A new model is emerging on the labor market: high-income individual activity.
It happens in all industrialized countries: there have never been so many self-employed workers as today. But many of them have not yet unlocked their true potential.
If your aspiration is to create a $ 1 million sole proprietorship, there is no reason to improvise. Let the experiences of these entrepreneurs show you the way.
The $ 1 Million Individual Business Revolution
The number of sole proprietorships reaching a million in turnover is growing.
The resources available to entrepreneurs today make it easy to set up businesses, from bureaucratic and legal issues, to more practical aspects, such as distribution and operations.
The turning point, however, lies not only in the tools available, but in a change of mentality.
These lean businesses make use of a network of collaborators to perform many roles traditionally covered by employees.
The entrepreneur sees these people as trusted collaborators, not as an element to be controlled.
The activity is seen as an engine that offers three things that traditional work does not offer us: the control of time, the money to enjoy it, and the independence of living the life we want.
Traditionally, many entrepreneurs follow one of two possible avenues when starting their own businesses: quitting their jobs and opening a small business, such as a shop or restaurant, or enlarging a start-up to the point of selling their shares or finding a buyer.
In this new paradigm, a third approach is making its way, in which the entrepreneur identifies the stratagems to make the most of the time he dedicates to it.
Using strategies such as outsourcing, automation, and mobile technologies to increase productivity, many entrepreneurs manage to create highly profitable, individually managed businesses.
The book illustrates numerous concrete examples of successful entrepreneurs, in whom we can observe common characteristics.
We can identify three phases:
- Identify a high-income business in line with your skills, interests and experience.
- Start the business successfully , regardless of available investment capital.
- Get the business going so you can have time to enjoy life outside.
This type of activity can provide us with economic stability, to address concerns such as buying a house, retirement, debt – but it can also provide freedom, such as being able to travel whenever and however we want.
What makes an individual 1 million business work
There are many stories of online activities that can not exceed $ 5,000 in revenue, or that after an initial growth, have stalled for example at 25,000. Understanding the difference between this type of business and those that exceed one million is essential.
Freedom and independence are usually at the top of the list of reasons why people start out on their own. Those who do it usually succeed because they are attentive to the skills and services that the market demands. Many of them have some aspects in common.
PASSION – No matter how profitable a business is, if you don’t care, you will have a hard time dedicating yourself to it. Equally important is finding a passion shared by other people willing to pay for your product or service.
GIVE UP THE “DO-IT-YOURSELF” – Many individual entrepreneurs try to do everything themselves, and there is nothing wrong, especially if you have passion for your job. But to reach the million, you need to expand beyond the limits of what you can do alone. Without hiring employees, it is necessary to rely on external collaborators, outsource or automate some processes. Often you need a mixture of the three.
SIMPLIFY SALES AND FULFILLMENTS – Most entrepreneurs experiment before finding the most suitable method. Find a showcase that gives you the right visibility, so that you can reach the largest number of customers.
GROW A COMMUNITY – Many companies entrust their customer service to entry-level figures, or to external call centers, with unskilled and selfless staff. The relationship with the customer, and his trust in you, are fundamental elements.
CHANGE WAY TO SEE WORK – The most important aspect is a change of approach. Society and the educational system lead us to prefer the “safe” way: the traditional work model. There are people for whom this is good: it offers security and stability. Then there are entrepreneurs, people willing to explore alternative models, without worrying only about guarantees.
The real advantage of individual activity is that it allows you to choose whether to stay small or grow.
Which individual activity to start
Think big, but not to the point of seeing your idea as unachievable. You don’t have to create the next Facebook or Amazon. Each market has room for multiple players.
How to find your way?
Many entrepreneurs of individual millionaire activities follow a similar path at times.
- Choose a target of the right size.
- Identify the passion and value of users.
- Determine how much you can risk investing.
- You understand what really matters.
- Consider the possibilities.
By following these steps, finding your way becomes easier.
Typically, this type of business falls into one of these 6 categories.
It is the most accessible type of activity, but also the most pursued.
We need to find a product we believe in. Often the idea comes from our interests.
Once a product is identified, it is important to test it on a small user base to understand its potential. Each activity has a learning curve, so finding a product that we already know well can give us a great advantage.
There are also different ways in this case, such as business-to-business selling, or franchising.
Thanks to new technologies, such as 3D printing, it is easier than ever to create products and sell them all over the world. Another approach is to outsource production, especially for large-scale production. There are also packaging, shipping, and other satellite services that can be outsourced. This guarantees flexibility with regard to the downsizing of the business, in which the entrepreneur is free to choose whether and how much to expand his business.