Million-Dollar, One-Person Businesses: Micro-Monopolies, Multiple Income Streams, High-Leverage Skills

“Nobody builds wealth without leverage.

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โ“ What You’ll Learn

  • What are productized services?
  • How to find your core competency?
  • How to build brand awareness?
  • How to build high-leverage skills?
  • How to build multiple streams of income?
  • How to outsource non-core competencies?
  • How to build your personal brand?

๐Ÿ’Ž Why It Matters

You should know what leverage is and how to build it.

๐Ÿ” Problem

You need to find a way to provide value at scale.

๐Ÿ’ก Solution

What are you best at?

Find your highest point of leverage.

Eliminate, automate, outsource or delegate everything else.

๐Ÿ Players

Million-Dollar, One-Person Businesses

๐Ÿ”ฎ Predictions

โ˜๏ธ Opportunities

๐Ÿ”๏ธ Risks

  • Key-Person Risk โ€ข If you are not replaceable, your business will fail without your presence.
  • Platform Risk โ€ข Platforms are single points of failure. They ban million-dollar, one-person content creators for violating their content policies. Amouranth was suspended from Twitch, Instagram and TikTok for creating adult content. She restored her accounts, started creating platform-specific content and grew to $1,400,000 MRR.
  • Burnout โ€ข As a solo founder you are responsible for products, sales, marketing, operations, logistics, finance and more. Taking on too much pressure may lead to burnout. Brett Williams grew Designjoy to $1,920,000 ARR and burned out.

๐Ÿ”‘ Key Lessons

  • Hiring is a natural part of the journey of a successful one-person business. Markus Frind hired his first employee when he grew Plenty of Fish to $10,000,000 in revenue. Which later scaled to $100,000,000 ARR, 75 employees and was sold to Match Group for $575,000,000.
  • Donโ€™t outsource your core competency to another business. Martin Zwilling says outsourcing your โ€œsecret sauceโ€ is like giving up control of your company.
  • Gain deep knowledge and share it to build a personal brand. Matthew Weinberg says โ€œGo deep on a single topic and become well known in that niche.โ€
  • High-ticket services can help you reach the $1,000,000 mark faster. Shannon Graham reached 7 figures with only 4 clients.

๐Ÿ”ฅ Hot Takes

๐Ÿ˜  Haters

โ€œA million dollars in profit or revenue?โ€
A million dollars in revenue. Which is the top 1% of one-person businesses.

โ€œYou mentioned businesses that have teams.โ€
These businesses used to be run by one person when it was feasible. Nicole Brown grew Izzy & Liv to $3,000,000 ARR on her own. Then grew it to $7,000,000 ARR with a team of 8 that helps her with product sourcing, branding and more. Most million-dollar, one-person businesses get help.

โ€œSelling a personal brand is not the same as selling a stake in a company.โ€
While you canโ€™t sell equity in an individual, you can sell future profits. Brett Williams wants to sell a stake at Designjoy. Which is a pure one-man design business. Investors will keep 80% of profits for a fixed monthly fee.

๐Ÿ”— Links

  1. Looking for million-dollar, one-person businesses โ€ข The tweet behind this report. 
  2. Trends PRO #0065 โ€” Million-Dollar, One-Person Businesses โ€ข The previous version of this report.
  3. How Iโ€™ve Made Over $1,097,757 โ€ข How to start and grow a million-dollar blog by Jeff Rose.

๐Ÿ“ Related Reports

  • No-Code โ€ข These tools power a lot of million-dollar, one-person businesses
  • B2B SaaS โ€ข How to build, market and grow B2B SaaS
  • Product-Led Growth โ€ข How to build a product that sells itself
  • Self-Publishing โ€ข How to write, publish and sell books yourself
  • The Creator Economy โ€ข Many million-dollar, one-person businesses are content creators

๐Ÿ™ Thanks

Thanks to Nash Kabbara, Dean Shoven, Rick Jarrell, Paul Jansen, Stewart Townsend and Holger Sindbรฆk. We had a great time jamming on this report.

โœ๏ธ Emin researched and wrote this report. Dru researched and edited this report.

๐Ÿ“ˆ What else?

Trends PRO #0104 โ€” Million-Dollar, One-Person Businesses has more insights.

What youโ€™ll get:

  • 31 Million-Dollar, One-Person Business Examples (343% More)
  • 8 Predictions (167% More)
  • 15 Opportunities (275% More)
  • 6 Risks (100% More)
  • 11 Key Lessons (175% More)
  • 4 Hot Takes (100% More)
  • 13 Links (334% More)

With Trends Pro youโ€™ll learn:

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  • And much moreโ€ฆ

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