Listen to this blog, click here. A lot depends on your technical skills. Audacity is probably the best place to start it is free and allows you to make a pretty good job of editing and then adding music and effects in a project to export as a finished Podcast.
You need to make sure your levels are good and even. Set Audacity levels so the peak between -3dB and -6dB
I would also take the time to add a proper compressor to the free software. Audacity supports something called VST, you can get free and bought effects, that 'plug-in.'
Speaking of compressors. You really should process your podcast with compression. If you are non-technical think of a compressor as a very fast volume control keeping the levels even.
If you're asking why should I process my audio? Well think about the diverse places someone might listen to your work. On a train surrounded by noisy commuters and train noise. In a car with engine and traffic noise. At home with the children playing in the same room. That is why it is important to make sure your levels average about -3dB to -6dB and that you have added compression.
If you want to use more professional software then Amadeus Pro for Mac and Sony Sound Forge 10 for p.c. are good choices.
Finally if you want your Podcast to sound totally professional, you pretty much have two choices, Pro Tools or Adobe Audition. I prefer Audition as it is more radio-friendly and can do clever things like batch-process and comes with some good radio-type effects.
Pro-Tools is great and an industry standard for music recording studios and also a lot of studios that edit TV and sound, so you will find plenty of online help and advice.
Finally if you want to keep it very, very simple than a set-up with an iRig Pro, a decent microphone, an iPhone and iRig Recorder app. With that you will be able to edit and produce a simple speech only with no production Podcast, that if you record in the right room environment will sound technically very good.
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