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The Million-Dollar, One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want.
The indispensable guide to earning a six-figure take-home income on your own terms, from Forbes.com contributing writer Elaine Pofeldt.
The rise of one-million-dollar, one-person businesses in the past five years is the biggest trend in employment today, offering the widest range of people the most ways to earn a living while having the lifestyles they want. In The Million-Dollar, One-Person Business , Elaine Pofeldt outlines the pathways to joining this entrepreneurial movement, synthesizing advice from hundreds of business owners who've done it. She explains how to identify, launch, grow, and reinvent the business, showing how a single individual can generate $1 million in revenue--something only larger small companies have done in the past. Both inspirational and practical, this book will appeal to all who seek a great worklife and a great lifestyle.
The rise of one-million-dollar, one-person businesses in the past five years is the biggest trend in employment today, offering the widest range of people the most ways to earn a living while having the lifestyles they want. In The Million-Dollar, One-Person Business , Elaine Pofeldt outlines the pathways to joining this entrepreneurial movement, synthesizing advice from hundreds of business owners who've done it. She explains how to identify, launch, grow, and reinvent the business, showing how a single individual can generate $1 million in revenue--something only larger small companies have done in the past. Both inspirational and practical, this book will appeal to all who seek a great worklife and a great lifestyle.
224 pages, Hardcover
First published January 2, 2018
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February 7, 2018
There's a big caveat to this otherwise great book and it's this: Margins.
I've run an owner-centric business that sold over a million dollars worth of services. And cost-of-delivery is ALWAYS always a big issue. How much do you keep? She talks about "fitness on the go" which is a licensed personal training outfit in Canada. She mentions an astonishing 4 million from a one-person business. But then as you read it, we learn that the affiliated trainers get 91% of the revenue, cutting the business down to an affair that's closer (with fees) to $500,000 +/-. This claim then is that there's a 1mm revenue load with 25% profit.
That's probably normal because Elaine is a veteran jounalist and writer and is used to the underlying assumptions of businesses with "normal" profit margins. 25% is a great margin, but this betrays the premise of the book somewhat.
There's another criticism that I'll share a little later on, too. This one is the reason it's a "4-star" and not 5-star business book.
///
That said, this book is a pleasure to read. You should read it if you like business books. It came to me in a point in my life where I was looking to simplify my outputs and deliverables. Over at my past business, I created unnecessary complexity. And I am looking to grow something without necessarily needing to build a team. So this book was recommended by a couple of friends and I grabbed it.
It's written by a real writer turned business advisor. The sentences are crisp and the stories are told with a journalistic flair. There is, in Elaine's book, a lot of respect for the audience of solopreneurs in the craft.
The book goes through a lot less "rah-rah" motivation than a lot of start-your-own deal books. It takes os through the stories of entrepreneurs that are in modern publishing, e-commerce, and other categories and talks a little bit about what's making their businesses work well. You get an overview of different business models, and one of them will likely "feel right."
That's welcome. And we learn how to pick a business, operate a business and to "retain data," in order to get smarter, and there are specific products recommended for e-commerce. Also welcome.
Another welcome part is that it doesn't shy away from some "businesses that never should have started in the first place." Cautionary tales are told about parent's money and the risks aren't covered. Keep the cash coming in.
The final point of criticism is this: scale is relative. There's an underlying, subtle assumption that a business must keep growing in size to be meaningful. This sort of marches to that hymn a little more than I'd like. A business SHOULD get better, but growth in terms of revenue isn't a prerequisite for that. And a reminder that when we own businesses WE should be in charge of our businesses.
That said, it's easy to be critical of a book. And I think that this is in the top 1% of books. I try to make a "useful" review so you'll understand what you're reading.
I've run an owner-centric business that sold over a million dollars worth of services. And cost-of-delivery is ALWAYS always a big issue. How much do you keep? She talks about "fitness on the go" which is a licensed personal training outfit in Canada. She mentions an astonishing 4 million from a one-person business. But then as you read it, we learn that the affiliated trainers get 91% of the revenue, cutting the business down to an affair that's closer (with fees) to $500,000 +/-. This claim then is that there's a 1mm revenue load with 25% profit.
That's probably normal because Elaine is a veteran jounalist and writer and is used to the underlying assumptions of businesses with "normal" profit margins. 25% is a great margin, but this betrays the premise of the book somewhat.
There's another criticism that I'll share a little later on, too. This one is the reason it's a "4-star" and not 5-star business book.
///
That said, this book is a pleasure to read. You should read it if you like business books. It came to me in a point in my life where I was looking to simplify my outputs and deliverables. Over at my past business, I created unnecessary complexity. And I am looking to grow something without necessarily needing to build a team. So this book was recommended by a couple of friends and I grabbed it.
It's written by a real writer turned business advisor. The sentences are crisp and the stories are told with a journalistic flair. There is, in Elaine's book, a lot of respect for the audience of solopreneurs in the craft.
The book goes through a lot less "rah-rah" motivation than a lot of start-your-own deal books. It takes os through the stories of entrepreneurs that are in modern publishing, e-commerce, and other categories and talks a little bit about what's making their businesses work well. You get an overview of different business models, and one of them will likely "feel right."
That's welcome. And we learn how to pick a business, operate a business and to "retain data," in order to get smarter, and there are specific products recommended for e-commerce. Also welcome.
Another welcome part is that it doesn't shy away from some "businesses that never should have started in the first place." Cautionary tales are told about parent's money and the risks aren't covered. Keep the cash coming in.
The final point of criticism is this: scale is relative. There's an underlying, subtle assumption that a business must keep growing in size to be meaningful. This sort of marches to that hymn a little more than I'd like. A business SHOULD get better, but growth in terms of revenue isn't a prerequisite for that. And a reminder that when we own businesses WE should be in charge of our businesses.
That said, it's easy to be critical of a book. And I think that this is in the top 1% of books. I try to make a "useful" review so you'll understand what you're reading.
February 19, 2018
What started off as an interesting and promising read quickly became a repetitive sharing of a couple of success stories. Very biased storytelling and very little insights on how to get started on a business.
Not the guidebook i was looking for.
Not the guidebook i was looking for.
January 21, 2018
A super practical guide to help you scale your one-person business into something more profitable. Small scale entrepreneurs will enjoy the breakdown of the seven most profitable one-person businesses. A great crash course for anyone who checks the "sole proprietor" box on your tax returns. If your idea is good and your expertise is real, but your profits are stagnating, read this book.
January 21, 2018
This book reminded me very much of Chris Guillebeau's Side Hustle except the entrepreneurs featured here have all hit the seven figure mark and do this full time. To be clear, while most of these were all one employee businesses, don't for a minute think any of these entrepreneurs hit one million in revenue without help - their help just came in the form of contractors. Lots of practical advice and business profiles here but perhaps the best part of the book are the Appendices which are packed with tips and exercises to help you find the right business idea for you as well as loads of resources, tools and books to help you start your business or increase it's productivity and help you get learner and meaner. A good, quick read.
November 24, 2018
I was shocked at how elementary this book was. 80% of it was stories about different small businesses - how they started, how they changed, how they grew, etc. I got nothing out of this, really. I'm not saying I'm smarter than the average person, but it was not enlightening for me at all. It was boring. I found myself struggling to want to read the book. I suppose the intent was that these stories would be inspiring, and maybe they were for some people. But.... what I was really hoping for was guidance on figuring out business ideas that would work for me. I was happy to find a couple of pages about this in the back of the book, but that was about it.
If you're sick of working for The Man inside a cubicle and are looking for some inspiration to go out on your own - and you have little to no business sense or experience - this book might be for you.
But if you've been around the block a few times.....you probably should skip this one.
If you're sick of working for The Man inside a cubicle and are looking for some inspiration to go out on your own - and you have little to no business sense or experience - this book might be for you.
But if you've been around the block a few times.....you probably should skip this one.
March 26, 2018
More and more people are turning to side hustles and entrepreneurship as an alternative (or in addition) to their day jobs. In my experience, stay-at-home moms are some of the best side-hustlers out there.
As a work-from-home mom myself, I’m always interested in books that discuss the entrepreneurial spirit, ideas, and tips for making the solopreneur lifestyle work. I’ve read quite a few books on this topic, and The Million-Dollar One-Person Business was a good addition to my collection.
The Strongest Aspect of this Book:
The stories that Elaine Pofeldt tells are fantastic. She uses examples of entrepreneurs who started one-person ventures and grew them into million-dollar businesses. Not all of them got things perfect on the first try, or even the second. But with some tweaking, the businesses she features all got their revenue up to a million dollars or more.
I loved the stories. They’re so inspiring. The other thing I loved is the statistics the author shared. She goes into the exact numbers of people who have been able to make the solopreneur lifestyle work. The choices they made, when/if to grow, and how they came up with their ideas.
The Downside to this Book:
Like many business books, the action items are vague. I’m a person that needs clear steps to follow — go here and do this. Instead, this book used general terms and broad advice. Good advice, but too broad for my taste.
Regardless, it’s a good book to read if you’re interested in entrepreneurship, starting a side hustle, or launching a one-person business. It introduces readers to a new way of looking at side hustles, how to get ideas, and how to fine-tune your idea.
Source: Thank you to the Blogging for Books program for sending me a copy of this book.
As a work-from-home mom myself, I’m always interested in books that discuss the entrepreneurial spirit, ideas, and tips for making the solopreneur lifestyle work. I’ve read quite a few books on this topic, and The Million-Dollar One-Person Business was a good addition to my collection.
The Strongest Aspect of this Book:
The stories that Elaine Pofeldt tells are fantastic. She uses examples of entrepreneurs who started one-person ventures and grew them into million-dollar businesses. Not all of them got things perfect on the first try, or even the second. But with some tweaking, the businesses she features all got their revenue up to a million dollars or more.
I loved the stories. They’re so inspiring. The other thing I loved is the statistics the author shared. She goes into the exact numbers of people who have been able to make the solopreneur lifestyle work. The choices they made, when/if to grow, and how they came up with their ideas.
The Downside to this Book:
Like many business books, the action items are vague. I’m a person that needs clear steps to follow — go here and do this. Instead, this book used general terms and broad advice. Good advice, but too broad for my taste.
Regardless, it’s a good book to read if you’re interested in entrepreneurship, starting a side hustle, or launching a one-person business. It introduces readers to a new way of looking at side hustles, how to get ideas, and how to fine-tune your idea.
Source: Thank you to the Blogging for Books program for sending me a copy of this book.
January 6, 2019
I liked;
Quick, light read
Inspiring stories of solo entrepreneurs in 6 industries that you want to look up to dive in deeper detail
Nice additional tools
Tone of voice
I didn’t like:
Paints a very romanticised picture of entrepreneurship, e.g. Focuses on revenue rather than profit.
Not very differentiated from similar books like 4 hour workweek, besides that it’s more inspiring with plenty of stories.
Sometimes comes across patronizing, with best intentions of course ‘google it and you’ll find it’
I wish:
Would love this book for the european market, to see the differences
Would rather recommend 4 hour work week, as it’s more practical, more direct and more hands-on
Quick, light read
Inspiring stories of solo entrepreneurs in 6 industries that you want to look up to dive in deeper detail
Nice additional tools
Tone of voice
I didn’t like:
Paints a very romanticised picture of entrepreneurship, e.g. Focuses on revenue rather than profit.
Not very differentiated from similar books like 4 hour workweek, besides that it’s more inspiring with plenty of stories.
Sometimes comes across patronizing, with best intentions of course ‘google it and you’ll find it’
I wish:
Would love this book for the european market, to see the differences
Would rather recommend 4 hour work week, as it’s more practical, more direct and more hands-on
July 8, 2018
I can't say I learned a lot of new stuff, but I read a lot of business books :) From an inspiration standpoint, this was a great, easy, quick read. I like that Elaine profiled multiple industries, people that opted to grow, stay small, sell, and/or pivot to fit their lifestyle. So much of purchasing is about the story and two of the companies profiled, Easy Lunch Boxes and Brooklinens I'm now going to be a customer of.
June 4, 2019
Had been meaning to read the book after listening to the author on the Tim Ferriss podcast. Did not get any value out of it. Rattles off "success" stories without diving deep into the elements that allowed individuals to scale their businesses. Also does not adequately differentiate between million-dollar profit businesses from million-dollar revenue businesses.
Much more of an "inspirational" book rather than a practical one. Would not recommend.
Much more of an "inspirational" book rather than a practical one. Would not recommend.
March 15, 2019
I love reading business books, but didn't feel as if I got anything new out of this. While I loved the stories the author highlighted, it didn't feel as if there were groundbreaking concrete, actionable steps or resources that went along with those highlights. Essentially, was a "meh" book. Sort of inspirational. Fast read. That's about it.
January 23, 2023
Mostly skimmed, not gonna lie. But I’m counting it as read bc I suffered thru too much of it 😅 I think I got one or two helpful little tidbits for my business but that’s it. I just can’t with these types of books and I don’t know when I’ll learn to not even bother 🙃
December 23, 2023
Overview:
Summary of small businesses that were initially started by just one person and mostly run by one full-time employee but almost all of them worked with other people to get their work done, which is just contradictory to the book’s title and its a testimony that no one person could run a $1M business for a long time, yet there are some useful information that’s been shared in the book which might help someone who wants to start a business.
My Notes & excerpts from the book:
“I realized how much more contractors and entrepreneurs are willing to do a better job for you,” says Dan Mezheritsky, thirty-three, founder and president of Fitness on the Go, a one-person in-home personal training franchise headquartered in Vancouver, Canada. “They are trying to help your business—and grow theirs—as opposed to an employee who is just there for a paycheck.” Fitness on the Go generated about $5.5 million in revenue in 2016, with $1.5 million of that for corporate headquarters alone and about 30% of the $1.5 million as profit.”
Fitness on the go numbers
“Jonathan Johnson, fifty-seven, worked in real estate finance until he foresaw the global financial collapse and started his business, DirectGov Source Inc., in Chico, California, as a new way of generating income. He generated $2.8 million in 2016 and turned a profit selling equipment like ballistic vests and riot helmets to law enforcement agencies and by creating another site that sells infection-exposure control kits to medical and home health-care facilities.”
DirectGov Source Inc
“You will learn a system to do three things:
1 Identify the high-revenue, one-person business best suited to your interests, skills, and experience from the five main types.
2 Launch the business successfully, no matter how little startup money you have, using low-cost and easily accessible distribution channels.
3 Keep the business humming so you can enjoy your life outside of work and give back.”
Ahaan
“Laszlo Nadler, thirty-six when I spoke with him, lives a life many dream of: he is on track to bring in more than $2 million a year in a profitable business that is a one-man show. Nadler runs a five-year-old online store, Tools4Wisdom”
Tools4Wisdom guy
“I realized after all of these years that it’s not time units we have, but attention units,” he says. “You may have three to four hours of true attention units per day.”
Time/Attention units
“Rebecca Krones, thirty-eight, and her husband, Luis Zevallos, fifty-four, run Tropical Traders Specialty Foods, a business in Oakland, California, that has generated more than $1 million a year selling organic honey through their website and various retail channels. Outsourcing the packing of the honey gives them plenty of time to spend with their two young children.”
Tropical traders speciality foods - organic honey numbers
“Cory Binsfield, fifty-two, brings in more than $1 million a year from the rent on 116 apartments he owns in Duluth, Minnesota. He bought his first property when he was a young financial planner, making barely $50,000 a year. At the time, he couldn’t get a bank loan, so he persuaded the owner to let him put down $5,000 and lend him the rest of the money to buy it. He slowly built the track record that enabled him to get a bank loan two years later and buy his next property—and many more after that. “I had it mapped out,” he explains. “Buy ten duplexes—ten two-families—and I could easily be a millionaire. I hit that target within five years.” And he just kept at it.”
RE entrepreneur
“Meghan Telpner, thirty-seven, runs MeghanTelpner.com, a wellness site, which she started nine years ago after recovering from an autoimmune disease that left her too ill to work in her advertising career. After completing her certification in holistic nutrition, she began teaching cooking classes in the Toronto loft where she lived. Three years ago, she took her classes online, launching the Academy of Culinary Nutrition (CulinaryNutrition.com), where she shares culinary training with nutritionists and others who are trying to eat healthy. Her business hit the $1 million mark one year after she launched her online school”
CulinaryNutrition numbers
“Kelly Lester, a mother of three who is in her fifties, owns EasyLunchboxes, which sells her bento box–style lunch-packing containers through a major internet marketplace and her own website, generating more than $1 million a year through this profitable venture. That gives her time for her other passion: acting in motion pictures, TV, and live theater. She recently made a deal to sell her lunchboxes in more than nine hundred Target stores across the country.”
EasyLunchboxes
��Sol Orwell, thirty-two, who lives in downtown Toronto, takes in a seven-figure revenue selling ebooks on nutritional supplements, which he hires expert contractors, such as nutrition researchers, to write. He sells them via a site called Examine.com. Orwell spends his abundant free time traveling the world. On an ordinary day when he is working at home, he satisfies his desire to be on the move by going for extended walks without feeling compelled to get back to his desk and actively earn more.”
Examine.com
“Unaware of what manufacturing the planners at home would actually entail, after seven to ten months, he realized that the DIY approach didn’t work for production either. “I created a printer farm to test my products,” he says. “I had twelve or fourteen high-end laser printers. Then came the holidays. While everyone was celebrating, I was creating my own one-person sweatshop. I finally found a reliable supplier. That’s when business took off.” The supplier was an online printing company.
Nadler’s efforts paid off, and now he is focused on growing his business. “If you can outsource your supply chain, you have almost unlimited scaling available,” he explains.”
Outsourcing
“Nadler turned to free digital tools to help him build a community around his planners. For instance, Facebook Audience Insights helped him get a detailed demographic profile of the buyers he needed to target; he discovered they were mostly middle-aged women. Armed with this information, he kept tinkering with his product descriptions and other marketing details until they were effective and sales took off”
Marketing tips
“The Gohs took a leap of faith and started The Local Fella in May 2016, leaving their jobs behind. They are Christians, and the decision followed “quite a bit of prayer,” says Martin. At the time of my most recent conversation with the Gohs, Carlene’s tumors had stabilized, but she still had cancer, and they had to be mindful of this.
They live in Singapore, and the business they ultimately started provides customized travel guides for visitors to Singapore, selling them for the price of a guidebook. Travelers complete a survey on their goals for their trip, and the Gohs help them plan it by tapping their local knowledge, saving their customers time on research and ensuring an insider travel experience”
Singapore Travellers guide business
“Joey Healy, twenty-nine, is a prime example. The New York City entrepreneur runs an eyebrow styling business called the Joey Healy Eyebrow Studio. He started the business by traveling on foot to the apartments of well-heeled Manhattanites to style their brows. While his customers had the means to pay him well—actresses such as Kyra Sedgewick have been clients—there was only so much he could charge for a styling, and his business model, built on traveling to clients’ locations, was not particularly efficient. He soon found himself working very long hours as he tried to grow the business. “I would book my day from 9 a.m. to 9 p.m. on Park Avenue,” he told me when we first spoke; he was then twenty-seven.
Healy eventually decided to open a private studio, where he charged $115 for a brow styling, and clients came to him. That made a difference, but his big breakthrough came when he negotiated a profit-sharing arrangement with a spa chain with four New York locations; he trained the chain’s stylists to use his methodology. Between the money he brought in from the spa chain and from selling his own line of brow makeup—made through an outsourced manufacturer—Healy broke $1 million a year without hiring any employees.
Healy is an example of how growing an ultra-lean business to seven-figure revenue can open unexpected opportunities. He could have easily kept his operation very small, like many freelancers in the beauty and fashion industries, simply by limiting the number of customers he served. Not long after he broke $1 million, however, he made the decision to keep growing the business. It had begun to take off so quickly that he hired an assistant to handle tasks such as filling web and wholesale orders, creating marketing newsletters, and scheduling. He soon moved his private studio to a much larger, one-thousand-square-foot ground level location in prime real estate at University Place in Manhattan, where it has been based since late 2015. “This was a big go-big-or-go-home moment for me,” he says. His rent was six time higher than in his previous location. To make the most of his investment, he expanded his current staff to include five other people—a process that was not without bumps. “Many came and went before we got the ideal staff combination down,” he told me.”
Eye brow styling business
“Investing in property management software made it easier to field requests from tenants and send them off to the contractor. “I’m like the conductor of the orchestra,” he says.”
R&D on PM apps
“Boris Vaisman, thirty, and his brother Albert, twenty-four, who run the internet retailer Soxy.com, a Toronto-based e-commerce business that earned seven-figure revenue and turned a profit in its first year by liberating men from personality-stifling office dress codes. They ship uniquely patterned, high-quality socks to customers’ mailboxes each month through a subscription service and also sell socks to nonsubscribers by the single pair. “It’s really hard for men to get noticed,” says Boris. “There’s no better way than a funky, bold pair of socks.”
Socks business
“One thing that has enabled them to weather the unexpected is keeping their costs down. Instead of running their own packing facility, the couple hires a company known as a copacker to package the honey in compliance with rigorous food certification standards. Krones, who has worked closely with an advisor from her local Small Business Development Center to grow the business, says using the copacker represents about 16% of the cost of goods sold, a figure that varies with the size of a run, but it’s worth it.”
Honey packing outsourcing
“Often the founders of these businesses started them because they were looking for information they wanted but couldn’t find. Sol Orwell, for instance, started Examine.com six years ago because he had a goal many people share: he wanted to slim down. He started researching nutritional supplements that would help with that goal. “There is all of this research out there on supplementation but no organization putting it together,” he observed. By selling to that unmet interest, he realized he could build a thriving business”
Examine.com to get slim
“He began relying on Infusionsoft, a customer relationship management software, to manage communications with customers and mailings. “We were able to automate everything on our website,” he says. ”
InfusionSoft CRM
“Mezheritsky decided to start over, using a franchise/licensing model. He began licensing the right to use the company’s brand name to individual trainers. They liked being part of a brand that handles things like advertising and social media and had built both strong relationships with personal training schools and certification bodies in its industry, and a track record of delivering a consistent experience that its fans really like—value that, even in a relatively young business, he was able to deliver effectively. “A lot of personal trainers would love to be entrepreneurs,” he says. The company sets prices and trainers receive about 91% of their clients’ fees. And they pay Fitness on the Go $400 a month, for which they receive services, including business management help, continuing education, and back-end infrastructure support. The business has thirteen franchise partners in Canada, who recruit and manage trainers in their area”
Licensing model for fitness
“Mezheritsky’s secret to growing the business without formal employees is customized software that automates many functions. The software, which cost him about $25,000 to get up and running, enables clients to log into the company’s computer system and see the homework that their trainers have assigned, among other functions. But more important, he says, is the fact that it is a full education platform for trainers, a customer relationship management system that allows them to keep in touch with clients, a billing system, and home to a client rewards program—simplifying many aspects of business for the trainers. The system, in which he has gradually invested about $250,000 in total, is so important to the business that he pays a developer $1,000 a month to keep editing it. “We’ve licensed it to other companies,” he says. “As soon as they see it, they want it.”
CRM for fitness ed platform
“Rich and Vicki Fulop realized this early on. The married couple run Brooklinen”
Linen bedsheet business
“The world of social media is ever changing—and it’s important to keep up. Although many bloggers Lester knows still post regularly on relevant topics, including lunch packing, some have slowed down. “With Instagram and Pinterest, many people are cutting to the chase and only posting pictures and commentary,” says Lester.
Making the most of influencers’ visual social media has helped Lester spread the word. Avid foodie moms often share pictures on Pinterest and Instagram of the photogenic meals they pack in her lunchboxes—and she, in turn, promotes these images. “I got lucky,” she says. “People take pictures of what they are eating.” She also reaches out to YouTube video bloggers. Such efforts have helped her become one of the top lunchbox sellers on the giant retail site where she runs her store.”
Story of how a lunchbox could be marketed
“After Tecovas made its first $100,000 in sales, Hedrick brought in an equity partner—Branden Windle, a friend who worked for an angel investor. His partner’s focus on growth and marketing has helped Hedrick accelerate the company’s progress. He says, “My philosophy was, we needed to prove we can get real traction.”
Story of a boot seller
“ PPEKits.com, which focuses solely on protective gear.”
Police helmets & shields business
“ one great way to rustle up cash is by entering business plan competitions that offer prize money. Local competitions take place in many areas and are often connected with universities in the area. Sites such as BizPlanCompetitions (bizplancompetitions.com) can help you find contests you may qualify for. I know a number of entrepreneurs who make it a regular habit to enter such competitions. Those with great business plans often rack up multiple wins—and prize money that doesn’t have to be paid back. (You will have to pay taxes on it, so make sure you get advice from your accountant on how much to set aside.) Some of the prizes can be quite substantial and even into the six-figure range. In some cases, winners may have to provide the sponsors with equity, so make sure you know what you would be giving up before you enter.”
Businessplan competitions
“Using social media has helped Lester amplify her message in innumerable ways. When she first started EasyLunchboxes, she often poked around in search engines for mentions of lunch containers and lunch boxes to see which brands had the best internet presence. She discovered that the brands ranked highest in Google often got mentioned in independent blogs. “I learned that if you can get social media mentions and links back to your website, Google recognizes those things,” she says. That, in turn, pulls the website higher in search engine results pages, she found”
Note on SEO
“As your revenue grows, you’ll also need good advice on the ideal business structure to minimize your taxes. Many people start sole proprietorships as LLCs because it’s easy to do so. However, as their revenue grows, it sometimes makes sense to transition from paying taxes as an LLC to doing so as an S Corporation. Although there are added record-keeping burdens to maintaining S Corp status, many owners experience significant tax savings. It is best to get advice on this sooner rather than later, especially if your business is growing quickly. “It was the best move I ever made,” says Jonathan Johnson, who transitioned to an S Corp three years ago. Although the year he made the changes was challenging because of the paperwork and associated costs, he says, “It really made a difference”
Tax benefits while transitioning from a LLC
“The processing fee for many cards is 2.5%. “If you have a 2% margin in your business, being paid by credit card wipes out your margin,” notes Kurrasch. “If your business has a 50% margin, it’s affordable to take a credit card to get paid.” Some accounting software programs, such as FreshBooks and QuickBooks, allow you to manually check a box offering the option to pay by credit cards, so take advantage of it. It allows you the option of offering credit card payments only when necessary”
Credit card option in payment apps like FreshBooks
“PAY YOUR BILLS MORE SLOWLY”
“REDUCE YOUR NEED FOR INVENTORY”
“KEEP SOME CASH RESERVES”
“Paladini’s quest began in 2014, when he began research and development into how to do business online in the mattress industry. He realized there was an opportunity to join the competitive bed-in-a-box industry, where mattresses are compressed into very small boxes and sold online. He studied publications like PracticalEcommerce for ideas.”
PracticalEcommerce for ideas?
“a web-based call center using a provider called Talkdesk”
Talkdesk, a web based customer service provider
“Game Deal Daily”
Classic games reselling business
“Splitly to do his A/B testing”
A/B testing company
“There are many tools for A/B testing. Nadler likes Splitly (splitly.com). Other options include Optimizely (optimizely.com), VWO (vwo.com), and Google Analytics Content Experiments (https://support.google.com/analytics...), part of Google Analytics. Try several options—often there are free trials—before you commit. Your A/B testing tool will only help you if you actually use it, so unless you’re a techie, the best tool may be the one that’s easiest and most intuitive for you”
A/B testing tools
Summary of small businesses that were initially started by just one person and mostly run by one full-time employee but almost all of them worked with other people to get their work done, which is just contradictory to the book’s title and its a testimony that no one person could run a $1M business for a long time, yet there are some useful information that’s been shared in the book which might help someone who wants to start a business.
My Notes & excerpts from the book:
“I realized how much more contractors and entrepreneurs are willing to do a better job for you,” says Dan Mezheritsky, thirty-three, founder and president of Fitness on the Go, a one-person in-home personal training franchise headquartered in Vancouver, Canada. “They are trying to help your business—and grow theirs—as opposed to an employee who is just there for a paycheck.” Fitness on the Go generated about $5.5 million in revenue in 2016, with $1.5 million of that for corporate headquarters alone and about 30% of the $1.5 million as profit.”
Fitness on the go numbers
“Jonathan Johnson, fifty-seven, worked in real estate finance until he foresaw the global financial collapse and started his business, DirectGov Source Inc., in Chico, California, as a new way of generating income. He generated $2.8 million in 2016 and turned a profit selling equipment like ballistic vests and riot helmets to law enforcement agencies and by creating another site that sells infection-exposure control kits to medical and home health-care facilities.”
DirectGov Source Inc
“You will learn a system to do three things:
1 Identify the high-revenue, one-person business best suited to your interests, skills, and experience from the five main types.
2 Launch the business successfully, no matter how little startup money you have, using low-cost and easily accessible distribution channels.
3 Keep the business humming so you can enjoy your life outside of work and give back.”
Ahaan
“Laszlo Nadler, thirty-six when I spoke with him, lives a life many dream of: he is on track to bring in more than $2 million a year in a profitable business that is a one-man show. Nadler runs a five-year-old online store, Tools4Wisdom”
Tools4Wisdom guy
“I realized after all of these years that it’s not time units we have, but attention units,” he says. “You may have three to four hours of true attention units per day.”
Time/Attention units
“Rebecca Krones, thirty-eight, and her husband, Luis Zevallos, fifty-four, run Tropical Traders Specialty Foods, a business in Oakland, California, that has generated more than $1 million a year selling organic honey through their website and various retail channels. Outsourcing the packing of the honey gives them plenty of time to spend with their two young children.”
Tropical traders speciality foods - organic honey numbers
“Cory Binsfield, fifty-two, brings in more than $1 million a year from the rent on 116 apartments he owns in Duluth, Minnesota. He bought his first property when he was a young financial planner, making barely $50,000 a year. At the time, he couldn’t get a bank loan, so he persuaded the owner to let him put down $5,000 and lend him the rest of the money to buy it. He slowly built the track record that enabled him to get a bank loan two years later and buy his next property—and many more after that. “I had it mapped out,” he explains. “Buy ten duplexes—ten two-families—and I could easily be a millionaire. I hit that target within five years.” And he just kept at it.”
RE entrepreneur
“Meghan Telpner, thirty-seven, runs MeghanTelpner.com, a wellness site, which she started nine years ago after recovering from an autoimmune disease that left her too ill to work in her advertising career. After completing her certification in holistic nutrition, she began teaching cooking classes in the Toronto loft where she lived. Three years ago, she took her classes online, launching the Academy of Culinary Nutrition (CulinaryNutrition.com), where she shares culinary training with nutritionists and others who are trying to eat healthy. Her business hit the $1 million mark one year after she launched her online school”
CulinaryNutrition numbers
“Kelly Lester, a mother of three who is in her fifties, owns EasyLunchboxes, which sells her bento box–style lunch-packing containers through a major internet marketplace and her own website, generating more than $1 million a year through this profitable venture. That gives her time for her other passion: acting in motion pictures, TV, and live theater. She recently made a deal to sell her lunchboxes in more than nine hundred Target stores across the country.”
EasyLunchboxes
��Sol Orwell, thirty-two, who lives in downtown Toronto, takes in a seven-figure revenue selling ebooks on nutritional supplements, which he hires expert contractors, such as nutrition researchers, to write. He sells them via a site called Examine.com. Orwell spends his abundant free time traveling the world. On an ordinary day when he is working at home, he satisfies his desire to be on the move by going for extended walks without feeling compelled to get back to his desk and actively earn more.”
Examine.com
“Unaware of what manufacturing the planners at home would actually entail, after seven to ten months, he realized that the DIY approach didn’t work for production either. “I created a printer farm to test my products,” he says. “I had twelve or fourteen high-end laser printers. Then came the holidays. While everyone was celebrating, I was creating my own one-person sweatshop. I finally found a reliable supplier. That’s when business took off.” The supplier was an online printing company.
Nadler’s efforts paid off, and now he is focused on growing his business. “If you can outsource your supply chain, you have almost unlimited scaling available,” he explains.”
Outsourcing
“Nadler turned to free digital tools to help him build a community around his planners. For instance, Facebook Audience Insights helped him get a detailed demographic profile of the buyers he needed to target; he discovered they were mostly middle-aged women. Armed with this information, he kept tinkering with his product descriptions and other marketing details until they were effective and sales took off”
Marketing tips
“The Gohs took a leap of faith and started The Local Fella in May 2016, leaving their jobs behind. They are Christians, and the decision followed “quite a bit of prayer,” says Martin. At the time of my most recent conversation with the Gohs, Carlene’s tumors had stabilized, but she still had cancer, and they had to be mindful of this.
They live in Singapore, and the business they ultimately started provides customized travel guides for visitors to Singapore, selling them for the price of a guidebook. Travelers complete a survey on their goals for their trip, and the Gohs help them plan it by tapping their local knowledge, saving their customers time on research and ensuring an insider travel experience”
Singapore Travellers guide business
“Joey Healy, twenty-nine, is a prime example. The New York City entrepreneur runs an eyebrow styling business called the Joey Healy Eyebrow Studio. He started the business by traveling on foot to the apartments of well-heeled Manhattanites to style their brows. While his customers had the means to pay him well—actresses such as Kyra Sedgewick have been clients—there was only so much he could charge for a styling, and his business model, built on traveling to clients’ locations, was not particularly efficient. He soon found himself working very long hours as he tried to grow the business. “I would book my day from 9 a.m. to 9 p.m. on Park Avenue,” he told me when we first spoke; he was then twenty-seven.
Healy eventually decided to open a private studio, where he charged $115 for a brow styling, and clients came to him. That made a difference, but his big breakthrough came when he negotiated a profit-sharing arrangement with a spa chain with four New York locations; he trained the chain’s stylists to use his methodology. Between the money he brought in from the spa chain and from selling his own line of brow makeup—made through an outsourced manufacturer—Healy broke $1 million a year without hiring any employees.
Healy is an example of how growing an ultra-lean business to seven-figure revenue can open unexpected opportunities. He could have easily kept his operation very small, like many freelancers in the beauty and fashion industries, simply by limiting the number of customers he served. Not long after he broke $1 million, however, he made the decision to keep growing the business. It had begun to take off so quickly that he hired an assistant to handle tasks such as filling web and wholesale orders, creating marketing newsletters, and scheduling. He soon moved his private studio to a much larger, one-thousand-square-foot ground level location in prime real estate at University Place in Manhattan, where it has been based since late 2015. “This was a big go-big-or-go-home moment for me,” he says. His rent was six time higher than in his previous location. To make the most of his investment, he expanded his current staff to include five other people—a process that was not without bumps. “Many came and went before we got the ideal staff combination down,” he told me.”
Eye brow styling business
“Investing in property management software made it easier to field requests from tenants and send them off to the contractor. “I’m like the conductor of the orchestra,” he says.”
R&D on PM apps
“Boris Vaisman, thirty, and his brother Albert, twenty-four, who run the internet retailer Soxy.com, a Toronto-based e-commerce business that earned seven-figure revenue and turned a profit in its first year by liberating men from personality-stifling office dress codes. They ship uniquely patterned, high-quality socks to customers’ mailboxes each month through a subscription service and also sell socks to nonsubscribers by the single pair. “It’s really hard for men to get noticed,” says Boris. “There’s no better way than a funky, bold pair of socks.”
Socks business
“One thing that has enabled them to weather the unexpected is keeping their costs down. Instead of running their own packing facility, the couple hires a company known as a copacker to package the honey in compliance with rigorous food certification standards. Krones, who has worked closely with an advisor from her local Small Business Development Center to grow the business, says using the copacker represents about 16% of the cost of goods sold, a figure that varies with the size of a run, but it’s worth it.”
Honey packing outsourcing
“Often the founders of these businesses started them because they were looking for information they wanted but couldn’t find. Sol Orwell, for instance, started Examine.com six years ago because he had a goal many people share: he wanted to slim down. He started researching nutritional supplements that would help with that goal. “There is all of this research out there on supplementation but no organization putting it together,” he observed. By selling to that unmet interest, he realized he could build a thriving business”
Examine.com to get slim
“He began relying on Infusionsoft, a customer relationship management software, to manage communications with customers and mailings. “We were able to automate everything on our website,” he says. ”
InfusionSoft CRM
“Mezheritsky decided to start over, using a franchise/licensing model. He began licensing the right to use the company’s brand name to individual trainers. They liked being part of a brand that handles things like advertising and social media and had built both strong relationships with personal training schools and certification bodies in its industry, and a track record of delivering a consistent experience that its fans really like—value that, even in a relatively young business, he was able to deliver effectively. “A lot of personal trainers would love to be entrepreneurs,” he says. The company sets prices and trainers receive about 91% of their clients’ fees. And they pay Fitness on the Go $400 a month, for which they receive services, including business management help, continuing education, and back-end infrastructure support. The business has thirteen franchise partners in Canada, who recruit and manage trainers in their area”
Licensing model for fitness
“Mezheritsky’s secret to growing the business without formal employees is customized software that automates many functions. The software, which cost him about $25,000 to get up and running, enables clients to log into the company’s computer system and see the homework that their trainers have assigned, among other functions. But more important, he says, is the fact that it is a full education platform for trainers, a customer relationship management system that allows them to keep in touch with clients, a billing system, and home to a client rewards program—simplifying many aspects of business for the trainers. The system, in which he has gradually invested about $250,000 in total, is so important to the business that he pays a developer $1,000 a month to keep editing it. “We’ve licensed it to other companies,” he says. “As soon as they see it, they want it.”
CRM for fitness ed platform
“Rich and Vicki Fulop realized this early on. The married couple run Brooklinen”
Linen bedsheet business
“The world of social media is ever changing—and it’s important to keep up. Although many bloggers Lester knows still post regularly on relevant topics, including lunch packing, some have slowed down. “With Instagram and Pinterest, many people are cutting to the chase and only posting pictures and commentary,” says Lester.
Making the most of influencers’ visual social media has helped Lester spread the word. Avid foodie moms often share pictures on Pinterest and Instagram of the photogenic meals they pack in her lunchboxes—and she, in turn, promotes these images. “I got lucky,” she says. “People take pictures of what they are eating.” She also reaches out to YouTube video bloggers. Such efforts have helped her become one of the top lunchbox sellers on the giant retail site where she runs her store.”
Story of how a lunchbox could be marketed
“After Tecovas made its first $100,000 in sales, Hedrick brought in an equity partner—Branden Windle, a friend who worked for an angel investor. His partner’s focus on growth and marketing has helped Hedrick accelerate the company’s progress. He says, “My philosophy was, we needed to prove we can get real traction.”
Story of a boot seller
“ PPEKits.com, which focuses solely on protective gear.”
Police helmets & shields business
“ one great way to rustle up cash is by entering business plan competitions that offer prize money. Local competitions take place in many areas and are often connected with universities in the area. Sites such as BizPlanCompetitions (bizplancompetitions.com) can help you find contests you may qualify for. I know a number of entrepreneurs who make it a regular habit to enter such competitions. Those with great business plans often rack up multiple wins—and prize money that doesn’t have to be paid back. (You will have to pay taxes on it, so make sure you get advice from your accountant on how much to set aside.) Some of the prizes can be quite substantial and even into the six-figure range. In some cases, winners may have to provide the sponsors with equity, so make sure you know what you would be giving up before you enter.”
Businessplan competitions
“Using social media has helped Lester amplify her message in innumerable ways. When she first started EasyLunchboxes, she often poked around in search engines for mentions of lunch containers and lunch boxes to see which brands had the best internet presence. She discovered that the brands ranked highest in Google often got mentioned in independent blogs. “I learned that if you can get social media mentions and links back to your website, Google recognizes those things,” she says. That, in turn, pulls the website higher in search engine results pages, she found”
Note on SEO
“As your revenue grows, you’ll also need good advice on the ideal business structure to minimize your taxes. Many people start sole proprietorships as LLCs because it’s easy to do so. However, as their revenue grows, it sometimes makes sense to transition from paying taxes as an LLC to doing so as an S Corporation. Although there are added record-keeping burdens to maintaining S Corp status, many owners experience significant tax savings. It is best to get advice on this sooner rather than later, especially if your business is growing quickly. “It was the best move I ever made,” says Jonathan Johnson, who transitioned to an S Corp three years ago. Although the year he made the changes was challenging because of the paperwork and associated costs, he says, “It really made a difference”
Tax benefits while transitioning from a LLC
“The processing fee for many cards is 2.5%. “If you have a 2% margin in your business, being paid by credit card wipes out your margin,” notes Kurrasch. “If your business has a 50% margin, it’s affordable to take a credit card to get paid.” Some accounting software programs, such as FreshBooks and QuickBooks, allow you to manually check a box offering the option to pay by credit cards, so take advantage of it. It allows you the option of offering credit card payments only when necessary”
Credit card option in payment apps like FreshBooks
“PAY YOUR BILLS MORE SLOWLY”
“REDUCE YOUR NEED FOR INVENTORY”
“KEEP SOME CASH RESERVES”
“Paladini’s quest began in 2014, when he began research and development into how to do business online in the mattress industry. He realized there was an opportunity to join the competitive bed-in-a-box industry, where mattresses are compressed into very small boxes and sold online. He studied publications like PracticalEcommerce for ideas.”
PracticalEcommerce for ideas?
“a web-based call center using a provider called Talkdesk”
Talkdesk, a web based customer service provider
“Game Deal Daily”
Classic games reselling business
“Splitly to do his A/B testing”
A/B testing company
“There are many tools for A/B testing. Nadler likes Splitly (splitly.com). Other options include Optimizely (optimizely.com), VWO (vwo.com), and Google Analytics Content Experiments (https://support.google.com/analytics...), part of Google Analytics. Try several options—often there are free trials—before you commit. Your A/B testing tool will only help you if you actually use it, so unless you’re a techie, the best tool may be the one that’s easiest and most intuitive for you”
A/B testing tools
February 21, 2018
Good for keeping up the motivation.
December 27, 2019
Good easy read for anyone thinking of starting an online business. Gives several examples of successful entrepreneurs and their path to success.
February 8, 2019
Book Review – The Million Dollar One Person Business
“Uncovering an idea that you will enjoy thinking about every day - whether that is when you are writing copy for your website or answering a customer's question about it - is the secret. Of course, you need to do your market research to make sure there are other people interested in buying what you plan to sell. You can't build a million-dollar, one-person business around a passion that only ten people on the planet share, unless you have achieved such elite status in your niche that people will be willing to pay you very high prices.”
Pros:
Case studies
Simple
Inspiring – just due to relevance/repetition
Cons:
Average writing
No depth
Repetition
Does what it says on the tin – profiles of owners who have built lean one-person businesses that have reached 1M in revenue.
1. The million-dollar, one-person revolution
Common categories
a. Ecommerce
b. Manufacturing
c. Information content creation
d. Professional services
e. Personal services
f. Real estate
Why people do it (freedom, security etc)
2. What makes million-dollar one-person businesses work
a. Geekdom – loving the topic
b. Ditch the DIY – outsource and automate well
c. Simplify selling and fulfilment – don’t try to be everything
d. Nurture a community – don’t compete on price but build a community who love your products and ideas.
3. What business could you start
a. Right size your goals – decide how big you want to grow the biz, yourself. Don’t be influenced by others.
b. Identify passion and value – what do you love doing and how can you uniquely bring value to people.
c. How much investment can you risk?
d. Get clear on what matters – decide on what you really want from your business and build it that way (time freedom, etc)
e. Consider the possibilities – goes into detail on the six common categories for 1M businesses.
Identify where your passion meets the market – market test.
4. Make it happen
a. Financing options
b. Ask your target customers and listen to them – iterate to provide them what they want.
c. Evolve presentation.
d. Price right for perceived value – sometimes smaller lower priced packages will work better
e. Social Advertising – Facebook/google – pick the right one for your target market.
f. Use a major online retailer – amazon etc
g. Get an accountant.
h. Manage cashflow – speed incoming payments, delay outgoing payments, reduce inventory (drop ship), keep savings.
i. Put the right systems in place for growth.
j. Remove barriers to buy – mattresses = 100 days risk free trial.
k. Increase customer reviews
l. Create a scalable product or service – shouldn’t be time based/limited.
5. Keep getting smarter
a. Its your business lab – experiment & iterate
b. Stay focussed on the right work.
c. Find help you can trust
6. Realise and reset your vision
a. Retake your entrepreneurial temperature – review semi-regularly what you want from the biz, iterate accordingly.
b. Stay true to your evolving goals – don’t listen to others (you should raise capital etc).
c. Dodge distractions – don’t always chase the shiny opportunities.
“Uncovering an idea that you will enjoy thinking about every day - whether that is when you are writing copy for your website or answering a customer's question about it - is the secret. Of course, you need to do your market research to make sure there are other people interested in buying what you plan to sell. You can't build a million-dollar, one-person business around a passion that only ten people on the planet share, unless you have achieved such elite status in your niche that people will be willing to pay you very high prices.”
Pros:
Case studies
Simple
Inspiring – just due to relevance/repetition
Cons:
Average writing
No depth
Repetition
Does what it says on the tin – profiles of owners who have built lean one-person businesses that have reached 1M in revenue.
1. The million-dollar, one-person revolution
Common categories
a. Ecommerce
b. Manufacturing
c. Information content creation
d. Professional services
e. Personal services
f. Real estate
Why people do it (freedom, security etc)
2. What makes million-dollar one-person businesses work
a. Geekdom – loving the topic
b. Ditch the DIY – outsource and automate well
c. Simplify selling and fulfilment – don’t try to be everything
d. Nurture a community – don’t compete on price but build a community who love your products and ideas.
3. What business could you start
a. Right size your goals – decide how big you want to grow the biz, yourself. Don’t be influenced by others.
b. Identify passion and value – what do you love doing and how can you uniquely bring value to people.
c. How much investment can you risk?
d. Get clear on what matters – decide on what you really want from your business and build it that way (time freedom, etc)
e. Consider the possibilities – goes into detail on the six common categories for 1M businesses.
Identify where your passion meets the market – market test.
4. Make it happen
a. Financing options
b. Ask your target customers and listen to them – iterate to provide them what they want.
c. Evolve presentation.
d. Price right for perceived value – sometimes smaller lower priced packages will work better
e. Social Advertising – Facebook/google – pick the right one for your target market.
f. Use a major online retailer – amazon etc
g. Get an accountant.
h. Manage cashflow – speed incoming payments, delay outgoing payments, reduce inventory (drop ship), keep savings.
i. Put the right systems in place for growth.
j. Remove barriers to buy – mattresses = 100 days risk free trial.
k. Increase customer reviews
l. Create a scalable product or service – shouldn’t be time based/limited.
5. Keep getting smarter
a. Its your business lab – experiment & iterate
b. Stay focussed on the right work.
c. Find help you can trust
6. Realise and reset your vision
a. Retake your entrepreneurial temperature – review semi-regularly what you want from the biz, iterate accordingly.
b. Stay true to your evolving goals – don’t listen to others (you should raise capital etc).
c. Dodge distractions – don’t always chase the shiny opportunities.
July 25, 2018
Great overview for new entrepreneurs or those considering entrepreneurship. This book offers some creative examples of micro business owners making it work. Rating it a 3 because there was nothing new for me here given I’ve been a one-person business owner for 10 years.
January 20, 2020
Here's the thing about this book:
You're not getting a how-to. You're not even really getting in depth case studies; there's an overview of five common fields people make their businesses in, and there are some case studies, but these are very cursory overviews. Hey look, this couple's family has beehives - they started exporting honey. This guy started a custom planner business. This guy really liked boots, and decided he would start selling boots. Some of them would be great to get a more detailed breakdown of what, precisely, they did. You don't get that, so the book isn't terribly actionable.
But, deeper than that, there's a deep seeded philosophical tension to this book. The author crows about how more and more people are self employed (they're "reaping the benefits of this new economy", except it doesn't bother to acknowledge how many of those self employed people are gig workers or independent contractors without the stability or benefits of a typical full time job). The author also loves to tote just how big it is these people do this *without any employees*. They do it themselves.
And yet in literally every single example given, a common constant is eventually people started hiring contractors. Philosophically, it's hard for me to accept a book that is *constantly* raving how these people do this *on their own when* 1) they don't, they do, in fact, have hired work, and 2) that said work is propping up the very system that causes this instability to begin with.
That said, my philosophical qualms are my own. Practically speaking, if this book is around and you can pick it up for cheap, it's not a BAD read. There were not any actionable take-aways though, so I'm not bothering to get it for my reference shelf.
You're not getting a how-to. You're not even really getting in depth case studies; there's an overview of five common fields people make their businesses in, and there are some case studies, but these are very cursory overviews. Hey look, this couple's family has beehives - they started exporting honey. This guy started a custom planner business. This guy really liked boots, and decided he would start selling boots. Some of them would be great to get a more detailed breakdown of what, precisely, they did. You don't get that, so the book isn't terribly actionable.
But, deeper than that, there's a deep seeded philosophical tension to this book. The author crows about how more and more people are self employed (they're "reaping the benefits of this new economy", except it doesn't bother to acknowledge how many of those self employed people are gig workers or independent contractors without the stability or benefits of a typical full time job). The author also loves to tote just how big it is these people do this *without any employees*. They do it themselves.
And yet in literally every single example given, a common constant is eventually people started hiring contractors. Philosophically, it's hard for me to accept a book that is *constantly* raving how these people do this *on their own when* 1) they don't, they do, in fact, have hired work, and 2) that said work is propping up the very system that causes this instability to begin with.
That said, my philosophical qualms are my own. Practically speaking, if this book is around and you can pick it up for cheap, it's not a BAD read. There were not any actionable take-aways though, so I'm not bothering to get it for my reference shelf.
December 29, 2018
This book provides a lot of inspiration for people that want to be a solopreneur or run a million dollar business. It is not a how-to manual.
I think of it this way -- not all of us want to work for corporations nor do we want to start a billion dollar business with zillions of employees to worry about. This book shows that is possible to make that happen. You can run a small business by yourself and still meet all of your financial dreams. You are most likely going to need to outsource, but it is possible if you are willing to invest the time and energy.
You will have to have some basic knowledge of drop-shipping, shopify or a fulfilled by amazon business in order to mimic some of the stories in this book.
If you've run a blog or a small online business before, you should be able to understand the insights in this book. If you are looking for a step-by-step guide to becoming a millionaire this book isn't for you.
I think of it this way -- not all of us want to work for corporations nor do we want to start a billion dollar business with zillions of employees to worry about. This book shows that is possible to make that happen. You can run a small business by yourself and still meet all of your financial dreams. You are most likely going to need to outsource, but it is possible if you are willing to invest the time and energy.
You will have to have some basic knowledge of drop-shipping, shopify or a fulfilled by amazon business in order to mimic some of the stories in this book.
If you've run a blog or a small online business before, you should be able to understand the insights in this book. If you are looking for a step-by-step guide to becoming a millionaire this book isn't for you.
June 10, 2019
So what was my expectation on deciding to read this? Inspiration for one of course, but then I want some actionable ideas.
To sum up what I took away, yes, there are a lot of people doing $1M+ one person businesses, and thus it is not as statistically blind to be one as it is to assume you can be the next Zuckerberg.
Then, there are a set of 5 key areas you should explore: content, ecommerce, rental income, professional services -- and there should be one more but it didn't make much of an impact.
Then, you can do a lot with gig work, outsourcing, etc. --> read 4-hour workweek for this it covered it oh so much better.
Then, there are lots of partners like Amazon (for Pofeldt it was he-that-shall-not-be-named throughout the book. Duh, we know who you were talking about and the refusal to say the name was obvious)
That was about it. Tim Ferris covered the subjects here much better, so as a recommendation I'd go there.
To sum up what I took away, yes, there are a lot of people doing $1M+ one person businesses, and thus it is not as statistically blind to be one as it is to assume you can be the next Zuckerberg.
Then, there are a set of 5 key areas you should explore: content, ecommerce, rental income, professional services -- and there should be one more but it didn't make much of an impact.
Then, you can do a lot with gig work, outsourcing, etc. --> read 4-hour workweek for this it covered it oh so much better.
Then, there are lots of partners like Amazon (for Pofeldt it was he-that-shall-not-be-named throughout the book. Duh, we know who you were talking about and the refusal to say the name was obvious)
That was about it. Tim Ferris covered the subjects here much better, so as a recommendation I'd go there.
March 1, 2018
This is a good starter book for those completely green to business or being self employed/entrepreneur. However if you've been in the game for years or are an avid reader of business publications like Entrepreneur magazine, Inc, Fast Company or if you listen to the various business related podcasts that are out there none of this information will be new to you. The book gets repetitive on highlighting similar traits between various millionaire business owners who run a "lean" operation (meaning little resources such as employees). I feel like as a result the book runs more horizontal than vertical. A deeper dive into the inner workings of these dynamics would have set this book apart.
April 5, 2018
This book started off pretty strong, but pretty quickly fell through the floor.
I've been curious for the past 6-12 months how you can create products or experiences that allow you to reach a bigger audience at a better scale.
So I bought this book pretty readily and hopefully.
Unfortunately, what could have been said in about 40-50 pages was strung out to about 200.
It isn't a bad book, but it isn't a book that I would strongly recommend as a must read.
More like a book that you can read and it will give you a little bit of insight, but likely not any lightning bolts.
I've been curious for the past 6-12 months how you can create products or experiences that allow you to reach a bigger audience at a better scale.
So I bought this book pretty readily and hopefully.
Unfortunately, what could have been said in about 40-50 pages was strung out to about 200.
It isn't a bad book, but it isn't a book that I would strongly recommend as a must read.
More like a book that you can read and it will give you a little bit of insight, but likely not any lightning bolts.
January 15, 2018
Read this book after seeing it recommended on Tim Ferriss's blog. If you were inspired by the concepts in "The Four Hour Workweek" but wanted DETAILS on how to make such an Internet company work and scale up, this is the book for you. In a way, it's a great "sequel" to the Four Hour Work Week.
The reporting is excellent. In each of the stories, you will find revenue, profits, change over time, and the stories of scaling up. For example, food businesses that scale up by using a "copacker" to scale up. The author has done great work in describing a new category of business: small companies that are highly profitable with minimal employees. I also liked that the author laid out categories of businesses that tend to do best (e.g. ecommerce, information products etc). On a personal note, I was delighted to see several Toronto entrepreneurs featured here - these success stories are not confined to America.
Two areas where the book could have been better:
-Since financial success is a key criteria for the book, why not include an appendix showing income statements for the businesses profiled? The narrative sometimes made it hard to understand profit margins and similar points.
-Push for greater details and name names. At multiple points, the author vaguely refers to entrepreneurs growing by using a "large ecommerce company." Yet, this mysterious company is not named. I assume she meant Amazon. Additional specific details on vendors used, suppliers used etc would make the book even more helpful for the reader
The reporting is excellent. In each of the stories, you will find revenue, profits, change over time, and the stories of scaling up. For example, food businesses that scale up by using a "copacker" to scale up. The author has done great work in describing a new category of business: small companies that are highly profitable with minimal employees. I also liked that the author laid out categories of businesses that tend to do best (e.g. ecommerce, information products etc). On a personal note, I was delighted to see several Toronto entrepreneurs featured here - these success stories are not confined to America.
Two areas where the book could have been better:
-Since financial success is a key criteria for the book, why not include an appendix showing income statements for the businesses profiled? The narrative sometimes made it hard to understand profit margins and similar points.
-Push for greater details and name names. At multiple points, the author vaguely refers to entrepreneurs growing by using a "large ecommerce company." Yet, this mysterious company is not named. I assume she meant Amazon. Additional specific details on vendors used, suppliers used etc would make the book even more helpful for the reader
October 26, 2019
The growth of massive one-person businesses has been one of the most interesting side-effects of the digital revolution, and this book helpfully demonstrates the range of businesses and niches that have achieved this and some of their common characteristics. There are some useful tips here too, and it's well written (Pofeld is a journalist and tells a story well). But overall it's really a collection of successful business owners' stories, which gets a bit repetitive, with rather broad 'how-to' commentary, but no clear big idea or new insights.
I think the title is slightly misleading too: as anyone who's been in business for any length of time knows, it's not revenue but profit that makes or breaks you. And some may have started as one-person businesses but many of the examples she gives are partnerships and/or employ many more people in the form of contractors and freelances. So. Some useful stuff, but not one that I'll be stopping people in the street to tell them about.
I think the title is slightly misleading too: as anyone who's been in business for any length of time knows, it's not revenue but profit that makes or breaks you. And some may have started as one-person businesses but many of the examples she gives are partnerships and/or employ many more people in the form of contractors and freelances. So. Some useful stuff, but not one that I'll be stopping people in the street to tell them about.
December 3, 2022
The Million-Dollar, One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want by Elaine Pofeldt
Great Read
The indispensable guide to earning a six-figure take-home income on your own terms, from Forbes.com contributing writer Elaine Pofeldt.
The rise of one-million-dollar, one-person businesses in the past five years is the biggest trend in employment today, offering the widest range of people the most ways to earn a living while having the lifestyles they want. In The Million-Dollar, One-Person Business, Elaine Pofeldt outlines the pathways to joining this entrepreneurial movement, synthesizing advice from hundreds of business owners who've done it. She explains how to identify, launch, grow, and reinvent the business, showing how a single individual can generate $1 million in revenue—something only larger small companies have done in the past. Both inspirational and practical, this book will appeal to all who seek a great worklife and a great lifestyle.
Great Read
The indispensable guide to earning a six-figure take-home income on your own terms, from Forbes.com contributing writer Elaine Pofeldt.
The rise of one-million-dollar, one-person businesses in the past five years is the biggest trend in employment today, offering the widest range of people the most ways to earn a living while having the lifestyles they want. In The Million-Dollar, One-Person Business, Elaine Pofeldt outlines the pathways to joining this entrepreneurial movement, synthesizing advice from hundreds of business owners who've done it. She explains how to identify, launch, grow, and reinvent the business, showing how a single individual can generate $1 million in revenue—something only larger small companies have done in the past. Both inspirational and practical, this book will appeal to all who seek a great worklife and a great lifestyle.
January 16, 2019
As the owner of not one, but two online businesses, I've been wondering if it's possible to bootstrap to success. THE MILLION DOLLAR ONE-PERSON BUSINESS proves that running lean all the way to huge profits is possible.
Through case studies and in-depth analysis, the author dissects what makes some lean startups succeed while others fizzle out.
This is one of my top five recommended reads for someone considering starting their own business. Running a business, especially a bootstrapped startup, is hard work, and the author doesn't sugar coat this aspect of entrepreneurship.
I came away from this reading with more ideas for our own businesses and how to group them with little to no borrowing.
If you're tired of the grind and want an honest look at lean startups, start with this book. I'll be coming back to this book and it's various worksheets frequently.
Through case studies and in-depth analysis, the author dissects what makes some lean startups succeed while others fizzle out.
This is one of my top five recommended reads for someone considering starting their own business. Running a business, especially a bootstrapped startup, is hard work, and the author doesn't sugar coat this aspect of entrepreneurship.
I came away from this reading with more ideas for our own businesses and how to group them with little to no borrowing.
If you're tired of the grind and want an honest look at lean startups, start with this book. I'll be coming back to this book and it's various worksheets frequently.
October 26, 2019
This has to be one of the WORST books I have ever read. I am not even trying to be dramatical, honestly, of the 150 business/self-help books I have read, this one battle for the top.
I am honestly amazed at how one can write a book about a million dollar one person business and not give ONE concrete advice about the business side.
This honestly felt like an instagram post/bland journalist article, where the author talked about some people who sold their website for a couple of hundred thousand dollars.
And to make things even worse, then she started talking about doing yoga, finding cheap massages and buying food at Costco.
I am honestly shook by this book, I do not recommend this book to ANYONE, only if you are sick of life and want to waste a couple of hours of your life.
It has been a long time since a book managed to irritate me to this degree.
I am honestly amazed at how one can write a book about a million dollar one person business and not give ONE concrete advice about the business side.
This honestly felt like an instagram post/bland journalist article, where the author talked about some people who sold their website for a couple of hundred thousand dollars.
And to make things even worse, then she started talking about doing yoga, finding cheap massages and buying food at Costco.
I am honestly shook by this book, I do not recommend this book to ANYONE, only if you are sick of life and want to waste a couple of hours of your life.
It has been a long time since a book managed to irritate me to this degree.
February 14, 2020
It’s clear she’s got a huge professional crush on Laszio Nadler and Tools4Wisdom, which she references several times in the book. She talks often about businesses with a million in revenue, but it’s not clear how profitable many of the companies become, because she refers mainly to gross, not net revenue. It seemed promising at the beginning, but didn’t quite deliver any practical advice on scaling a business or how... only had some stories of ones that did.
It seems geared for people looking for the secret sauce to start a business or scale it up. It’s not bad, but a little on the clinical side, and there really is no secret sauce I discovered. I think it would be more interesting if she had some stories of how she connected and interviewed these entrepreneurs. She stands at a distance from her audience and her subjects. It reads a bit like a masters thesis studying $1M gross revenue businesses.
It seems geared for people looking for the secret sauce to start a business or scale it up. It’s not bad, but a little on the clinical side, and there really is no secret sauce I discovered. I think it would be more interesting if she had some stories of how she connected and interviewed these entrepreneurs. She stands at a distance from her audience and her subjects. It reads a bit like a masters thesis studying $1M gross revenue businesses.
January 12, 2018
The Million-Dollar One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want by Elaine Pofeldt is an innovative book offering business advice to entrepreneurs. I liked the premise of the book: developing a business for one person that would yield a high profit. I also liked how Pofeldt gave broad advice for starting a business – such as how to fund it – as well as specific and detailed advice on minor subjects – such as how to organize emails in Gmail. One of my favorite chapters was “Realize and Reset Your Vision,” which talks about retaking your entrepreneurial temperature and staying true to evolving your goals. If you enjoy entrepreneurial pursuits, The Million-Dollar One-Person Business is a good book to pick up.
*I received this book for review*
*I received this book for review*
March 26, 2024
I started reading this after hearing the author talk on a podcast. It gives interesting examples, but the storytelling style became repetitive. I skimmed through the stories, because they felt like filler. The insights are pulled out in a piecemeal way and the through lines weren’t very clear. I found myself drawing my own conclusions—the business models often depended on specialized insider knowledge, though market research and internet tools can be helpful. I would have liked to read about more B2B examples but there were only a few. The approaches are also very context-specific to the US, even the digital nomad example, because moving around a lot means you’re still only responsible for reporting taxes in the US.
January 8, 2018
As someone who is starting their own business I found this to be a great guidebook to help me along my way. Elaine Pofeldt has run her own successful business for 10 years and she lends her guidance to people who are wanting to branch out on their own and become independently successful. I'm hoping this book with help me avoid some of the pitfalls that small businesses face and that I will be able to flourish doing something that I love. This is a must read for someone thinking of starting a business for themselves. I received a copy of this book from Blogging for Books for and honest review.
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