Single person businesses are often seen as lackluster because they aren’t job creators. Why would investors look to find companies that don’t know how to scale? They’re also seen as not being able to delegate enough tasks efficiently.
No employee firms typically are one of six categories:
- Informational content
- Professional services and creative business
- Personal service firms
- Real estate
Most entrepreneurs do everything themselves. That won’t help you reach one-million.
The way to reach the seven-figure stratosphere is by outsourcing, contracting, and automating some of your work – to expand your capacity beyond what one person can do.
If your dream doesn’t have a team, you’ll never reach your goal.
Resist the temptation to “do it yourself.” NO DIY!!
One employee is interested in security and the predictable outcome of a paycheck.
The key is not if you make 1 million dollars, but if you can choose to grow or not. The goal is to live your best life.
Owners of professional services, non-employee businesses can scale by being creative with their scaling opportunities or by charging more than competitors.
Build networks of contractors.
How to raise your prices:
- Figure out where you are making a profit.
- Eliminate contractors who charge too much.
- Eliminate clients who don’t bill as much.
- Do market research to see what other clients are billing.
Find an accountant, typically one who owns a small business of their own and specializes in small biz accounting. Get an NDA as well, prior to hiring one. Sometimes it’s best to shift from an LLC to an S-Corp to save on taxes.
If you can invoice frequently and on time, you’re in a good cash flow place.
Audit your time: can you eliminate, outsource, automate, delegate, or procrastinate?
- Essentialism – by Greg McKewon
- Man’s Search for Meaning – Victor Frankl
Find Help You Can Trust
Ask yourself what the highest impact 1 to 2 things you are doing to increase your revenue is, and then continue to do those things.