AskPat 530 Episode Transcript
Pat Flynn: What's up everybody? Welcome to episode 530. This is Pat Flynn and this is a very special episode of AskPat because we actually don't have a question today. After 529 episodes, I'm happy to announce my book Will It Fly? is now available on Amazon.
All you have to do is head on WillItFlyBook.com. So essentially what I'm going to do today is talk a little about what this book is about, who it's for, and why. You should pick it up. And you know I've been jabbing 529 episodes delivering as much free content here on the show as much as possible. If you've wanted to pay me back and haven't left a review yet, you haven't left a rating yet, and even if you have, if you really want to show your support, it would mean the world to me if you hit up WillItFlyBook.com and ordered a book today.
I cannot tell you how, gosh, how excited I am for today. It's been over a year since I came up with the idea to write this book and I have to thank you for that. Again the title of the book is Will It Fly? How to Test Your Next Business Idea So You Don't Waste Your Time and Money. I have to thank you for that because it is you who gave me the idea to write this book in the first place. And where did this come from? Well one of the coolest parts about doing this show, AskPat, is not only the fact that I get to answer your questions and I get to hear your voice, but in doing so I'm able to understand what your biggest problems are.
For those of you are listening to the show for the first time or maybe you're just a new listener who's been just listening to a few episodes, as you might know you can go to AskPat.com and leave a question there. When the show started, I was getting one to two questions a day just because I was sharing it on social media and I already had a website at SmartPassiveIncome.com where I told people about the fact that I was going to be answering questions on this show. Then over time, as more people started listening, every show gets between seven to 10,000 downloads. Although, some of the more higher traffic or higher listened episodes have gone up beyond 200,000 downloads. As the show has gotten more popular and more questions have come in sort of automatically, as a result of that, I'm able to feel what your biggest struggles are. Because Mindy and Jessica and the rest of the team are working together with me here behind the scenes to put the show together for you. We're able to kind of gather a lot of great data on what those problems are and how they kind of rank against each other.
By far one of the top questions that comes in always is, how do I know if what I'm working on is actually going to work out? It's asked by several different people in many different ways. How do I know my business is going to make money for me? How do I know the path I'm going on or the decision to go down this business path is the right one? How do I know I should keep going with the business path I've already started? Again, they're all around the same idea. Just the uncertainty of moving forward is really bothersome for a lot of people and I completely understand that. I can relate to that because I've gone through that many, many, many, many times in the past, but I do know on the flip side.
If you have confidence, if you have tested your idea, if you know the answers to those questions, what if? What if this fails? Well if you know the answer either way, it can be completely motivating and how can that understanding something that can fail early one be motivating? Well it can be motivating because there are no second guesses. You know you have proof that, that idea you had is not worth moving forward with and you can get into one that is actually worth getting into. Or on the flip side of course, you validate your idea. You go through the witness tests in this book for example and it pretty much gives you permission to continue and move forward. If you knew that what you were working on was going to work and you had collected payments from customers up front and pre-orders for example, in terms of really understanding whether this is the best thing, is something that people are going to pay for?
Then of course, you're going to keep moving forward with it. Now I'm not the first person to write about validation, I'm not the first person to talk about it. Not by a long shot. But I am the first person to do it for those that are just starting out. Now this book is for both people that are just starting out and even those, like I said earlier, who have started, but they're stuck. When I say they're for people who are just starting out and the others are not, it's because a lot of validation practices assume that you have an audience. Or a large audience already that you can tap into, an email list, a big following that you can then sample from to test your idea. Well, a lot of people do not have that luxury. I have some solutions in the book to help figure out how to get through that and still how you can validate an idea before you move forward with it so that you're not looking back two years down the road and saying, “Man, I wish I didn't do that,” or, “I wish I had done this thing instead of that.”
That's what this book is about. It's about clarification. It's about having clarity in your decision making moving forward with the idea you do have. Now like I said, I'm not the first person to talk about it. You know back in the day, even pre-internet days, there was a guy named Jay Abraham who is a marketing guru. He's still alive, still doing amazing things today. He's helped inspire me too with a lot of his talks that I've watched on You Tube, Jay Abraham. You've probably heard me quote him here if you've been listening to the show for a while. Anyway, Jay use to validate which books to write by buying classified ads for each of the book titles that he wanted to write and he would actually collect orders for them. The books that had the highest response rate, that which he collected the most orders for, those would be the books that he would write. The books that didn't collect a lot of orders, he would simply refund any orders that did come in if there were any and focus on the ones that he knew were going to work.
Tim Ferriss talked about validation in 2007 in The 4-Hour Workweek, Chapter 10, called “Testing the Muse.” There is a little section in there about micro-testing your business, and in that book, for those of you that have read that book, you might remember a little experiment or hypothetical example he shared of a method that you could use to validate a retail product. That is by creating a sales page for a product that you've chosen not to sell yet or you're testing it essentially, driving traffic from Google AdWords, which is you're paying advertising dollars to send traffic, targeted traffic based on keywords people type in to that particular sales page. Then he kept track of how many people clicked on that “Buy Now” button and that was an indicator that people were interested or not interested. Again it gave him clarity, some data moving forward that he could use to make decisions on whether or not to build that business.
Well, validation has changed a lot since 2007. There's a lot more tools that are available, a lot more methods and quite honestly, the old methods don't work anymore. What really works is understanding who it is you're talking to and not just driving cold traffic, but getting warm traffic to talk to you, to speak up, and actually being honest with them that you have this idea for this thing that's going to help them. You need a certain amount of people to pay upfront to get access to that idea, to work with you as you build it out to get it at an incredibly discounted rate. It's not just about the money—it's about the fact that people would pay your money not about how much. The fact that people would pay you. Which becomes the truest form of validation the sign that, that thing you were thinking of doing is something people would pay for.
That's the only way to know is to actually ask, and the book does a great job of step by step walking you through this process. There's a lot of exercises involved, but I do those exercises with you. I think that's one of things that stands out and that people tell me stands out. We've had a launch group of about five hundred people who have gotten early access to this book, and a lot of them have commented to the fact that they liked that I do the examples with you or even first before you get to do it. So that I can lead the way and you can see what's like. A lot of books out there, they include examples or exercises and you know they almost feel plocked on or sometimes not even apart of the process. How do you know if the author did it or not? Well, I do them with you.
And in addition to that, if you'd like the way I teach, you're going to love this book because there's a lot of personal stories. A lot of case studies from my own experiences from the past and case studies from several other people too who have validated their business ideas. From software to courses and information to retail to food. All collecting payments upfront before building that thing out in full scale. I know you're going to love this book. So that's enough pitching for me, but I appreciate you listening in and I know this is a unique episode, but this is a very unique day in the life of SPI and AskPat, so I encourage you please head on over to WillItFlyBook.com and check it out. Thank you guys so much! I appreciate you. Again that's WillItFlyBook.com. If you pick it up, let me know. Shout out. Give me a shout out on Twitter, @patflynn, and I'll give you big thanks.
So again, thank you so much. I appreciate you, and the quote to end the day like I do at the end of every episode is actually a quote of a quote that I have in the book Will It Fly? This is a quote from John F. Kennedy that I quote in my book Will It Fly?, and this is me starting off, but then I quote John F. Kennedy, sort of met up with terms of quotes here. Anyway, I start by saying, “I can't predict everything that will happen in the future, but as John F. Kennedy once said, ‘There are risks and costs to action, but they're far less than the long range risks of comfortable in action.'”
So take action. Check out WillItFlyBook.com. Thank you.