The $0-$10K/Day Case Study: Day 124

Share on facebook
Share on google
Share on twitter
Share on linkedin
Day 124

DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS, MEANING I GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH MY LINKS, AT NO COST TO YOU. PLEASE READ MY DISCLOSURE FOR MORE INFO

There’s two big thoughts on my mind this morning as I write this. One good, one less good.

Thought #1: I’m off the pace on my goal for Q2 2020

Every morning, I follow the same morning routine. I wake up, and I write my goals down in my notebook. It’s always the same goals every day, including a daily-count down until how many days I have left until I turn 30.

Then, I grab my iPad. On the iPad, I read the saved notes I have on Evernote regarding my plan to get to $10K a day at 30. It contains tasks that I need to complete every quarter in order to reach that goal. Then, I go onto Zillow to find new properties to buy and get familiar with different real estate markets.

Here are the goals I have for this quarter on Evernote:

  • Redesign $10K a day (in progress and will be complete)
  • Close on the 24 unit that we’ve had our eye on for a while now
  • Make $40K in consulting income

Unpacking those last two goals and how I’m thinking about those.

24 unit

We could buy that 24 unit, I think. It would be a seller-financed, 10% down deal and come close to wiping out all savings. We have a detailed appraisal of the building, and will probably need an inspection (assume $5K). We will also need the detailed financials there to know that the building is cash flowing still with COVD to see if tenants are still paying rent.

It’s risky, to say the least. There also isn’t really any urgency to get this done earlier, outside of I want to be making the cashflow off of it as quickly as possible.

Overall, I think it’s roughly 50-50 whether or not we get this done.

Make $40K in consulting income

This is the bummer. If I want to make $40K in consulting income this quarter, that means I need to make $13,333 per month.

Since it’s May 10th, we are 40  of  90 days into the quarter (44%). However, I’ve made $16,838 which is 42% of goal. That’s not far of pace, but it’s not high enough of pace that things are going to be okay.

This is the graphical outline of net-profit.

The blue line is goal, while the orange line is actual. I was below goal last month, and I’m tracking below goal this month too. I really need to step it up here because I’m worried I’ll fall off pace.

I need to pitch on more work this week I think.

Thought #2: I’m very excited about my business plan

The other thing on my mind is directly related to that above chart as well.

If you notice, the blue line increases over the next 12 months. There’s a spike in ~4 months when I pay off my debt and I’m fully debt-free. That’s an exciting spike because it will help facilitate more take-home pay, which should help facilitate buying more real estate with cash on hand.

The more exciting spike is ~6 months later when that blue line starts growing astronomically fast.

That is primarily from my actual business starting to generate revenue. I completely recognize that I’m projecting extremely fast growth in my business. I also recognize that most businesses don’t do that.

But, there’s a big exception here. I’m not planning to try and build the next Airbnb.

My business is instead based around a couple core pieces:

  • There is a clear target market/user
  • I’m assuming they would be willing to pay for a monthly service
  • I’m assuming they would be willing to pay several hundred dollars a month for this service

The several hundred dollars a month piece is, in particular, very important. For example,  I’m assuming they would be willing to pay roughly $300 a month for this service. If I’m correct, which I believe I am, it means I only need:

  • 10 customers to get to $3,000 in monthly income
  • 100 customers to get to $30,000 monthly income
  • 1,000 customers to get $300,000 monthly income, which is $10K a day

When I get a prospect on the phone for consulting, I close them at roughly a 70% clip.

There’s an old saying that says getting your first 100 customers are the hardest. I don’t think it will be that hard though. Check out this funnel

  • 100 customers means that….
  • I spoke to 143 customers on the phone (70% close rate), which means that…
  • I reached out to 7,150 potential customers (2% of prospects emailed are willing to hop on the phone)

That makes the list of assumptions I’m making in this business are:

  • I can reach out t0 7,150 customers
  • These customers are willing to pay for the product
  • These customers are willing to pay $300 a month
  • I can fulfill the service they’re looking for

Now that I’ve got these assumptions, I can figure out how to prove or disprove them.

Reaching out to the customers is easy. That’s a combination of a paid Gmail account (lowers bounce rate and increases number of sends), Prospect.io (finds the people to send emails to and sends them), Calendly (to schedule meetings) and Zoom (for the meetings).

That’s easy and  ~$200 a month. I could set that up in my sleep!

The harder assumptions are if customers are willing to pay for it, how much, and if I can fulfill.

I need to do 150 customer interviews and then work to fulfill the service!

Time to start  doing user discovery emails.

 

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:

Whoop was being stupid so I don’t have anything here

Exercise

Same! Ditto with Whoop being stupid.

Diet

Diet was coffee, eggs,  and some spanikopita for dinner. 3/5 with 1 being the best.

My Day Job

Saturday.

Investment real estate

Nothing here.

My business

Everything I did up there!

Side Consulting

I have a few projects going on now.

Business plan

Nothing!

Private Equity

Nothing

Financial modeling

Nothing

Frameworking

Nothing

Sourcing new work

Nothing, but I did to do some!

$10K/day website

Published the post

Family

My fiancee and I spend some time together in the morning and evening.

Miscellaneous

No updates right now on trying to move

Rescue Time Daily Screenshot

Not a ton of hours here.

What I made today

Job: $170

Rental Income: $33

UpWork: $0

Consulting: $394

My Actual 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: $597

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  $347

My plan for tomorrow

Tomorrow I need to finish up with the financial model and do some day job work!

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:

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

Exercise

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

Stress levels

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

Diet

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

My Day Job

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

Investment real estate

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

My Actual Business

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

Side Consulting

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

$10K/day website

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

Miscellaneous

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

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

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

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.

Leave a Replay

Days
Hours
Minutes
Seconds

Sign up to learn from Dean’s mistakes as he tries to create $10,000 dollars a day in passive income

About Me

Recent Posts

Follow Us

Sign up to prepare for your own case study

Spam is for amateurs, as is selling your data

Scroll to Top