Turning a Passion Project into a Profitable Exit
In this episode, we meet with Mark Steadman, a pioneer of the podcast industry.
Mark’s serious about podcasts, and his passion for the industry and for his fellow podcasters took him on an incredible, decade long journey of discovery. After creating, in his words, “the world’s most technically advanced podcast that no one listened to,” Mark decided to change lanes and begin his own hosting platform.
Dive deeper into how he discovered his competitive edge in the market, as well as some of the big mistakes he made along the way.
Not only will you learn the fundamentals of how to set up a great podcast for your business (we’re taking those tips to heart, Mark), but you’ll also learn how he turned a passion project into the perfect acquisition for every party involved, all within six years.
His biggest takeaway: Don’t do it alone!
What you will learn in this episode
In this episode we’ll cover everything from:
- How Mark learned a very important lesson from a very big (and easy-to-make) mistake
- How to balance passion and good business sense to create a sustainable business model
- How starting a podcast is similar to starting a business: What to do, but also what NOT to do
- The deciding factors around when and why to exit your business
About Our Guest
Mark Steadman is a podcast nerd, a stickler, and a fan. Mark made his first piece of on-demand radio in 2004 and started his first RSS-based podcast in 2008.
He has spent over a decade building tools, producing educational resources, and helping new and emerging podcasters start their show and reach more people.
In 2016, Mark started Podiant, a podcast hosting, analytics, and distribution company. In the spring of 2021, he sold that company to Castos.
Mark is now focused on helping creative, purposeful people use their voice to create a positive change in the world through his company, Origin Podcast Services.
Connect with Mark Steadman
(2:28) Mark makes his first fundamental mistake as he switches from building “the world’s most technically advanced podcast that no one listened to” to creating his own hosting product.
(13:30) The moment where Mark decided to open the conversation up to acquirers.
(19:17) Mark understands the power of knowing his walk away price, and what that means for his customers and his business.
(23:05) Looking back on his journey, hear what Mark’s biggest advice to himself would be if he were to do it all again.
(32:10) Want to add value to your company by starting your own podcast? Don’t miss these key tips from Mark.
(38:20) One top tip to take away: Don’t feel you have to go it alone. Stop and ask for directions along the way. When you’re building a business, no matter what industry or niche, it’s not only OK to ask for help, but necessary. Find your people!
The ultimate freedom is to own a company that is valuable, scalable, and saleable.
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