One-Person Businesses That Make $1M+ Per Year (#318)

[11:16] Laszlo Nadler brings in more than $2 million a year with online store Tools4Wisdom.

[11:56] Starting your own business doesn’t mean you have to abandon your full-time job before making sure it’s sustainable.

[12:30] According to the US Census Bureau, what is (and what isn’t) a nonemployer firm?

[13:22] Three things these businesses offer that elude most workers today.

[13:32] The two paths entrepreneurs have traditionally taken, and the third path opened up by one-person businesses.

[14:26] What’s driving the growth of the million-dollar, one-person business?

[15:15] A shift in attitudes.

[15:50] How do you get from where you are currently to enjoying the freedom of an entrepreneur?

[17:44] Key questions to ask yourself first.

[19:01] Solo businesses and partnerships that hit the million-dollar range typically fall into these six categories.

[19:35] In spite of their differences, entrepreneurs generally have these practices in common.

[21:24] Split-testing for profit.

[24:22] Mastering the art of delegation.

[27:00] The point of comfort challenges.

[28:51] Your first entrepreneurial efforts don’t have to succeed — as long as you learn from them.

[31:53] How outsourcing smaller tasks and decisions helps you focus on the bigger tasks and decisions of your business.

[36:20] Making and managing require different schedules.

[40:05] How observing these schedules has helped Ben and Camille Arneberg pursue further business opportunities.

[41:24] Fewer distractions = more growth.

[42:30] Two key ideas that helped Dan Faggella grow his revenue far beyond the average “nonemployer” business.

[43:28] How I test potential candidates for a job.

[46:03] How Dan Faggella ensured a smooth transition when selling his company (and why he would want to sell such a successful business in the first place).

[48:14] Success through liberation — having the money to do things you want to do doesn’t matter if you don’t also have mobility.

[53:21] How Sol Orwell chose a second-in-command to handle things when he goes off the grid.

[56:02] What Sol does with his “free” time.

[56:51] Rethinking scale and profit.

[58:18] Why the story of the businessman and the fisherman resonated with “successful” entrepreneur Jayson Gaignard.

[1:02:02] How a Seth Godin talk inspired Jayson’s next business venture.