A few years ago, I successfully transitioned from a liberal arts degree to a dream job with a software engineering title. (That's a separate story that I'll write soon.) Importantly, the process took four years, which I spent reading HN (IH wasn't really around at the time), and Googling my way piece-by-piece until I had my very first app that made some money.
If I could make that drastic change in my life in four years, perhaps I could do it again? So, I think it's not crazy to shoot for a $10M business in five years, this time by reading IH and Twitter and experimenting with more ideas and more services.
Each year adds a zero to the goal total revenue:
Each year also adds a new challenge. How do you 10x the thing you just did?
Recently, Baremetrics shared some really fascinating aggregations of their customer data (more on that here: https://twitter.com/blakerson/status/1306283208485474304 ) and the numbers showed that getting to an extra digit is a pretty big effort, but going from $1k to $2k or from $10k to $20k is significantly less challenging. That makes intuitive sense to me. I also find that motivational and a great setup for 2021, where I want to get to $10k.
I mentioned above that I hit the $1k goal. Here's that revenue, broken down:
With two months to go in 2020, there's room yet to hit more milestones. Maybe $2k is in reach! It is easier than $1k was, right?
When planning 2021, however, there's a clear winner: the service is the one that could scale to $10k, not the book. The revenue is higher (thanks to a higher price point) and it's recurring. Worse still for books, book sales are on a decay curve and fall off after a couple days.
Overall, I remembered that I was able to make prior dreams come true, it just took a lot of time. I think that having patience with myself will pay off on this particular adventure, too. I encourage IHers to take the long view and maybe consider the five-year plan!