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Solopreneurs Doing $1M or More...

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JasonR

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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.

I have two ideas for you.

First - it sounds like you don't have a clear goal set for yourself. You probably go back and forth between building a huge business and being a "solopreneur." And that's ok, I did that too. It wasn't until I started traveling, and I realized the beauty, first hand, of having a business that's 80% outsourced, that I knew which decision was right for me.

Second, you may not realize that sometimes you don't need an office and the "crap" associated with larger start ups to make a high income. Only you know what's true for your business (ex. can you grow it without hiring, etc? I don't know - I don't know your business). You very well might be able to scale and grow while keeping your actual operation small by leveraging contractors and outsourcers.

For me, personally, my goal is to keep the "solopreneur" thing going and focus on building a multi-million dollar business through the internet, outside contractors, and automation.

That doesn't mean I won't work my a$$ off when need be. But my end goal is not only be financially free, but also to free up as much time as possible to do the things I want to do.

Some people want to work their asses off for 40-50 years building a 8 or 9 figure business. That's not me. And that's ok, what's right for me may not be right for you. But for me, you can't replace the sort of life I'm enjoying right now (I'm sure @Vigilante and @GlobalWealth can agree).
 
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GSF

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7 figure kitchen table solopreneur- this to me is the fastlane and what I'm aiming for, my previous business had employees, business premises and all the hassles and headaches associated, everytime I read threads like this I remember never again to the old way

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

MTF

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Great answer @JasonR, thank you!

Today I went on a day trip and despite not working at all I still made more than I spent. I think I know the right answer about my goal. It's the same as yours. Can't beat the freedom to take a day off whenever you want and still get paid while you enjoy yourself and don't think about the business at all.

I think that as long as you don't start actually using your freedom as a solopreneur, you'll be more likely to believe you have to start a huge business with employees, a physical office, etc. because you'll feel bored and not really fulfilled. Working on your personal life can eliminate the need to treat business as the only solution to "I'm not fulfilled/challenged" problems.
 
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theag

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I know Andrew. but I would never consider him an expert or credible source on any topic. that's about all I will say on this topic.
Good to hear you confirm this. I came across him from time to time but always had the impression that he's just a typical internet info marketer who's topic happens to be offshore stuff instead of the usual crap.

Also, I would never trust a 20-something with a baby face with taking my business offshore. I'd want some older, maybe a bit rugged and with a few scars from battles with various tax authorities. Like a white-collar barbarian.
 

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Good to hear you confirm this. I came across him from time to time but always had the impression that he's just a typical internet info marketer who's topic happens to be offshore stuff instead of the usual crap.

Also, I would never trust a 20-something with a baby face with taking my business offshore. I'd want some older, maybe a bit rugged and with a few scars from battles with various tax authorities. Like a white-collar barbarian.

Just so you know, this isn't a shot at you, it's a shot at your obvious ignorance on NC.

Hilarious. Just goes to show that one can have an opinion on something or someone, even if one is actually ignorant about that something or someone. Thinking is not really a prerequisite for opening your mouth. Or, in this case, typing.

Unless I'm mistaken, Andrew is around the same age MJ was when MJ started winning big.

Side note: Since when is age a prerequisite for knowledge?

The main point, though, is that anyone who has actually paid to be a part of the Nomad Cap inside group, or has attended the functions (like the last one in Cancun), knows that Andrew himself does not purport to be the expert. Rather, he has access to the appropriate experts for expats (accountants, attorneys, etc).

This year, I've gotten checks/deposits/fees/commissions bigger than some people's annual income, and I can do this anywhere in the world. Thus far, I've chosen to be in the U.S, but if there's one thing Andrew IS an expert on, it is the tenets of capitalism and how to maximally exploit opportunities for freedom abroad.
 
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theag

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Just so you know, this isn't a shot at you, it's a shot at your obvious ignorance on NC.

Hilarious. Just goes to show that one can have an opinion on something or someone, even if one is actually ignorant about that something or someone. Thinking is not really a prerequisite for opening your mouth. Or, in this case, typing.

Unless I'm mistaken, Andrew is around the same age MJ was when MJ started winning big.

Side note: Since when is age a prerequisite for knowledge?

The main point, though, is that anyone who has actually paid to be a part of the Nomad Cap inside group, or has attended the functions (like the last one in Cancun), knows that Andrew himself does not purport to be the expert. Rather, he has access to the appropriate experts for expats (accountants, attorneys, etc).

This year, I've gotten checks/deposits/fees/commissions bigger than some people's annual income, and I can do this anywhere in the world. Thus far, I've chosen to be in the U.S, but if there's one thing Andrew IS an expert on, it is the tenets of capitalism and how to maximally exploit opportunities for freedom abroad.
I dont give a f*ck. :embarrased:
 
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eliquid

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Hilarious. Just goes to show that one can have an opinion on something or someone, even if one is actually ignorant about that something or someone. Thinking is not really a prerequisite for opening your mouth. Or, in this case, typing.

Side note: Since when is age a prerequisite for knowledge?

I agree in theory on your point, but I disagree when it comes to reality.

Humans survived all these years to be where we are today because of bias. Without bias being used as a shortcut within our thinking process, we would have never made it as a species.

In reality, prejudice ( or bias ) worked.

Age isn't a prerequisite for knowledge, but if you are trying to get a job or market your services and your marketplace/employer has these biases... you will be subject to them and have to deal with the result of them.

Also, knowledge doesn't mean anything unless it's knowledge gained by first-hand experience and repeated several times to be proved as true. You can read all the books in the world on a given subject and think you have knowledge, but you do not. You can experience something first-hand once and think all situations similar to that are true, but you would be wrong. You can also have all the people you think are experts in a given topic around you, and also be fooled when the above is compounded for them within their lives.

You can not get repeated first-hand experiences without the passing of time. The odds someone has encountered this with little time is very slim ( a bias ). It can happen, I know it can. However, some people would rather play the odds.

I don't care who Andrew is or if he is correct. I don't know him. He could be the real deal.

However, his marketplace has spoken ( both people who trust him, and those who don't ). That is the only truth in this discussion.
 

Get Right

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I know Andrew. but I would never consider him an expert or credible source on any topic. that's about all I will say on this topic.
I saw his "friends list" included Harry Dent. Ummm, I'm out.
 

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Andy Black

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Seven-figure and 8-figure rainmakers have been using specific strategies to hit high annual numbers for a long time.

Million-dollar a year salespeople, I think, are going to be the new breed to take full advantage of the global marketplace.

If you can make a million a year, and all you need is a cell phone and a laptop to speak with vendors and clients, that's a skill worth its weight in gold.

I think this type of person is behind the online marketers, because they make a large amount of money on a small number of clients - not a small amount of money for a large amount of clients.

Once the off-line rainmakers start thinking like the online rainmakers, they'll catch up, and their hustles will drastically improve.
 

MTF

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This thread deserves a bump, plus I wanted to share with you some other great articles by the same journalist:

This Versatile Entrepreneur Went From Blocking IEDs To Running A Million-Dollar, One-Man Consultancy


Some interesting quotes:

To extend his capabilities beyond what one person can do, Smith has relied on contractors such as a virtual assistant, a fractional controller who handles his finances, and a collaborator for his recent book Optimize for Growth. “The challenge is to scale myself,” he says.

But if he had bailed, he would not be in the vanguard of solo entrepreneurs breaking $1 million in revenue—or leading the lifestyle he wants. “My preference is to have a solopreneur practice,” he says. “It’s a great life. It’s very simple.”

This Entrepreneur Built A Million-Dollar Business On Small Investments In Local Real Estate

Some interesting quotes:

Working as a financial advisor in San Francisco after college, Cory Binsfield had an epiphany on the Golden Gate Bridge: “It was the middle of the afternoon,” he says. “Traffic was so backed up I could barely move. I said, `What am I doing here? It’s beautiful but I’m tied up in traffic.’”

Although Binsfield invests in local properties, his business is almost location independent. Having taken his office paperless several years ago, keeps his records about his properties in the cloud, so he can access them from anywhere by phone or iPad. He realized just how smoothly the system worked when he was in Mexico and he got a text message saying the garage at one of his properties was burning. “I knew the exact garage and sent a Google GOOGL +1.04% voice messag handyman,” he recalls. “A half hour later, it’s taken care of.”

How Facebook Helped A Solo Entrepreneur Create Two Million-Dollar, One-Person Businesses


Some interesting quotes:

“Once you learn Facebook ads, it’s a great skill to have,” says Goff. “You can scale really quickly, which is great for the one-person business. It gives you a lot of leverage, where you don’t need more employees. I went from making $100 day on Facebook to $2,000 a day. It was no more work for me and 20 times the revenue.”

Here’s where we get to the messy part of solo entrepreneurship. One reason Goff sold that business was he learned something many people do when scaling up: It’s hard to keep up with customer service when you run a tiny business.

“I realized there’s a limit to what you can do with the one person company. You really can only get to about $3 million or so in revenue before you have to bring on employees. If I wanted to build this into hugely successful supplement company, I needed infrastructure and people to help me do it.”

These Millennial Brothers Turned A Passion For Bold Socks Into A Million-Dollar, Two-Man Business

An interesting quote:

Meanwhile, the business, which has relied on outsourcing and contract help to expand, gives them the freedom to live a very mobile existence. “For us it’s all about building a business which provided us the opportunity to travel, explore and live remotely,” says Boris.

He Left His Project Management Career To Start A Seven-Figure, One-Person Business

Some interesting quotes:

“If you can outsource your supply chain, you have almost unlimited scaling available,” says Nadler.

“The challenge with books for starting your own business is some mislead you,” says Nadler. “They want you to start online arbitrage—buying low and selling high—or underselling your competition. I know some people are very successful, but it’s extremely time consuming. The currency is really lifestyle. It’s not how much you make per month or year. It’s really about your return on time invested and being able to take a month off if you want to.”

He Left His Corporate Career And Launched A $2.5M, One-Person Business


Some interesting quotes:

Instead of keeping a giant warehouse full, he relies mostly on a drop shipper to process orders. “My business is probably 90% drop shipped,” says Johnson. That means if he gets a purchase order for 500 widgets from a government agency, he submits the order to a manufacturer who will send the goods straight to the client. He’ll then pay the manufacturer and collect the money owed by the government.

Johnson has faced a challenge common to businesses seeing fast growth: the temptation to work constantly. For a while, he found himself logging time at his desk through the weekends, which put a strain on his family and put him at risk of burnout. Now he’s slowed down, takes weekends off—except for doing some planning for the week ahead on Sundays—and works out with a personal trainer four days a week. He has found it hasn’t hurt his business. “No one says if you didn’t get back to me within 24 hours I’ll never talk to you again,” says Johnson. “People understand.” He hires contractors to help with his bookkeeping and website.

Love And Honey: How A Young Couple Created A $1 Million-Plus Artisanal Food Business

Some interesting quotes:

So how has the two-person company been able to grow to more than $1 million in revenue? In a word, outsourcing. Instead of running their own packing facility, the couple hires a company known as a co-packer to pack the honey in compliance with rigorous food certification standards. Krones, who has worked closely with an advisor from her local Small Business Development Center to grow the business, says using the co-packer represents a “very substantial” part of the total cost of goods, but it’s worth it.

“If you bring on employees and have your own facility, there is enormous overhead involved in that,” says Krones. “We looked for a way to launch the product that would maximize the ability to scale it without any of the risk.”

Teaming up with the co-packer has also allowed the couple to meet another goal: Enjoying time with their growing family. Krones has two sons—one of whom was born in July. “Our goal is to be able to spend as much time with our kids as we can,” says Krones, who spoke with me while 40 weeks pregnant. “Being able to outsource allows me to work from home and spend more time with them,” she says.
 
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CommonCents

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Gee, who's that MJ dude, some overnight sensation guru in the press? ;) (only 10-20 years in the making ;)
 
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Ubermensch

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I consider traders, in many ways, to be the uber-example of the solopreneur, and I've always tried to emulate that model of business

I think the numbers in Forbes magazine back me up on this.

But in northern New Jersey, David Tepper had another extremely strong year. The founder and head of Appaloosa Management guided his flagship hedge fund to net returns of nearly 30%. Tepper personally made an estimated $2.2 billion in 2012, topping Forbes’ list of the 40 highest-earning hedge fund managers and traders.

While most- if not all - of the guys on the list are hedge fund managers (little firms these run, with limited employees and lots of brainpower), their off-the-charts earnings demonstrate the power of the trader.

We are literally talking about a game in which the top dogs earn billions on an annual basis.
 

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Got another mention, this one in Business INSIDERS...

http://www.businessinsider.com/money-lessons-for-college-graduates-2015-6

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.

For most beginners, it should be required reading for anyone before reading the 50th Law.

The 50th Law holds its current high status among hustlers of many varieties, because Greene applied the first law of power when working with 50 Cent aka Curtis; he made all of the glory revolve around 50.

Fifty isn't a millennial. And yet, he connects with them, and there's no doubt that TMFL connects with millennials (even the painfully obnoxious ones that sleep and couch potato their youth away...).

It's only a matter of time before uber-successful millennials (making $500,000 - $1,000,000+ NET annually) begin dropping TMFL in private conversations.

Also, observe the Grant Cardone phenomena: He's two decades older than the oldest of millennials. Still, he connects with us because he tells us what we need to hear (especially if you're in sales).

This forum has begun to attract a lot of sales profession type of discussions.

So, yea. Soon, TMFL will be in the hands of the 50th Law and 10X crowd.

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:

@axiom

@Cyriex we should be interviewed later this year.

Wonder if there are any articles out there for those of us making 8-figures annually?

Every time I visit Reddit (like I just did) all of the armchair detectives bug the shit out of me.

Don't do it to yourself, man.

Back in the day, I used to post on Online Debate Net under the name sonofnietzsche. I actually have the largest thread (most read and most responses) on that site, on a subject matter that is banned (for good reason) from this forum.

Sometimes, posts online are so dumb, and can bug so much shit out of you that you think you just read a sort of verbal laxative.

Some of the arm-chair hustlers on this site can bug so much shit out of you that it can feel like a buggering!
 
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LuckyPup

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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

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

Nice start to my weekend. :)
Apropos of nothing, maybe, but one of the main things that held me back in the past was my own lack of clarity on whether to build a lifestyle business or a larger enterprise that I can scale and sell, as well as my lack of courage to embrace the model that was really for me, versus the one that I thought I "should" pursue. I think the Silicon Valley glory stories entice most people to desire to become moguls, rather than lifestyle mavens. As for me, a relatively introverted guy who equates managing employees with running an adult daycare center, I'll take the latter.
 
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MJ DeMarco

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As for me, a relatively introverted guy who equates managing employees with running an adult daycare center, I'll take the latter.

I'm the same way. I'd much rather be a lone-wolf and dabbling in 6 and 7 figure businesses than some INC Magazine cover guru managing a $1B dollar company worshiped by Silicon Valley.

There is no right answer of course, it all depends on the individual and what they want from life.
 

Tim Allen Jr.

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I'm the same way. I'd much rather be a lone-wolf and dabbling in 6 and 7 figure businesses than some INC Magazine cover guru managing a $1B dollar company worshiped by Silicon Valley.

There is no right answer of course, it all depends on the individual and what they want from life.

Totally agree with this. Plus depending on your business could be easier to get to 8 figures than a 'traditional' company.
 
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Tim Allen Jr.

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Apropos of nothing, maybe, but one of the main things that held me back in the past was my own lack of clarity on whether to build a lifestyle business or a larger enterprise that I can scale and sell, as well as my lack of courage to embrace the model that was really for me, versus the one that I thought I "should" pursue. I think the Silicon Valley glory stories entice most people to desire to become moguls, rather than lifestyle mavens. As for me, a relatively introverted guy who equates managing employees with running an adult daycare center, I'll take the latter.

Knowing how you want your company or companies to run is critical. Also, for overall happiness and well well-being... which typically if you are, you can run your company better. Plus - Who want's to build something only to hate doing it later?

Ultimate goal for myself is to have a portfolio of companies with a round table group of 'people that can do it', where the ultimate goal of each company is to create greater good for the portfolio. I like the idea of like a Johnson & Johnson approach. The more legs to build a better foundation. + for the approach above, the different companies allow you grow/shift where you passions are, never getting tired of doing any 'one' thing. Keep that fire going. Elon Musk does this and in some cases makes people stronger.

Know what I do best, and let people do what they do best, but let the portfolio grow without me needing much oversight.

I'm just watching a Paul Mitchel segment, he doesn't have a laptop, travels on his jet for 1 on 1 meetings, and has a private main office at his house. That's a 'free' lifestyle.

Seen it mentioned here a lot... I want to build/create wealth, not just money. Wealth is something different, I'm a couple of steps away though. So when I do, I'll be able to describe it more succinctly (if that makes sense.)
 
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Sean Kaye

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I have no interest in building a billion dollar business at this point in my life...

I'm pretty comfortable shooting for complete financial independence.

If someone came along and offered me billions for something I've done, I'd not say "no", but I wouldn't actively go out of my way to create and craft those kinds of businesses - it's just not who I am.
 

Andy Black

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Likewise. Financial independence and the freedom to work how I want to work.

I also have zero interest in taking on employees. Maybe it will happen one day, but it's certainly not a goal.
I left working for big corporates for a reason... to get away from the annual appraisals, office politics, and mindless meetings.
I currently work in a small team of 3 freelancers (myself included). Being freelancers we've all got similar mindsets - which is so refreshing.
 
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I seriously relate to the personal trainer and babysitter’s past employee issues (I currently manage 165 through 9 managers), and like how they rewrote their business models to foster stewardship through their franchisees, effectively replacing their passengers and sinkers with active paddlers.

They traded a workforce of slowlaners for a workforce of entrepreneurs. Brilliant.

Employee engagement is a career long battle for most managers. Slowlaners ain’t dumb, most know it all comes down to “how much money is this guy paying me to be here vs. how much I really give a shit”. They know that all the engagement pep rally bullshit is just the man trying to keep them from hating the deal they signed up for. Rare is the employer that can afford “best job ever” status with all of its employees and stay in business.

Gives me fuel to keep building my own boat so I don’t have to continue motivating other slowlaners to keep someone else’s afloat. Thanks for the share @MJ DeMarco, and congrats on the press!
 

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