- š Step 1: Define "Winning"
- š« Step 2: Set My Anti-Goals
- š© Don't Want
- š Want
- āļø Step 3: Back of the Envelope (How might we get there?)
- Analysis
- š Step 4: What Momentum Can We Create in the Next Hour?
š Step 1: Define "Winning"
- An agency that runs on its own without me being in the day to day
Good Outcome ā Agency that does $10,000 MRR
F#$@ Yea! Outcome ā Agency that does $100,000 MRR
Timeframe ā I want to pull this off within 3 months
š« Step 2: Set My Anti-Goals
š© Don't Want
- Hire and manage anyone other than freelancers. I am open to have a cofounder, though.
- Have this affect performance in my day job
- Sacrifice more than X hours with family.
- Work on an idea that is too boring.
š Want
- Spend ~2 months building out the MVP and then spend the majority of the X months on growth and revenue.
- Hone my craft and pick up a new technology, while remaining mindful not to spend too many innovation tokens
- Additional $1,000 - $5,000 each month to put into my savings.
- Meet interesting founders and makers in the process (Indie Hackers, Product Hunt, Trends Group, All Access Pass people, and other cool entrepreneur communities).
āļø Step 3: Back of the Envelope (How might we get there?)
Scenario | Goal (MRR) | Price | Customers |
---|---|---|---|
$10,000.00 | $10,000.00 | NaN | |
$20,000.00 | $10,000.00 | NaN | |
$50,000.00 | $10,000.00 | NaN | |
$100,000.00 | $10,000.00 | NaN |
Analysis
So it looks like to hit my F#$@ Yea! goal ($100,000 MRR), I'll need to find 10 customers paying $10,000 each month. That sounds doable, and I can always try raising my prices to hit my revenue goals. It still won't be easy since I need to find a SaaS product that is worth paying >$20. I personally don't have many subscriptions as high as that other than developer tools, so perhaps that is an area that I can explore and target. I think with X months I have a good amount of time to execute on my idea if I stay focused throughout it.
š Step 4: What Momentum Can We Create in the Next Hour?
What could I do in 1 Hour
- Brainstorm a lot of ideas and shortlist ones that interest me and are viable business opportunities.
- Email/call/text people that I've worked well with in the past and talk with them about being potential cofounders/collaborators.
- Read cool SaaS case studies from Indie Hackers and Starter Story to get inspiration.
- Research the biggest pitfalls and risks of first time entrepreneurs. Do a premortem.
- Research the pros and cons of platforms to see if it's worth building on them, e.g. WordPress, Shopify, iOS App Store, etc.
What could I do in 1 Day?
- Sketch out an entire user flow of an idea from start to finish.
- Create and run a cheap Facebook ad to validate an idea.
- Hit up founders I know and have ideation sessions with them.
- Listen to the back catalog of My First Million Podcast for awesome ideas!
- Go on a vision quest.
What could I do in 1 Week?
- Create a pre-sales page to gauge interest and capture email addresses.
- Create a blog documenting my journey.
- Create design mockups of an idea.
- Create a no-code MVP of an idea.
What could I do in 1 Month?
- Build out a simple software MVP of an idea.
- Create and sell some informational product adjacent to the idea I want to execute on.