Author: Pat Flynn

ISBN: 978-0997082302

Useful tips if you're just starting on your own or plan to.

EXCERPTS

“Speed is only useful if you’re running in the right direction.”

I’ve shifted his thinking from “I can’t” to “I haven’t figured it out yet.”

Good ideas are common, but those who are willing to take action and execute those ideas are far more rare.

“There are risks and costs to action. But they are far less than the long range risks of comfortable inaction.”

It’s when your idea supports your lifestyle goals that it becomes worth exploring more.

There have been a lot of opportunities that on the surface seem like they would be crazy to pass on, but it’s easy to say no when they don’t fit into my vision of my future self.

What one or two things seem to motivate you the most about the work that you do? How much is your answer to #1 reflected in what you do now? How can your future business be shaped into one that allows you to enjoy your work and continue to stay motivated?

Many of life’s most amazing moments are preceded by fear or self-doubt, and what you’re feeling right now in your journey as an entrepreneur is no different, you just haven’t reached the other side yet.

Logos, websites, and social media accounts matter, but not until the idea of your business is actually developed. It’s not until you fully understand what your target idea does, whom it is for, and how it differs from other similar solutions that should you spend considerable amounts of time on the branding elements of that particular idea. [In other words; after you've nailed the business model.]

“What’s stopping people from copying my idea?” And John’s reply couldn’t have been any more motivating: “Nothing. But, here’s the difference between you and the next person on the street who has a great idea—if you’re committed and you love the idea, you will actually see it to completion. Most people never execute on their ideas because they just never execute. The reason I’m a success as an entrepreneur, and why many other entrepreneurs are a success is simply because we do it. We don’t just talk about it; we do it.

“What’s stopping someone with experience inside this industry from doing exactly what you’re planning to do?” It was a legit question, and quite honestly very deflating when I first heard it because I knew the answer was nothing.

“What’s something I can add that even someone with experience inside this industry couldn’t do?” In other words, what was my unfair advantage in this space?

Every second you waste thinking about a hater or troll is a second you’re taking away from those who matter and can benefit from what you have to offer.

“If you can define the problem better than your target customer, they will automatically assume you have the solution.”

You don’t have to go big in the world to experience success. You just have to be big in somebody’s world.

Fantastic questions that you could ask anyone to learn more about what they potentially need:

• What’s something about [topic] that frustrates you? If you had a magic wand and could change anything related to [topic] what would it be?
• What problems are costing you the most money right now?
• What’s the most important activity related to [topic] that you do? Is there any frustration associated with that?
• What related to [topic] takes up the most time?
• Do you use anything to help you with [topic] already? What do you like about it? What do you wish was better?
• What’s something related to [topic] that you have to keep doing over and over again?

Most importantly, when having these conversations, always dig deeper. Follow up their replies with, “how come,” or, “why do you feel that way,” and you’ll be able to understand the true drivers behind any frustrations or pains the person may have.

Type the following in Google and hit enter: “how do I”. This directs your search through that specific forum for any instances of the words “how do I,” which are typically words people type when they are looking for help with something. Other terms you could use in place of “how do I” are: “why is it” “when can I” “what are the” “what is the” “how come I” “need help” “please help” “I need” “help with” You can use this same “sniper search strategy” on Google to look for any type of content on any site. Type in the words you want to look for (in quotations), followed by site: and then the website.

locate complaints by using keywords that people use when they’re unhappy: “I hate”

Step 1: Find a product or book on your Market Map that is sold through Amazon, and open that page. Step 2: Read the 2- and 3-star reviews. Step 3: Take note of any interesting complaints that people have within those reviews. Looking at only the 2- or 3-star reviews is really important because those reviews are typically not coming from a place other than honesty. Not all, but some reviews for products are not honest. On one extreme there could be a large number of 1-star reviews from a campaign to de-rank a particular product by a competitor, and on the other hand the 5-star reviews could easily come from friends of that product owner or book publisher. That’s not to say that all 1-star reviews and 5-star reviews are fake—that’s definitely not the case—but for the purposes of this research we want to know what really is, and the 2- and 3-star reviews typically tell it all. They’ll say something they don’t like and explain it, usually in a very thorough manner as to justify their not perfect rating, but at the same time they’ll also include what is good about the product or book. Record any interesting complaints you find in the 2- to 3-star range in Amazon for the products that you have included in your Market Map, and you’ll know exactly how your target customer feels and why.

An anecdote is a short, interesting story, and they’re some of the most powerful tools you can use in your business. When you are creating content and promoting products, framing it all within a story can have a massive impact on how well others relate and respond.

We as humans are virtually programmed right from the start to tune in and listen to stories. The best place to hear stories is in person. During any one-on-one conversations that you might have with someone in your target audience, see if you can get them to tell you a story that relates to their pains and problems.

I suggest starting small and using the methods in this book. Then, if it checks out and makes sense for you and your business, it might make sense to use KickStarter or another platform like it to launch it at full scale, raising funds to expand and grow more quickly. By then, you’ll have some paying customers already that could help make your promotional videos even better with testimonials, and your product will be better by then because you’ll have time to get feedback from your initial set of customers. Plus, if that campaign doesn’t work out, you’ll know it wasn’t because the product wasn’t what people wanted.

Quick tip: If you’re planning on speaking to prospects one-on-one, make sure you refer to them by name right from the start. Additionally, if you have some time before your calls or interactions, try to get to know the person via their social media profiles and find any connections that you may have. Perhaps you went to the same school or you’re both parents. These little connections can speed up the relationship building process quite fast in a conversation.

From there, you want to make sure you qualify yourself. This means sharing a little bit about who you are, but also why they should continue to listen to you.

After this super quick introduction, you’ll want to talk about why you’re the one doing this. Your own personal accolades are not as important as why you are serving them, so keep that in mind during this part of the conversation. It’s not about you, it’s about what you can do for them.

At this point, you’re not asking for any kind of payment yet, but you are selling your idea to the person on the other end to determine whether or not this is a solution that solves their pain or problem that makes sense to them.

Here’s an example email or message that you could send to a prospect you shared your solution with earlier: Hey Jim, thanks again for taking the time to chat with me the other day about my idea, it was extremely helpful. As I mentioned before, I’m reaching out to several people to gauge interest and a lot of people shared the same feedback that you did, which is exciting! I really want to build this, but I need to know for sure this is something people like you would be interested in before moving forward. In my experience, a lot of people say they would use or buy something, but only because they’re being nice and don’t want to hurt someone’s feelings. In order for me to know for sure, I need 10 people to pre-order before I move forward with this. If I don’t get 10, then I’ll simply cancel the pre-order and no one will be charged anything. Because you were so interested, I’d love to have you become one of the first users. You won’t be charged until the product is released, and you’ll be one of the first to get access to it. Plus, I’d love for you to be involved in the process of building it, too, just so I can make sure it does what you need it to do. I’m thinking of selling this in the future for $100 or so, but the pre-order price is currently $50. If you’d like to be a part of this special group, all you have to do is click on the link below, which will bring you to a page and initiate a checkout process: [link to pre-order page] Thanks again, Jim, and if you have any questions, please don’t hesitate to ask!

What mechanism do you use to collect pre-orders? There are a number of web solutions available to us to set up a quick page to collect pre-orders. The one I would recommend is Gumroad (Gumroad.com). Even if your idea isn’t a digital product, you can still use this system to collect pre-orders. Gum road accepts credit card payments and PayPal, so it provides an easy way for your audience to say, “Yes, I want this, and I’m willing to pay for it.”

How do you keep in contact with your customers after they pay or pre-order? It’s extremely important to keep in consistent contact with your early adopters after they’ve become a customer. A weekly or bi-weekly broadcast email with progress updates and inquiries for feedback can do the trick.

Another way you can keep people excited is to create a private Facebook group to hold your customers and have them get to know each other, too.

Taking into account our research and the interaction we have with our prospects, the goal is to have 10% of those prospects take action with you ahead of the build. So for example, if you talk to 50 prospects, you should try to get at least five to sign up, and that would be a good indication that you have something you should proceed with and build out in full. In terms of how many prospects you should speak to in total, 50 is a good amount.

Here’s what that follow-up email might look like: Subject: Hey Jim, did I do something wrong? Hey Jim, I didn’t hear from you after my email to you last week, so I wanted to send you one more. It will only take a second to respond to. You had previously expressed interest in my product idea but then didn’t end up pre-ordering, and I’m emailing to learn why. If you could hit reply and answer this question I’d greatly appreciate it as I’m doing all I can to make sure I create something great for you and others like yourself. Thanks, and I hope to hear from you soon! As you get replies back, and you likely will, don’t take what they say personally.

I used to subscribe to a few dozens blogs, and probably the same amount of podcasts. I was a content vacuum! The only problem with that is, the more time you spend taking things in, the less time you have to actually get things done. It sucks.

As you move forward with your business, be sure to think big, but break those big goals down into little bite-sized milestones, and celebrate your work as you conquer them.

LegalZoom: Online business formation (incorporation, LLCs, and DBAs) In order to protect your personal assets, I highly recommend that you make your business a separate legal entity. Whether that’s an LLC, a corporation, or a non-profit, LegalZoom can assist you with the paperwork. I have used LegalZoom for business formation and found it clear and easy to use. They are not a law firm (and neither am I), but they can help you connect with a lawyer in your state if you need additional assistance. legalzoom.com

The biggest mistake I made early in my business was waiting to start an email list. Your email list is the very center of your online business—your method of connecting directly with your audience. I use and recommend both ConvertKit and AWeber. They offer slightly different features; take some time to choose the platform that is right for you.

Google Apps for Work: Email addresses and file sharing for your domain One of the ways to show others your business is serious is through your email address by have an address at yourdomain.com (such as pat@smartpassiveincome.com). In addition to email, Google Apps for Work gives you custom storage using Google Drive. apps.google.com