Pat Flynn from Smart Passive Income is someone who I’ve been studying for the past couple weeks. His business model is one that I’d like to imitate, so I went back to the beginning and read all his income reports. He has shared all his income reports since the beginning (Late 2008) and has shared all his successes, failures, and lessons learned.
It’s important for us to look back at where he was when he started and what he wished he did differently. We can look at his successes and failures and see what doesn’t work. There’s no need to try something that doesn’t work. Pat has already tested a lot of different concepts so we can just model success.
In this post I’ll be sharing what I learned from reading all of his income reports. For anyone wanting to have the same business model as Pat, these lessons could be very useful. Let’s get started.
Focus, assess the situation and act accordingly.
It’s important to pause, step out of your business, and see what’s working and what’s not. This doesn’t need to be done everyday, but every month or two. If you don’t do this you might not see things that should be changed. You might not catch things that aren’t working and this can be harmful for your business. See what’s going right and keep doing it. See what’s not working, change your approach and adapt.
Know you’re right. Don’t care about what others say or think. Don’t doubt yourself. Know you’ll succeed.
It’s important to have confidence and have no doubt in your mind that you’ll succeed. You need to block out negativity from others and continue to move forward. Whether it’s your parents, partner, or friends, what they say doesn’t matter. Believe in yourself and constantly push forward.
Know and do what it takes. Research and implement right away.
Before you do something you should research it and fully understand what it’ll take to succeed. If you don’t you’ll run into unexpected problems and this will cause a lot of people to quit. Understand the process, constantly learn, and implement what you learn right away.
Don’t promote products you don”t know or use.
For people doing affiliate marketing, it’s important to only promote products that you understand and believe in. People won’t buy from you if you just tell them to buy a product. It needs to be something that you’ve used and benefited from.
Help the reader first. Don’t use money as the main motivator.
When you first start a blog or Youtube channel it’s important to think of the reader FIRST. Focusing on money instead of your reader will hurt you in the long run. You may get a few quick sales but this isn’t a good long term strategy. Focus on building your brand and relationships, then the money will come.
Work hard now so you can enjoy the benefits later.
The whole idea of passive income is to work hard at the start and create an asset. Once that asset is built it will require very little time on your part and will consistently make you money. Do this over and over and you’ll have a lot of success.
Go out of your way, over deliver to people and you’ll be rewarded.
Your main goal should be to provide your audience or customer with as much value as possible. You should give them way more value than they expect. Do this and they will turn into a lifetime customer. People won’t follow you or buy from you if don’t provide value so this is extremely important.
SEO is not everything.
If you’re building a niche site then SEO is pretty important but for people with a blog it should not be the main focus. Pat actually had very little of his traffic come from SEO at the start. The majority of his traffic was direct, meaning directly from content such as Youtube, podcasting, etc. Focus on creating good content and people will come if you provide enough value.
Don’t chase money.
Don’t hop from one thing to another. Focus on building a business and not chasing money. Chasing money will only work short term. From the very start, treat whatever you’re doing as a business.
Focus on the big 3 and outsource the rest.
In your business there are a lot of tasks that need to be done. A lot of these tasks are super repetitive and aren’t even worth spending time on. Most people focus too much on this part and don’t spend enough time on the big 3. Think of the 80/20 principle. 2 or 3 tasks will result in 80% of your businesses growth. The remaining tasks don’t require you so you need to outsource them. Here’s my big 3:
- Creating content.
- Creating systems and managing them.
- Learning and implementing new strategies.
What are your big 3? Think about it right now and start focusing on them instead of the stuff that doesn’t really matter.
There you have it. These are the biggest lessons that I learned from reading Pat Flynn’s income reports. Apply some of these to your business and take it to the next level.