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Where do I even start?

by | Oct 1, 2024 | The Journey | 0 comments

Alright, so now that I have a clear goal in mind—how much I want to make and my target timeline—the next question is: how do I get there?

Lately, ChatGPT has been one of my go-to resources, so I figured I’d ask it directly, along with using Perplexity to double-check my sources. (Side note: I really like how Perplexity helps me verify answers and cross-check my sources—super handy!) Anyway, I simply asked it, “How do I make $5 million in 5 years?” Some of the suggestions, like cryptocurrencies and penny stock investments, weren’t my cup of tea since I’m not looking for high-risk ventures. But one recommendation caught my eye: starting a business or a startup. That made sense to me because if I succeed, I can eventually sell the business for a multiple of what it makes in a year, with a LOT of luck I just have to make a couple millions and not the entire 5.

I know, I’m being optimistic here, but hey, I’m shooting for the moon! And it’s been done before, right?

Deciding on a Business

For me, the answer is clear: I need to have my own business. The next step is figuring out what kind of business. My best bet is to do something related to what I already know. I have a background in IT—some networking skills and, most importantly, software engineering, since that’s what I do for a living. So, leveraging my skills as the foundation for a business seems like a no-brainer.

Idea 1: Freelance Web Development

I thought about selling my services building websites. It’s relatively straightforward. The downside is that I’m not too strong on the design side. I can handle the technical stuff, but making it visually stunning? That’s not my forte. I’ve built a handful of websites about 10 years ago, and while they were functional, they weren’t exactly masterpieces.

Idea 2: IT Consultancy

Another option is selling my services as an IT consultant. I have experience in that realm and thought maybe I could set up an IT services company targeting small businesses—perhaps even focusing on the Hispanic community as my niche. It’s something that makes sense and could be profitable, but I’m not entirely sure it’s the one.

Idea 3: Teaching Computer Skills

I considered developing a course—either online or in-person—about basic to intermediate computer skills. I’ve always felt the need to share what I’ve learned, which is part of why I’m writing this blog. I love sharing my experiences, expertise, and recently acquired knowledge. But while this could be a good side project, I’m not convinced it’s scalable enough to hit my target revenue.

Idea 4: Application Development

After weighing my options, I figured building an application is the best use of my skills. This is what I do in my daytime job, so it’s my strong suit. The next question is: What kind of application should I build and how do I sell it? I started considering setting up an app development agency or freelancing on the side. This would include bringing in a business partner, a college friend, so we could share the workload.

An app development agency would mean finding clients, building the apps, and eventually transferring ownership. This is more complex (and probably more profitable) than web development, but it also comes with the challenge of constantly needing to find new clients and projects. Maybe we could offer support for the apps we develop, but I’m not entirely sold on this approach either.

Finding the Right Model

I stumbled upon a YouTube video from a guy whose content I’m not a huge fan of—too much clickbait and spammy titles. But what intrigued me was how he described his own journey. He’d tried many things I wanted to do myself, and his experience resonated with me. He made a solid point about aiming for something that stacks up revenue per customer, instead of constantly hunting for new ones. This got me thinking: I need something that generates recurring revenue.

In case you’re curious, this is the guy who claims to be making millions. I do believe him about that, although I personally wouldn’t buy what he sells and his skillset is different from mine. But it seems to be working for him, and I wonder how I can apply some of his successful techniques to my own quest.

Conclusion …so far

So, my options have begun to narrow down. I know I want to make software, I need recurring revenue, and it has to be my own business—something like a startup. This points me toward a Software as a Service (SaaS) model, which is basically an application with a subscription-based business model. This seems like my best shot because it uses my skills, has the potential for recurring revenue, and if the app is good enough, I don’t need to hit $5 million in one go. I just need to make, say, one or two million consistently and then sell it.

Piece of cake, right?

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