The Million-Dollar, One-Person Business

By: Elaine Pofeldt

This is a great book for solopreneurs that want to be able to get to 7 figures in revenue.

1st TIME READING

 

“Out of more than twenty-eight million small business in the United States, twenty-three million are ‘non-employers’, meaning no one has a job there except the owners.”

This is a great book for solo-preneurs or small business owners. It’s for you if you’ve been thinking about starting a business for a while, or already have one but don’t know where to go next for growth.

It shares a lot of valuable experiences and insights from other entrepreneurs who have been successful at running a profitable business. You will get strategic as well as tactical information that you can put into action as soon as you finish reading the book.

If you already have a business or are looking into starting a business that can help you make 6 or 7 figures a year, then this is the book for you.

Recommended by: Tim Ferriss Podcast

 

2nd TIME READING

 

Flow: 5/5
Actionability: 4/5
Mindset: 4/5

 

Some of My Highlights:

 

“Out of more than twenty-eight million small businesses in the United States, twenty-three million are ‘non-employers,’ meaning no one has a job there except the owners.”

“What will help you break into the seven figures is to expand your capacity beyond what one person can do. The only way to do that, without hiring employees, are by hiring contractors to help you, outsourcing, and automating some of your work.”

“The point of the million-dollar, one-person business is that it gives you choices – whether to keep it small while earning a great income or to continue growing it.”

“There might not just be a version 2.0. There could be a version 99.0.”

“However, as their revenue grows, it sometimes makes sense to transition from paying taxes as an LLC to dosing so as an S Corporation.”

“Many new owners don’t fully understand that revenue and cash flow are not one and the same.”

“You will greatly improve your cash flow if you establish a regular discipline of invoicing, collecting payments, and getting them into the bank, says Dave Kurrasch.”

“Paying your bills on a low- or zero-interest credit card and even using checks can buy you more time to cover business purchases.”

“…you will need to put systems in place to allow you to scale your efforts successfully.”

“If your parents, teachers, or past bosses taught you that succeeding depends on hard work and long hours at your desk, unlearning that cubicle-era mindset will be an important step that frees you to create a million-dollar, one-person business.”