“I realized how much more contractors and entrepreneurs are willing to do a better job for you,’ says Dan Mezheritsky. ‘They are trying to help your business – and grow theirs – as opposed to an employee who is just there for a paycheck.”
The Million-Dollar One-Person Business: Short Summary
If you are looking to create a lucrative seven-figure business while still enjoying your life, The Million-Dollar One-Person Business by Elaine Pofeldt is the book for you. It is possible to have a great work-life balance. It is possible to have fun and have money and have success. This book will show you how.
The Million-Dollar, One-Person Revolution
The founders of million-dollar, one-person businesses,million-dollar, and partnerships are everyday people who have grown very smart about making the most of the time they spend working.
One person businesses that hit the million-dollar range typically fall into 6 categories:
- Informational content creation
- Professional services and creative businesses
- Personal services firms
- Real estate
In a million-dollar one-person business, you can be part of the world outside of your office every day of the week. You will not fear taking time to do fun things after work, or meet your family responsibilities will hurt your career or get you axed if the company downsizes.
What Makes One Million-Dollar, One-Person Businesses Work
Million-dollar entrepreneurs understand that no matter how lucrative their idea, or what their market research proves, they won’t stick with it if they aren’t truly interested in it.
Uncovering an idea that you will enjoy thinking about every day is the secret.
You will break into the 7 figures by expanding your capacity beyond what one person can do.
Most million-dollar entrepreneurs experiment for a while with finding the best way to sell, but they ultimately select one method or outlet that works best.
Typically, the success of these businesses is heavily based on connecting with customers who are passionate about what they sell and have the power to get other people excited about purchasing it too.
The point of the million-dollar, one-person business is to give you choices – whether to keep it small while earning a great income or to continue growing it.
What Business Could You Start?
Start with forming an idea of the type of business you want to run and the lifestyle you want it to support.
It’s easy to think that if you don’t have a big idea and your goal is not world domination, it’s not worth going into business at all.
Identify passion and user value. Get clear on what matters.
“Just because the type of business you want to run or the way you want to work hasn’t been invented yet, doesn’t mean you can’t be the one to do things differently.”
The key to success in e-commerce is building a reputation as a curator of a certain type of highly specialized product and creating a community of aficionados with unique consciousness.
As you consider the options in front of you, it pays to tap into the expertise you’ve already built. Often, the founders of content creation businesses started them because they were looking for information they wanted but couldn’t find.
Here’s how to raise the prices of your professional services:
- Figure out where you’re making a profit
- Get a sense of market rates
- Calculate the return on your client’s investment
- Consider how will you raise your rates
- Test the waters
- Make sure you get paid
When you offer personal services, time is the commodity you are selling. But that doesn’t mean you can’t scale your revenue if you think creatively.
Identify where your passion meets market demand.
Make It Happen
You can fund your business by:
- Creating a side hustle
- Keeping your day job, live lean, and save
- Getting others to invest
- Exploring other financing options
Ask your target customer and listen.
Evolve the product presentation. Price right for perceived value. Know when to contract for production, fulfillment, and delivery.
Amplify what works. Once you figure out what is working, amplify what you’re doing to scale up your revenue, even without hiring employees. Here are some ideas to amplify what works:
- Invest in digital marketing and public relations
- Scale your product or service
- Build media and consumer reviews. Create content that your customers want to watch
- Remove barriers to buy. Example: 1-Click buying from Amazon
- Make sales a part of customer service. Make the experience of returning customers better by selling what they need
Pick the right online community platform(s) and build relationships with social media influencers.
The lifeblood of your business is money. It should flow like a rhythm, not randomly.
How to improve your cash-flow:
- Look ahead 6 to 12 months
- Find ways to speed up payments
- Pay your bills more slowly
- Reduce your need for inventory
- Keep some cash reserves
Keep Getting Smarter
Most million-dollar entrepreneurs turn their businesses into living laboratories from which they can continually learn how to scale their revenue and profits.
Stay focused on the right work. In a small business growing quickly, inefficient tasks like responding to customers’ emails or shipping packages can mushroom and easily take over all of your waking hours.
Hunt for new ways to avoid doing things that don’t matter. Think about what you can:
- Eliminate. Tasks bringing no results and filling your schedule
- Automate. Repetitive and labor-intensive processes
- Delegate. Outsource work to contractors and freelancers
- Procrastinate. Identify your time-wasters and cut them back
Find the help you can trust and stay inspired.
Use tools like A/B testing to constantly improve customer experience.
Realize and Reset Your Vision
Retake your entrepreneurial temperature. Take time away from the daily activities of the business to think about your vision, assess whether you are realizing it, and course-correct if you are not.
Running a business as a solo operation isn’t an end in itself. It is a way of supporting your vision for making a great living and living the life you want.
“Stay true to your evolving goals.”
We can all learn from others’ wisdom, but if you have created a vision and goals that work for you, it is important to be selective in the advice you listen to.