8 Steps to
Building a
Million-Dollar
Business With
No Employees
Cogneesol Inc.
Out of almost 25 million "one-person"
businesses based in The United States,
more than 36,000 businesses' income
estimated to have seven figures or more
per business on an annual basis.
Overall, non-employee
businesses, as compared to the
past, are making more money.
Elaine Pofeldt shares her findings
through her book-The Million-Dollar,
One-Person Business.
Though the book doesn't tell secrets
to success, it does disclose numerous
strategies that frequently come up in
the entrepreneurs' stories; these
strategies may come as a helping
hand to build your dream business.
01
Find a niche you love and
make it unique
You only need to find what you’re best at
& follow the same to build your business.
Even if you will provide services or
products that are already in the market,
maybe you can deliver them in a unique
way or make them outstanding.
There are several business sectors you
can start with; as per Pofeldt’s research,
most million-dollar solo businesses
typically fall into the following categories:
Informational content creation
Personal services firms offering expertise
Professional services & creative businesess
Real estate
E-commerce
Manufacturing
Within or outside
these sectors - you
would find a business
that would grow
based on your unique
perspective.
Uncoveringan idea that you will
enjoy thinking about every day whether that is when you are
writing copy for your website or
answering a customer’s question
about it - is the secret,”
writes Pofeldt in her book.
02
Outsourcing
As a Solopreneur, it might become
difficult for you to manage all the
operations solely. And if you try to do
so, it may lead to burnout. Here,
outsourcing can be a good option.
You may consider starting with
outsourcing some of the basic
yet essential operations, such as
accounting , customer service,
data management, etc.
For Example
if you’re running or planning to start a
law firm, instead of having a separate
department for financial management,
you may hire a finance and accounting
service provider.
This would help you to save
infrastructure and overhead costs as
well as plenty of time which you could
utilize on other revenue-generating
activities
Even, some entrepreneurs hire virtual assistants
who can efficiently manage multiple tasks or
handle schedules and projects.
According to Pofeldt, “What will help you break
into the seven figures is to expand your
capacity beyond what one person can do.”
According to a Global Industry Analytics report,
the global Business Process Outsourcing market
will reach around $220 billion by 2020 (it was
around $24.6 billion in 2017).
03
Freelancing
In freelancing, you only need to pay
per job done for you, and it frees you
from the responsibility of providing
permanent employees with salaries
and additional perks.
If you hire multiple freelancers, you will likely to
get a wide variety of styles and personalities to
grow your business using potent and varied skills.
For example
If you’re planning to run a website about
different web-series. You can hire a web designer
to launch the website, a graphic designer to get a
fancy logo, writers to fill content on the site, &
critics to get reviews on web-series. All of this
requires no permanent employees, letting you
get plenty of content quickly.
04
Automation
Technology has brought convenience
to mankind. From ATMs to robots
working in manufacturing industries,
there are myriad ways to automate any
work.
While different software in your
computer can help you manage
several tasks, cloud-based
software protect you from losing
data, data crash, and data theft.
There are automated chatbot
systems that would automatically
respond to your customers’
messages.
Moreover, you can set up
automated financial tasks to
send invoices to customers
once they purchase your
product, leaving you to rest
assured about several
significant responsibilities.
MichelleSchroeder-Gardner, solely running
amillion-dollar blogging website, credits
“affiliate marketing” for her financial and
lifestyle freedom.
She said, “I am able to place links to products
that I like on my blog, and that helps me to
earn money down the line, without having to
work every single hour of the day.” “Instead, I
can make an income while I'm asleep, on
vacation, out sailing, and soon,” she added.
06
Free advertising and marketing
is always a plus point
There are several ways you can follow
to create buzz for your business without
putting many efforts. Utilize the power
of social media for never-ending
exposure; you can also keep existing
and potential customers engaged with
your brand.
You may also draft an invitation to local
media so that they can present your
product, service, or expertise to the
general public.
You may also try to make and
maintain local media contacts and
be responsive to their requests.
Doing this will help you become a
renowned brand, publishing lots
of free press for your business.
07
Avoid Unnecessary Expenses
When it is time for you to start a
business, there would be a lot of
expenses coming your way where most
of them would be unavoidable.
However, you can definitely avoid
overspending.
For instance, you can choose to
have traditionally used business
cards initially instead of getting
metallic or fany business cards.
Becoming a little concerned
about saving money can bring a
significant difference between
a successful and a surviving
business.
08
Be ready to hustle
A dedication to face struggle is an
unconditional necessity, especially
when it comes to setting up a
business with low or no capital.
However, you should be ready to commit everything you have
to make your business a success. This may include
Calling
Billing and
accounting
Task
Customet
support
and other operations that are
crucial parts of your business.
To take your business to success,
you would need to be a multitasker, and this will require most
of your time and efforts; so be
ready!
Activities
on the Page
No doubt employees are the base
of a successful company, but if
you’ve just stepped into the
business scene, you can definitely
start and successfully run your
business without employees.
Conclusion
The key to starting and successfully running a
business on your own is achieving small objectives
and being determined toward the same. More
importantly, don’t let limited availability of assets
affect your business idea and strategies to run it.
By utilizing useful tools and technology in the best
manner, you would be able to establish your
business as a widely known brand.
About Us
Cogneesol is a well renowned ISO certified insurance
process outsourcing company, serving globally since
2008 with an effective success rate of 98.9%. Being in
this domain for so many years, Cogneesol has helped
more than 650+ clients from medium enterprises to
fortune 500 businesses.
Our Services Includes
Finance & Accounting Services
Insurance Back Office Services
Legal Support Services
Data Management
Contact Us
+1 646 688 2821
www.cogneesol.com
info@cogneesol.com
30 Wall street, 8th floor,
New-york, USA, 1005-2205