Ask HN: How to Make $20K a Month

#1

Post by boredyeti » Sat, Dec 21, 2019, 8:57 AM UTC

OK, so me and a friend had enough of being employees and we want to leave and create a company of our own. My friend is a very talented developer and I’m more of the jack-of-all-trades type with lots of experience in product, business, marketing, copywriting, etc.

The thing is, though, that we’re not young anymore (40ish) and we’ll need to make around $10K monthly each, pretty quickly (let’s say in 6 months time).

So I know these types of questions are getting asked a lot, but I thought we can all brainstorm together again and come up with interesting directions.

Thanks!

Re: Ask HN: How to Make $20K a Month

#2

Post by anost » Sun, Dec 22, 2019, 6:59 AM UTC

Sell anus

Re: Ask HN: How to Make $20K a Month

#3

Post by adreamingsoul » Sun, Dec 22, 2019, 7:55 AM UTC

What problem, need, or challenge currently exists that would be valueable to 1000+ potential paying customers?

Obviously you can simplify or modify that question, but ask as many people you can. However many customers you hope to have, try to collect at least 10x in responses.

Start with your local network, ask everyone you know, people at events, attend networking events, travel to the surrounding cities and repeat.

Re: Ask HN: How to Make $20K a Month

#4

Post by smarri » Sun, Dec 22, 2019, 11:22 AM UTC

Making $20k net in 6 months - I would consider B2B sales, in a space with minimal compliance and regulatory overheads, such as B2B software which solves a manual process or cumbersome issue (e.g. taking anything that people do on excel and automate it). Get version 1 out asap.

Re: Ask HN: How to Make $20K a Month

#5

Post by roosgit » Sun, Dec 22, 2019, 12:57 PM UTC

You could buy an existing business https://feinternational.com/buy-a-website/. Of course, you would need $600K-$800K, but you'd have a profitable business right away and it might be easier to grow faster than when starting from scratch.

Another route could be freelancing. By doing this you would get paid and you might meet clients for a future product. You might also get ideas for a future product by observing the problems of the businesses that contract your services.

Re: Ask HN: How to Make $20K a Month

#6

Post by minblaster » Sun, Dec 22, 2019, 5:59 PM UTC

Do you want to manage a company, or do you simply want financial freedom?

If it’s the latter there are easier ways. Real estate and index fund investing. Google FIRE.

Re: Ask HN: How to Make $20K a Month

#7

Post by mc3 » Sun, Dec 22, 2019, 10:38 PM UTC

Freelancing? I can see this as a route to getting cash in quickly while transitioning from employment to business. With two of you, one can focus on delivery/support, the other on biz-dev/sales.

From there, see if the freelancing clients need anything that would lead you to a recurring revenue, in such a way that you could easily find similar clients to sell the same service to.

Re: Ask HN: How to Make $20K a Month

#8

Post by certera » Mon, Dec 23, 2019, 12:38 AM UTC

Are you looking to start a business? SaaS, consultancy, etc.?

Re: Ask HN: How to Make $20K a Month

#9

Post by maxwin » Mon, Dec 23, 2019, 3:16 AM UTC

1. Save enough money to last longer (1 to 2 years) Or 2. Save and invest until you have enough passive income to put food on the table for your family Or 3. Moonlight and try to get some traction and sizable investment first before you quit.

Re: Ask HN: How to Make $20K a Month

#10

Post by perl4ever » Mon, Dec 23, 2019, 3:46 AM UTC

minblaster wrote: post #6

Do you want to manage a company, or do you simply want financial freedom? If it’s the latter there are easier ways. Real estate and index fund investing. Google FIRE.

$20K/month = $11.5 million in a total market index fund.

I guess that could give you a benchmark - figure out how to create over $10 million in value for other people.