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How far did you go without any employee?

Discussion in 'People Mgmt: Customers, Employees, Investors' started by Bodywake, Mar 11, 2018.

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  1. Bodywake
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    Bodywake New Contributor

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    How far did you go (and do you think one can go) without any employee?
    I mean only with freelancers and Business Partners (of other legal entities).

    Thank you in advance
     
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  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    There are limits, but I think you'd be surprised at the limits.

    I can only speak from my experience, but I'm just one employee right now (by choice) and I earn more monthly than most business owners, CEOs, etc, not withstanding the public company CEOs who tend to make millions per year, options, bonuses, etc. I'm at the point where I need to hire someone, but I really loathe the idea of stepping over into that line.

    When I owned by internet company, I believe I started adding employees at around $40-60K/mo in net profit -- still a decent chunk of change.
     
  3. Bodywake
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    Thank you very much MJ for this super fast and super clear answer :)
     
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  4. HappyStoic
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    HappyStoic Contributor Read Millionaire Fastlane

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    At the height of my most successful online business I was making 2200-3400 Euro in profits a day, all in a 1 man show. But here is the catch? I quite after 6 months because was working 18-20 hours non stop, literally. I was so happy that I finally stopped working, it was horrible and hard.

    So assuming you would be tougher than me and work for a year you would be making 1 million Euro in profits a year. I don't think it's possible to make more than that unless you are able to work that hard for many years and become more efficient. Just my 2 cents.

    Sent from my SM-G935F using Tapatalk
     
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  5. Bodywake
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    Bodywake New Contributor

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    Hi HappyStoic,

    Thank you for your answer. Your story gives some important figures about how far you can go as a solopreneur. Your output on the time you spent a day is also a valuable.
    I'm impressed by the quality of this forum!
     
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  6. LittleWolfie
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    LittleWolfie Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I was suprised a lot by how high the numbers, are which explains a lot.

    Do you use freelancers, or do you do everything yourself?
     
  7. timrettig
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    timrettig Contributor FASTLANE INSIDER

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    I thought that this book might interest you:

    The Million-Dollar, One Person Business: Make Great Money. Work the Way You Like. Have the Life You Want.

    It is primarily a compilation of case studies of businesses that make over $1 million per year in revenue and are run by the founder alone (+ freelancers / suppliers)
     

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