056: Effectively managing family and business with Pat Flynn
Pat Flynn from The Smart Passive Income Podcast stopped by the Ballers Circle to discuss how he manages his priorities as a family man and an entrepreneur. We also discussed what he would do if he lost everything and had to start his business over again.
When it comes to being an Internet Baller Pat Flynn is about as good as they get. Most of the online entrepreneurs I know, including myself, got their introduction to this world of internet business from following Pat Flynn’s Smart Passive Income Blog and Podcast.
Although Pat has talked about his story on countless interviews I wanted to dig into certain points in his journey to better understand what his struggles were early on and how they actually helped him become a better entrepreneur.
Show Me the Money
A lot of internet entrepreneurs talk about when they made their first dollar online because actually making money, no matter how small is validation that it’s possible to actually produce income online. Pat had the same experience when he received his first Google Ad Sense commission.
Pat had been laid off from his architecture job and sought out internet business as a way to find replacement income. Although that Ad Sense commission was only pennies, it validated that his idea was working and all he had to do was grow those pennies into dollars.
Meanwhile, he was still applying for architecture jobs hoping to get back into the industry that he went to school for. He also felt at the time that architecture would provide more certain income than his online business.
Pat was getting massive traffic to his website before even learning about SEO and he took the advice of his mastermind group to write an eBook to monetize his site.
He also hired a voice over artist to make an audiobook version of his eBook and began selling them as a package. He was nervous about the $1,500 he had to spend on the voice over artist because it was a lot of money for something unproven at the time and for someone without another source of income.
After seeing the results he was glad he made that investment because he made that $1,500 back within the first two days of launching his eBook. Over the next month he made over $8,000, which was 2.5 times what he was making in his previous job as an architect.
This was the point of total validation.
Gratitude for Not Getting Hired
Before his breakthrough with selling his eBook he was still hoping he would get a job in architecture. Now he is so glad he didn’t because he said it would have made it too easy to quit on his business at the first sign of struggle and give into the belief that online business couldn’t work for him.
Now that he is making over $100k per month on a bad month he is grateful that no one hired him.
Pat said he made lots of mistakes along the way because he just didn’t know what he didn’t know. He learned from his mistakes but had to go through them to learn and get better. All in all he is just glad he didn’t give up when failures, uncertainty and tough times came his way.
Once Pat’s business started to really take off he got so excited about it that all he wanted to do was spend more and more time on his business. He was newly married at the time and his wife noticed that his focus was always on his business and he often found himself not listening to her while she was talking because he was thinking about his next business move.
He said his wife did him a huge favor when she called him out and pointed out that his attention and time were no longer on her and more and more on his business. It was negatively affecting their relationship. This was eye opening and made Pat change the way he operated his business.
He decide to create specific business hours and let his wife know what those hours were so there was a clear distinction between when he was working and when he wasn’t. He also set up a physical working space and decided that no work could be done outside that space so he had both a time and physical boundary for his business.
He said these things greatly improved his relationship and has allowed him to be the type of husband and father that he wants to be.
The Work Life Balance Myth
Pat admitted that it’s not possible to have a complete balance between your personal life and your business. He said you can try to control it so no one side gets much more attention than the other for too long but there will be times when the family will need more time than the business and the business will need more time than the family.
Pat said you just need to be aware of those moments and ensure they don’t last too long or negatively affect the other aspects of your life.
Click the play button below to listen to the full interview.
Pat’s Free Email List Building Challenge
Pat on Twitter: @PatFlynn
Pat on Instagram: @PatFlynn
Colin Wright’s “Start a Freedom Business”
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