Asking Entrepreneurs How To Make $1,000,000
Summary
TLDRThis video transcript features successful solopreneurs sharing insights on their journey to earning significant income through various online ventures. They discuss strategies such as leveraging skills, creating digital products, and utilizing affiliate marketing to achieve financial success. The solopreneurs emphasize the importance of self-identified skills, the power of digital platforms, and maintaining work-life balance without compromising on quality of life. They also highlight the challenges of solo entrepreneurship, including burnout and the need for continuous learning and adaptation.
Takeaways
- 💼 Solopreneurs are increasingly successful online, with some making millions in commission without traditional employment.
- 🔢 A 25-year-old solopreneur made 14 million dollars in commission last year, emphasizing the potential income of this career path.
- 🕰️ Solopreneurs value their freedom and flexibility, often working on projects they enjoy and having more control over their time.
- 📈 The key to becoming a successful solopreneur is identifying and monetizing one's skills, often through digital platforms and services.
- 📚 Self-publishing can be a significant income source for solopreneurs, as it allows for higher profit margins compared to traditional publishing.
- 🔑 Affiliate marketing is a primary income stream for many solopreneurs, involving promoting other companies' products for a commission.
- 🚀 Growing a personal brand, such as a YouTube channel, can be leveraged to create revenue through various digital products and services.
- 💡 The future of work may involve more individuals solving their own problems and sharing the solutions, which can be monetized online.
- 💡 Solopreneurs often face challenges like burnout and the need to balance work with personal life to maintain a sustainable business.
- 🛠️ Tools and software are crucial for solopreneurs to manage their businesses efficiently, with some preferring all-in-one platforms like Kajabi.
- 🌐 Having a personal website is essential for solopreneurs to showcase their work, sell products, and establish an online presence.
Q & A
How much did Alex make in commission last year?
-Alex made 14 million dollars in commission last year.
What is Alex's age and what does it signify about solopreneurs?
-Alex is 25 years old, which highlights that young solopreneurs are increasingly successful online, earning substantial income.
What is the average income for solopreneurs mentioned in the transcript?
-The average income mentioned for solopreneurs is roughly 1.7 million dollars.
What is the main advantage of being a solopreneur according to the transcript?
-The main advantage is having more free time to work on things they like and live their life on their own terms.
What is the trick to making a million dollars as a solopreneur as suggested in the transcript?
-The trick is to identify and monetize one's skills effectively, using platforms like the internet to reach a wider audience.
What was Alex's biggest money maker last year?
-Alex's biggest money maker last year was his self-published book.
How much more money can one make by self-publishing compared to traditional publishing according to the transcript?
-One can make about seven or eight dollars per book with self-publishing compared to one to two dollars with traditional publishing.
What is affiliate marketing and how does it work?
-Affiliate marketing involves selling other companies' products to customers without ever touching the product. You create ads and landing pages, send traffic to a website, and earn a commission for each sale.
What are the main income streams for a solopreneur as described in the transcript?
-The main income streams include affiliate marketing, digital courses, subscription emails, newsletter sponsorships, and occasional one-on-one coaching.
What is the solopreneur's stance on hiring employees?
-The solopreneur prefers not to hire employees, instead using contractors and freelancers for specific tasks, valuing the freedom and control of a one-person business.
What was the biggest challenge faced by the solopreneurs in starting their businesses?
-The biggest challenges included walking away from traditional jobs, dealing with burnout, and overcoming doubts and the fear of being alone in their ventures.
What advice do the solopreneurs give for avoiding burnout?
-The advice includes focusing on quality over quantity of work, taking care of personal health, and ensuring work aligns with personal enjoyment to prevent overworking.
What is the recommended approach to starting a one-person business and making a million dollars as quickly as possible?
-The approach involves identifying and monetizing existing skills, finding the right customer intersection for a service business, creating digital products, and starting a subscription model, with persistence and continuous learning being key.
What software tool is essential for a solopreneur's business according to the transcript?
-Kajabi is mentioned as an essential tool for website management, email marketing, and course hosting.
What is the role of Twitter in the solopreneur's business strategy?
-Twitter serves as a platform for testing ideas and making connections, acting as a lab for business strategies.
What is the future of one-person businesses according to the insights in the transcript?
-The future of one-person businesses is expected to involve more high performers leaving traditional companies to work independently, leveraging powerful tools for greater control and variety in their work.
What is the recommended fastest way to reach a million dollars according to the solopreneurs?
-Affiliate marketing is recommended as it requires less startup capital and offers a predictable way to generate income with the flexibility to adjust ad budgets as needed.
Outlines
💼 Success Secrets of Solopreneurs
This paragraph introduces Alex, a 25-year-old solopreneur who earned 14 million dollars in commission. It discusses the rise of solopreneurs on the internet, their ability to earn significant income while maintaining free time and independence. Alex shares his journey and the strategies that contributed to his success, emphasizing the importance of identifying and monetizing one's skills, the role of self-publishing in generating income, and the power of affiliate marketing as a primary income source. The paragraph also touches on the challenges faced by solopreneurs, such as burnout and the struggle to identify their skills, and offers advice on overcoming these obstacles.
🚀 Overcoming Challenges and Leveraging Tools for Solopreneur Success
This section delves into the personal experiences and strategies of solopreneurs, focusing on overcoming challenges like burnout and finding the right path. It highlights the importance of wisdom and learning from those who have achieved the desired lifestyle. The speaker shares his transition from a startup executive to a solopreneur, emphasizing the need to recalibrate and prioritize personal fulfillment over constant work. The paragraph also discusses the use of various tools and platforms, such as Kajabi, Final Cut Pro, and Twitter, to support the solopreneur journey, and the significance of having a personal website for business growth. Additionally, it outlines a stepwise approach to building a successful one-person business, from identifying skills to creating digital products and subscription services.
🌐 The Future of Solopreneurship and Strategies for Scaling
The final paragraph explores the evolution of solopreneurship, particularly in the context of the pandemic and the creator economy. It predicts an acceleration in the trend of high performers leaving traditional jobs to pursue independent work online. The speaker shares insights on the potential for increased competition and the need for companies to offer attractive packages to retain top talent. The paragraph also discusses the importance of not plateauing too early and the benefits of having powerful tools that allow one person to have significant leverage. It concludes with advice on the importance of learning from successful individuals and productizing solutions to specific problems as a path to achieving a million-dollar business.
Mindmap
Keywords
💡Solopreneur
💡Commission
💡Affiliate Marketing
💡Digital Products
💡YouTube Channel
💡Self-Publishing
💡Burnout
💡Freelancers
💡Content Creation
💡Online Store
💡Creator Economy
Highlights
Alex, a 25-year-old solopreneur, made 14 million dollars in commission last year.
Solopreneurs are increasingly successful on the Internet, earning more with more free time.
One website and one tool can provide everything needed to build an entire business for free.
Self-publishing books can yield higher profits compared to traditional publishing.
Affiliate marketing is a significant income source for solopreneurs, involving selling other companies' products online.
Synthesizing solutions to personal problems and sharing them can be a main source of revenue.
The breakdown of a solopreneur's income streams includes digital courses, email subscriptions, and sponsorships.
Having zero employees and utilizing contractors and freelancers is a common practice for solopreneurs.
Solopreneurs value quality of life and avoid making life harder by doing things they don't enjoy.
The challenge of walking away from a traditional job to start a solopreneur business can be significant.
Burnout is a common issue for solopreneurs, especially those with perfectionistic tendencies.
Finding mentors or apprentices with the desired lifestyle can accelerate the learning process for solopreneurs.
The key to making a million dollars as a solopreneur is persistence, finding work they enjoy, and continuous experimentation.
The pandemic has shifted perspectives, enabling more people to work independently in the creator economy.
Solopreneurs can have greater leverage thanks to powerful tools available for independent work.
Top performers are increasingly leaving companies to start their own ventures on the Internet.
Solopreneurs recommend starting slow and focusing on learning in the early stages of their business.
Having a website is essential for solopreneurs selling merchandise or digital products.
The future of solopreneur businesses may involve more competition but also greater opportunities for leveraging technology.
Transcripts
this is Alex
and he's a solopreneur how much did you
make last year 14 million dollars in
commission how old are you 25 and these
solopreneurs are taking over the
Internet earning more money seven
hundred thousand dollars roughly 1.7
million have more free time and then I
start living more of my life so now I
have a lot of free time I only like
working on the things I like doing and
have no employees I have zero employees
and today four of the greatest
solopreneurs break down how they became
successful for people aspiring become a
solopreneur how do you make a million as
fast as possible it's crazy to me me to
think that literally one website one
tool you can learn everything you can
Implement everything it has everything
you need to build an entire business
that's crazy and it's free and share
their most valuable secrets so if
there's any trick to like trying to make
a million dollars as a solopreneur it's
if someone asks you what do you do for a
living how do you answer this I I suck
at that question a lot like yeah I used
to just be like I'm an internet person
because I didn't really know what else
to say to that question but it's pretty
simple like most people have skills they
struggle to identify their own things
that they're good at and so I help them
identify those things just develop those
things and then take them to the open
market and monetize it the biggest Money
Maker for me last year was basically my
book uh when you self-publish you can
make a lot more money than if you work
with the traditional publisher I'm
making about seven or eight dollars a
book compared to like one to two dollars
if you're a traditional publisher and
how many of them so I sold 10 000 in the
first year and then then 10 000 in the
last hundred days what are your income
streams and how do you make your money
as a solo printer my main income comes
from affiliate marketing a lot of people
don't have Clarity what it is but
affiliate marketing is essentially you
as an affiliate sell products of other
companies to customers you never get in
touch with the product we never see the
products you don't get it shipped at
home nothing you just create ads on the
internet
um landing pages are usually given to
you so you send the traffic to a website
that's it and then you get paid a
commission for every sale you generate
how do you currently make your living as
a one-person business there's a couple
different ways overall summarize with
the word synthesizing so I think that
the future of work involves solving your
own problems and then sharing the
solutions so the biggest problem that
I've solved now is growing my YouTube
channel to 600 000 subscribers so I'm
helping other people do the same that's
my main source of Revenue at the moment
what is the breakdown of your current
income streams my business will likely
do between 2.25 and two and a half
million in 2023 about 70 of that will
come through digital courses 10 to 15
percent of that will come through a
subscription email that I have another
maybe 10 maybe a little less will come
from newsletter sponsorships what's left
another ten percent eight or ten percent
left in there we'll come through a bunch
of different ways it'll come through
affiliate Partnerships it'll come
through occasional one-on-one coaching
so you're a solopreneur Justin does that
mean you have zero employees yeah I have
zero employees and I use contractors and
Freelancers uh to do tasks in my
business but I have no employees the
only person that is around full time is
my wife are you planning on hiring
anyone I've thought about it I have no
aspirations to like build a business at
this point I want to know how to do
everything I've taught myself everything
of everything I do I even know how to do
my taxes my accounting I know how to
write I know how to produce and publish
a book if I need to get it done and I
want to do it in my way I could just do
it whatever decided to not hire any
people there's no need we don't have any
office we don't have any employee we do
work with some Freelancers every now and
then just to alter some stuff I did have
a company where we had 18 people we were
generating good numbers but there was
just a it was a job for me because I had
to manage all the people like 15 hours
per day and then I switched to this
model right now affiliate marketing and
then I started Living more of my life so
now I have a lot of free time and I love
to skydive I love to travel the world
why would you make your life harder by
doing things you don't like this much
everything I do should increase my life
quality and not necessarily my bank
account what was your biggest challenge
in starting a successful one-person
business and what tip do you have for
others to overcome that challenge you
faced I was working in strategy
Consulting for nine years and I think my
biggest challenge was actually just
walking away I didn't have really any
active support to take a different path
and I felt very alone I think my biggest
challenge early on was finding people
doing things that they cared about and
living courageously what was your
biggest challenge in in your whole
solopreneurship journey burnout I was a
former startup Executive before I was
ever someone who you know wrote content
on the internet I burned out of that job
because I generally am like half
perfectionistic Tendencies I tend to
view open gaps in my calendar as like
opportunities to push my business
forward which is against the Mantra that
I I want to talk about right like I want
to use my time to do things that I enjoy
but my inclination as a person is to
fill those times with work so As I Grew
my solopreneur business I I made a
mistake I filled those gaps often with
like work and work and work and work and
work and then I had to take a step back
as I was starting to burn out for the
second time in my life and say like wait
a minute you're just rebuilding the same
thing you built as a startup executive
and you're going to burn out again and
at that point I kind of recalibrated
refocused on what was important to me
and started really filling those open
times with hikes and things that I enjoy
good question I think the the biggest
problem is a lack of wisdom I think if
you know the path then you just take one
step after the other and you follow it
but so many doubts come in when you're
questioning if this is the right thing
we waste so much time doing the wrong
thing so the easiest way to overcome
that is to find people that have the
life that you want to have and learn
from them in any way you possibly can
whether that's being an apprentice from
them if you can if not consuming all of
their content I got stuck in a loop
where the heart where I folded the
harder I work the better results again
which is true in many ways but don't
forget to you know take care of yourself
so sleep Health have time to think and
work so don't sacrifice your life over a
goal because it's you're gonna push the
goal far away my results started coming
in when I had this internal shift into
like you know what I'm gonna start
working 15 hours per day I'm gonna work
four hours per day and see what's
happening I started making less
decisions and the decision quality
increased and better results came away
if you could pick one software tool to
use for the rest of your life what would
it be it would have to do a lot of
things so I would say kajabi I currently
use kajabi for my website my email
marketing my course hosting everything
any video editing tool key nowadays is
content so even for YouTube you need to
create a good ad a good video that sells
so Final Cut Pro that's what I use
nothing fancy right Twitter yeah Twitter
is where I just test out a lot of ideas
and make friends my lab say YouTube both
YouTube as a consumer and as a producer
has literally everything you need to get
to a million dollars it's crazy to me to
think that literally one website one
tool you can learn everything you can
Implement everything it has everything
you need to build an entire business
that's crazy and it's free and do you
have your own website it's Justin
welsh.me yeah it's funny how everybody
mentions a different tool but nobody
mentions the fact that every single one
of them has their own website and I mean
it makes sense to have one if you're
selling merch or digital products you
need a website for your online store
even I'm working on my own website at
the moment because I want to launch a
course and a newsletter real soon and
because I have almost no experience
building websites but I also don't want
to pay a lot of money for someone else
to build it I'm using hostinger today's
sponsor and I'll be honest guys I've
never thought that for the cost of about
one coffee per month not having to write
a single line of code I could build my
own homepage that looks like this in
just a few hours hostinger truly is an
all-in-one platform it's optimized for
WordPress it's Sao friendly you get a
free domain name and you even get an own
SSL certificate which basically means
you get this cool little thingy next to
your website URL which basically means
your website is safe against hackers and
cyber criminals and whatever and if that
wasn't enough if you click on the link
in the description or if you select this
one and then scroll all the way to the
bottom and apply the discount code
stefanovic you get an additional 10 off
from the price I'm telling you if you
need a place to Showcase your portfolio
start an online Shop create a side also
or build your newsletter like I'm doing
then you need to check out postinger.com
Link in the description now back to
something I wanted to ask you if you had
to start a one-person business from
scratch today and you want to make a
million dollars as fast as possible what
would you do so I think there's a
stepwise approach to it which is number
one you identify the skills that you
already have and you take them to open
market in the form of a service business
Once you turn it into a service offer
and you have some money coming in the
next thing that you want to figure out
is the intersection of customers you
like working with and customers that
like working with you and once you find
that exact specific intersection you can
raise your rates choose only to work
with those customers and take all of the
knowledge that would be helpful to
customers outside of that ideal customer
and put it into a digital product so now
you've got two revenue streams a service
business and a digital product if your
digital product is growing and pretty
soon you'll have you know a few thousand
students inside of a few thousand
students are probably people who will
pay you an additional amount of money
per month to get more detailed you know
tips and tricks and things like that so
start a paid newsletter subscription so
now you got a service business a course
business you have a subscription
business but I think the hardest way to
do it is with one offer I think what
I've seen over and over again is it's
like the 9th or tenth or the 11th thing
that people try that explodes and
basically the only thing that gets you
there is just not quitting so my key to
making a million dollars as a
solopreneur is like not quitting finding
work you like doing and just keep trying
stuff right and I think the third one is
really hard because you need to leave
space so that you can continually keep
growing and experimenting to find like
the next thing right you don't want to
Plateau too early and in fact I don't
think you ever want to Plateau yeah I'm
sort of Designing my entire life around
not ever creating a job for myself
making a million dollars is great but
I'm time rich and experienced Rich I'm
spending time how I want to spend my
time what would be the fastest way to
get to a middle according to you the
same way that got me to a million my
first million in profit which was
affiliate marketing bill
um it doesn't require too much startup
Capital but with money with someone you
can spend in ads and it's not like you
waste the money completely because you
generate sales and just to that because
it's the most predictable way to
generate income you can stop your budget
any any day you want there you see it's
not performing we can address if it's
making money double the budgets every
day until you start spending around
thousands of dollars a day the best way
to go fast is to start slow and in the
early stages the most important thing is
that learning instead of earning
probably it's closest to something like
a permissionless Apprentice where you
find someone that has the life that you
want you help them for free and you try
to become their apprentice and if you
can do that you can really speed up the
learning process and along that process
what will end up happening is that
you're able to solve a specific problem
and then if you productize the solution
to that problem and then you bring it to
more than just one person you can do
that to get to a million dollars how do
you see the one person business evolve
in the coming two to three years where
do you see opportunities and chances for
everyone else I think the pandemic
shifted people's perspective the Creator
economy has enabled more and more people
to do work on their own I think it is
going to continue to accelerate the
tools and software and things you can
use to do things on your own now are so
powerful if you're in a full-time job
that sucks because you're hyper
specialized and you don't have a lot of
span of control over what you're doing
and you don't get to work on a wide
variety of things but if you just go out
and work on your own you can have the
upsides of ownership and responsibility
I see it being a much bigger opportunity
for high performers what I'm seeing
right now I think will be accelerated
which is I am seeing more and more of
them get to the top of their profession
look around and realize that a lot of
people around them are miserable and
that that's got to be a pretty
eye-opening experience happened to me I
think we're going to see an acceleration
of top performers and companies leaving
to do their own thing on the internet
and I think companies are going to be
are going to have to put together some
pretty creative packages to get top
performers to stay I think that there's
two things one there's going to be more
competition because the barriers to
entry are now even lower but two life
person businesses will look more like
two people businesses and two people
will look more like one people or person
and that one person can have a far
greater leverage than before thanks to
these powerful tools if you want to
check out how I became a solopreneur you
might want to check out this video
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