Today on Extraordinary Women Radio, I am thrilled to bring you Elaine Pofeldt – Author of the One Million Dollar, One-Person Business!
There was a time in my career, where I had as many as 90 people reporting into me – directly or indirectly. I have always loved teams. Today, however, I have appreciated the simplicity of growing my business with collaborative partners – rather than the complexity of an employee base.
No doubt we can’t do this alone – AND – I love the freedom that comes in my business to maneuver with the right partners that fit into my model at the right time.
Elaine’s book was recommended to me when I declared to my own coach that I wanted a high earning, high ROI business with a simple infrastructure.
I loved her book. It was so much fun to meet her and hear what she learned after interviewing 30 business owners who had built one million dollar businesses without the complexity of employees. Mind you, this doesn’t mean you do it alone – it means working in partnership with all the right people in your business to serve and do the work you’re called to do!
In this episode:
- What sparked Elaine to write the book One Million-Dollar, One-Person Business
- What types of business are a good fit for this model (and we dig specifically into the service oriented content creator, coaches and consultants because there are so many of you in my community who are in this sector).
- What makes a million dollar-one person business work and the factors enabling entrepreneurs to build an ultra-lean business
- The behind the scenes and collaboration happening beyond the “Seven-Figure, One-Person Business”
- A teaser on her new book Tiny Business, Big Money, which will address the next level business over one million and with employees
From Elaine’s book: “According to recent statistics released by the US Census Bureau, in 2015 there were 35,584 “nonemployer” firms—that is, those that do not employ anyone other than the owners—that brought in $ 1 million to $ 2,499,999 in annual revenue. That’s up 5.8% from 2014, 18% from 2013, 21% from 2012 and 33% from 2011. Some elite nonemployer businesses are even exceeding these revenues. In 2015, 2,090 businesses had annual receipts of $ 2.5 million to $ 4.99 million, and 355 businesses brought in $ 5 million or more.”
Elaine Pofeldt, a former senior editor at Fortune Small Business Magazine. She is a regular contributor to Fortune, Money, CNBC and, Forbes – and is the author of the book The Million-Dollar, One-Person Business, where she looks at how entrepreneurs are scaling to $1 million in revenue prior to hiring employees. As a senior editor at Fortune Small Business magazine, she was twice nominated for the National Magazine Award for her feature stories.
“Every single aspect of a one-person business depends on you. You are the most important resource of the business. And the good thing is there’s no right or wrong. You can tailor it to whatever you feel is right.” —Elaine Pofeldt
Let’s meet Elaine Pofeldt!