The Million $ — 1 Person Business

This is a book by author – Elaine Pofeldt & it primarily preaches about starting your own 1 person business and still yield around $1 Million in a year.

The fundamental goals are:

  • Make great money
  • Work the way you like
  • Have the life you want

The Core Idea of the book is:

  • Its easy for you i.e. yourself to start and setup an ultra-lean business
  • Being ONE and still generate an annual turnover of $1 million or more
  • 2015 census of USA there were more than 38,000 firms generated more than $1 Million in revenue with no employees other than the owner

Growing your business to 7 figures & beyond generally comes down to the same five basic types:

  1. Fund It
  2. Experiment, Iterate
  3. Amplify what works
  4. Build predictability
  5. Put systems in place

ULTRA LEAN BUSINESS

  1. As of 2010, 40% of all workers in the USA have chosen to forgo traditional secure jobs in favour of working for themselves. Armed with the right knowledge, tools & mindset, there’s no limit on what this growing group can create for themselves.
  2. The Internet is enabling individual entrepreneurs to connect with buyers. It has also opened up access to supply chains & provided capabilities & tools which were previously the sole domain of large corporations. It has become much easier to quickly set up a business’s legal structure, operations & distribution.
  3. Becoming self employed today offers 3 benefits:
    1. Control over your time
    2. Enough money to enjoy your work
    3. The independence to act as you like
  4. There are 6 categories of businesses which the majority of the successful ultra-lean one-person businesses have used:
    1. eCommerce
    2. Manufacturing
    3. Information Creation
    4. Professional Services
    5. Personal Services
    6. Real Estate
  5. All successful ultra-lean companies use:
    1. Outsourcing
    2. Automation
    3. Mobile Technologies — quite extensively to build, operate & grow their businesses.
  6. Methodology of successful ultra-lean businesses & the people who start them is that they all have:
    1. Identified a business idea which suits your skills, experience & interests
    2. Figure out how to launch it with as little startup money as possible
    3. Keep the business humming as you grow it, enjoy your life & give back
  7. The Million DOLLAR — 1 Person Business tend to share the following traits in common:
    1. Geekdom – Find an idea you are truly in love with
    2. Ditch the DIY – Do wha you do best ad outsource everything else
    3. Simplify – Your selling & your fulfilment systems
    4. Build a community – Find customers who share your passion
    5. See work differently – Revel in the fact you have choices, not orders from a boss.
  8. To achieve a turnover of $1 Million Plus with your 1 Person business, the key principles to apply are:
    1. Right-size your goals – Aim high but not so big it immobilises you.
    2. Clarify user value – Wha you can do to deliver value
    3. Know your tolerance for risk – How much investment you can put in?
    4. Get clear on what matters – Why you want to start a business?
    5. Consider all possibilities – There’s more ways to build a business than you might realise.
  9. How to make it happen?
    1. Fund it
    2. Experiment, Iterate
    3. Amplify what works
    4. Build Predictability
    5. Put systems in place
  10. Keep getting smarter
    1. Treat your business as a lab – and keep learning how to grow
    2. Stay focused – on where you add the most value
    3. Find help you can trust – outsource repetitive tasks so you can work smart & think strategically.
    4. Become an expert at A/B testing – let your customers help you grow
    5. Stay inspired – Always be on the lookout for fresh ideas.
  11. Realise & expand your vision:
    1. Retake your entrepreneurial temperature – ask whether your current efforts are heading in the direction you want to go
    2. Set some clear goals – And stay true to them until it makes sense to refresh them or evolve them.
    3. Consider whether you are prepared to reinvest in your business – simply want to keep it at its current size and operation