TSPB #016 The One-Person Business Journey (How To Scale 100X Your Income)Sep 30, 2023
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The easiest business to start online is a one-person business, where you are the product or service. This is how I started and turned my skills of graphic design and digital marketing into hundreds of thousands of dollars, and you can turn your knowledge as well into hundreds of thousands of dollars.
In todays newsletter I will be covering how to start a one-person business online, and how to scale it through productizing your knowledge and services.
The Foundation: Monetizing Your Knowledge
Every successful one-person business starts with your unique knowledge and the ability to monetize it effectively. Your journey begins by identifying your skills, insider knowledge, and assessing how others in your field are capitalizing on their expertise. Your knowledge forms the cornerstone of your one-person business.
For instance, if you're a graphic designer or creative, studying successful professionals in your niche can provide valuable insights. You'll notice that many offer services like branding, web design, or consulting. Some even productize their knowledge through templates, coaching, or online courses. Understanding how others monetize their expertise is your initial step towards building your business.
Bridging the Gap: Turning Knowledge into Services
Once you've defined your knowledge base, the next step is converting it into a product or service. This involves identifying the gap between your expertise and the money-making opportunities in your industry. Analyze how others in your field attract clients and generate income. For example, Chris Do, the founder of The Futur, leverages his 20 years of motion design experience to offer profitable courses and coaching.
Reverse engineering the success of role models in your industry can help you plan your path to profitability. Begin by understanding what services or products align with your expertise and the needs of potential clients. Whether it's offering a done-for-you service, reaching out to companies, or creating your first digital products, filling this gap is vital to your initial earnings.
Building Your Hub: Showcasing Your Work
Creating a central hub for your work is essential for attracting potential clients and customers. Consider platforms like Behance, a personal portfolio website, or an active Instagram account to display your work. This hub becomes your digital portfolio, showcasing your skills, results, and customer testimonials.
By curating your content on this hub, you can highlight your expertise and draw potential clients' attention. Your hub acts as your silent salesperson, working for you even when you're not actively promoting yourself. The more effectively you build and maintain this hub, the faster you'll start generating income.
The Power of Organic Content
Organic content is your secret weapon in building trust, authority, and sales for your one-person business. Create content that addresses the problems your ideal clients face. Whether it's educational reels, carousels, or informative posts, your content should demonstrate your expertise and problem-solving abilities.
By consistently delivering value through your content, you build trust and establish yourself as an authority in your field. Additionally, organic content continues working for you, even when you're not actively engaged. It can be the catalyst that turns a random visitor into a paying customer.
Scaling: From $1 to $10,000
The journey to $10,000 is a significant milestone in your one-person business. Here are three methods to help you achieve this:
1.) Organic Content: Continuously improve your organic content over six months, posting daily. Educate your audience, showcase your work, and share client interactions. As your content quality and consistency grow, so will your following and income.
2.). Referrals: After completing a project or making a sale, ask satisfied clients for reviews and referrals. Leverage your existing network to tap into new opportunities. Word-of-mouth recommendations carry immense trust and can lead to new clients.
3.) Cold Outreach: If you're starting from scratch, consider cold outreach through emails, calls, or direct interactions. Pitch your services or products succinctly, highlighting their value. While challenging, cold outreach can help kickstart your one-person business.
Scaling to $100,000 and Beyond
Reaching $100,000 in annual revenue requires a strategic approach that you can tackle with two different methods:
1.) Scaling Your Service Business: If you provide creative services, consider raising your prices for high-ticket projects. This allows you to generate substantial income with fewer clients. Upscale your service quality and cater to a select, high-value clientele.
2.) Productization: Transform your knowledge into digital products, such as courses, ebooks, templates, or guides. These products have the potential to generate recurring income without directly tying your time to money. It's a sustainable path to scale your one-person business.
Sustainability: Beyond the Six-Figure Mark
The key to long-term success in your one-person business is separating your time from your income. Here's how:
1.) Turn Knowledge into Products: Develop digital products that can be sold repeatedly. Courses, ebooks, templates, and guides allow you to create once and sell indefinitely, maximizing your income potential.
2.) Establish a Personal Brand: Grow your organic audience online by consistently delivering valuable content. A personal brand creates trust, authority, and a loyal following, making it easier to sell your digital products.
By following these steps, you can unlock the full potential of your knowledge and transform your one-person business into a thriving, sustainable venture. Remember, the journey may be challenging, but with dedication and perseverance, the possibilities are limitless.