Where am I now?
I'm 22 and traveling the world while training martial arts. I was able to save mid 5 figures during my IT apprenticeship and my time as a sergeant in the army. I'm pretty much living my own dream, but I am aware that the money isn't going to last forever and I never want to go back into a boring, soul-destroying office job ever again.
Where do I want to go?
I want to keep traveling and training full time for now. I want to develop my business before my savings run out and generate enough income to support my lifestyle (I use currently around 1600$/month including the occasional flights).
I will become a multimillionaire before turning 30. If my current business works out, it is possible to make my first million before 25.
How do I get there?
I am working on a business that is going to sell a high price product (5-10k) to a farming-related customer base. There is currently no competition and from talking to a few people in the industry, there is a big need for it.
The product consists of a software and some hardware pieces. The software will be hosted on my server, I am thinking of making it a monthly subscriptions of 150$ to add some passive income.
I will advertise in an industry magazine that reaches 99% of my customers. My goal is to become the market leader and make the product the industry standard.
There are 2-300 possible customers in NZ and around the same number per state in Australia. After that I can expand internationally.
What am I currently working on?
I am writing the code for the software, which is a long process. I am also looking for a producer of the hardware in china. So far I found one company capable of doing it, but they only do business with companies that are able to give them orders for 500'000$/year. So I will keep looking...
I will talk to someone in the industry in a week and get some feedback on the current progress. I hope I will get some valuable feedback from him.
Roadblocks
I will have to get a loan to get the hardware produced before the launch. I was brought up to never get into any kind of debt so that is something completely new to me. I will try to minimize risk by only selling a small number of products on the launch and then buy more hardware from the earnings.
If someone has a better idea here, feel free to help out
Cheers
Pat
I'm 22 and traveling the world while training martial arts. I was able to save mid 5 figures during my IT apprenticeship and my time as a sergeant in the army. I'm pretty much living my own dream, but I am aware that the money isn't going to last forever and I never want to go back into a boring, soul-destroying office job ever again.
Where do I want to go?
I want to keep traveling and training full time for now. I want to develop my business before my savings run out and generate enough income to support my lifestyle (I use currently around 1600$/month including the occasional flights).
I will become a multimillionaire before turning 30. If my current business works out, it is possible to make my first million before 25.
How do I get there?
I am working on a business that is going to sell a high price product (5-10k) to a farming-related customer base. There is currently no competition and from talking to a few people in the industry, there is a big need for it.
The product consists of a software and some hardware pieces. The software will be hosted on my server, I am thinking of making it a monthly subscriptions of 150$ to add some passive income.
I will advertise in an industry magazine that reaches 99% of my customers. My goal is to become the market leader and make the product the industry standard.
There are 2-300 possible customers in NZ and around the same number per state in Australia. After that I can expand internationally.
What am I currently working on?
I am writing the code for the software, which is a long process. I am also looking for a producer of the hardware in china. So far I found one company capable of doing it, but they only do business with companies that are able to give them orders for 500'000$/year. So I will keep looking...
I will talk to someone in the industry in a week and get some feedback on the current progress. I hope I will get some valuable feedback from him.
Roadblocks
I will have to get a loan to get the hardware produced before the launch. I was brought up to never get into any kind of debt so that is something completely new to me. I will try to minimize risk by only selling a small number of products on the launch and then buy more hardware from the earnings.
If someone has a better idea here, feel free to help out
Cheers
Pat
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