In today’s world, agility and lean practices are everything, especially for the solopreneur.
You don’t need a big team or countless hours spent to launch a successful business. In fact, you can create a business worth $1 million in just one week.
Sounds impossible? Let’s break it down.
Day 1: Create a Brand
Creating a brand isn’t just about picking a business name and designing a logo. It’s about understanding your target market, your unique value proposition, and how you’ll communicate that to your audience. A strong brand will differentiate you from your competitors and create a lasting impression in your customers’ minds.
Consider what you want your brand to represent. If you’re a graphic designer, your brand could be about delivering sleek, modern designs that help businesses stand out. If you’re a marketing consultant, your brand could be about helping small businesses grow with effective, results-driven marketing strategies.
Once you’ve nailed down your brand’s identity, it’s time to translate that into visual elements. Use tools like Canva or Adobe Spark to design a logo that represents your brand. Choose a colour scheme and typography that aligns with your brand’s personality. The beauty is that platform’s like Canva have pre-built templates that you can use to truly create your brand in one day.
Day 2-3: Create a Landing Page
Now that you have your brand, it’s time to create a digital presence. A landing page is a perfect place to start. Whether you’re using a WordPress template or a Shopify store, your landing page is where you’ll direct potential clients to learn more about your brand and offerings.
Make sure your landing page is clean, easy to navigate, and clearly communicates your value proposition. Include a call-to-action that encourages visitors to take the next step, whether it’s booking a consultation, subscribing to a newsletter, or purchasing a product or service.
By using pre-built website templates like BeTheme for WordPress or themes within the Shopify platform itself, this allows you to simply remove the placeholders and input your own branding into it, and within 1-2 days you’ll have a one-page landing page ready to go.
Day 4: Productize Your Knowledge or Skills
Next, think about how you can turn your knowledge or skills into a product. This is where the magic of recurring revenue comes in. By creating a product or service that you can sell on a subscription basis, you’ll create a steady stream of income.
Consider Brett Williams of DesignJoy.co as an inspiration. He turned his design skills into a subscription service, scaling his business to a whopping $120k per month as a solopreneur with overheads at less then $500 per month. This means his profit margins are over 99%! You can do the same by packaging your expertise into a monthly subscription service.
So if you’re a graphic designer, you could offer a monthly subscription for design services. If you’re a marketing consultant, you could offer a monthly subscription for marketing strategy sessions. The possibilities are endless.
Personally, I took Brett’s course and the next day created my personal branding agency called AllBrand Agency which takes my decade of branding and marketing expertise, and bundles it up into a personal brand subscription anyone can use to 10-100X their personal brand. From here by tapping into my existing network (which is the next step) I was able to secure my first monthly client/subscriber within the next week).
Go to https://allbrand.agency to take a look at how I’ve put together my subscription so that you can figure out how to do so with your unique skill sets.
Day 5: Connect with Clients
Now that you have your brand, landing page, and productised service, it’s time to connect with potential clients. Leverage your existing network. Reach out to former colleagues, friends, and acquaintances to let them know about your new venture.
Remember, you don’t need hundreds of clients to reach your financial goals. To reach $20k a month, you only need five clients paying $4k each. This is way more affordable to businesses than hiring a full-time employee and many are willing to go this route as the world becomes more focussed on the one-person business and lean operations.
The key is to focus on providing exceptional value so that your clients see your service as an investment, not an expense.
The $1 Million Dollar Company
If you’ve followed the steps above, you’ve created a business that can generate $240k in revenue per year. But that’s not where the story ends.
The value of your business isn’t just about your annual revenue. It’s also about your potential for growth. Online businesses, especially those with little to no overhead, are often valued at a 5x multiplier of their annual revenue. That means your $240k per year business is potentially worth a whopping $1.2 million.
The journey doesn’t stop there. To truly realise your business’s potential value, you’ll need to continue growing and scaling your business. That means nurturing your relationships with your existing clients, continually improving your product or service, and constantly seeking out new opportunities for growth.
The valuation of an online business is based on a combination of factors, including its earning or revenue multiples, market growth potential, current and potential risks, site transferability, and level of documentation. A business’s final selling price will come down to what the seller and buyer both agree to, based on its current success and future prospects . Hence, while the 5x multiplier is a good rule of thumb, it can range from 3x to 10x, depending on the business’s specific circumstances.
As a lean solopreneur, you’re in a unique position to take advantage of these opportunities.
You have the agility to pivot quickly, the freedom to make decisions without the need for consensus, and the potential to generate substantial income with minimal overhead. So, what are you waiting for?
The path to your million-dollar business starts now.
What do you think? Leave a comment if you agree or have any other insights into personal brand.
If you’re serious about creating, or growing your personal brand click here to 10X Your Personal Brand today.