Elaine Pofeldt @ElainePofeldt
Author: "Tiny Business, Big Money" + "The Million-Dollar, One-Person Business." https://t.co/7Y2n3iySq1 Freelance #journalist for CNBC, Forbes, etc. elainepofeldt.com Joined December 2008-
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If you enjoyed these book insights, take 20 seconds to: • Bookmark them • Retweet them to share with others • Reply with your own thoughts & insights Then follow @thezoeangelis for more threads on successful founders & business growth.
How to grow a million-dollar, one-person business: 1. Pursue your passion 2. Set a holistic vision 3. Fund your business 4. Build a community 5. Dodge distractions 6. Eliminate, automate, delegate 7./8. Learn from other business models 9. Stay inspired 10. Sell at the right time
10. Sell at the Right Time Some founders build their business to $1 million but then they • Lose their excitement • Pursue other ventures • Stop putting in time & energy • See a decrease in revenue • Consider selling it Instead: Sell once you lose passion.
9. Stay Inspired Many founders make reading a daily habit. Self-education helps you come up with new ideas and solve problems more quickly. Pro tip: Books aren't the only source of information. Connect with other entrepreneurs and help each other grow your businesses.
8. Subscriptions Pofeldt interviewed the founder of Soxy, a Canadian e-commerce store. They mail patterned socks monthly via subscription, while also selling individual pairs to non-subscribers. This model helps predict cash flow, especially when you aren't backed by funders.
7. Franchise / Licensing Model A. Brand ownership by one-person business B. Franchisees license brand name use C. Provide services under brand umbrella D. Clients interact with franchisee, pay them E. Brand earns portion of revenue Outcome: Mutual business growth and benefit!
One-person businesses prefer contractors over employees for several reasons: • No salary / office overhead • Employees in for the paycheck • Contractors driven to grow their business • Hence, they often do better work Next, we look at how you can take this one step further.
6. Eliminate, Automate, Delegate Successful solopreneurs • Eliminate low-impact tasks • Automate repetitive tasks • Delegate tasks they're not skilled in This way they free up time to double down on what works best (using the 80-20 rule).
5. Dodge Distractions Whenever a new idea catches your attention, ask yourself: • Will that benefit my business? • Would I lose the chance if I waited 6 months? If the answer is no, get back to it in half a year.
4. Build a Community Growing a community of like-minded people is the cornerstone of many one-person businesses. Pofeldt's advice: Understand which 1-2 platforms work best for you, and focus on those. Post regularly and engage with your followers. Consistency is key.
3. Fund Your Business After choosing a business idea, consider one of 4 typical funding ways: A. Side hustles B. Savings from day job C. Investors D. Other financing options To cut marketing costs and build credibility, solopreneurs also start leveraging social media early on.
2. Set a Holistic Vision Other than traditional work, running a one-person business will touch all areas of your life. So start thinking in a holistic way. Do you want • More money? • Flexible work hours? • An outlet for your ideas? • A way to connect with others?
1. Pursue Your Passion According to Pofeldt, million-dollar entrepreneurs only stick to something they are truly interested in. Passion drives business-growth. Ideally, choose a business venture at the intersection of your interests, expertise, and market demand!
There are 6 types of business categories that work well for solopreneurs: • E-commerce • Manufacturing • Informational content creation • Professional services • Personal services firms • Real estate How to pick the right one for you?
"The Million-Dollar, One-Person Business" In her book, journalist @ElainePofeldt shared how you can start and scale your own high-revenue business—with minimal overhead and no employees. Here are 10 key insights:
Bringing more consciousness to how you handle your finances is the key to reaping the rewards of running a business. Find out how to enjoy more of the good stuff tonight, April 24, at 6 pm ET. Thanks to @TomMartinMedia1 for bringing us together. tommartinmedia.ck.page/d3ea20586c
Whether you're thinking about starting a business or want to make your current one better, this book is a must-read. It'll inspire you to chase your dreams and find success on your own terms. Keep moving forward, keep coming up with new ideas, and always believe in yourself!
7: Keep Learning and Improving Stay open to new ideas and feedback to keep growing. Continuous learning is essential for staying ahead in the ever-changing business world.
6: Form Strategic Partnerships Collaborate with other businesses that complement yours to reach new audiences and opportunities. Strategic partnerships can help your business grow faster and access new markets.
5: Diversify Income Streams Explore multiple ways to make money, such as selling products, offering consulting services, or joining affiliate programs. This reduces dependence on one income source and boosts financial stability.
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How to grow a million-dollar, one-person business: 1. Pursue your passion 2. Set a holistic vision 3. Fund your business 4. Build a community 5. Dodge distractions 6. Eliminate, automate, delegate 7./8. Learn from other business models 9. Stay inspired 10. Sell at the right time
10. Sell at the Right Time Some founders build their business to $1 million but then they • Lose their excitement • Pursue other ventures • Stop putting in time & energy • See a decrease in revenue • Consider selling it Instead: Sell once you lose passion.
9. Stay Inspired Many founders make reading a daily habit. Self-education helps you come up with new ideas and solve problems more quickly. Pro tip: Books aren't the only source of information. Connect with other entrepreneurs and help each other grow your businesses.
8. Subscriptions Pofeldt interviewed the founder of Soxy, a Canadian e-commerce store. They mail patterned socks monthly via subscription, while also selling individual pairs to non-subscribers. This model helps predict cash flow, especially when you aren't backed by funders.
7. Franchise / Licensing Model A. Brand ownership by one-person business B. Franchisees license brand name use C. Provide services under brand umbrella D. Clients interact with franchisee, pay them E. Brand earns portion of revenue Outcome: Mutual business growth and benefit!
One-person businesses prefer contractors over employees for several reasons: • No salary / office overhead • Employees in for the paycheck • Contractors driven to grow their business • Hence, they often do better work Next, we look at how you can take this one step further.
6. Eliminate, Automate, Delegate Successful solopreneurs • Eliminate low-impact tasks • Automate repetitive tasks • Delegate tasks they're not skilled in This way they free up time to double down on what works best (using the 80-20 rule).
5. Dodge Distractions Whenever a new idea catches your attention, ask yourself: • Will that benefit my business? • Would I lose the chance if I waited 6 months? If the answer is no, get back to it in half a year.
4. Build a Community Growing a community of like-minded people is the cornerstone of many one-person businesses. Pofeldt's advice: Understand which 1-2 platforms work best for you, and focus on those. Post regularly and engage with your followers. Consistency is key.
3. Fund Your Business After choosing a business idea, consider one of 4 typical funding ways: A. Side hustles B. Savings from day job C. Investors D. Other financing options To cut marketing costs and build credibility, solopreneurs also start leveraging social media early on.
2. Set a Holistic Vision Other than traditional work, running a one-person business will touch all areas of your life. So start thinking in a holistic way. Do you want • More money? • Flexible work hours? • An outlet for your ideas? • A way to connect with others?
1. Pursue Your Passion According to Pofeldt, million-dollar entrepreneurs only stick to something they are truly interested in. Passion drives business-growth. Ideally, choose a business venture at the intersection of your interests, expertise, and market demand!
There are 6 types of business categories that work well for solopreneurs: • E-commerce • Manufacturing • Informational content creation • Professional services • Personal services firms • Real estate How to pick the right one for you?
"The Million-Dollar, One-Person Business" In her book, journalist @ElainePofeldt shared how you can start and scale your own high-revenue business—with minimal overhead and no employees. Here are 10 key insights:
Back from Ecuador, and I'm rethinking profit's true meaning. The Amazon's devastation by oil industries is a wake-up call. This Earth Day let's shift to conscious capitalism, prioritizing sustainability over short-term gain and investing in a future where profit serves a greater…
7: Keep Learning and Improving Stay open to new ideas and feedback to keep growing. Continuous learning is essential for staying ahead in the ever-changing business world.
6: Form Strategic Partnerships Collaborate with other businesses that complement yours to reach new audiences and opportunities. Strategic partnerships can help your business grow faster and access new markets.
5: Diversify Income Streams Explore multiple ways to make money, such as selling products, offering consulting services, or joining affiliate programs. This reduces dependence on one income source and boosts financial stability.
4: Implement Scalable Systems Streamline your operations by automating tasks, outsourcing non-core activities, and leveraging technology. Efficiency is crucial for long-term success.
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