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The Smart Passive Income Podcast

AP 1020: How Do I Stop the FOMO and Start Making Money?

AP 1020: How Do I Stop the FOMO and Start Making Money?

By Pat Flynn on

About This Episode

I’m coaching Anand today, who’s struggling with a little bit of FOMO (fear of missing out)—I think a lot of us can relate! Of course, when we try to do everything we end up getting spread too thin, and Anand needs a little bit of help finding focus and direction and monetizing his business. He’s had an amazing weight transformation in his life—losing 125 pounds and maintaining his weight loss over six years—and wants to share it with the world, but his FOMO is distracting him. Today I’m going to help him find focus and defeat FOMO so he can get out there and serve others. You can check out Anand’s site at UnderdogStrength.com.

We begin the call by evaluating Anand’s distractions and identifying the parts of his business plan that are working well. Anand sets a target income amount, and I give him strategies for communicating with his audience, validating his ideas, and implementing a new strategy for monetizing his business.

What You’ll Learn:
Discover strategies for finding focus in your online business, choosing a path forward, and monetizing successfully.

AskPat 1020 Episode Transcript

Pat Flynn: What’s up, everybody? Pat Flynn here. Thank you so much for joining me in Episode 1020 of AskPat 2.0. This is a show where I coach an entrepreneur like you through a problem or a pain or an issue they’re having. Maybe it’s a big one, maybe it’s a small one, but there’s always something we can do to improve, and today we’re talking with Anand, who is struggling with a little bit of FOMO, and I think a lot of us can relate to this. There are so much cool things in this world that we can do. We read books like Crushing It!, and we’re like, “Oh, we should be doing that person. I should start a podcast, I should just start a YouTube channel, I should start my physical product, I should do all these things.” And of course, when we try to do, or even think about all those things, we get nothing done, and so Anand needs some help with some kind of direction, and really what the focus should be next, and also monetization. He’s had an amazing transformation in his life losing so much weight, and he wants to share this with the world, but this FOMO is distracting him from actually serving others, so we’re gonna walk him through that process.

But before we do that, let’s talk about today’s sponsor, which is FreshBooks. FreshBooks is one of my favorite companies, just, not only like a really cool software you can use to manage your finances, which obviously helps you get rid of headaches and stress and all that stuff related to finances. I know a lot of people just—numbers, we wanna explode when we start dealing with numbers. This helps you not explode, but in addition to that, they have a great team, the software is super easy to use, and it’s very helpful, especially come tax season. A lot of us just went through taxes and stuff, and that’s very annoying sometimes. FreshBooks makes our lives easier. So if you wanna check it out for thirty days for free, all you have to do is go to FreshBooks.com/askpat, and enter “Ask Pat” in the “How Did You Hear About Us?” section.

Sweet, thank you so much for that, thank you FreshBooks, now let’s get to today’s coaching session with Anand. Here we go.

Anand, thank you so much for joining me on AskPat 2.0. How are you doing?

Anand Jobanputra: I’m doing great, how are you?

Pat Flynn: I’m doing excellent and really excited to chat with you. Before we dive into the coaching section of this, why don’t you tell everybody what it is you do?

Anand Jobanputra: Oh, sure. So I have a fitness website called Underdog Strength, and basically I started this website after going through my own personal transformation. So growing up as a kid, I was really overweight, and even as a teenager. I used to weigh over 275 pounds, and eventually, through a lot of trial and error and failing many times, I figured it out, and was able to lose over 125 pounds.

Pat Flynn: Wow. Congratulations, that’s awesome.

Anand Jobanputra: Thank you. And one of the things that’s important is not only did I lose weight, but I’ve kept it off for over six years now, which is, if you look at the statistics, over 90 percent of the people gain back all their weight within three years.

Pat Flynn: That’s amazing. So you’re sharing this journey with others to help inspire them and help teaching them the process to do the same?

Anand Jobanputra: Right, exactly, yeah.

Pat Flynn: Very cool. So that is your brand. What’s on your mind? What can I help you with?

Anand Jobanputra: So I started my blog about one and a half years ago, and I have a real passion for fitness, but I also have a real passion for learning about marketing, and that’s my full-time job, in marketing, and I also really enjoy the creative process. So I thought, you know, why not combine all of my passions and start my own business where I can do all of these things? So marketing, helping others reach their goals, and that’s where I started this. When I started initially, I only started with a blog, and then I slowly started into the world of YouTube, and for the past few months I’ve been focusing more on just using Instagram as my content platform, and have been almost, I wouldn’t say neglecting, but haven’t been paying much attention to my blog and YouTube channel in the past few months. But the thing is, my short-term goal is to be able to go full-time with this business so I can eventually quit my job and go all-in on this, and my problem—I think my problem is I always have this fear of missing out on different opportunities.

For example, I read Gary V’s latest book, Crushing It!, and it’s got so many different ways you can build a brand, and I’m like, “Should I be doing this? Should I be doing that? Am I missing out on something?” And my biggest dilemma is whether I should continue with what I’m doing, and I think I should focus more on my blog and YouTube channel. Or should I try different things, like maybe starting a podcast or doing SnapChat or any of those other platforms?

Pat Flynn: Yeah, that’s a great question. A lot of us struggle with the same thing. So you’re not alone here in what’s called Bright-Light Syndrome or Squirrel Syndrome, where we just see all these amazing opportunities. Before we dive into some of the specifics, I do have some thoughts, definitely, but why would you say you fear missing out on these things? What do you think the real fear comes from?

Anand Jobanputra: Because I see lots of people being successful doing different things, and it’s part of my curiosity because I really enjoy marketing, I consume a lot of marketing content, and I think I can do all of those things. But with the limited time I have, and with my full-time job, I think I need to focus on maybe one or two things that will help me at least go full-time with this, be able to generate enough income. It doesn’t have to be a lot of money initially, but that’s the short-term goal, and I think I’m just looking at all these different people being successful in different ways, and I feel that I can do the same.

Pat Flynn: You said that perhaps the best thing to do would be to focus on one or two of these channels versus all these different ones. Why do you say that?

Anand Jobanputra: Just because of the limited time that I have, I guess, and there are successful people that have done great just focusing on one or two things.

Pat Flynn: Yeah, I mean you said it yourself, I didn’t even have to say it. You know the answer. And so I think for me, what has helped me personally with FOMO, or fear of missing out—because I feel that too, I’m deep into the online marketing space, and books like Crushing It! come out all the time where there’s just so many amazing examples, I’m like, “Maybe I should do that.” But then I also realize that there are consequences to saying yes to something new, because when you say yes to something new, you’re saying no to something you’ve already started. And in most cases, most of us have not even scratched the surface of what we’ve already started, and if truly your goal is to quit and make enough money doing something so that you can be comfortable doing that, then the reality is if you try something new, you’re not allowing yourself to do that.

And I think what helped me is knowing that just because something new is happening, or somebody is doing one of those things that are really cool, doesn’t mean I could never do that, but I have to be honest with myself and tell myself I shouldn’t do that right now. So one strategy that I’ve done is whenever I have a new idea like that, I write down the idea, and then I put it, I literally put it in a shoebox, and then I just leave it there. And so if I need more ideas, I have this shoebox. There’s probably about 100 different things now that I can do. They’re there, and they’re there when I need them. But I think you know you don’t need those right now. So you can try that strategy, or maybe you’ve just already realized enough talking through with somebody that you cannot afford to be distracted this way, but then let’s talk about what you have going on. What is your goal, specifically related to what you’re doing? And I like the combination of YouTube and Instagram. You’ve got a great platform to build a relationship on, you have Instagram for social media, and then you have your website. That’s a great combo for me, and I would recommend just sticking with that, but what would be your goal before your quit? What is that magic number or how do you know that you’ve reached that point? Have you defined that yet?

Anand Jobanputra: In terms of a number, if I can get enough money to—I’m a single guy so I don’t have any major responsibilities, and if I can just cover the basic, the rent and the bills, I’d be happy just going all-in, you know.

Pat Flynn: So, do you mind me asking how much that would be?

Anand Jobanputra: Sure. I would say if I can make between four and five thousand dollars a month, which would be less than what I make at my job initially, but that would be enough to sustain me.

Pat Flynn: Great. So we have a number, and what’s cool about that is you can work backwards from that. You can kind of create different opportunities for yourself to actually do that. Have you began to make money at all in anything that you’ve been doing so far?

Anand Jobanputra: So my initial goal was to start with affiliated marketing because I wouldn’t have to create my own product, and then continue to create content and recommend products that I use myself and wouldn’t mind recommending to others. In terms of commissions, I’ve made a handful of sales through Amazon links, but that’s about it. It’s nothing significant.

Pat Flynn: Okay. So I think what’s really important is to, number one, remove all the distractions. That’s gonna allow you, with the extra time you have above your job, to start focusing on what is gonna help you generate that income here. Have you explored any other means of generating an income or have you given any thought to anything else beyond affiliate marketing?

Anand Jobanputra: I tried a little bit of Kindle publishing. So I published an ebook recently. That gets a few sales. Right now, I’m getting a sale almost every day, but I’m not really charging people much for it. My book is lowly priced at 99 cents, which is the minimum one can do, and my goal is not to monetize through Kindle right away, but it’s more to build my brand and provide more information to people right now.

Pat Flynn: Right, so getting exposure, building a relationship with them, I think that’s really great. Kindle’s a great platform for reaching new people like that, and so, have you asked your current audience what is it that they want?

Anand Jobanputra: Not really, no.

Pat Flynn: Because the best way to monetize is to give your audience what they want, and that will inform what you do. So now you have this goal. When you ask your audience what they’re looking for, then you can come up with creative ideas, whether that’s through affiliate marketing, coaching, creating your own courses, whatever, based on what it is their pains and problems are. Then you can actually go, “Okay, they seem to need some coaching through this weight loss process. If I charge $500 a month to help people do that, then I only need 10 clients a month to have $5,000 dollars a month,” and that’s it. Or, “Okay, they need information, so I can potentially sell an online course for $197, or $200. I only need to sell, whatever the math is, X number. . .” Sorry, I’m brain farting right now, but that many courses, and then I can determine, “Okay, if I wanna sell that many courses, I need to have this many people on my email list or have this many people when I launch every quarter, or this much traffic to then push into that part of the blog posts where I then promote that.”

So, you can start to begin to figure out what actions you need to take when you combine your goals with what the goals are of your audience. So that’s what I would recommend, the first thing. You need to know what they want, and you likely have an idea of what they want, or else they wouldn’t have found you or be on your email list or be on your website. But you need to hear from their voice exactly what it is they need help with, and then I would recommend actually going through a similar process like what I talk about in Will It Fly?, which is to validate those ideas. So it’s one thing for them to tell you what they would pay for, it’s another to actually see if they would actually pay for it, or interact with you or transact with you in some way. So doing some validation for that, whether it’s a pre-sale of an online course just to get an initial founder’s group in there to see if that’s something they do want, or to try and get one client to work with you at $500, just to see if that’s something A, that people want, but also B, that you want to do. Because a lot of times we may not want to be a coach, and some other people, maybe that’s all you want to do. So the questions that are in the air need to be answered by your audience, and just your experience trying things, and that’s really where the answer lies.

Anand Jobanputra: How would I ask my audience, or how would I frame the question if I was to ask them?

Pat Flynn: Yeah, great question. So there’s a number of different ways to do this. Number one, you can have a—so you can do this in a scalable way, like in a blog post, or on YouTube or preferably on an email list, if you wanna keep it scalable, and you could ask them questions like “What are you struggling with?” or “What do you need help with right now?” or related to weight loss, “What’s the number one thing that you feel is missing?” Those questions can give you really clear answers on, “Well, here’s what I could do to fill in that gap.”

I would also encourage you to try and get into one-on-one conversations with people in your audience, if at all possible, even just trying to set a goal for yourself to have one conversation with somebody so you can see what it’s like to actually hear from your audience’s voice what they need help with, or their story. It’ll allow you to empathize with them a little bit more, it’ll allow you to put a real voice, and perhaps a face to who that audience is, and it’ll give you some direction for what you could do to help that specific person, which is likely a representative of somebody else who’s in your audience, and a large number of them. So when I say, “Have a conversation with somebody in your audience,” what is your initial reaction to that?

Anand Jobanputra: I thought maybe I could do like a poll or something, because I get a lot of DMs on my Instagram as well, people asking questions.

Pat Flynn: Yeah, Instagram, that’s your jam. So here’s what I would do. I would create a Instagram post with big, bold words that says “What’s your number one challenge right now?” or “What do you need help with right now?” or “What’s causing you the biggest pain?” Any which way you want to structure it. Obviously, you know your audience better than I do, so maybe you have a certain way of phrasing things that’s unique to you, and then ask people to DM you. You can probably get a lot of responses publicly too, but when you say DM, people are gonna feel like, “Well, it’s not gonna be shared publicly,” and a lot of times, people don’t wanna share their problems in the open air. So by DMing you—and then you can reply and say . . . First of all, the DMs that you’re gonna get are gonna give you an initial set of understanding of what that audience needs or wants or is struggling with. Number two, you could reach out to some of them and say, “Can I just chat with you a little bit? I’d love to help you out with that,” or “I have some thoughts that can help you through that.” And then those become, potentially, people who can be some of your initial students, because they’ve already A, followed you, B, now have interacted with you based on what it is that they’re struggling with. And if you might be able to notice patterns, you might be able to do this, and the beauty of this, it’s so great that you already have this following on Instagram. People are very comfortable on the platforms that they’re on all the time, and if they’re there already, it’s a lot easier for them to answer you there versus you going on Instagram, going “Hey, fill out this survey,” or “Go to this poll, I have questions.” They’re just right there, they can message you right away, and it’s more personal that way.

Anand Jobanputra: Yeah, that makes a lot of sense.

Pat Flynn: So I think, although we don’t have clear answers on what you should do, I think the next step is to have your audience essentially begin to tell you what those next steps are. That way, you’re not . . . Because a lot of people who are in this situation might come up with a course based on their experience without really letting their audience know, and they come out with a course, and they try to sell it, and nobody’s buying, and then they wonder what happened, versus this, which takes a little bit more time, but will give you clear answers and a better strategy moving forward.

Anand Jobanputra: Right. But the other issue I have is my audience is relatively small right now, so should I be focused on growing my audience as well, or should I grow my audience first before deciding to monetize?

Pat Flynn: I think you should begin to have these kinds of conversations and ask these questions now. You are likely actually in a better position to better serve those people because your audience is small. Now, I obviously say that you could potentially grow your audience at the same time. I wouldn’t get into podcasting because you already have these things already in place, like your YouTube channel and your blog and Instagram. Still grow on those, but don’t wait to begin having these conversations, because when you grow, then likely you’re just getting more of the same kind of people, and then you can serve even more people after that.

Anand Jobanputra: Right, makes sense.

Pat Flynn: Cool, so would you like to tell me, just to kind of sum this all up, what are your next steps, and maybe kind of the biggest lesson that you took away?

Anand Jobanputra: The first thing is I have a lot of growth potential in my existing channels. I’m going to focus on those for now, and then I’m going to learn more about my existing audience and see what their challenges are and how I can best serve them.

Pat Flynn: Boom. Great. And hopefully, that makes it just a little bit more clear in your head for just, “Okay, what can I do right now?” And then get that shoebox if you need it, like I did.

Anand Jobanputra: I should probably do that.

Pat Flynn: Because that Fear of Missing Out thing, it’s a real struggle. It’s a real hurdle for people, especially with how fast things are and how connected we are today, and how many cool things people are doing. But no, you’re doing cool things too. I’m sure people are listening to this and are now like, “I need to get an Instagram so I can have DMs with my people.” No guys, you have something you’re already doing. Do more of that, because that’s where you’re at. But hey man, thank you so much. Any final questions? Or actually, tell everybody really quick where people can go to learn more from you.

Anand Jobanputra: Sure. My website is called UnderdogStrength.com.

Pat Flynn: Underdog Strength?

Anand Jobanputra: Yes, that’s right.

Pat Flynn: Love it.

Anand Jobanputra: And my Instagram is Underdog.Strength, and my YouTube channel is YouTube.com/underdogstrength.

Pat Flynn: I love the branding, man.

Anand Jobanputra: Thank you.

Pat Flynn: Keep it up, and we’ll connect soon. I’d love to hear an update from you later on, and we’ll see how things are going.

Anand Jobanputra: I will, and I just want to say thank you for taking the time and I really think that this has been really helpful, in terms of clearing my head and getting a good direction of where I should be headed now. So I just want to say thank you for your guidance.

Pat Flynn: You’re welcome, man. That’s why I’m here, and good luck to you.

Anand Jobanputra: Thanks, man.

Pat Flynn: Alright, I hope you enjoyed that interview and Anand, thank you so much for the inspiration and the motivation. You’re helping people change their lives just like you’ve changed your own. So please make sure you stay focused and you take that action to help others and serve others. And really, that’s what it’s all about. You’ve all heard me talk about this before: Serve first. Your earnings are a byproduct of how well you serve your audience, and there’s no possible way that you could best serve your audience if you are trying to just divert your energy into all these different places. Pick a few things, focus on that, and then allow yourself to be okay with saying no to things, because when you say yes to something that is a distraction, you’re saying no to the thing that you should be working on now. So Anand, well done, thank you so much.

For all of you listening right now: If you like this episode, and if you haven’t hit that “Subscribe” button on your device yet, to get AskPat automatically delivered to your device every single time I come out with a new episode, which is Thursday—these coaching calls that range from all different kinds of topics, all different kinds of businesses—I want you to subscribe because I know this will be helpful for you. So do that, and if you have a chance, hook me up with a review, an honest one, on iTunes. That would be super helpful, especially for those people who are like, “AskPat, what’s this about? I don’t know if I should listen to it.” If you think they should listen to it, hook me up with a review, that would be super cool.

Again, thank you so much to FreshBooks for sponsoring the show. FreshBooks.com/askpat. You guys rock, I appreciate you so much, cheers, and I cannot wait to serve you in the next episode of AskPat 2.0. Cheers.

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