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John Lee Dumas, founder of Entrepreneur on Fire

The growth of podcasts has been phenomenal and the community is flourishing continuously. For those who have the zeal to enter podcasting or if you are already running one but are low on fuel, you’re in for a treat! In this episode, John and I will talk about removing barriers, monetization sources for podcasts, diversifying your income, growth strategies, and the importance of focus and loving what you do.

Our guest for this episode is John Lee Dumas is the founder of Entrepreneur On Fire, a top-ranked business podcast interviewing today’s most successful entrepreneurs. This is a follow up to an interview I did with John last year and I am excited to share what has unfolded since I last spoke with him.

When best laid plans meet barriers

John wanted to learn paddle boarding but had shared that it took some time for him to start on that goal. He kept making excuses and waiting for the situation to be perfect. John tells us not to wait for that perfect time or situation, because it rarely exists. You just need to keep moving forward and just figure it out along the way.

Sponsorships in podcasting

John earned $13k in sponsorships last year, and now in 2014 Q3, he already has sold out 100% of his sponsorship slots at $46k per month! That’s how much podcasting has grown and those numbers reveal the lengths to which podcasting can take you. However, sponsorships come as a result of download numbers. As you grow your show, you are also going to grow your sponsorship revenue because most sponsorships are offered/accepted based on the CPM (cost per thousand listen) method. The take away: Grow your listeners and you’ll grow your show too.

Diversifying your income

Look for other channels where you can grow more reach. In John’s case, he added Podcaster’s Paradise, a community where you learn, grow and monetize your podcast. To diversify income flow, his team came up with over 150 videos (for beginners: the creation process, for intermediate: the growing of the audiences, and for experts: the monetization process); they have a vibrant Facebook group offering 24 hours of conversations, encouragement, feedback and monthly Q&A sessions; webinars; and free live podcast workshops.

Growth strategies

To be able to support all of this growth, John has set systems in place enabling him to organize everything in six days a week. Set up a system, stick to it, get a good team and be disciplined.

All about focus

Public speaking is one of those things that happen as a result of success, and success requires focus. John tells us: “I spent nine months working on the creation of my idea, six months working on the launch, and all the while I was making no money and had limited opportunities. But I kept that focus and I kept persevering. Then I hit the tipping point and things just started to happen. “

Finding what you love to do

Passion is the root of all success. Before you start something, you need to ponder if this is something that you love because if you don’t, this is already a red flag. We’re on a marathon and if you wake up each morning dragging yourself, you will not endure.

What advice do you have for aspiring entrepreneurs?

Just start. Listen to podcasts and start feeding your mind to get creative juices going.

Quotes that John mentioned in this interview:

“I was waiting for every situation to be perfect, I was giving myself excuses, I was waiting for these situations to be perfect and they never are.”

“Maybe you’re getting feedback from friends and family saying, “you can’t do that”. I got so much feedback about the reality of a daily show being not feasible but here I am with 640 episodes, proving that it is.”

“As soon as you can start setting systems and really sticking to them, the schedules and that regimented discipline, the better.”

“It’s all about doing those little things right every single day – that gives you the slight edge.”

“What’s easy to do is also easy not to do and because of that most people choose not to do it because it’s easy not to do it.”

“I focus 100% of the time. FOCUS: Follow one course until success.”