đ§ A $5K/Month Personal Accountability Service
Why You Need to Hear About This Guy and How Delayed Gratification Determines Your Success
You know what all the cool kids are doing these days? Theyâre referring their friends to 3 ideas on Sunday.
Do you wana be a cool kid? Ok I gotchu.
Get your unique referral link Here. Send to a friend. Get rewards.
That simple.
Todaysâs estimated read time: 3 minutes 45 seconds
1. Business idea of the Week: Personal Accountability Service
When you set a goal, the only way to accomplish it is by staying accountable to the actions needed to reach the goal.
Want to lose 10 lbs? Go to the gym 5 days a week & cut out the junk food.
Want to get better at writing? Write one blog post everyday.
Want to get better at shooting free throws? Shoot 50 free throws everyday.
Notice a pattern here?
Consistent actions are the key to reaching a goal.
But letâs be real⌠Consistently taking the actions is tough. If it were easy weâd all have six pack abs and shoot free throws like Michael Jordan.
The Idea: Create an accountability service that keeps people accountable to their actions needed to accomplish their goals.
Iâm talking real human interaction here. A text or call every day saying âItâs time to go to the gymâ. Or a phone call saying âwhen are you publishing your blog postâ.
Reaching out to people everyday to keep them accountable to their goals.
How to get started: To start, itâs important to pick one niche, and one ideal customer. You can help people stay accountable to losing weight, becoming a better writer, or really any goal.
Once you decide on the niche you will focus on, you can create a landing page using carrd.co, and start reaching out to your ideal customers.
Twitter, Reddit, and Facebook groups will be great places to advertise your services, as well as direct message potential customers.
Your pitch can look something like this: âHi! I see youâre also in this weight loss facebook group, and thought weight loss may be one of your goals for this year! I run an accountability service where we help our clients accomplish their weight loss goals through daily check-ins. Would love to have you try out our service for a few weeks at no charge. Let me know if youâre interested and I can send over some more info.â
It will likely take a lot of cold outreach to land your first client, but once youâve got one client, you can leverage their testimonial to find new clients.
Prices will vary on what clients are willing to pay in your nice, but let use $35/week as an example.
At $35 per week or $150 per month, you will need 33 customers to get to $5K per month.
This will mean 33 texts/calls per day. But the good news is that you can easily outsource to a VA to scale this business.
Things I like about this business:
$0 start up cost. Set up a free carrd landing page and start reaching out to your prospects. â
Scale the business with Virtual Assistants! đ
Fully remote business that can be run from anywhere in the world. đ
Let me know what you think!
2. Delayed Gratification Determines Your Success
Delayed gratification is highly correlated to how successful you will be.
Hereâs how I know.
In 1972, Stanford University conducted a famous study called âThe Stanford marshmallow experimentâ.
Children were put in a room with one marshmallow and told if they waited 15 minutes to eat it, they would be given a second marshmallow.
Some kids ate the one marshmallow right away. Other kids waited for the second marshmallow.
Guess which kids turned out more successful in life? Yup, the kids that waited.
They continued to follow these kids throughout their life and found the kids that waited for the second marshmallow had better life outcomes.
In other words, kids that were able to delay their gratification became more successful in life.
It makes total sense though right?
When an entrepreneur starts a business, the monetary success usually doesnât happen for many years.
For example, they may see their friends making $100K per year while theyâre making $40K building their business. But after 10 years, they sell that business for millions and surpass the net worth of their $100K/year friend.
They delayed their gratification for 10 years, and ended up with a much bigger prize.
Same with investing. You could spend $6K every year on something cool⌠Or you could put that $6K into a Roth IRA every year, and end up with a $1 million in 30 years.
Sacrifice today for tomorrow, and your long term results will show for it.
3. You Need to Hear About This Guy
So thereâs this guy named Mike Merrill.
Youâve probably never heard of him, but Mike is the first âpublicly traded humanâ.
Yea you read that rightâŚ. You can publicly trade Mike.
In 2008 Mike split himself into 100k shares, and sold them to the public at $1/share.
Just like buying a company on the stock market. Except itâs a human.
And just like owning shares in a company, shareholders vote on decisions.
For example:
Should Mike buy a media company?
Should Mike take a new job?
Should Mike try a new drug?
Whatever the shareholder vote, Mike does.
Mikeâs shares are currently trading at 6.50, meaning his market cap = $650K
Now itâs got me thinking. What would my market cap be?
Anyways.. If you want to purchase shares or track the price of Mike â Check this out.
But theres also more to this storyâŚ
This guy named Patrick Campbell just sold his company for $200 million, and now heâs on the hunt for something to buy.
A car? A boat? A new house? - Nope
Patrick wants to buy Mike.
Patrick has begun a hostile takeover of Mike, where he is attempting to buy 15% of Mikes shares, which he believes is enough to influence the shareholder votes.
You can read more about his whole plan here:
Great post as always, Nic!
I first stumbled across the accountability as a service idea on this reddit post:-
https://www.reddit.com/r/EntrepreneurRideAlong/comments/ppfoz2/three_business_ideas_inspired_by_the/
The service the post talks about can be found here:-
https://www.dip.chat/
Sadly, it is on hiatus as of now. You can read more below:-
https://www.indiehackers.com/product/dip-chat
But I strongly agree with Nic that there is a lot of potential in the idea as is evident by Y Combinator's recent backing of a service that is focused on directing accountability towards overcoming addiction
https://www.ycombinator.com/companies/relay
https://www.joinrelay.app/
Relay depends upon a subscription model for monetization FYI
Even before Relay, upon researching upon this idea earlier on (and which might have inspired Relay's founders), I had also discovered the following apps in the past which focus on the same:-
https://play.google.com/store/apps/details?id=com.dietbet.app
https://play.google.com/store/apps/details?id=com.stepbet.app
https://play.google.com/store/apps/details?id=com.quitbet.app
https://play.google.com/store/apps/details?id=com.waybetter.app
Feel free to check them out.
Hope this comment helps anyone interested in starting an accountability service idea... good luck!