The 1 Year to $1 Million Project – Foreword

Foreword

Quick background of me – I’ve been a Web Developer for as long as I can remember. I’ve mostly been an employee or a full-time contractor throughout my career (I’m 33 years old turning 34 this year in 2017) until at the end of last year (2016), I decided to say goodbye to the 9 to 5.

So here I am, running my own business as a freelancer. I actually like to call my business a Micro-Digital Agency, which is basically a freelancer with a team of contractors. I build online stores, web / desktop / mobile apps etc. – anything that a Software Engineer can build pretty much. I have an 18 month old son and a loving wife from Korea. I’m Korean too but I’ve been living in Melbourne, Australia for the past 20 years, so I’m like this weird Asian guy with an Aussie accent.

I want to try an experiment / project / mission – to see if I can make $1,000,000 revenue in the next 12 months. There will be many late nights I’m sure, and sleep deprivation – maybe, but more importantly, I’m known to make a lot of pacts with myself and I break most, if not all of them.

This is why I’ve decided to document it in a series of public blog posts, 1 each month to let the world know how and what I’m doing. I’ll publish various interesting stats like exact revenue numbers for the month, number of cold showers taken, and also about how I’m scaling my business so that readers that are freelancers, running startups and small businesses etc. can pick up a growth hacking tip or two. Motivation is another theme I’ll be exploring. I hope to make this series of blog posts as industry agnostic as possible, but we’ll see how it pans out.

 

Skeletons in My Closet

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Grand Goal

  • Make a million bucks in revenue in the next 12 months (by the end of May 2018).

Stretch Goals

  • Make a million bucks net income in the next 12 months.
  • Make a million bucks net income by the end of 2018.
  • Make a million dollars net profit after tax in the next 12 months.
  • Make a million dollars net profit after tax by the end of 2018.

 

Notable Achievements

  • $250,000 revenue within 12 months.
  • $500,000 revenue within 12 months.
  • $750,000 revenue within 12 months.
  • $50,000+ revenue in a calendar month.
  • $100,000+ revenue in a calendar month.
  • 50 cold showers within 12 months.
  • 100 cold showers within 12 months.
  • 200 cold showers within 12 months.
  • 365 cold showers within 12 months.
  • $500,000 revenue by the end of 2018.
  • $1,000,000 revenue by the end of 2018.

 

Quick Calculations

To make a half million in a year I need to make:

  • $41,667 per month
  • $9,615 per week
  • $1,370 per day
  • I should give up

To make a million in a year I need to make:

  • $83,333 per month
  • $19,231 per week
  • $2,740 per day
  • I give up

 

Notes

  • Currency is AUD – bit cheaper than USD.
  • Since starting out in January 2017, my revenue’s been averaging $21,320.66 per month.
  • If I were to continue at the same rate, I’d at least make $250,000 in the next year.
  • This means I need to make 4 times that, starting right now.
  • Or it looks like I need to grow at 25% month-on-month.

  • 25% month on month growth for a whole year = difficulty level 99
  • I’ve got a bunch of SaaS ideas I want to build – maybe I could launch some?
  • If I did create some digital products that had explosive user growth but no revenue, how would that count towards this project? Does valuation count?
  • What if I receive investments? Some things to think about there.

 

Contents

Comments

  • ac

    June 16, 2017 at 10:05 am

    Good luck, I hope you succeed.

  • Francis Kim

    June 16, 2017 at 11:11 am

    Thank you! It really means a lot to me.

  • John

    July 5, 2017 at 4:54 pm

    Thanks for sharing, all the best mate!

  • Francis Kim

    July 5, 2017 at 5:44 pm

    Thanks John!

  • Justin Fanning

    August 27, 2017 at 9:24 pm

    Hi mate,

    I grew up in Melbourne also, now living in London for the past 20 years… Let me offer some of my trading experiences that may help:

    1) On a per trade basis, your losses shouldn’t be more than 1% – 3% of your account size. This way if things go wrong, you’re able to recover,
    and if things go very wrong (multiple losses in a row), your able to stop & review with the bulk of your capital still in place. In other words, don’t risk
    10k on a trade unless you have a 1M account;

    2) I would personally not trade CFD, Binary Options or any products where the writer is also the counter party. In other words, if the broker benefits
    directly from your loss and the broker also controls the pricing, the odds are stacked against you from the start;

    3) Longer timeframe trades & longer time frame traders tend to be more successful. Guys like Warren Buffett move into / out of a position over months,
    day trading puts of a lot of pressure on your infrastructure and is easily influenced by the news of the moment, longer term tends to smooth things out;

    4) Your not a fund manager. In that, your not ‘obligated’ to trade. If you don’t see an obvious setup don’t do anything. In my personal experience,
    Price Action (chart patterns) & support / Resistance (prior levels people have been willing to deal on) are solid foundation;

    5) Finally … Most technical indicators are noise. I listened to a trading podcast the other day, the guest was comparing trading to other industries like
    pharmaceuticals and architecture … In those industries, they learn from their past mistakes and the industry as a whole moves forward … In trading,
    that doesn’t happen, each generation makes the same mistakes over & over

    In other industries, a tool, a formula, a drug etc has to have proven itself many times … In trading the same old junk is included in every package,
    MACD, Bollinger etc etc … But has any serious research been performed under lab conditions if these things actually work? When you hold trading
    up to the same standards at other industries it doesn’t hold up very well.. I think this is a significant contributor to the high failure rate.

    Ultimatly, trading is like any other business in that you get better over time, If you distilled the above to its core message, its designed to keep you in
    business long enough so you have a chance to learn & become consistent.

    Hope this helps, message me any time.

    Justin

  • Francis Kim

    August 28, 2017 at 1:49 am

    Thanks Justin, much appreciate your advice and thanks for reading! I’ll send you an email with the same message in case you don’t get a notification.

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