In this episode Pat Flynn talks about validating business ideas, sharing insights into how to test your next business idea so you don’t waste your time and money.
Pat Flynn is the man behind Smart Passive Income, a resource that teaches proven strategies for running an online business and optimising it for passive income.
Pat calls himself the crash test dummy of online business, but he knows his stuff so well these days that he rarely seems to crash. Pat transparently shares his successes and failures by publishing his income report each month online so that other entrepreneurs can learn from his experiences.
Pat is super talented in all aspects of business and life, also excelling as a musician in his younger years and can often be seen carving up the dance floor at Social Media Marketing World.
Pat is also the other half of the Chris Ducker and Pat Flynn bromance that motivated and inspired us to start our podcast and it’s an absolute honour and fitting to have Pat on our 100th episode,.
Validating Business Ideas
In this episode we explore
- Why a business or product idea needs to fit with you as a person for it to be successful.
- The framework Pat uses as a reference point for deciding which opportunities he says “yes” or probably more importantly, “no” to.
- What an unfair advantage is in regards to business and how you can work out what our unfair advantage might be.
- Advice for getting our ideas out of our heads and into a format that will help us better visualise our ideas so that they can start to take shape.
- Why you should create a market map for your business or idea, including places, people and products to assist you in understanding the space you are getting into, as well as to use as an information tool once you have developed your business idea or product.
- Creating a customer PLAN (Problem, Language, Anecdotes and Need) to ensure that what you develop provides a solution to your customer’s problems.
- Pat’s four step business idea validation method.
- Why you should share your new ideas openly with other people rather than being scared that people will steal them.
- Why you need to ask for the transaction, rather than relying on people saying they will buy what you are offering.
- Pat’s new podcasting course.
- Why Pat chose the Teachable platform for his online training programs.
Resources discussed in the show
- Will it fly
- Gold Class Swimming
- Swim Coach Advantage
- The Happiness Hunter’s Guide to Meditation
- Power Up Podcasting
- Social Media Marketing World
- Ask Pat