I have a special edition podcast episode for you featuring someone you may know well – Pat Flynn.
Several years ago when Pat was a lot less well known we did an ‘entrepreneurs journey’ podcast together, learning about how Pat got started online. It became one of my most popular podcasts and a small part of Pat’s early success.
This new podcast with Pat is a conversation we just had about how to validate whether your topic or idea is one that can translate into a money making business.
Pat explained that the number one request he receives from his audience is for help determining whether a topic can make money.
I came to the same conclusion about my audience three years ago after doing a round of private coaching sessions. This led to the creation of my Blog Money Finder program that I recently released to help with finding a profitable blog topic.
Analytical Research Vs Passion
During this podcast Pat and I talk a lot about the age old question –
Is passion or analytical research more important when it comes to launching a new online project?
Analytical research like keyword analysis, test advertising campaigns and surveys are often cited as important first steps to validate a market.
Creative people often prefer to just get out there and share their ideas, hoping people will like their work and they can then figure out a way to make money.
Pat offers his take on these two alternative forces driving topic validation, and how he recommends you start the research process.
He also reveals an example of when he wasted $15,000 on a project that never went anywhere, and the lessons he learned from that experience.