Pat Flynn

Pat Flynn

Smart Passive Income Host

THIS CHAT HAPPENED ON December 16, 2015

Discussion

Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
Hi! My name is Pat Flynn from SmartPassiveIncome.com. I build businesses publicly that focus on delivering value with automation and scaling in mind, and I share everything that happens along the way, including the income I generate each month and failures I'm met with too. I also host one of the top-ranked business podcasts on iTunes with over 25 million downloads.
Alex Carter
Alex Carter@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
What's a mistake you made early on when starting your podcast that you now know to avoid? What pitfalls do you advice others to avoid?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@alexcartaz I was so worried about what people were going to think of my show, it took me 1.5 years to finally pull the trigger after publicly announcing in 2008 I was going to start one. Big mistake being so worried - I learned the most from just doing, so just getting started is what I would say.
Alex Carter
Alex Carter@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
@patflynn I have several friends passionate about creating their own podcasts, with really good ideas for their shows, but I've seen this pattern of behavior too. just keeps getting pushed back!
Jacqueline von Tesmar
Jacqueline von Tesmar@jacqvon · Community at Product Hunt ⚡️
What are you favorite hobbies lately?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@jacqvon Legos with my kids. Science experiments at the home with my son, and coaching my son's soccer and b-ball team. So, yeah - mostly kids stuff. I've sacrificed a lot of my own personal hobbies (or, at least put them on pause for now), like golf and surfing to be able to spend time on my business and family, my priorities right now. Thanks for the question! (oh, and anything back to the future related is my hobby, lol)
Loren Smith
Loren Smith@loren_smith · Loren Smith
@patflynn @jacqvon Pat, I just listened to your podcast working through some issues with Robert Kibbe from TheMuscleCarPlace.com. Reading here about your Back to the Future hobby means you must have really enjoyed that moment.
Ross Simmonds
Ross Simmonds@thecoolestcool · Entrepreneur | Giving 💯
Hey Pat - Simple question that I'm stealing from Peter Thiel: What important truth do very few people agree with you on?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@thecoolestcool Wow, what a powerful question. I have to have time to ponder that but don't want to take time away from other questions. Let me get back to you, thanks Ross!
Jourdan Bul-lalayao
Jourdan Bul-lalayao@jourdanb21 · Co-Founder & CTO, Jobox
Hey Pat! Thanks for chatting with us on Product Hunt LIVE!! As someone who has achieved a lot of success in your own right, I would really love to ask you the following question. It's intentionally vague, as I'd love for you to answer it based on your interpretation of the question :). If you had only one tip to share to the world on how people can achieve their goals, what is your absolute #1 tip? Thanks again, Pat!
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@jourdanb21 Thanks for the question! By far, the #1 tip I can share is ask for help - it's impossible to do any of this alone, and if you ask any entrepreneur how important relationships and connecting with others is for success, all of them will tell you it's absolutely crucial. Don't be afraid to put yourself out there, know what you're not good at, and get help when you need it.
Adam Muller
Adam Muller@muller_adam · Co-founder ADHD Collective, MullerCast
@patflynn thanks Pat for doing this! You've talked recently on your podcast about the importance of mastermind groups, and how crucial it is to surround yourself with quality people who are doing great things. With that in mind, if you could brag on one person in your peer group who's really inspired you lately to step up your game, to think bigger and/or dig deeper, who would that be, and what have they taught you?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@muller_adam Great question Adam, thank you! I'd love to give a shout out to Jaime Tardy from Eventual Millionaire. She's interviewed over 300+ millionaires and she and I get to connect every week in a MM group, and she's not afraid to share her wisdom based on all of that information she takes in every week. She's super honest, but also very connected and always is sharing new people with the group and making connections.
Rashida B.
Rashida B.@xorashidab
@patflynn Love Jaime! She's the BEST thing that's happened to my business. @muller_adam
Justin F Harris
Justin F Harris@justinfharris · Co-Founder, Beehive
Hey @patflynn thanks for doing this AMA! 2 Questions for you: Do you think there will be more entrepreneurs doing Passive Income Businesses vs trying to be VC backed startups? Where do you see the SPI brand going in the next few years?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@justinfharris VC backed vs. Passive Income (maybe better known as lifestyle businesses) - interesting thought. I think they each are suited for different types of people with different goals. Both will grow in popularity, I feel, but don't get me wrong passive income businesses definitely don't start off that way, and require a ton of hard work and perseverance, like VC backed startups, and even more so. With that said, I feel a trend toward what it was like in the "olden days", where everyone with a skill or trade will have their own little online property that they can then do business from. Small town rules, as Gary Vaynerchuk says. In terms of SPI, books, courses and more exposure in mainstream media I feel is in my future, but also more philanthropy and non-profit work too. Thank you Justin!
Emily Snowdon (née Hodgins)
Emily Snowdon (née Hodgins)@emilyjsnowdon · Operations @ Product Hunt
@patflynn thanks for joining us! You're so open about the income you generate and past failures on your career path, has there ever been something you were worried about sharing? What made you decide to share your story so candidly?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@ems_hodge Thanks for the question Emily! When I started in this space and began talking about building businesses, I felt no one was being completely open and honest about it. It was all "look at how rich I am", "it's easy", "check out my mansion and ferrari" type of stuff, which disgusted me because while building my own business it was the hardest thing in the world, and it definitely wasn't all clear to me while going through it. Plus, I was successful not because of the material things, but because of the freedom and flexible schedule it created for me. Because of all that, I decided to just be completely open and honest about the entire journey - wins, failures, income, everything, because that's what I wanted to see when I started - someone who was real and not sugar-coating the entire process.
Sebastian Prohaska
Sebastian Prohaska@it_helps · SEO, Blogger, Austria
@patflynn Hey, do you think (new) niche sites are still working. Greatings from Austria (Europe) We are huge fans :-)
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@it_helps Niche sites in the traditional sense of the term (i.e. building a site relatively quickly with a finite amount of information on it to serve an audience primarily looking for that information on search, which is how you'd get your traffic) is not working at all like it used to. You used to be able to target a keyword (high search, low competition), build a website on that and then generate an income with ads and products from there - but keyword research is now just one of many factors involved in a site, and the long-term successful businesses / sites are ones that are consistent with their content and create community. That's not necessarily passive (actually, not at all), but it can be made more passive by being smart with automation, potentially getting a team involved to help (especially when it comes to the community), but again that trust you build over time is more likely to show up if you show up - but you can still generate an income without 1:1 trading time for money, but again it takes time to get there.
langtree
langtree@mylangtree
@patflynn @it_helps Where do you think the best opportunity is now, then? E.g. for someone internet savvy with several thousand saved and some time to take a few months really working at a PI business, what would make sense?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@mylangtree @it_helps Honestly, I feel there's a huge need for different kinds of software - it can potentially create that "holy grail" of passive income, which is monthly recurring payments where income is more predictable. Plus, in my experience with software, it's very fulfilling to be able to create something that people pay for and use right away to solve a problem, instead of information that, for example, takes time to first consume, and then implement, and even then the results may vary. Software, however, is NOT easy, and in order for it to be passive in a sense it takes a team - especially on the customer service end. I like software though, and in my experience on the advisory board for two software companies, LeadPages and ConvertKit, it's definitely not easy, but if you have some startup capital, a very good way to begin.
Jordi Querol
Jordi Querol@joquerol · CEO, www.nexodosstudio.com
Hey Pat I had two very important questions I needed answered before starting my businesses. But you already answered them. I'm your question #360 and #446. So I just wanted to thank you again for the answers. I've listened and read a lot of your material and I've followed a lot of your suggestions, and now my business is growing. I've gotten to the point we're I'm starting to get recognized locally. I was just interviewed for a magazine and I was invited to give a conference. So really, thank you so much!
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@joquerol You rock Jordi! Best of luck!
Smart Food Facts
Smart Food Facts@smartfoodfacts
@patflynn thanks for doing this... what advice can you give someone who is starting with his podcast about entrepreneurship and wants to monetize his podcast? ...espicially when this person doesn't have any numbers to show... how would you pitch it to people?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@smartfoodfacts You need a position - a unique place in the space of everyone else who is doing these kinds of interviews. John Lee Dumas, for example, his position was the 7-day per week interview show. Now, we all thought he was crazy for doing that, but he's done it and it works because no one else is doing it. What's your unfair advantage, that one thing you have over everyone else doing this - know what that is, and milk it. That's what will help you stand out.
Suzanna Strong
Suzanna Strong@suzannasteele
Where can I learn to write better? Do you have a source or would you simply recommend practice?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@suzannasteele Thanks for the question Suzzana! My favorite experience for becoming a better writer is, well writing. I was a terrible writer at first, and the more you do it, the better you get at it. I'd set aside some time each day to conquer 500-750 words, and just make that a habit. You don't even have to share it, you can keep it private. Here's a good place to practice and keep track of all that: http://750words.com/
Adam Hanneman
Adam Hanneman@adamehanneman · Account Executive, LeadPages
@patflynn Hey Pat! I met you at the Converted conference this past October. Great to meet you and you gave a great presentation. My question is surrounding the authority one brings to the table when creating an info product. How much experience in a specific field do I need to have? I would love to create an info product on selling SaaS as well as getting a good sales job at a software company but I am worried that I may be to young with not enough experience to do so. Would really appreciate some perspective on this. Thanks!
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@adamehanneman Experience is definitely important, and you do need some sort of proof that you know what you're talking about, for sure. In this case, the BEST scenario is that you'd start one of your own using your own advice, which would make for a great case study. You can also gain authority through association. A lot of podcasters, for example, get immediate authority because of who they have on as guests, so perhaps you could feature SaaS of other companies, and get their input and whatnot to "borrow" some of that klout for yourself. No mater what though, you always want to be honest about who you are and what you have to bring to your prospects.
Alex Carter
Alex Carter@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
Hi @patflynn, thanks for joining us today! What are your favorite podcasts to listen to?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@alexcartaz Interesting enough Alex, I don't listen to too many. I used to subscribe to over 20, but I've narrowed it down to three because I need time to implement all that great content! Tim Ferriss, Shawn Stevenson (The Model Health Show), and The School of Greatness with Lewis Howes.
Alex Carter
Alex Carter@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
@patflynn we have 2 Tim Ferriss episodes and 1 School of Greatness episode nominated for our Best Podcast Episodes of 2015 competition. Great choices! =) https://www.producthunt.com/@gol...
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@alexcartaz Thanks Alex!
Alex Carter
Alex Carter@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
Where do you think the future of podcasting is headed? What are you most excited about over the next 5 years?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@alexcartaz I love talking about the future, which is why Back to the Future is my favorite movie ever! And in terms of podcasting, I feel it's definitely going to be more and more integrated into our every day lives. Just now it's starting to go mainstream, but it'll be even more common, like TV, in the future. With education at our fingertips in this way, it's totally inspiring to think about! As podcasting becomes more and more popular though, more and more people will start their own, and it'll definitely become overwhelming with all the choices, and of course with any popular platform comes people who abuse it and try to game it - but because it's so personal the cream will always rise to the top I feel.
Adam Owen
Adam Owen@adamowenit · Search Engine Marketing Consultant
Hey Pat, do you still see affiliate marketing being effective at generating an income going forward?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@adamowenit Absolutely! Affiliate marketing is incredibly powerful, not just from an income generation standpoint, but because it's a way for influencers to serve their audience with products, services and tools that are not their own. There's a lot out there we can share with our audiences that's beyond what we are capable of, and you're actually doing your audience a disservice by not sharing those helpful things others have already created. As long as you use those products and treat them as if they were your own when you promote them, it's definitely a recipe for success.
Vaping Cheap
Vaping Cheap@vapingcheap · Owner, Vaping Cheap
@patflynn I also wanted to thank you! Your advice, via podcast and blog, have helped me achieve the online success I'm experiencing today. Also, your message about providing value and helping my audience helps insure my goals aren't only aligned to profits. I admire how you treat your followers/customers and strive to do the same. - This was supposed to be a reply to my message.....my bad.
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@vapingcheap @adamowenit AWESOME! Thanks for letting everyone know how I've helped you. I appreciate you, and keep up the good work!
Winston Salcedo
Winston Salcedo@wsalcedo1979
Thank you for your time @patflynn. First, I would like to congratulate you on being a successful entrepreneur and being able to achieve so much in your career, and for helping the online community with your knowledge. My question is the following: What would be the best approach that one can take, in order to be successful online? Thank you again for being accessible and for answering my question.
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@wsalcedo1979 Find out where there's a need, a market or group of people who need help in some way, shape or form, and consciously decide that you're going to be the one to provide that solution for them. Get narrow - the riches are in the niches - so don't be afraid to start in a small space to which you can grow from there. In order to know what problems to solve, get out there and talk to those prospects about what they need help with, what's aching them, what do they do every day that they hate that you can then provide a solution for. Then, come up with a hypothesis, test it - validate it - and then go from there. Obviously there's a lot more to the process, but that's where it start. All entrepreneurs are problem solvers, so instead of creating a solution for a problem you think there is, create one for one you know there is.
The Daily Roto
The Daily Roto@the_daily_roto · TheDailyRoto.com
Hey @patflynn love your blog and have been reading it since the beginning. Do you know a portal or space to help people find and join Mastermind Groups?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@the_daily_roto The best place, by far, are at live events. I know you're looking for an online solution, so forums and groups where other entrepreneurs exist will help (FB, LinkedIn, etc.) to find people you could "team up" with, however meeting in person at conferences, meetup.com type meetings and things like that - by far the best place to shake hands and continue conversations outside of those places for the purposes of a MM group.
The Daily Roto
The Daily Roto@the_daily_roto · TheDailyRoto.com
@patflynn Thanks for taking the time to do this Q&A
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@the_daily_roto My pleasure!
Alexander Sverdlov
Alexander Sverdlov@xorred · Alex
@patflynn What if I don't want to sell books on losing weight or other such products like 99% of 'internet marketers' out there? What if I have a product or service for power stations in a b2b sense? Any advice in starting up with b2b?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@xorred You definitely don't have to sell books or products like the rest of them. B2B is great because businesses have specific needs they need a solution for. I recommend listening to podcast episode 46 of mine with Dane Maxwell - http://www.smartpassiveincome.co... - there he talks about how to provide potentially software solutions to businesses - that may or may not be the right answer for you, but the idea extraction exercises in that episode are gold and are completely helpful.
Jill Kuri
Jill Kuri@jillycrystal · Graphic Design and Visual production stu
Hello @patflynn thanks for this opportunity :) One question. What advice would you give someone with little startup capital ($100-$200 ish) who wants to earn passive income from affiliate marketing and other similar methods?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@jillycrystal You don't need a ton of money to get started. When I started, all I spent was $4.95/mo for domain and hosting - what you need the most of are time to build trust, and relationships with other influencers. Again it all starts with providing a solution to a particular problem out there, so whatever you may be an expert in, or have knowledge about that others don't is a great place to start. Over time your audience will tell you what they need and how you can best provide it for them.
UI Vectors
UI Vectors@uivectors
@patflynn how do you listen to the podcast? where do I go?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@uivectors I personally listen on my native podcast app on my iPhone. You could listen on other platforms like Stitcher.com, however, or even directly from those podcasters' websites.
Stockton Fisher
Stockton Fisher@stockotaco · Founder Swimfun
@patflynn What is the easiest way you achieved a stream of passive income? And what recommendations can you give us on networking?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@stockotaco None of it is easy, but if you wanted to put all of the various ways to generate an income online on a spectrum the "easiest" one would be the one that compliments you and your strengths and allows you to scale the most. Scale is a huge part of it, which is why blogging and podcasting are great because they allow you to reach a large number of people in an evergreen kind of way that stacks on each other over time as you generate more and more content, but blogging and podcasting do take time to build that audience. It's that trust that you earn with your audience, however, that I feel makes it "easy", because once you earn that trust through providing a ton of great value, you don't need to push hard or be aggressive when providing solutions.
Stuart Dixon
Stuart Dixon@stuartgdixon
Hey pat, if you were just starting out what would focus on to kick off your passive income in for max success?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@stuartgdixon Researching and finding an audience that has the biggest need that I could provide a solution for. Chatting and digging deeper in a space I'm interested in, while looking at the market in whole and what is being provided already (i.e. the 3 Ps: Places where they exist, People who already serve them, and Products they already buy), I can find a good position in that space to stand out when I enter it.
Mortgage Marketing
Mortgage Marketing@mmicontent · Mortgage Marketing Institute
@patflynn I self-pub on createspace. Now way to capture buyer info? I have CTA's in book to drive email sign-ups. Any other ideas to capture buyer info?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@mmicontent Put a page or two in the front of the book that shares that you have a free audio version of the book available. That link will drive to a landing page where you capture that email address in exchange for that high value audio version. And yes, some people may see it in the "click to see inside" on Amazon, but you'll still get their email address.
Sebastian Prohaska
Sebastian Prohaska@it_helps · SEO, Blogger, Austria
@patflynn 2. question: i want still offer my numbers in my company but i am scared that the people stop to order our services. Maybe they are thinking we have better sales volume instead we have already
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@it_helps You don't HAVE to share exact numbers like I do in order to give a sense of transparency and connection to your brand. Things like percentage increased or decreases do a great job of achieving that effect without revealing exact numbers.
Sebastian Prohaska
Sebastian Prohaska@it_helps · SEO, Blogger, Austria
RZ
RZ@rz321321
@patflynn What do you think is the biggest key success factor to create a passive income, no matter size or cash flow or size? Is it creativity, techonology, passion, something else or a combination? What was the biggest benefit to live of your passive income, for me it sounds from your previous podcast that it is the fact that you are living closer to your passion?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@rz321321 Passion definitely plays a role, but passion alone can leave you broke. You need a passion to want to help more than anything, but you also need to stand out from everyone else serving the same audience. With that comes your potentially unique solution, but more so, a connection to you and your brand. Getting "raving fans" is the best way to create passive income long-term, but again that doesn't come right away. Look up "1000 True Fans" in Google - an epic article by Kevin Kelly, and you'll see more on what I'm talking about.
RZ
RZ@rz321321
@patflynn When and if you had business difficulties what made you able to pass through difficult times? What motivated you most?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@rz321321 I've made what seems like a million mistakes along the way, but each one a big lesson in helping me move forward. I'm so blessed I have a platform where I can openly share these mistakes like this to help others. In thinking about all of the big mistakes I've made and the hard times and stress I've come across, nothing more than the people in my mastermind groups has helped. In other words, connecting with other people who know why I'm doing what I'm doing to not only be a shoulder to cry on who understands what I'm going through, but someone to help dig deeper and find my way through those challenges. If you don't have a MM group, that's okay - other colleagues and friends in your space will help. It's hard to get out of those places sometimes when you are only on the inside. You need an outside perspective sometimes to bring the light back.
Nick Holt
Nick Holt@nicholas_holt
@patflynn What are your favourite business books?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@nicholas_holt Love this question Nick - thanks! I love The One Thing by Gary Kellar and Jay Papasan, I have to give credit to The 4-Hour Work Week by Tim Ferriss, of course, because he helped me get started, and although neither I or Tim pull off a 4-hour work week, it's the systems of automation and thinking of smart work instead of hard work that becomes the reason why it remains one of my favorites. And then finally, I love Virtual Freedom by Chris Ducker - very necessary for me when building my team this past year, which has helped me amp and scale everything, and allow me to help more people.
Mike Sudyk
Mike Sudyk@sudyk · VP, EC Group
Hey Pat, curious on creating a small info product on the side. I want to do a side product but not sure I want it to become too much of my identity or be identified with it. I see it more as a test of selling an info product. I want to time box it to a certain number of hours per week. What are your thoughts on doing something on the side not directly related to your main personal brand or passion or industry but validating and selling it?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@sudyk First question I'd ask you is why? Is this necessary or just a low-hanging fruit that's there but not actually one that will help you move the needle in what your primary goals are? Second, I'd make sure to validate it first. On the side stuff is great but at the same time it can be a distraction, for sure. Is this, perhaps, an excuse to work on something other than what you KNOW you should be working on? If not and you have room for it, and you're diversifying, however, then try to sell this thing because you create it to see if it's something people really want. :)
Jason Gracia
Jason Gracia@jasongracia
@patflynn Hey, buddy! Hope the book launch is gearing up for major success...can't wait to see that puppy on my bookshelf (after reading it, of course). To follow the rules here, I'll ask a question: Of the many options available for newbie entrepreneurs online, which ecommerce solution would you recommend? I'd love to help early-stage clients get up and running fast without a lot of tech headaches. I usually suggest PayPal if they're not ready for a merchant account. What do you think?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@jasongracia Thanks for being here and for your on-going support everyone! (Jason is awesome, follow him!) - to answer your question, I think it depends on what you're selling. GumRoad.com is a great option for digital goods, but if you're going for more of a course or something, then well you have a ton of options, from creating your own platform on Teachable.com, or wordpress plugin software like WP-Wishlist, Zippy Courses or WP-CourseWare. I guess if we're focusing on Ecommerce, Gumroad makes sense if you want to control everything else, while you also have solutions like Shopify if that's a kind of store you're creating with physical goods.
Nayeli Acevedo
Nayeli Acevedo@acevedo_nayeli · Advisor
Hello Pat! Thank you for sharing your wisdom. I am planning on launching my blog this upcoming year, what do you think are the most important things I should look for, before it goes live?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@acevedo_nayeli Have a few pieces of content on there before it goes live, because you want people who dive into it on day one to see a lot more of what you have. Here's a blog post where I wrote about how I was able to get hundreds of views on day 1 of launching one of my other niche sites, FoodTruckr.com: http://www.smartpassiveincome.co...
shiraz
shiraz @arabicshiraz · arabic
@patflynn hello pat thank you so much for this opportunity a quick question , i'm building my website for an interactive learning that is based on quizzes and courses and i'm delaying the whole money thing because first i want to deliver really awesome content . do you think i should keep doing what i'm doing or stop for a moment and think about money opportunities and ways to win . also according to you what is the type of content that is more likely to be purchased : ebooks , audiobooks , courses ... ? THANKS A LOT YOU ARE AWESOME
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@arabicshiraz I think it's okay to not sell something the day you launch to build that trust, etc. - however I would absolutely think about it and have something to strive for, and even on day one having those things in mind as you grow your audience, learn more about them and ask them questions to get to know what their problems are. I like this approach because often times our ideas aren't exactly what people need, but in order to succeed you eventually need to generate some cash at some point, so again just keep in mind that you're going to work toward that - and don't keep pushing it off, once you validate something you're more than okay to begin selling or pre-selling to validate it, and you'd actually be doing your audience a disservice if you didn't because hopefully you'd be selling something that will help them! In terms of what kind of thing they'd purchase, again every audience is different, and you'll quickly learn the right answer if you follow the steps above.
HSW Credits
HSW Credits@hswcredits
I am using Longtail Pro for my niche keyword search. I am considering a niche site with keywords that return a $3.00 suggested bid, over 200k local searches... but the top 6 websites are yelp, wikipedia and groupon. Very low page authority but high domain authority. Is this a niche worth pursuing based on this data? Thank you for all your advice. Much appreciated.
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@hswcredits The KW research is just one part of overall validation process. Your data lets me know that this is something to definitely look deeper into, but yeah outranking those sites likely isn't going to happen anytime soon. That does give you a good start though because there are likely people on those pages you could reach out to or research about to learn more so you can potentially create a site to serve them. Find where those people are located online (websites, blogs, forums), and then reach out to them to learn more about what's been missing and if your idea for your site would actually be useful. What's the worst that can happen? They'll tell you they wouldn't actually benefit from it - but guess what, that's a win for you because you'll learn that upfront instead of later after time and money spent. And the best? Well, they love your idea, you get their email address, and let them know when you go live.
BaJaafar
BaJaafar@bajaafar
Hi Pat! What are the mindsets and disciplines that are needed to run a passive income business?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@bajaafar You need to know that failure is a part of the process. There's a reason why they say "fail fast", because the sooner you fail, the more likely you are to gain the knowledge you need to move in the right direction. You also need to know what your own strengths are, and not try to be someone you're not. You also need to be conscious of your time and where it's spent, and if you're actually doing things to move the needle, or just staying busy to avoid something else or just "feel" like you're busy. Successful entrepreneurs are okay with investing time upfront to be able to better use their time later. Also, knowing that it's not going to be easy and will take time too - i.e. patient, but hungry. A hungry patience :)
The Daily Roto
The Daily Roto@the_daily_roto · TheDailyRoto.com
@patflynn I sent you a #backtothefuture cool tweet to your twitter account. Also thanks for the previous answer regarding the Mastermind Group connection resources. I was trying to see if there was a specific website developed for just helping make those connections on topic because i don't really like sites like LinkedIn. Also I wanted to know if you know of any groups or places where people seek small amounts of financing for starting a web business almost like microloans but for business investments here in the U.S. because I would be interested in helping people fund small projects in the near future.
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@the_daily_roto Microloans - interesting. I mean, a lot of people validate their business ideas by actually getting their target customers / prospects to pay for the creation of those businesses upfront. Check out http://www.smartpassiveincome.co... - where Dane talks about how he creates software solutions for companies, and actually gets them to help fund the creation of those software pieces. Best place to get a "microloan" is from a paying customer I feel, for something you're about to create for them. If no one pays, then perhaps it's a sign that's not the right business. Just an idea. Kickstarter is another place I've seen various businesses validate their idea and get crowds of people to support them before actually creating the thing.
The Daily Roto
The Daily Roto@the_daily_roto · TheDailyRoto.com
@patflynn @the_daily_roto Thanks for the answer...I was thinking more smaller scale than something like kickstarter. Like where people in another country needs like 500 dollars to buy a cow or buy seed for a new crop but on the small scale business side. I guess I could still use microloan websites like that for small online business ventures in order to look for those needing help starting up.
Julie Humes
Julie Humes@juliehumes
Greetings @patflynn - so nice of you to do this! I'm curious how you blend all of your online ventures and websites into an organized business structure. I have amassed a few websites over the years and want to bring them together. Do you have any suggestions? Thanks so much!
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@juliehumes Some of my businesses are separate from the rest - especially the ones with partnerships, etc. like my software company, SPI Labs, LLC that houses my software stuff like http://www.smartpodcastplayer.com. Most of my other sites, however, are under an umbrella company, and honestly the best way to figure this out for your own situation (because everyone's is different), is to find an expert like an attorney or even a CPA to help you structure them in a way that makes sense for what it is you're doing. Hope this helps!
Bethanie Nonami
Bethanie Nonami@bethanienonami · Founder, Memnto.co
Thank you so much @patflynn for taking time to help us out! I launched my podcast, yeah me! But I know it is going to take time to be found. I did hit New&Noteworthy but after that not many new listeners at all. I was kicking around creating an eBook or Udemy course to help educate people. My solution is solving a problem people don't realize they have until it is too late. I am fine tuning my value proposition to them based on tons of interviews and feedback from people, which was a tremendous help. So, I think the next best step is education, which I also do through the podcast. But the challenge is getting them to find me to listen. If they aren't flocking to the podcast in droves, then should I compliment the podcast with a free book or course? Sorry, I am all over the place. Just trying to figure out how to stay focused and get the right things done to help me reach the people I can help. Thanks!!!
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@bethanienonami Congrats on the new podcast Bethanie! Awesome - I love that. Took me forever to get started, so kudos to you! As far as being found, by far the best way to gain exposure is through interview and relationships you create. Here's a tip - interview forum owners or founders of groups, like LinkedIn groups. You'll feature them, so you're educating your audience, but at the same time they'll want to share it with their group too - a win for everyone. Makes them look good, makes you found.
Bethanie Nonami
Bethanie Nonami@bethanienonami · Founder, Memnto.co
Awesome @patflynn. Thank you. Great recommendation. I am on it. Best in 2016! @bethanienonami
RZ
RZ@rz321321
@patflynn I am deeply impressed by your love to others, sharing ideas and knowledge and your Pencils-of-Prom. involvement. Was these motivations always a part of you or has it grown as an effect of your increased possibilities? What would you recommend first? Find the niche or your motivation? Any thoughts?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@rz321321 Thank you RZ. I think my serve other first mentality comes from my upbringing - that's how my mother taught me to live. Serve others, and you will be rewarded. The scale of that, however, has grown over time, and as I become more and more successful I find myself thinking internally about how else I can help. That's why Pencils of Promise was such a huge deal for me, because I'm now able to, through my influence and reach, help others that I wouldn't have ever thought I would have been able to help. I'm surprising myself in the process and now getting inspiration from people like Elon Musk (I don't know him, but if you do, hook me up, hehe!), who help me to think bigger and beyond what I think I can do. Thank you RZ!
Sean Twomey
Sean Twomey@posmay · Digital Marketing, Posmay Media
@PatFlynn Hey Pat, thanks for your time and congrats on all your success. I'm a long time fan currently tuning in from Cape Town. My question → If you could (and perhaps you will in the future) create the company of your dreams for profit or non-profit (with guaranteed funding, profitability and sustainability) what major challenges/problems in the world would you attempt to solve?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@posmay Funny, I'm working on this right now. I'm going to create an organization that helps educate young kids about entrepreneurship, with the major goal of filling in the necessary gaps that traditional education seems to lack. I'm very fortunate my son is in a STEM school that teaches in an entrepreneurial way, and already with him in kindergarten I've seen first-hand what kind of impact that is having on his brain. He's learning to fail and find "beautiful oops" in life, and I love that. Instilling that and creating a platform and movement about that is my big passion right now, and I'm working toward that, for sure. I'd love to turn it into an educational platform, mixed with hints of y-combinator and shark tank, and get the parents involved too, if that makes sense at all.
Scott Mckeagan
Scott Mckeagan@scottmckeagan · Entrepreneur
Pat, do you recommend, affiliate marketing, drop shipping or your own products when building your first ecommerce site?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@scottmckeagan Yes. In other words, whatever makes sense for your target customer to be able to provide them the solutions they need in the most convenient way possible, and also consider how each of those business models will affect you and your production as well.
Harry Stebbings
Harry Stebbings@harrystebbings · Podcast Host @ The Twenty Minute VC
@patflynn huge fan of yours and what many people do not know is I started @twentyminutevc having listened to all of your shows! Big big fan! I would love to hear what platform has the highest conversion rates for you back to the podcasts? Newsletter, blog, FB, Instagram? Huge fan and would love to have you on our Founder's Friday segment of the show. let me know what you think! #legend
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@harrystebbings Thanks so much for listening to the show Harry! You rock! So I'm guessing you mean what platforms are really helping for getting more people to listen to the podcast. Email newsletter is huge, of course, there's nothing more direct and personal than that - especially if you've built trust with your subscribers over time. A combination of social media platforms do well too, each with their own way of best promoting the show. Tweets are automated through Co-schedule or Edgar to continually push some of my top episodes in case people miss them. Previews of content on FB through videos are working well, and IG is great for sharing quotes and such from various podcasts. Shoot me an email re: Founder's Friday - we'll make it happen probably after my book launch on February 1st. Cheers!
Md.Bayjed Bappa
Md.Bayjed Bappa@bappa_gd · Image Optimization Studio
@patflynn What is your single biggest challenge in the online need help with right now?
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@bappa_gd Right now, the thing that is top of mind for me is my upcoming book, which I'll be launching on February 1st on Amazon. This is "the big one" for me, and has been my ONE focus over the past several months. A lot of hard work is being put into place, and I'm struggling through a lot of the mindset stuff that comes along with this, i.e. "What is people don't like it", which always seems to bite at me before I do anything big and meaningful. I've learned that that is a sign though, that great things are on the other end, so I just have to plow through all of this and make it happen. Lots to do, but I'm enjoying every bit of it. Thanks Shiraz!
Alex Carter
Alex Carter@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
@patflynn thanks so much for joining us today!
Pat Flynn
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@alexcartaz Thank you Alex - my pleasure! Thanks to everyone else who asked questions and followed along. I appreciate you, and wishing you all the best to close out the year and accelerate into the next. We got this!
Derek Wyatt
Derek Wyatt@derekwwyatt · Marketing
What do you think of crowd building apps like Crowdfire to grow Twitter & Instagram followings? Aren't people just building vanity metrics?
gabi dumitriu
gabi dumitriu@dumitriu_gabi · founder of cryptospaceinitiative.org
@patflynn I have been following you since 2012 and I have now found a domain name that I want to monetize using #nichesiteduel. The only thing is that I am not sure how am I gonna do it as the lithium battery storage (the niche that I have chosen) is so large and covered by the chinese market. I am also confident that my domain name is the dot com version of the chosen niche so I will see what comes up. My question is how do you manage when you have a great domain name but the niche is so vast? Thanks again for sharing this with us and providing quality content. You rock !
Johnson Emmanuel
Johnson Emmanuel@iamjohnsonemma · Founder & CEO, KorieFusion
@patflynn i have been a shameless fan of yours for many years. Thanks for the great work you've been doing. I have a real quick question for you. I'm launching a new business in the dating and relationship space. I just created a landing page for that www.igniteyourdating.com and i'll welcome your suggestion (s). I plan to launch officially in February,2016. But my plan now include guest posting, podcast interview and paid media to grow my email list so i can sell a product after launching. I'll appreciate your thought on this. Thanks Pat!
Alex Kong
Alex Kong@alexkong · AlexKong.mx
@patflynn Could you describe your main sources of passive income and how you developed them?
Alex Kong
Alex Kong@alexkong · AlexKong.mx
@alexkong I know it's a broad question, but I know you can make it concise =)
Jafar Kazerooni
Jafar Kazerooni@jkazerooni · Digital Marketing Specialist
Great pieces of advice here. Thanks very much @PatFlynn.
张毅
张毅@yizhangcao · Ceo
I think it's very good.