Today's show is about starting a drone business. How can you come up with a proper business plan to maximize your chances of success?

Our caller for today, Forrest is keen to start his drone business after recently passing his Part 107 test. Now, Forrest is a perfectionist and a compulsive planner who prefers to get all his ducks in a row before embarking on a new venture. But, while planning is necessary, over-thinking leads to "analysis-paralysis" - and sometimes you fail to even get off the starting block.

So, what is the best way forward for Forrest?

Should Forrest aim for complex drone jobs from the get-go? Or, should he start off by taking up easy-to-execute but low-paying jobs? While Forrest can work as a freelance photographer, should he form his business LLC right away? To help Forrest out, Rob and Paul share some of the most important entrepreneurship lessons they have learnt over the years.

If you are an aspiring drone pilot, tuning in to today's show will be particularly useful for you.

Enjoy!

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Timestamps

[00:57 ]Want to learn how you can start and grow a profitable drone business? Check out our Business Course for expert tips and tricks

[02:34] Today's question is about overcoming the challenges of starting a drone business

[04:59] How can you come up with a "Minimum Viable Product/Service" for your drone business?

[07:15] Why do most startups fail?

[07:47] How to balance planning and flexibility when coming up with a business plan

[08:44] Some jobs that you should AVOID when you are just starting out

[10:09] What are some critical factors to consider when coming up with a business plan?

[11:28] How did Rob "wing it" when he started his mortgage company years back?

[13:51] The 80:20 rule - Why you should always choose progress over perfection

[15:30] Should you work as a freelance drone pilot when you are just starting out?

[15:59] The Five Rules of Entrepreneurship

[20:14] Importance of seeking help from peers and mentors

[20:59] What is the ONE ridiculously obvious thing that helped Rob and Tim gain traction with their mortgage company?