The Million-Dollar, One-Person Business – Elaine Pofeldt | Free Book Summary

The Million-Dollar, One-Person Business – Elaine Pofeldt

If you are looking to create a lucrative seven-figure business while still enjoying your life, The Million-Dollar One-Person Business by Elaine Pofeldt is the book for you. It is possible to have a great work-life balance. It is possible to have fun and have money and have success. This book will show you how.

Find out what you can start

Start by forming an idea of the type of business you want to run and the lifestyle you want it to support.

It’s easy to think that if you don’t have a big idea and your goal is not world dominance, it’s not worth going into business at all.

Identify passion and user value. Get clear on what matters.

The Success secret in E-commerce

The key to success in e-commerce is building a reputation as a curator of a certain type of highly specialized product and creating a community of aficionados with a unique consciousness.

As you consider the options in front of you, it pays to tap into the expertise you’ve already built. Often, the founders of content creation businesses started them because they were looking for information they wanted but couldn’t find.

More Money

Here’s how to raise the prices of your professional services:

• Figure out where you’re making a profit
• Get a sense of market rates
• Calculate the return on your client’s investment
• Consider how will you raise your rates
• Test the waters
• Make sure you get paid

When you offer personal services, time is the commodity you are selling. But that doesn’t mean you can’t scale your revenue if you think creatively.

Identify where your passion meets market demand.

Make It Happen

You can fund your business by:

• Creating a side hustle
• Keeping your day job, live lean, and save
• Getting others to invest
• Exploring other financing options

Ask your target customer and listen.

Evolve the product presentation. Price it right for its perceived value. Know when to contract for production, fulfilment, and delivery.

Amplify what works.

Once you figure out what is working, amplify what you’re doing to scale up your revenue, even without hiring employees. Here are some ideas to amplify what works:

• Invest in digital marketing and public relations
• Scale your product or service
• Build media and consumer reviews. Create content that your customers want to watch
• Remove barriers to buy. Example: 1-Click buying from Amazon
• Make sales a part of customer service. Make the experience of returning customers better by selling what they need

Pick the right online community platform(s) and build relationships with social media influencers.

Money

The lifeblood of your business is money. It should flow like a rhythm, not randomly.

How to improve your cash-flow:

• Look ahead 6 to 12 months
• Find ways to speed up payments
• Pay your bills more slowly
• Reduce your need for inventory
• Keep some cash reserves

Keep Getting Smarter

Most million-dollar entrepreneurs turn their businesses into living laboratories from which they can continually learn how to scale their revenue and profits.

Stay focused on the right work. In a small business growing quickly, inefficient tasks like responding to customers’ emails or shipping packages can mushroom and easily take over all of your waking hours.

Things that do not matter

Hunt for new ways to avoid doing things that don’t matter. Think about what you can:

• Eliminate. Tasks bringing no results and filling your schedule
• Automate.  Repetitive and labor-intensive processes
• Delegate. Outsource work to contractors and freelancers
• Procrastinate. Identify your time-wasters and cut them back

Find reliable assistance and stay motivated.

Realize and Reset Your Vision

Retake your entrepreneurial temperature. Take time away from the daily activities of the business to think about your vision, assess whether you are realizing it, and course-correct if you are not.

Remember:

Running a business as a solo operation isn’t an end in itself. It is a way of supporting your vision for making a great living and living the life you want.

We can all learn from others’ wisdom, but if you have created a vision and goals that work for you, it is important to be selective in the advice you listen to.