The $0-$10K/Day Case Study: Day 120

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One thing I see a lot mentioned a lot in the entrepreneurial world is the need to stay focused. There’s that famous story of Bill Gates and Warren Buffett both saying “focus” was their largest key to success.

I’ve failed that as of late.

Over the past few days, I’ve started to record my focus score from Rescue Time in order to understand some trends. My hope is to do this for a year or so and notice some actionable trends. For example: my focus score is ~20% higher on days that I exercise. That would be super interesting and help me exercise more.

Here’s the data I have thus far:

Clearly that’s not enough for an interesting trend or anything like that just yet.

The only thing I  really feel when looking at that is shame. My productivity score is bouncing between high  60’s to low 80’s.

In order words, pretty firmly in D+ to B- territory.

I haven’t built a business yet that makes $10K a day passively. I’m making a few hundred dollars a day. I’m not anywhere near my goal, but my productivity isn’t indicative of that. I’m working a few too many hours and they aren’t nearly as productive as I’d like them to be.

Said differently, I don’t think  I can look at this and say that I’m on track to hit my goal.

Am I dreaming too much?

I love dreaming. I have dozens of different business ideas I want to do. I want to do all of them for diversification of income streams.

In Evernote, I have a plan for the next three years. I list out what I want to accomplish, by quarter for the next three years. Each line-item has a little checkbox on it that allows for me to “check” once I complete that item.

I spent a few hours yesterday adding in more line items for 2023. It was fun, thinking about the different businesses that I could launch.

Does that impact, in any way, my day to day now?

Not a fucking chance.

I need to stop or I’m going to get to 30 and have lots of big ideas, but nothing complete.

I’m forcing myself to not dream anymore

If you’ve read the posts from the last week, you know that I have a client who is expecting a big financial model for me. You also know that I haven’t dedicated a huge amount of time to this model.

Well, I just pushed all my chips on the table. I texted my client saying I’m ready to review the model tomorrow morning.

Now I have to work, and work a lot, to get this model done. No time for dreaming tonight!

Of course, this forced lesson only works as long as I continue to have more work that I can’t put off.

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 slept okay, 7 hours and 48 minutes, waking up at 8:03 after going to bed at 11:25

My recovery score is great at 97%, which is another day in a row of great sleep. Not exactly sure still what is driving this, but I’ll absolutely take it.

I do need to figure it out so I can do more of it.

Exercise

No exercise, just took a walk.

Diet

Diet was coffee, eggs,  and cereal for dinner and ice cream for dessert. Overall,  probably 3/5 with 1 being the best.

Again, it’s a cycle. When I wake up with energy, then everything flows from there into a productive and healthy day.

My Day Job

It was a Tuesday. I had three or four calls that I needed to be on.

The most disappointing thing actually was I’m a bit frustrated on what we are doing. By nature of my consulting work, I actually know how to make this particular project we’re working on succeed. I tried raising this point about what we should be doing for this project.

However, it runs directly counter to how my boss wants to handle it. So, when he inevitably asked “why” I thought we should do it the other way, I  didn’t have a good answer since I haven’t told them about my side income.

Investment real estate

Nothing here.

Hoping we’ll hear soon on a lot of this stuff!

Side Consulting

I have a few projects going on now. Yesterday was focused on doing a few cleans up things across projects.

Business plan

I finished up project #1 and we officially kicked off project #2! I love it!

Private Equity

Still in a holding pattern her.

Financial modeling

This is the project that is going to kill me tomorrow.

Frameworking

I’ve been mentioning this project for a bit because it had the potential to become a big project for me. We had the call yesterday and I think it went okay.

The company reached out last night to ask more about working together. Specifically, they asked how many hours of time they’d get for $15,000.

It’s a good question. The simple answer is my hourly rate is $150, so the answer is 100 hours.

However, it’s more complicated than that. As I talked about when discussing raising your rate on UpWork, it’s much better to focus on fixed price projects. Hourly projects feel dirty for a lot of clients. Used car mechanics and lawyers bill on the hour and people hate that. Incentives are misaligned because the incentive is to do the work in the longest amount of time possible.

As a result, I told my potential client that they’ll get roughly 100 hours from me, but that I’d work until the job gets done and they’re 100% happy. I told them that involves me taking on more risk (in case the client suddenly asks for 1,000 hours of work when I committed to 100), but I’m okay taking on that risk in order to preserve pricing purity on my side.

In my mind, taking on that risk is worth not being viewed as used car mechanic or lawyer. I think it’s part of what keeps my clients coming back.

As to the risk, I actually think it’s relatively minimal anyways. I don’t think I’d take a project with someone who would ask for 1,000 hours of work when we initially contracted for 100. I imagine that customer would be a huge asshole and I would have picked up on that during an initial phone call.

Sourcing new work

Nothing outside of what I mentioned above.

$10K/day website

Just publishing the daily post.

Family

My fiancee and I watched Bachelor together last night.

Miscellaneous

No updates right now on trying to move

Rescue Time Daily Screenshot

 

As discussed, not a ton of hours here

What I made today

Job: $170

Rental Income: $33

UpWork: $0

Consulting: $419

My business: $0

Affiliate: Not doing yet

WordPress Maintenance Site: Not doing yet

Dividend Income: Not doing yet

Micro-SAAS’s: Not doing yet, 

Hotels: Not doing yet

Total: $622

Today’s pro-rated amount of monthly & yearly expenses

Expenses: $250

Once I pay off my debt, I’ll break out expenses into a line by line as well.

Today’s Income (pre-tax)

Made  $372

My plan for tomorrow

Building that entire model I backed myself into a corner to build!

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.

What I did yesterday to make $10K a day at 30

The current phase of the plan

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Wake up & sleep:

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Exercise

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Stress levels

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Diet

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My Day Job

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Investment real estate

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My Actual Business

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Side Consulting

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$10K/day website

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Miscellaneous

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Rescue Time Daily Screenshot

Today’s pro-rated amount of monthly & yearly expenses

Today’s Income (pre-tax)

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

My plan for tomorrow

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Dean Woods

Dean Woods

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. The hope is that $10K a day swill inspire someone else out there to make their entrepreneurship dreams happen. Dean Woods is side hustling and working a full time job to kickstart his entrepreneurial path. Prior to this life, Dean was a management consultant. Dean graduated with honors from The Wharton School.

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