Independently wealthy. In our day and age this is probably what every middle-class person dreams of; to be able to develop a company, invent a product or to offer a service that will push them closer to the 1 percent. Is it possible? In this economy that is controlled by huge corporations and even larger funds, can one person break-away and create a million dollar company all on their own? Well, my greedy little friends rejoice, because not only can you do it, but there are numerous examples of people that have done it.
Three Car Garage
Harry Ein started his company out of his three car garage, printing “swag” or promotional give-away gifts in 2010. Since then he has made promotional give-away materials for companies such as the NBA, Microsoft and Safeway to name a few. He has been named #1 sales person of promotional material of the year by a respected trade publication and speculates that his one man show will create 4 million dollars this year.
How does he do it though? Much like his counterpart one million-one person companies, he has found that outsourcing is the key to creating a successful and massively profitable company and Ein outsources everything, from back office administration to collecting money from clients. Ein is only responsible for the sales and then external companies take on all the other tasks.
It’s A Market Trend
The job market is veering towards freelancers and independent professionals more and more. According to Forbes, a poll of small business decision makers showed that 61 percent believed that the majority of American workers will be freelancers by the end of 2025. Many Silicon Valley companies already rely heavily on freelance work to write, edit and create media for them. Recently freelancing professionals have even ventured into the fields of consulting, and that brings us to our next million dollar man.
Consulting the One Man Way
Jonathan Smith worked with his father for fifteen years producing sea-borne barriers that prohibit terrorist from attacking. After a life of traveling back and forth between home and areas of unrest where his products were requested, he left the 15 million dollar company to do something very different: business consulting. And he gets handsomely compensated for it too, for 7500 dollars a day Smith helps small and medium sized businesses scale up. He isn’t the only person doing work like this either, Linkedin has found that 6 percent of freelancers are consultants and that number is constantly growing as companies take advantage of the “freelance” economy of today.
The Newest Hype Word: Microbusiness
Economists and Market Analysts looooove their hype-words and the newest amongst them is Microbusiness or a business with a sole proprietor that is a non-employment firm or company (as in they employee exactly zero employees). And its seems like the microbusiness is good: in the United States there are 26,744 such companies that claim revenue in the range of 1 million to 2.49 million dollars (that’s a lot of petty cash to spend on the company’s Christmas party).
See Also: Best Advice For Successful Entrepreneurs
So through hard work, expertise and outsourcing you too can create a million dollar one person business, if you have any other tips that I might have left out let me know in the comment section below.