Building a business around your passion contributes to long-term success and satisfaction.
One-person million dollar businesses can fall into different categories such as e-commerce, personal services, and manufacturing.
Running a lean and successful business requires clarity of purpose, strategic focus, and the ability to test and iterate without financial stress.
Deep dives
Starting a One-Person Business
To start a one-person business, you need a product or service to sell. Begin by testing the market and selling your offering. Take a strategic approach to your business, focusing on a specific goal and creating a plan. Invest in your own education and consider joining mastermind groups or attending industry-specific events. Make marketing a priority and connect with potential clients or customers. Start with small bets and test your offerings to reduce risk. Focus on profitability and consider how much you really need to meet your financial goals. Embrace essentialism and stay focused on your main objective.
Main Categories of One-Person Million Dollar Businesses
One-person million dollar businesses fall into different categories, including e-commerce, informational content, personal services, professional services, real estate, and manufacturing. These businesses often employ contractors rather than traditional employees, allowing for more flexibility and financial stability. It's important to find your niche within these categories and identify ways to stand out from the competition.
Strategies for Business Growth
Successful one-person entrepreneurs focus on strategy and have a mono-focus in their businesses. They invest in their own education and often seek outside help through coaches or participation in mastermind groups. Mindful activities and a focus on work-life balance are also important. They take a data-driven approach, testing ideas and being willing to pivot based on market feedback. Profitability is a key metric, and some entrepreneurs prioritize profit over top-line revenue.
Tips for Starting a Side Hustle and Scaling the Business
When starting a side hustle, focus on a product or service to sell and begin testing it. Start small and gradually invest more resources as you see positive results. Market your business effectively and consider using freelancers or contractors rather than hiring traditional employees. Take a strategic approach to growth, balancing risk, and focusing on profitability. Prioritize essentialism and stay committed to your main objective, while also allowing for flexibility and the ability to adapt.
Finding Passion in Your Business
Building a business around something you are passionate about is crucial for long-term success and satisfaction. It is important to choose a business idea that you find meaningful and enjoyable, even if it is not your number one passion. Finding pride, fulfillment, and a sense of purpose in what you sell or offer will contribute to your overall happiness and success in your business.
Focus and Strategy in Business
Running a lean and successful business does not rely on having a large team or extensive resources. Being proud of the lean nature of your business is essential. Million-dollar one-person businesses thrive by having a clear purpose beyond financial gains and by staying focused and strategic. Having a job while starting a business provides the opportunity to test and iterate without financial stress. Being deliberate, intentional, and focused on one thing at a time allows for concentrated progress and greater efficiency.
You start a side hustle. Maybe you sell planners or lead workouts in the park.
You make a few thousand dollars during your first year. It’s fun beer money, but not enough to quit your day job.
But you keep growing. You run this as a one-person operation, though you bring on freelancers or independent contractors.
Your revenue grows into the five figures. Then six figures. After a few years, you’re running a one-person, million dollar company.
This sounds like a pipe dream, right?
But it’s the true story of Laszlo Nadler, who created a line of planners and calendars. It’s the true story of Stacy Berman, who started leading 5:30 AM fitness bootcamp classes in the park.
And it’s the true story of hundreds of other solopreneurs interviewed by business journalist Elaine Pofeldt, who took a deep-dive look at the lives and businesses of entrepreneurs who run companies that gross more than $1 million, but have no employees.
In today’s episode, we take an inside look at the secrets behind one-person, million-dollar businesses.
If you’ve ever considered starting a side hustle or business of your own, don’t miss this.
