Pat Flynn

Smart Passive Income Host

THIS CHAT HAPPENED ON December 16, 2015

Discussion

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@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@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@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@jacqvon · Community at Product Hunt ⚡️
What are you favorite hobbies lately?
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
@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@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@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@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@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@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@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.@xorashidab
@patflynn Love Jaime! She's the BEST thing that's happened to my business. @muller_adam
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@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 Hodgins@ems_hodge · 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@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@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@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@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@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@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@patflynn · Founder, Flynndustries, LLC
@joquerol You rock Jordi! Best of luck!
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@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@suzannasteele
Where can I learn to write better? Do you have a source or would you simply recommend practice?
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@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@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@alexcartaz · Operations @ 60dB. Ex-PH Podcasts 😻
Hi @patflynn, thanks for joining us today! What are your favorite podcasts to listen to?
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@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@patflynn · Founder, Flynndustries, LLC
@alexcartaz Thanks Alex!
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@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@adamowenit · Search Engine Marketing Consultant
Hey Pat, do you still see affiliate marketing being effective at generating an income going forward?
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@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@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@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@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 · 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@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 · TheDailyRoto.com
@patflynn Thanks for taking the time to do this Q&A
Pat Flynn@patflynn · Founder, Flynndustries, LLC
@the_daily_roto My pleasure!
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@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@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@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.