Project Kickoff

šŸ† Step 1: Define "Winning"

  • An agency that runs on its own without me being in the day to day
šŸ˜„
Good Outcome ā†’ Agency that does $10,000 MRR
šŸ¤©
F#$@ Yea! Outcome ā†’ Agency that does $100,000 MRR
ā²ļø
Timeframe ā†’ I want to pull this off within 3 months

šŸš« Step 2: Set My Anti-Goals

šŸ’© 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.

šŸ’Ž 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).

āœ‰ļø Step 3: Back of the Envelope (How might we get there?)

Back of the Envelope Calculations (1)

ScenarioGoal (MRR)PriceCustomers
$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.

šŸš€ Step 4: What Momentum Can We Create in the Next Hour?

ā³
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.
šŸ•°ļø
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.
šŸ—“ļø
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.
šŸ“…
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.