One-Person Businesses That Make $1M+ Per Year | The Tim Ferriss Show (Podcast)

This podcast episode of The Tim Ferriss Show is coming up on the 11th anniversary of my first book, The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich. While there are parts written by my 29-year-old self that make me cringe, I’m both honored and amazed that it continues to strike a chord with so many. Rather than re-editing the book and risking the loss of whatever made it work in the first place, I’d like to share case studies of people who have used it as a blueprint to build successful businesses as detailed in The Million-Dollar, One-Person Business by freelance journalist Elaine Pofeldt (@ElainePofeldt). Much like 11 years ago, I hope this episode inspires more people to make a change for the better and accomplish more than they thought possible. This podcast is brought to you by 99designs, the world’s largest marketplace of graphic designers. I have used them for years to create some amazing designs. Whether your business needs a logo, website design, business card, or anything you can imagine, check out 99designs. I used them to rapid prototype the cover for The Tao of Seneca, and I’ve also had them help with display advertising and illustrations. If you want a more personalized approach, I recommend their 1-on-1 service. You get original designs from designers around the world. The best part? You provide your feedback, and then you end up with a product that you’re happy with or your money back. Click this link and get a free $99 upgrade. Intro. [00:00] Laszlo Nadler brings in $2M+ with Tools4Wisdom. [11:16] Do you have to abandon your full-time job? [11:56] What is (and what isn’t) a non-employer firm? [12:30] 3 things these businesses offer that elude most workers today. [13:22] The third path opened up by one-person businesses. [13:32] What’s driving the growth of the million-dollar, one-person business? [14:26] A shift in attitudes. [15:15] How do you get from where you are to entrepreneurial freedom? [15:50] Key questions to ask yourself first. [17:44] These businesses typically fall into these 6 categories. [19:01] Entrepreneurs generally have these practices in common. [19:35] Split-testing for profit. [21:24] Mastering the art of delegation. [24:22] The point of comfort challenges. [27:00] Your first entrepreneurial efforts don’t have to succeed — as long as you learn from them. [28:51] Outsourcing smaller tasks and decisions so you can focus on the larger. [31:53] Making and managing require different schedules. [36:20] How observing these schedules has helped Ben and Camille Arneberg pursue further business opportunities. [40:05] Fewer distractions = more growth. [41:24] Two key ideas that helped Dan Faggella grow his revenue far beyond the average “nonemployer” business. [42:30] How I test potential candidates for a job. [43:28] How Dan Faggella ensured a smooth transition when selling his company. [46:03] Success through liberation—mobility as important as money. [48:14] How Sol Orwell chose a second-in-command to handle things when he goes off the grid. [53:21] What Sol does with his “free” time. [56:02] Rethinking scale and profit. [56:51] The story of the businessman and the fisherman. [58:18] How a Seth Godin talk inspired a business venture. [1:02:02] SUBSCRIBE: http://bit.ly/1dSzTkW About Tim Ferriss: Tim Ferriss is one of Fast Company’s “Most Innovative Business People” and an early-stage tech investor/advisor in Uber, Facebook, Twitter, Shopify, Duolingo, Alibaba, and 50+ other companies. He is also the author of five #1 New York Times and Wall Street Journal bestsellers: The 4-Hour Workweek, The 4-Hour Body, The 4-Hour Chef, Tools of Titans and Tribe of Mentors. The Observer and other media have named him “the Oprah of audio” due to the influence of his podcast, The Tim Ferriss Show, which has exceeded 200 million downloads and been selected for “Best of iTunes” three years running. Connect with Tim Ferriss: Visit the Tim Ferriss PODCAST: https://bit.ly/2rYjUBr Visit the Tim Ferriss BLOG: http://bit.ly/17jDHw3 Like Tim Ferriss on FACEBOOK: http://on.fb.me/1avYUxq Follow Tim Ferriss on TWITTER: http://bit.ly/17d94TE Follow Tim Ferriss on INSTAGRAM: http://bit.ly/2IfH37J