What do I do if my business idea already exists?
Online, most people are worried about competition for their startup idea. 10 seconds of Googling found me this Quora post about someone looking for a non-crowded niche to start their business.
This is the wrong mentality.
Competition is a good thing. It means that people already view the problem as big enough that they are willing to pay someone to solve it for them.
But what if the competition puts me out of business?
You mean like Google did to Yahoo? (Yahoo is still worth a good amount, despite horrible management….looking at you Marissa Mayer)
Or like Uber did to Lyft?
Or DoorDash did to Caviar? Or Grubhub?
There is always room for more competitors.
What do I think about this other guy’s business?
It’s a good business, well-designed, and clearly off to a good start.
Here’s the other thing about it: it’s still peanuts.
There are 1,000,000 potential customers in the country. Based on the revenue he shared publicly and his pricing page, the company has about 600 of them as customers. That’s 0.06%.
So who gives a shit that he’s in the space already? I can still make this business work
We both could have 10,000 customers and not even notice each other.
Game on, dude
Yesterday there were 1,615 days until I turn 30 and need to make $10K a day passively. Here’s how I spent it in pursuit of that goal
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 woke up at 5:11 am after going to bed at 10:22, for a total amount of sleep of 6 hours and 13 minutes. This has been a relatively consistent bed time, but a different wake up time, over the past few weeks.
Recovery was at 36%, so I guess I wasn’t ready for that workout just yet.
I did an 8-mile run right after I woke up, which ended up being a blast. I hadn’t gone for a run in a while, so it was nice to do.
I don’t listen to music when I run. I think and make sure that I’m doing everything right. I think through how things are going right now, how the business is going, and any ideas I might have for the business.
I was at a 4/5, with 1 being the highest. Things are all good here, with hours slightly down than normal.
Diet was coffee and eggs for breakfast, some noodles for lunch, and dinner was half a burger. Nothing crazy.
3/5 with 1 being the best.
My Day Job
It was a Wednesday and things were normal. Nothing crazy from a work perspective and I spent only a few hours of the day on day job stuff.
Just the way I like it!
Investment real estate
A couple of emails with our property manager!
She just finished the rehab on two units and wanted to send us photos before putting them on the market. The units are great, and we are raising rents, so I’m optimistic we’ll get something awesome in terms of cash flow in place shortly.
My Actual Business
The business is always on my mind.
I found a subreddit that is all about this industry. I’m going to spend time in it, daily, for the next month or so to get to understand the target customer more.
Still busy with lots of projects.
Had a great call with this client. Things are progressing well and there are some small tweaks left. I’ll probably get this project done in another ~5 hours of work or so.
Financial modeling #2
A couple of meetings helping prep a team for teh meeting with the boss. Overall, it went well
This was the big emphasis of the day. I spent a few hours here doing the work here to create the content of the slides, and then sent it to my slide guy to make them look amazing.
I use my slide guy a lot. He’s a pro on UpWork and makes beautiful slides. Even better, he used to work for the closest competitor to my old consulting firm. Therefore, he and I “speak the same language” and we work well together.
We work together a lot, and I trust him. I send him slides, he does his magic on them, and then I ask him how much he is owed. I always pay exactly what he requests, and immediately.
That trust that has been developed make us a great team. I trust him to get things done, and he trusts me to pay him ASAP.
I love it.
Client came back with a few questions and wanted to see if we could add some territories to the research. I said yes, so I’ll have a few hours of work tomorrow to add that in.
Market Research & Customer Interviews
Getting ready here; some kickstarting work.
Sourcing new work
I followed up with that F500 to try and get that over the front door. If that one sells, then I can probably take the next few months off from sourcing new work.
The daily post.
A walk with my fiancee. She was busy yesterday so it ended up being limited time together.
Nothing misc today
Rescue Time Daily Screenshot
What I made today
Current Income Streams
- Job: $170
- Rental Income (13 rental units): $43
- Business Plan: $145
- Framework: $250
- Customer Interviews: $430
- Market Sizing: $720
- Summary Slides: $1,500
Planned income streams
- My Actual Busines
- Local Serviced Based Business
- WordPress Maintenance Site
- Dividend Income
Today’s pro-rated amount of monthly & yearly expenses
Life Expenses: $89.73
- Rent, utilities, Internet: $63.33
- Phone Bill: $1.57
- Heath Insurance: $8.90
- Ladder Life Insurance: $0.83
- TrueBill for Budget tracking: $0.10
- Car: $15
- Groceries: $0
Health Expenses: $12.00
- Peloton: $3.20
- Gainful Protein Powder: $1.80
- Care/of Vitamin pack: $3.00
- Whoop fitness tracker: $1.00
Productivity Expenses: $2.05
- SuperHuman to save time on email: $1.00
- Rescue Time to keep me honest on my productivity: $0.20
- Fantastical as my main calendar: $0.20
- Evernote to track everything: $0.27
- Grammarly to keep my emails looking okay: $0.38
Consulting Business Expenses: $22.30
- Gusto to pay myself: $1.50
- Quickbooks to track expenses: $0.40
- Google Business Email Account: $0.40
- Fiverr for virtual support: $0
- UpWork for slides: $20
$10K a day: $12.42
- Kinsta for hosting: $1.00
- Bluehost for domain names: $0.03
- WP Rocket for speed: $0.14
- Link Whisper for SEO: $0.14
- Elementor for site design: $0.14
- Astra for theme: $0.14
- Rhino Rank for SEO: $10.83
Real Estate Investing: $0.52
- Legal Zoom Registered Agent (all LLC’s): $0.52
Today’s Income (pre-tax)
Topline of $3,258, spent $139, which means….
Made $3,119 (pre-tax)
My plan for tomorrow
Tomorrow I need to:
- Kickstart some customer researach
- Follow up on that market sizing research
- Follow up with the F500
Let’s get after it!
1,614 days until I turn $30. I’m making $10K a day passively by then