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MJ DeMarco

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Nice article on Forbes where an entrepreneur plugged The Millionaire Fastlane and profiled a couple million dollar revenue guys working solo. In @Vigilante 's thread "Changing in Latitudes" we discussed how sweet it is to work alone without the headache and hassles of employees.

How Bold Entrepreneurs Are Breaking $1 Million In One-Person Businesses

http://www.forbes.com/sites/elainep...-breaking-1-million-in-one-person-businesses/

Nice start to my weekend. :)

“It’s a lifestyle,” he says. “We don’t want to work 14 hours a day to make $1 million a year. I like to go running during the middle of the day. I like to be able to have a life and not be chained to my desk 12 hours a day.”

Some of these million-dollar businesses are inspired by writers such as outsourcing guru Tim Ferriss, author of The 4-Hour Workweek, and MJ DeMarco, author of The Millionaire Fastlane whose book on entrepreneurship Walton says changed his life. “It trains you to shift the way your brain thinks from a consumer mindset—“I’m going to spend all this money I don’t have” — to a producer mindset, where you provide value to other people and in return become valuable,” he says.
 
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Vigilante

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Veloce Grey

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I'm wondering how many business people actually realise the Forbes "contributor" (blogger) network is full of writers looking for another story to put up, another business or book to profile. It's in your interest to make their job easier.

So many people starting out seem to target the biggest name influencers with desperate, spammy begging for attention on Twitter or Facebook when right there they have a far easier path to getting their product/name/company mentioned on a site that will generate free publicity and instantly add to credibility if somebody Googles them.

It doesn't take much effort to send an email or tweet through and if you're actually offering them something that helps make work easier you'll usually get a positive response.

Just looking through the author's recent twitter interactions as an example-


Elaine Pofeldt@ElainePofeldt

Surprise, Surprise: Uber-Economy Entrepreneurs Pay Massive Taxes onforb.es/1EGcpys via @Forbes @zen99 @Intuit

Tommy Nicholas
@tommyrva

@ElainePofeldt check out the way @Painless1099 solves this problem 100%
12:50pm · 6 May 2015·Twitter for iPhone

Reply to @tommyrva @ElainePofeldt @Painless1099
24d

Elaine Pofeldt@ElainePofeldt

@tommyrva @Painless1099 I will. I'm interested!
 

ClaytonAlbright

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Great read. I found it insightful how the personal trainer biz. was about to throw in the towel. Instead he simply changed the model of how he gets paid but still offers the same product then it started working much better for everyone.

Just goes to show its not always just what you sell, but how you get paid from it.

Just like when MJ went to the leads model instead.
 
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Andy Black

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Trivium iz rC

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Great story about don't hire until you need to. I feel too many people hire too early and end up shooting themselves in the foot. I feel like this model will become a lot more popular as more and more millennials get into business.

People are finally starting to see that bringing on employee's & government regulation into your business isn't worth the headache. It stinks if your an employee but hey those are the cards you choose.

It's going to be interesting to see that once the next recession happens and jobs collapse again how will the government respond to regulations with hiring employee's and stimulating small business for economic growth.
 

vinylawesome

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Great article, it's cool to see the impact the book has made. Congrats!

"He decided to start over, but this time using a franchise model. Starting June 1, 2012, in what might be considered the rebirth of his business, he began licensing the right to use the company’s brand name to individual trainers. “A lot of personal trainers would love to be entrepreneurs,” he says. The trainers pay $400 a month. He, in turn, provides support with aspects of the business such as management, educational assistance and back-end infrastructure. The business has 10 franchise partners in territories with a population of 500,000 or more, who recruit and manage trainers in their area. About 40 of the trainers are managed by headquarters, rather than by the franchisees."


"So far, his model has been working. The business has grown to the point that it has 126 personal trainers in Canada and is on track to break $4 million in system-wide revenues this year. At his corporate headquarters, where he is still the only worker, he projects $1.2 million, with about a quarter of that in profit. His secret to growing the business without formal employees is a customized software to automate may functions, in which he has invested more than $250,000 over time. For instance, the software enables clients to log into the company’s computer system and see the homework their trainers have assigned."

"In retrospect, Mezheritsky realizes that under the traditional model of hiring employees, turning a profit meant creating a “negative lifestyle” for employees. He couldn’t pay them a salary that would really motivate them or get them invested in the company’s success. “Maybe the top trainer was making $35,000 a year,” he says. As a result, employees were driven to show up mainly to collect a paycheck."

In his new model, his interests and those of his trainers are aligned. Because he makes money from the recurring fees the trainers pay him, he’s highly incentivized to help them succeed and keep them part of his brand. And they are extremely motivated to grow their businesses, because they are the ones who make more money when they do.

“Not only are we attracting people I could never have attracted as an employee, but they’re paying us $400 a month to provide those services for them,” he says. “They are making about $60,000—a very good living.” And the overall vibe of the business is better. “Everyone is here because they want to be,” he says.




The reorganization of labor is a smart way to scale a business quickly. Less burden on the company owner but a system that creates a win win for the labor provider and business owner/franchisor.

I've seen similar types of labor models in utilizing franchisees as labor providers in:

  • The cleaning industry; CleanNet, Jani-King, Coverall, etc.

  • Promotional products; Proforma.
  • Office Supplies; OfficeZilla
  • Healthcare: BrightStar, Right at Home, etc.


It's doubtful the above mentioned companies would have scaled as quickly or have the profit margins that they do by utilizing a "traditional employee/employer" model.



Source: Forbes Article
 
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MJ DeMarco

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MJ DeMarco

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Andy Black

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Toushi

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Was checking the article out to see if it was Slowlane drivel and instead was shocked to see my book mentioned. :woot: Sounds like my message is really starting to get out there.

Randomly stumbled upon it too... That's how you do SEO people. No need to spam websites, buy links, setup fake blog networks- just the value of a good product sending powerful link juice your way as appreciation from the world for your contribution.

Congrats
 

Bellini

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Nice article on Forbes where an entrepreneur plugged The Millionaire Fastlane and profiled a couple million dollar revenue guys working solo. In @Vigilante 's thread "Changing in Latitudes" we discussed how sweet it is to work alone without the headache and hassles of employees.

How Bold Entrepreneurs Are Breaking $1 Million In One-Person Businesses

http://www.forbes.com/sites/elainep...-breaking-1-million-in-one-person-businesses/

Nice start to my weekend. :)

This is awesome! :tiphat:

I subscribe to the hard copy Forbes Magazine. Not sure how I missed it.

What's even more amazing @MJ DeMarco is that you finally surpassed 90k in your rep account. It's about time.

Just kidding!
 
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RazorCut

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I found it insightful how the personal trainer biz. was about to throw in the towel. Instead he simply changed the model of how he gets paid but still offers the same product then it started working much better for everyone.

I was talking only yesterday to a close friend at his wedding about personal trainers and he told me one of the trainers local to him bought a 7.5 tonne lorry, kitted it out into a mobile gym and drives to his clients wherever they may be (home/work). You can't miss it as a lorry provides loads of advertising real-estate and probably creates quite an impression.
 

MJ DeMarco

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I was talking only yesterday to a close friend at his wedding about personal trainers and he told me one of the trainers local to him bought a 7.5 tonne lorry, kitted it out into a mobile gym and drives to his clients wherever they may be (home/work).

Wow, now that's what they call "value added".
 
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MJ DeMarco

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Another cool mention, stumbled on the article to see some recommended books and found my own. :)

50 Global Entrepreneurs Recommend 50 Books That Forever Impacted Their Lives
http://www.entrepreneur.com/article/247511
 

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MTF

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http://www.forbes.com/sites/elainep...king-his-diet-sparks-a-seven-figure-business/

Another article by the same journalist about another solopreneur making 7 figures a year.

LOVE IT:

“To me, traveling is much more important than making a lot of money,” Orwell said when we spoke recently. “I make a decent amount. I can go for an hour-long walk and not worry I have to get back and make money. Next week, I’m going away for four days to a music festival. The next week, I’ll be away for four days for a bachelor party. The next two weeks I’ll be in Sweden. That would not be possible if I brought in VCs. I don’t feel I need a $5 million house, fancy cars, or fancy watches. I don’t begrudge anyone who wants that lifestyle. Traveling is the main thing I focus on.”
 

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http://www.forbes.com/sites/elainep...king-his-diet-sparks-a-seven-figure-business/

Another article by the same journalist about another solopreneur making 7 figures a year.

LOVE IT:
His seven-figure business allows him to enjoy something that’s more valuable than money: The time and financial freedom to do what he loves–exactly when he chooses.
Could be a quote right out of TMF :rockon:
 
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MTF

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Related to the topic: The only thing better than having no boss

@Vigilante, you'll enjoy this.

Loved the article - it couldn't be truer for me.

A friend of mine owned a business doing 7 figures per month. From his kitchen counter.

So he opened an office, to grow bigger.

Why?

He didn't need the money. He could have retired, and he is my age.

He wanted a bigger challenge.

He hated it.

He grew the business. But he hated dealing with people.

So he closed the office and went back to doing what he was good at.

From his kitchen counter.

And he's much happier.
 
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MTF

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@JasonR, any idea how to do these two things at once? I'm often tempted to face a bigger challenge (do something on a larger scale like, say, Richard Branson), and then I remember I'm happy because my business can be managed by only me and I don't have to deal with all that crap related to bigger ventures that need people, an office, etc.
 

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