AskPat 955 Episode Transcript
Pat Flynn: Hey, what's up, everybody? Pat Flynn here. Welcome to Episode 955 of AskPat. Thank you so much for joining me today. As always, I'm here to help you by answering your online business questions five days a week.
All right. Here's today's question from Diego.
Pat Flynn: Hey, Pat. This is Diego Davila from DiegoDavila.com. I'm a Udemy instructor, and I have a question about live streaming. I see that you recently stepped up your live streaming equipment and you rent an office and all that, so I think that's amazing because you can produce great things with that. My question is, what's the initial investment? If somebody wants to go professional in live streaming like you did, what's the investment on the equipment, the initial investment? I know also there are some monthly fees that you pay for; what's the name, livestream.com or something like that, the service that allow you to multicast to more than one channel? What's also the monthly fee? Thank you very much. See you later.
Pat Flynn: Hey, Diego. Thank you so much for the question. I appreciate it. I know a lot of people have noticed that I have this brand new studio. It's just a few minutes from my home, which is really cool. The reason why I took all the video stuff out of my home is because there was just too much and I always had to put it up and then take it down, which—I never ended up doing it as much as I wanted to because of all that set up. Then it just made sense to get a spot outside of the house where I can put all that equipment. Made my wife happy, but also at the same time, it made it so that it became a space that I could walk into, everything was set up, and I could just hit record or hit broadcast. Also, knowing that there's that initial investment there, it forces me almost, or it motivates me to make sure I get my money's worth in that space. In that way, I've been going live a lot more often. It's been a lot of fun. I have been seeing results as a result of going in there more consistently and doing live broadcasts. Not just a growth in the Facebook fans and a growth in email lists, but also, specifically, it has helped with my bottom line when I've gone live during course launches and stuff too. It is already paying itself, or for itself, which is fantastic.
The initial investment for my set up, which was the probably highest-end set up . . . Obviously, I can go much higher, you can get into the six-figure range. I didn't spend six-figures, but I spent a good amount of money. I invested about $25,000 to $30,000 on the equipment alone. That includes the trusses and the live streaming box and the multiple cameras, the furniture, and all that stuff that goes in there. That's quite a bit of money. This is a large investment. Should you go to that level? Definitely not at first. It is not even really necessary for most people to have a very professional-looking, effective live broadcast set up. It is something that I knew that I'm going to be doing a lot more in the future. I'm also utilizing this space to film courses, to film YouTube videos, and to get some work done with my team as well, so there's multi use in this space. Do you need to start out by spending $25,000 to go live? No. You could literally go live right now on your mobile device through Facebook in a Facebook group or on a Facebook page. You can go live on Periscope. You can go live on YouTube. It won't cost you a dime. Of course, if you want to step up your game a little bit, I would recommend stepping up in increments, so getting a microphone or a better camera, or a better lighting situation, or a space in your own place that you already have where you can set up something that's more permanent so that you can get that sort of in-and-out sort of thing. Later down the road, when you want to upgrade to a more studio level situation like what I have, it depends. You want to make sure that that's going to be worth your time and that investment. There are likely places around where you live where you can rent out and get the same set up for just a certain amount of hours. For example, you're filming a course. You could just rent it out for that time and not have to worry about it for the other times. There's lots of options out there. I wouldn't recommend going crazy with it unless you know it's going to be something long term, you know it's going to be a vital part of your business. Start out small. If you really, really wanted—the one piece of equipment I would mention would be an audio equipment, a microphone that you can set up. I would recommend two mobile microphones that you can use that plug right into your device and that'll help level up your live streaming much better. Two mics to recommend to you, the Rode Smartlav microphone, and also the iRig Mic Lav. [Full Disclosure: As an affiliate, I receive compensation if you purchase through these links.] That is another mobile one that's very compact, and it'll just completely upgrade the audio that you have. From there, I would work on the lighting. The camera that you have in your hand with your phone is typically good enough these days. There you go.
Thanks so much, Diego. I appreciate the question. I want to send you an AskPat teeshirt for having your question featured here on the show. For those of you listening, if you have a question that you'd like potentially featured here on the show, just head on over to AskPat.com and you can ask right there on that page.
Thanks so much. I appreciate you. Here's a quote to finish off the day by Abraham J. Heschel. “Self-respect is the root of discipline: The sense of dignity grows with the ability to say no to oneself.” Anybody else have a problem saying no? I think most of us do, especially if we're people-pleasers, like me, and saying no has been one of the most empowering things that I've done in the last couple years. Alright, guys. Take care. I'll see you in the next episode of AskPat. Bye.