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Is it possible to grow a business worth over a million dollars with just one person? Yes, it is! Today’s guest shows you why this question is relevant for a company who aspires to grow its worth into the several hundred million dollar mark.
Elaine Pofeldt is an independent journalist who specializes in small business, entrepreneurship, and careers. She is the author of the Million-Dollar, One-Person Business, which takes a look at how entrepreneurs are hitting seven-figure revenue in businesses where they are the only employee.
Elaine is a contributor for Forbes and writes frequently for them about solopreneurs, also known as the one-person business. While researching for her next new piece, Elaine stumbled upon a treasure trove of data about the one-person businesses who were making over a million dollars in revenue. How were they able to achieve such success, solo? This sparked the idea for the book.
Elaine shares some of the common traits these one-person businesses have in common. They automated things right away! They also hired freelancers to help them with small tasks like design, templates, and more. These solopreneurs were also quick to outsource certain tasks to bigger companies who were experts in that particular task or field.
By being able to outsource tedious tasks to the experts, these solopreneurs could spend more time where it matters; cultivating relationships with their best customers and finding new business.
A lot of these solopreneurs make an active effort to step away from the business so that they’re not tied to the phone or the computer. Instead, they’re attending business events and they hire coaches to help them get to the next level. They’re constantly surrounding themselves with high-level ideas.
When it comes to automation and if you’re not feeling 100% secure about hiring a freelancer just yet, Elaine recommends making a detailed inventory of what types of things you’re spending your time on in your business. See if there’s anything you can outsource based on that data that would free you up to do something more beneficial and useful.
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail. My name is Bill Gallagher, host of the Scaling Up Business podcast and a leading business coach with a Gazelles. We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).