The lowdown: The most popular man on the internet, Pat Flynn, shows you how to validate your business idea. This Will It Fly? summary will make sure you don’t waste your time or money.
Pat Flynn is a poster-child for making the journey from 9-5er to a successful online entrepreneur. He is probably best known for his work on the Smart Passive Income podcast where he instills hope and gives advice to the millions of listeners who want to break away from their jobs.
Will It Fly? is a book about how to validate your ideas for business. So many of us constantly have ideas for new businesses and are so excited to start that they forget to make sure it is actually a viable idea.
The three main lessons in Will It Fly? are:
- Create a business that is in line with your skills, and lifestyle goals
- Know your customer P.L.A.N.
- Pre-sell your product for final validation
Lesson One: Create a business that is in line with your skills, and lifestyle goals
If you’re going to put your time and effort (and money) into a new business, then you need to make sure that it actually aligns with what you want to do with your life.
For example… I know there is a need for a lawn-mowing and maintenance service for blocks of units in my area. Am I going to create a business to solve that? Shit no. The reason is that a residential lawn-mowing business doesn’t suit my skills and lifestyle
Instead, think about what your desired lifestyle is. If you’re a people person who loves networking and talking, you probably shouldn’t be creating a business that locks you behind a computer screen for days at a time.
Along with your lifestyle goals, look into your previous jobs and experience to find what skills you have that will set you apart.
Lesson Two: Know your customer P.L.A.N.
When conducting market and customer research, get ready to learn an awful lot about your potential customers.
After all, if all goes well, they’ll be the ones getting their credit cards out soon.
Create a customer profile, or a customer P.L.A.N. This tool will identify how your idea matches your potential customers. P.L.A.N. stands for:
The best way to get your customer P.L.A.N. is to actually talk to people.
Unsurprisingly, it is far more efficient to ask someone a question than it is to do hours and hours of research going around in circles and potentially still not coming up with a result.
So, find a list of potential customers and ask to connect so you can have a conversations. If you already have an audience this should be easy, but if you don’t there are networking groups and groups on social media that you can ask for opinions.
And if that doesn’t work, you can even post an online survey to help you get your P.L.A.N.
Regardless, if you can narrow in on your customers’ problems, language, anecdotes and needs, you’ll be able to discuss their pain points in so much detail that they will be compelled to buy from you.
Lesson Three: Pre-sell your product for final validation
At the end of the day, potential customers can nod their head all day and tell you your idea is awesome… but actual valiadation comes when they get their credit card out.
Once you’re striking conversations with your potential customers, ideally on a one-on-one basis, tell them about the product or service, how it can be used to help them, your request for feedback, and that you’re offering them a pre-order.
Then send them the link to pre-order your product and follow up 24 hours later.
You won’t get 100% success doing this, and you don’t need it either. In fact, getting 10% positive results usually means that your product is good to go. So, if you contact 50 potential customers, you should be looking for at least five who will invest.
My Personal Takeaway
In my writing business, I am pivoting a tiny bit and adding additional services, I am looking into this validation process as a way that I can make sure it ‘flies’ before fully implementing it.
Put it into action
If you’re looking to start a new business, or even if you already have a business, contact clients/potential clients and start having conversations.
Today, I want you to reach out to five potential/current clients and ask them about your product or service.
You don’t have to get on the phone to each one, but it can be an email or a direct message.
You should consider buying this book if…
Anybody who is looking to start a new business or expand what they’re already doing.
Lots of love, and let me know what your biggest takeaway was.
🤙 Your Next Step… 🤙
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