interact with each other a little more formally than you would if you were just hanging out at home, especially if you’re managing a team of employees. Set boundaries from day 1. Yes, you are friends, but there is no room for laziness, or not delivering.
Do: Get Everything in Writing
When you are starting your podcast with friends, sit down and discuss roles, responsibilities and money issues.
Who is responsible for finding guests, whose responsible for editing, whose responsible for finding sponsors, set monthly goals, profit split, how business expenses will be covered before the business starts making money. Make sure you don’t get taken for granted, every team member needs to put in work.
Don’t: Avoid discussing bad scenarios
Once you reach an agreement, finalize it in a written contract with the help of a lawyer. A legal exit strategy is just as crucial as creating a podcast business plan.
Sometimes partnerships don’t work out and it’s important to have separation and buyout clauses in your contract that protect both parties can corral chaos into order and it ensures, as much as possible, that the failed business doesn’t ruin your relationship as well.
Do: Be prepared to invest
For a business to be successful, all parties involved need to be willing to invest: time and money. It’s possible to start a podcast with no money, but the more it grows, there will be costs like equipment, distribution, and marketing involved.
As friends and business partners, plans need to be made to ensure the business is operating successfully.
Starting a Podcast with a Friend? Ask Yourself These 5 Questions
- What do I need from a podcast business partner?
- What are your partners’ values? What do success and failure look like to them vs. you?
- How much time are they willing to commit to the business?
- What skills sets does your potential partner have? Do your skill sets complement each other?
- How much capital can they contribute to the business?
Remember, some of the most powerful businesses ever established were founded by friends. However, many more have failed miserably and left ruined friendships in their wake. Think carefully before you start a podcast with your friend!