First rule of making money podcasting is don’t quit your day job. Yes it is harsh, but the truth is that there really isn’t THAT much money in podcasting unless you know what you’re doing. After a little while, and once the money starts coming in, then feel free to quit your day job. At first though, do not rely on it to be a sustainable alternative to a day job.

When you first start, you aren’t going to make much revenue (unless for some reason you get A LOT of subscribers overnight). If you are already a well-established blogger or some sort of famous figure, then you may get subscribers right away and will be well on your way to making money podcasting, but realistically, for the average person, you will need to do a lot of work before you make money.

There are numerous ways to make revenue if you have a podcast though, the question is, will people pay? That is something you will need to determine once you have an established fan base (subscribers) who listen to your podcast. Here are just a few tips:

• Charge people to subscribe to your podcast. If you have 1000 loyal subscribers, charging them $10 a year is $10,000 a year for a podcast.
• Advertising. If your podcast has a niche, a distinct description of your target audience, and a lot of members, you can easily find advertisers and charge them to plug in an ad. You can also review products, recommend products, etc.
• Sell your own product. Are you a DJ? Writer? How-To Guru? Whatever you do, you can always advertise your own product. If you’re a musician, make a weekly podcast of a new song, and then sell your album. Or, if you’re a writer, read excerpts from your books, and then sell them. See where I’m going here?

These are the most common ways to make money podcasting, you can always think outside of the box, but most ideas will fall under those three categories. Look at other podcasts, and what revenue models they’re using, do your research! Befriend other podcasters, and brainstorm ideas. The possibilities are endless!

For more information, and if you want to make some real money podcasting (and have fun too!) read the official eBookPodcast Loot.