Passive Income Goal: How I Plan to Make $1,000 USD in Monthly Recurring Revenue This Year by@ivanov

Passive Income Goal: How I Plan to Make $1,000 USD in Monthly Recurring Revenue This Year

Passive income is a dream that can help you make money while you sleep. But it isn't easy to make when not exchanging your time for money. How do I plan to make $ 1000 USD every month as a passive income? How do you plan to achieve your goal? What do you do? Create a course, trade stocks, invest in crypto, make a mobile app or make a web app? How can you do this without investing in an offline business? How does you want to reach this goal?
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Dragos Ivanov

dragosivanov.com - Mobile Developer Trying to Reach $ 1000 MRR By The End Of The Year

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The blog post's title might seem a bit clickbaity, but I got you. You want to find out how I plan to reach $1,000 USD monthly recurring revenue this year, and maybe it will inspire you too.


For probably billions of other people and me, passive income is a dream. A dream that can help you make money while you sleep. Imagine what you can do with all that money.


Pay a new mortgage, invest in stocks, invest in crypto, invest in yourself etc., the possibilities are endless.


Usually, once you reach $1,000 USD monthly recurring revenue, it's a bit easier to grow it to a double or triple amount.


$1,000 USD might not sound like a lot of money for some people, but it isn't easy to make when not exchanging your time for money.

Why this amount and not more or less?

I had lots of entrepreneurial failures, some with a decent amount of success, but I could never make more than a few hundred dollars as a passive income.


This amount is the first step to achieve before dreaming of bigger things.

How do I plan to make $1,000 every month as a passive income?

Before I start to explain, let’s do some simple math exercises.


To make $1,000 USD every month, I need:

Customers

Amount ( USD )

Total ( USD )

35

29

1015

20

50

1000

10

100

1000

4

250

1000

2

500

1000

Looking at this data, you might tell yourself that selling something for a high price is a no-brainer.


“Do I really want to have all the eggs in one basket?".


Imagine two people every month that pay me $500 each, and one decides to churn. That's a 50% income drop.


Do I have a sellable problem-solution if I can't find 2 or 4 people in a niche of thousands willing to pay me a few hundred dollars for something?


Now that we have an idea about the number of customers I need every month let's discuss ways.


My day-to-day job is as a mobile developer. I make a decent amount of money, I can't complain, but I want to make money without selling my time.

What can I do to achieve my goal?

  • Trade stocks ( Outside of my area of interest )

  • Invest in an offline business

  • Create a course

  • Make a software as a service mobile or web app


I will exclude stocks right from the start because even if fintech is something that I like as a domain, dealing with stocks and trading is not something that I would like to do.


An offline business

This seems like a good idea from all four items, but I’m not sure that it is.


It requires capital upfront.


You cannot create an offline business that can generate $1,000 every month without investing money. For example, you might have costs with equipment or rent or people.


Remember that if I want to make passive income, I need to automate everything, which might require training people.


An offline business sounds complicated, so let’s ignore it for now.

Create a course

I love to help people. Last year, I created a free Android mentorship program for three months where several people applied; four started, but only one finished ( This is a topic for a different story )


While I love to help people, I’m not sure that teaching is a big passion.


I do not see myself recording 10 hours of videos, editing them, and then renewing the topics on the course because it’s hard to make evergreen content on a topic that I have a good understanding of.


I can make maybe written lessons that I can sell, but are courses evergreen?


From what I saw from different people, they usually make a capped amount over the years.


Of course, I’m not saying it’s terrible, because I would like to get 10,000 USD on a course launch day, but this usually requires a big audience. ( Which I plan to also make in the following months )


Who knows, but I do not feel that selling courses can help me achieve my passive income goal. Amy Hoy and Alex Hillman from Stackingthebricks might disagree with me, and who knows, maybe I’ll create a course in the following months.

Make a software as a service app

As a software developer, it’s easier for me to build things.


The hard part comes when I want to sell it. Why? I don’t think I have an explanation. It’s probably the impostor syndrome that hits me, and I feel that my product is not good enough.


Anyway, this year I plan to change this.


I’ll build a few apps and then market as much as possible. Maybe it will take off from the first one, or I’ll fail.


I want to take an existing already successful app, build a similar app with just one feature, launch it, and then market as much as I can.


I have a few ideas in mind, and recently, I started to look into SwiftUi as I’m already familiar with Android. So my next app will be an Android and iOS app.

What do I need to reach my goal?

I need a decent MVP app that:


  • Does one thing good. Solves a problem and saves 2 - 3 hours for someone per month.
  • Has a median subscription of 29 $. I’ll probably have different pricing tiers, but I set this hypothetically.
  • Has 35 paying customers every month.


If I build a mobile app with 10,000 users across Android and iOS, I only need a conversion of around 0.35%, which is probably very low. A standard conversion is around 1-2%.

Conclusion

I might make this sound very easy, but I know it’s not.


I have a goal in my mind and I will do my best to achieve it this year.


I know there are a lot of unknowns, but I will do my best to solve every problem that I find in my way.


What is your goal in 2022?


If you feel that you can learn something from my indie journey, please or on my personal website: dragosivanov.com

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