Advice for Making Passive Income | #VLOGMAS 20
Pat and I have been friends for a long time, and I’m thrilled to sit down with him for an episode of Q&Amy. Pat’s YouTube channel and podcast, Smart Passive Income, are amazing, and his content is very actionable.
One of my favorite videos is of his HOW TO WRITE A BOOK – THE SECRET TO A SUPER FAST FIRST DRAFT. When I was drafting VLOG LIKE A BOSS, I used Pat’s sticky note strategy, and it worked very well.
I reached out my community (YOU!), and here are some of the questions you asked Pat about passive income:
When creating a course, how do you decide what idea to pursue?
The best way to figure out what course to create is to ASK your audience. Even if you don’t have an audience yet, people are still talking about their problems. Listen to what they are saying, and give them what they want.
Determine what people need help with, create an outline, and pre-sell the course or product. Know if people want it before you spend the time creating the product.The best way to validate your product idea is not to ask IF they would buy but ask them TO buy. -- @TFerriss via Click To Tweet
Don’t give up if your idea isn’t validated. Pivot, and keep asking questions.
What are the first steps to building the machine?
“The machine” is a business that is automated and runs for you. To be clear, the is no such thing as full automation or 100% passive income, but you can create “the machine.”
Build the business first. Then, use tools or other people in various parts of the business so you can step back to focus on leading your company.
The special and hard moment comes when you realized that finding other people to take over tasks (and potentially do it better than you) is the key to reflecting on your business from a high level. Stepping back allows you to assess your business from a different perspective and opens the door to growth and opportunity.
Pat believes it’s important to learn how to do everything before you begin to hand off tasks so you don’t get stuck somewhere. But also, you can appreciate the hard work your team does while you’re working on other aspects.
Finally, understand how people come into your business and why they stick around. Know your funnel and map out how you can continue to serve your audience.
Are there any up and coming passive income strategies that we should be looking forward to?
Don’t start with a strategy. Start with how you can best serve your audience.
Next, figure out what the products, services, tools, and software serve your audience. This will be different for each business because we’re all serving different people.
If you want to get started with passive income, start with affiliate marketing. There are tons of opportunities to connect your audience with products that are already out there that already serve the audience, and you can benefit from that connection.
Affiliate marketing will teach you how to sell when you believe, use, and recommend the product. Plus, sometimes it’s easier to talk about what someone else sells than talking about your own product.Treat the product you recommend as if it were your own. -- @PatFlynn via Click To Tweet
What would you do if it were selling your own product? Be honest about disclosing that the product is an affiliate – it’s ethical and it’s the law. If you want to take it a step further, do an interview with the product’s creator to create a real relationship with the product and your audience.
If Pat could go back to the future, what year would it be and why?
Just so you know, Pat is a HUGE Back to the Future fan. In fact, he did a whole keynote themed around the movie. He really went all out for that keynote. RESPECT!
If Pat could go back to the past, he would tell himself that the relationships that you build are the most important thing. Everything great thing has come from relationships in his life. Meet, befriend, and provide value to as many people as you can. You never know who can connect you to the next great phase of your life.
Even as an introvert, you can be successful by making friends and forming connections. Simply put, your message is too important to keep to yourself. And, don’t worry about what other people are going to think of you.
Pat’s book, Will It Fly?*, is all about making sure you find a product idea that works for your market and for yourself. You have the opportunity to go in any direction you want, and it’s important to go down the path you want to be the person you want to become.
Do the research. Check in with your audience, and go after the life you want.
*AFFILIATE LINKS: Thank you for trusting me with my truthful and reliable opinion on any future purchase you may make. As a friend of Savvy Sexy Social, you allow me to be able to use affiliate/referral links when suggesting items for purchase. As a customer of the products I refer, you help me sustain the time and resources to create content on this channel by generating revenue from your sales. This doesn’t affect you in any way in the checkout process. I appreciate your support in this way.