Will It Fly Book Summary by Pat Flynn

Will It Fly Book Summary by Pat Flynn

Will It Fly Book Summary by Pat Flynn
Will It Fly Book Summary by Pat Flynn

Pat Flynn is a well known and respected who makes a living on the Internet his latest book will it fly shows us how to test our next business idea so we don't waste our time and money the process is divided into five steps.

Step 1 mission design align your idea with your goals James sent an email to Pat he said hey Pat I currently generate over twenty thousand dollars per month in recurring revenue but here's the thing I'm not happy this is why mission design is so important why put everything you've got into a business idea only to be unfulfilled many entrepreneurs strive for freedom and the ability to live life on their own terms but many forget to align their business ventures with their goals and values how do you know if your business idea will truly fulfill you will meet the airport test pretend you've climbed into a time machine and gone five years into the future you catch up with a friend for a cup of coffee before your next flight and your friend asks you how's life treating you these days.

You respond with amazing life could not get any better and you really mean it the key question to ask yourself is what's happening in your life five years from now that makes you respond like this write your answer down and see what would truly fulfill you at that point during your life if you're still stuck then meet the history test write down three experiences you've had such as previous jobs roles you've had or sports you've participated in what are three things you enjoyed about it and three things you didn't can you see any patterns emerging this will help give you some direction as to what will fulfill you.

The final exercise is the Sharkbait test imagine yourself walking up to Kevin O'Leary a multi-millionaire and investor from the shark tank you want him to invest in your business idea he looks you directly in the eyes and says why should I be interested in working with you and not someone else what makes you so special what he's really asking is what can you bring to the table that no one else can what is your unfair advantage so for example imagine two different people selling the same idea a brand new flavor of wine chocolate ruby has been working for a wine company for nine years and loves chocolate Danny has also been working with wine for nine years and loves chocolate additionally Danny has grown up working in a family-owned wine business and his brother Willie happens to own a chocolate factory and has me and there's many valuable connections within the chocolate industry.

If you are Kevin O'Leary who would you hire Danny is the clear winner because he has something that the competition doesn't if you're struggling to work out what your unfair advantages send a message to ten friends or colleagues and ask them what unique trait or skill they think you have these tests will help to clarify your business idea so that it aligns with your goals and values part two development lab to find your idea don't waste time creating a logo or choosing a business name until you fully understand what your idea does who it is for and how is different to others this is where your focus should be to better understand your idea.

Pat suggests brainstorming using a mind map you've probably done some of these before get a piece of paper out and some colorful pens and pencils set a time limit of 15 minutes and just go nuts take note of anything related to your idea at the end begin eliminating anything that doesn't fit well with your idea the next step is to come up with just one sentence that describes your idea to begin with you can write one page reduce it to one paragraph by cutting out the unimportant bits and then finally reduce it to one sentence of the stuff that really matters here's an example from the book food trucker is an online resource that provides quality content a connected community and support for everyone interested in starting and running a successful food truck business lastly.

It's important to get feedback on your idea ask ten people what they think of your idea be open to what they have to say listen and only take their feedback if they show your respect go back to your mind map and add anything that you might have missed based on the feedback you got you should now have a much better understanding of your idea.
Pop3 flight planning assess the market conditions success it doesn't require you to pay the next marks look about very successful business a true fan is someone who will purchase anything and everything you produce if you had one thousand true fans who each paid you $100 a year you would be making $100,000 per year a market map will help you define the places people and products that already serve your target audience you'll get an idea of the environment.

You're about to enter which will help you launch grow and monetize your business let's break it down places where are your target audience hanging out do they hang out in forums or some forums more popular than others why what blogs do your target audience interact with most what keywords are they typing in on Google and what about YouTube what about Amazon what social media platform do they prefer people have a look at how other people are serving your target audience find out how your audience behaves what they respond to and what they ignore search for people and pages on Twitter LinkedIn Instagram periscope buzz firmer and more finally products what products are your target audience willing to pay for this is an important question.

Try heading to and typing and products related to your niche for example you could search for fly fishing and see what products people are buying in this niche this will give you an idea of what is selling so you could potentially make an even better product now that the three P's have given you a clear understanding you need to better understand individual customers the way Pat suggests doing this is with the customer plan which is his version of defining a customer avatar it's an acronym for problems language anecdotes and needs let's break it down problems a business is essentially selling a solution to a customer's problem you can find out your customers problems by asking them questions through surveys one-on-one conversations and paid advertising language understand the language that your target customer uses to communicate.

How do they describe their goals and what esoteric words do they use to share their pains and struggles learn to talk like them so you can easily connect with them and build trust anecdotes we as humans are virtually programmed right from the start to tune in and listen to stories find stories about your target customer as you read more and more you'll be immersing yourself in what it feels like to be in your customers shoes and lastly needs based on your research what do your customers need a juggler might be having trouble juggling he needs coaching therefore you could potentially provide coaching as a paid solution now to complete your flight planning choose just one solution to one problem sit on the idea for a day create another mind map and one sentence that describes your idea part four flight simulator validate and test your idea validation is crucial to help you understand if people will pay for your solutions before you even spend your time and money creating them.

Tim Ferriss author of the 4-hour workweek popularized a method of validation called testing the mirrors he used Google Ad words to place an advertisement for a product and track the clicks through to the sales page but here's the catch when prospects click the Buy Now button they were prompted with an out of stock message but every click was tracked to see if people actually wanted to buy these products Patt provides us with a basic formula for validation step 1 get in front of an audience it helps if you have your own following but don't worry.

If you don't you can get in front of an audience using targeted advertising guest posting forums groups crowd funding and more step an audience get people to self-identify as someone who wants or needs your particular solution don't reveal your solution instantly but instead ask them questions or propose a relevant scenario that elicits a yes response from them forms of hand-raisers include clicking on links or a relevant advertisement downloading something while subscribing to an email list have a look at what tylo PES does when people sign up to his email list they raise their hand for a particular problem they're having allowing to eventually target them with a specific solution step 3 share your solution before you do that take a minute to learn about them first then share a little bit who you are be honest about what you're up to let them know you're in the process of validating your idea they'll trust you more.

If you're honest upfront once you've established them ground pitch your solution you're not asking for a payment just yet but you're seeing how they respond step 4 ask for the transaction you may feel uncomfortable doing this but if you're honest with your prospect there's nothing to worry about if your product isn't ready you may ask for pre-orders you can use a solution like Gumroad calm to allow prospects to pre-order your digital products if a prospect who previously expressed interest in your product didn't make the transaction then follow them up with an email or phone call asking them why the feedback you receive will be invaluable part five all systems go so now what as you go about your business don't forget these crucial five things one appreciate the small wins along the way to get support by surrounding yourself with like-minded people three treat your customers like gold four remember why you're doing what you're doing and five enjoy the journey.

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