First things first....
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Use working equipment : Don't get a radioshow if you don't have a mic, lets be honest if we wanted to listen to music without communication from the DJ/MC - we'd just download studio mixes!
If your CDJs are prone to f'ing up and skipping and freezing, don't get a radio show or get a new CDJ.
If you DJ vinyl, make sure you buy new needles for your first show, nothing worse than a needle dying on your first stream.
If you use timecode vinyl - make sure your laptop can handle running timecode software for 2 hours at least without crashing.
Try and stress test your internet during dead-hour of the station if its possible to see if you can stream with ease.
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Pirate or Online : The way the world is changing these days, online radio can be much more popular than a pirate without all the risks of being caught by police or unlawful people..The only time I would suggest a pirate radio station is if you know you'll be getting a lot of listeners.
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Picking a station : With the (sort of) recent surge of internet radio becoming the normal way to listen to broad-casted live music with the accessibility of people listening via iphones and what not, Radio stations tend to carry a certain theme with the majority of DJs playing similar styles but repping different labels and producers so find a radio station which will have an audience with what you play..
I am assuming you don't have a huge fan base who'll constantly lock into your show each week/month its better to 'play it safe' when finding your first station as you could be playing to no one bar a few friends ... trust me ive been there!!
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Sending mix demos : Theres two ways you can go about this.. You can send a studio mix to the owners of the station and ask for the slot you want.. Or do what I did and guest on someones radio station and rip your set from the archive and send that... I would recommend this if possible as it shows your mixing live (you can restart studio mixes over and over again). Make sure you send fairly decent quality a 192 will do

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Why get a radio show :
If you're affiliated with a crew or label this is the perfect opportunity to expose what you and them are doing on a weekly/monthly basis so people will hopefully (eventually) remember your and their name.
Being part of a radio station can have perks such as getting bookings because of your association with the station.
Being able to link up with other DJs on the station and be introduced to producers to get new tunes.
Able to get friends who might not want to or haven't ever played out the opportunity to play to people, even if its online!
ITS FUN! Get a few mates around, few beers, order a pizza and play music for 2 hours, its a great routine to have once a week

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Why shouldn't I start a radio show :
If you can't commit to something on the regular due to jobs or just general busy/laziness you'll just end up missing all your shows...
Some stations ask for money for each show/once a month to keep the servers alive, if you can't spare 5-10*whatever* a month, then find a station what doesn't have charges
Since its the internet, you might get trolled in your chatroom which can spoil the mood.
If you're having a bad day when it comes to mixing you can't just stop mixing till your shows over.
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Well I hope this helps make your mind up the pros and cons
