How do you go from One to One Million?
Today we’re talking about scaling your small business. How do you scale your single person operation into a lucrative and effective venture? This episode is for all of you entrepreneurs out there who need some expert advice and a little direction. Today we’re looking at the rise of the “million-dollar, one-person business”–the biggest trend in business today–and how it offers the widest range of people the most ways to earn a living while enjoying the lifestyle they desire.
Joining us today is Elaine Pofeldt. Elaine literally wrote the book on scaling your small one person business,“The Million-Dollar, One-Person Business.” She is an independent journalist specializing in small business, entrepreneurship, and careers. Elaine’s interest in small business has taken her from a senior editor at Fortune Small Business magazine to becoming a small business owner herself, freelancing for all kinds of clients.
We are so happy to have Elaine here with us today! She will be outlining the “million-dollar, one-person business” landscape, the risks, pluses, and minuses, and the lessons everyone should learn. If you are currently running your own one-person business or considering taking the leap, stay tuned, this is an episode you won’t want to miss!
In This Episode
- One Person Businesses by the Numbers
- Outsourcing and Freelance, Knowing When to Delegate
- Side Hustles, Money Matters, and Hidden Costs
- Real Stories of Entrepreneurship
- Relationships and Connections
- Some Sound Advice
Quotes in This Episode
“One thing I noticed, was that no one was really covering the one person business, although there are about 25 million non-employer businesses.” —Elaine Pofeldt
“We just don’t pay attention to them and they’re almost treated as failures, as failures to scale. When in fact, I found in a lot of my reporting that; the folks running them are very, very happy with their situations, they love running one-person businesses.” —Elaine Pofeldt
“I mean, you can always increase revenue if you’re willing to work 20 hours a day, but eventually that’s going to destroy your health, and your personal life, and everything else, so that’s not sustainable, even if there might be a week out of the year that you have to do that for some project you’re getting done. So, that’s not the answer.” —Elaine Pofeldt
“I mean, I’m a freelancer, I don’t want to be on payroll with any of my clients, I like the freedom of working for different clients, and on different projects. I have a business, and I don’t wanna have a job.” —Elaine Pofeldt
“I don’t recommend anybody just quit a job and start a business. The side hustle is a really good idea.” —Elaine Pofeldt