Man, it has been a crazy week.
On Wednesday (Day 107 of the case study), I had a presentation go pretty poorly. In short, I screwed up something in a PowerPoint that I sent to my client and they called me out for it.
On Thursday, I found out that my effective tax rate is going to be ~55%, which means it will take me more than 80 years to be a millionaire.
Friday was a similarly interesting kind of day.
There were no realizations that will cost thousands of dollars, angry clients, or anything like that.
In fact, I got on the phone with the client who was pissed. I had done a ton of work to rectify my mistake and I apologized on the phone for wasting her time on Wednesday. The client seemed really happy with the work and hopefully appreciated the apology.
I think that is the most important thing in business that’s not talked about enough. If you fuck up, you own it and apologize immediately. I’ve worked with so many companies and vendors that try to brush things under the rug when they make mistakes. You can always tell when someone is being shady and doesn’t want to admit they screwed up.
But, if you are the company that apologies when making a mistake, then there are significant benefits. First, it’s just the right thing to do. Secondly, it makes you singularly unique amongst companies, which makes customers loyal to you.
There’s a famous story about Paypal crashing when it was a really small and early company. The CEO personally called every single one of the customers to apologize.
Guess how many of those customers became frustrated and left Paypal in a huff due to the site crashing?
This story brings me to my next point: my business.
To truly reach $10K/day in passive income, I need to start and run my own business. This business needs to deliver value to consumers, but it also needs to be founded on a couple core principles:
- Phenomenal customer service, including apologizing when we screw up
- Being human: thank you cards to customers at the end of the year & after big milestones
I’m really excited about the business. In fact, I spent a couple hours yesterday mapping out my plan on how I was going to start gathering feedback, grow the business through the first year, and what tools I’m going to use in order to grow it.
I’m going to keep working on the plans for a while, but I’m really excited about it because I have an idea I’m excited about.
It’s honestly not that great of an idea. It’s not earth-shattering, and it won’t change the world. I highly doubt it’s a billion-dollar idea.
But, my goal right now is not a billion-dollar idea. My goal is to get to $10K/day at 30 in passive income.
What my idea does is address a need. This addresses a pain point for people in a common profession. I’m betting they are willing to pay >$100/month to not do it. And I’m assuming that great customer care and service will help.
I’m going to keep building out a plan for it and I’m optimistic.
What I did yesterday to make $10K a day at 30
The current phase of the plan
I’m in Phase #1: The Job & Side Hustle Phase. You can read more about the phases and my plan to get to $10K/a day at 30 here.
Wake up & sleep:
I went to bed at 11:06pm and woke up at 7:29 for a total of 7 hours and 46 minutes asleep. I’m at a low recovery level still of 41%.
It’s definitely because I’m not exercising well and my diet is crummy in this COVID world.
I walked 10,000 steps around the apartment while watching the NFL draft, but that was about it.
I finished the deep dish pizza and I had some ice cream to celebrate the Private equity client being happy with the update.
My Day Job
It was a Friday with ~5-10 phone calls for work.
Investment real estate
No action here. Just rental income.
I have a few projects going on now.
I haven’t heard from this client in a few days, which is a bit of a bummer.
It went great on the follow-up call due to the apology. I had a couple of small tweaks to finish up on, but that was it. They’re doing a final review now and hopefully will release payment then.
Couple emails, nothing crazy.
Sourcing new work
An old client and I are working to try and schedule some time for me to speak with them about doing more work together.
I spent ~30 minutes, according to Rescue Time, to publish yesterday’s post and work with my developer guy on the redesign.
My Startup Business
I spent a few hours working on a high-level plan of attack, metrics to track, and what I’m looking to accomplish.
My fiancee and I spent a bunch of time together, which is always my favorite thing to do.
Nothing crazy today.
Rescue Time Daily Screenshot
I invested in Rescue Time, to help me understand where I’m spending my time vs. not, but really for the purposes of the case study. Busy as shit day!
(I know all these photos are pixelated! Working on fixing it)
What I made today
Rental Income: $33
Affiliate: Not doing yet
Micro-SAAS’s: Not doing yet,
Hotels: Not doing yet
Dividend Income: Not doing yet
Today’s pro-rated amount of monthly expenses
Once I pay off my debt, I’ll break out expenses into a line by line as well.
Today’s Income (pre-tax)
My plan for tomorrow
Tomorrow is Saturday and I’m going to:
- Do absolutely nothing (outside of this post) to spend time with my fiancee
About the Author & The $0-$10K/Day Case Study
Dean’s goal is to create $10,000/day in passive income through entrepreneurship. Too many people write “success porn” that skates over the struggles many face in entrepreneurship. His goal is to create something real that highlights the lack of sleep, disappointment from family, and setbacks you really face in entrepreneurship.
To read more about how this case study is set up, check out the ground rules here.
The hope is that this series of posts will inspire someone else out there to make their entrepreneurship dreams happen.
Dean Woods is currently an executive by day and a bootstrapped micro-startup CEO by night. Prior to working in startups, Dean was a management consultant. Dean graduated with honors from The Wharton School.