Written by Liquid
As more people start becoming freelancers, business owners, and are setting out independently, the need for fantastic resources, tools, and support has also increased. Whether people are looking to pay off student loan debt, give themselves more flexibility in their life, make something that impacts the world, or are looking to create a business due to other goals, building a million-dollar business with no employees is possible.
Single Employee Businesses are Growing in Number
In the United States, there are over 25 million one-person businesses. Each of these people is part of a growing trend. Many are finding ways to generate more than one million dollars in revenue each year. In addition, non-employer businesses are making more money than in the past.
With tens of thousands of them bringing in seven figures or more each year, the future can look bright for people looking to take the risks of going into self-employment. The tips in this article are a fantastic way to start growing your business now.
Start with Your Passions
Many people who have built a one-million-dollar business with no employees find success in unique niches and in things they are passionate about. Rather than coming up with an idea no one has ever thought of before, people use their experiences, passions, and desires to motivate themselves to build something big.
Most million-dollar solo businesses fit into six specific categories: e-commerce, manufacturing, informational content creation, professional services and creative business, personal service firms offering expertise, and real estate. However, some businesses that fall outside of these categories also thrive. The first step is finding a business that would benefit from your unique perspective. Your ideas, thoughts, and personal experiences can be part of a process that leads you to success.
Outsource and Automate when You Can
While a business with no employees may decide not to hire in-house staff, outsourcing and automating are often a big part of the process. It can be near impossible for a solo entrepreneur to accomplish everything necessary to run a successful business. Trying to do everything can quickly lead entrepreneurs to burnout.
If you are interested in breaking into seven figures, expanding your capacity beyond what one person can do is essential. Looking at outsourcing, mobile technology, automation, and other ways to build and grow a business is essential. Many tools are available to help startups accomplish this, and many options are reasonably priced for businesses on a budget. In addition, some entrepreneurs hire virtual assistants who can juggle many tasks and projects at once, as well as help with schedules, other freelancers, and logistics.
Focus on Developing Passive Income
Whether you are looking into “affiliate marketing” or other types of passive income, passive income can be a fantastic way to gain lifestyle freedom. By linking to products, some people earn money down the line without having to work every single hour of the day. Making money while on vacation, asleep, or while having lunch can make things easier.
Some people do this by creating products to sell, others by legally selling or offering something that someone else has created, and others still create software or content that people will be interested in checking out for a long time. Some people also create products that help teach other people valuable information. There are many ways to create passive income, and it is often the focus for businesses making more than one-million-dollars with no employees.
Finding Financing is Important
Many small business owners tap into personal savings to start their business, with over 60% of businesses reporting getting their funding this way. While doing this without taking on debt is ideal, many financing options are available to help businesses fund their business growth. This can range from savings to loans from friends and family, crowdfunding, business plan competitions, and lines of credit. In some cases, a 0% credit card balance transfer can be helpful if utilized well.
That said, people need to be careful when making decisions like credit card funding, due to the high interest rates it has if the business fails. Many businesses fail, so looking for other ways to cover the cost of starting a business is often the best plan. The cost of starting a business has been going down in more recent years, so people often find themselves needing less financing than they think.
Keep At It
Many people would successfully start a business and do well if they tried, though a much lower percentage of these people see their ideas and thoughts through. A strong work ethic is part of the story, as is passion. Many entrepreneurs put in significant hours to start and grow their businesses, and many of these people have day jobs and can’t afford to jump into a new business full-time.
Using productivity hacks can help ensure you stay on track, and with programs to help keep track of financing, payroll, and other administrative work, people can do more work in less time. Entrepreneurs tend to keep at it, believing their efforts will pay off in the long run. Over time, many learn more about working smarter as opposed to working harder, as there are only so many hours in the day.
People who start businesses with the intention of not having any employees have flexibility, in addition to a motivation to work smarter. Being selective about how you spend your time is an important part of the process. By utilizing the tips in this article and keeping at it, your business could be the next one-million-dollar business.