IFA #47: Creating Passive Income With Your Film with Pat Flynn

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On today’s show I talk with Pat Flynn of SmartPassiveIncome.com and the Ask Pat Podcast. I was extremely excited to introduce my audience to Pat because he has been so instrumental in the founding of the IFA as well as completely changing my understanding of online marketing. I discovered Pat in 2013 at a time when my life was somewhat chaotic. A film project that I had worked on for about a year fell apart and I felt extremely vulnerable. Like many creative people, I had a hard time making my impulsive brain function in a way that would allow me to build a consistent career. One of the main feelings I had was the lack of control over my own future. I was never one to be able to work everyday doing the same thing over and over. In many ways the filmmaking world appealed to me because it is such a temporary existence. You work for a project for a while, then you move on to something different. So, discovering passive income was somewhat of a revelation. Suddenly, by learning many of the techniques from SPI, I started to get that control back.

The concept of passive income is pretty straight forward. Instead of generating an income by a hourly wage, passive income is generated from things like eBooks, videos, blogs, films or anything you can create that, upon completion, will start to generate income without any effort on your part. One of the most alluring aspects of passive income is the idea that at some point you could create enough passive income that you would not need to work for an hourly wage. Although not created for the filmmaking world, I find the ideas and techniques from Smart Passive Income to be directly relevant to help filmmakers get ahead of the game.

The overwhelming popularity of Smart Passive Income can be attributed to one major concept. Pat believes strongly in the idea of over delivering. His fans understand that, if they do buy a product from him, they will get much more than their money’s worth. By providing so much value to his following, Pat has also developed a relationship and a reputation for quality. We as filmmakers can learn a lot from SPI and the idea of building an audience by (over) delivering value. No matter what your niche audience is, you are there to serve them, not the other way around. Think of your favorite filmmakers. Is it worth $10 to watch your favorite movies? Of course? Is it worth $15 to buy it? Sure. Why? Because the value of the product is more than the cost.

Why is the concept of over delivering important to you? If you think you can start a crowdfunding campaign or sell tickets to your film without having a loyal following you are more than likely headed down the road of disappointment. But the moment you start putting your audience first and serving their needs, you will rapidly find that they will have your back when you need them. You just have to make sure the value of your film to them is worth more than the ticket price.

Listen to Pat’s Book Will It Fly Free with Audible

Check out Pat’s Amazon Page.

Follow Pat:
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YouTube
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Pat’s Keynote Speech at NMX 2015.

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