In Elaine Pofeldt’s new book “The Million-Dollar One-Person Business” she outlines what we here at Kajabi have known for quite some time...
The world is changing.
Scratch that. The world has changed.
What’s easily possible today wasn’t even imaginable just only a handful of years ago. Creating a six or seven figure online business through informational products, coaching, and membership sites? Some people don’t even know this is even available.
And to have the ability to create this type of revenue as a one-person business?! Unthinkable then...yet commonplace now.
The internet continues to transform what’s possible when it comes to “work”.
In fact, according to Elaine...
“ as of 2010, 40% of all workers in the US have chosen to forgo traditional “secure” jobs in favor of working for themselves. Armed with the right knowledge, tools, and mindset, there’s no limit on what this growing group can create for themselves.”.
We couldn’t agree more!
At Kajabi that’s what we’re all about, equipping people with the right knowledge, tools, and mindset so that they have everything they need to succeed online.
And thousands already have. We call them #kajabiheros.
One-Person Business Categories
In her book, Elaine identifies six categories which best lend themselves to the million-dollar one-person business model.
eCommerce Manufacturing Information Creation Professional Service Personal Service Real Estate
While the “best” choice is always a personal one, at Kajabi we’re obviously biased towards helping entrepreneurs create digital products or services. Not only does it require almost zero upfront capital and no need to hold or stockpile inventory…
But it also provides the opportunity to work from anywhere at any time. Whether you’re on your laptop at a coffee shop in Greece, or in your pajamas on the couch at home, with a Knowledge Commerce business you’re in control.
Many of the most successful entrepreneurs selling digital products online have combined both “information creation” and “professional service”. If you’ve ever seen someone selling an online course and offering a high ticket coaching program, that’s exactly how it works!
But for those of you still somewhat at the beginning of this exciting journey, the rest of this article we dive into Elaine’s 5 step process for turning your idea into a reality.
And we’ll take the unique view of doing it through the lens of an informational entrepreneur.
Your Knowledge Commerce Business: 5 Steps To Making It Happen #1: Fund It
According to Elaine,
"Gallup research shows that only 38% of entrepreneurs rely solely on the income from a startup in its first year, and 54% say another job is their primary way to earn a living.”
The “fund it” step for those of us selling digital products like online courses and membership sites, may be the simplest one to check off.
Our style of business just doesn’t require much to get started. In fact, you can normally launch your entire Knowledge Commerce business and begin making your first sales while still on your trial! We have people do that with Kajabi all the time!
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If you have a job, great! Use that income to launch your new online side hustle.
Then each day as you keep taking the right steps and building your subscriber base, you’ll ultimately reach a point where walking away from your job is actually in your financial best interests!
#2: Experiment, Iterate
If this is your very first digital product or online course, you want to look at as version 1 of many different versions to come. Instead of trying to build perfection on the first go, get it as good as you can and focus more on getting it launched!
Then allow the marketplace to provide you a feedback loop.
What worked? What didn’t? How can you improve?
Whenever possible, ask your customers about your product, process, and pricing in order to get valuable data and to improve.
Remember, the goal here is to get something out there. That’s it!
Plenty of businesses have made thousands of dollars with their first “ugly” product, but thousands more haven’t made a dime from their “perfect” product still sitting inside their computer.
#3: Amplify What Works
Once you’ve got your first few sales, now it’s just a matter of amplifying what’s working and extending your reach.
Here are just a few ideas to do just that:
Use social media platforms like Facebook and Instagram to deliver a piece of valuable free content in return for an email address. Partner with key influencers within your space. Create an incredible giveaway as an opportunity to build your list. If you’re ready, use paid media. Create some stunning visuals of your course or product in action showing the results people are getting from it.
The key here is to not overthink it.
Simply identify the platforms or mediums where your target customers are most likely to be hanging out, then creatively get in front of them with a valuable offer.
This can be completely organic or you can invest in paid media.
#4: Build Predictability
In order to get your business to the point where it’s consistently paying your bills and providing an income you can truly live off of, it comes down to creating predictable cash flow.
Luckily, using a platform like Kajabi gives you the ability not only to process payments but also to create different pricing options to ensure a consistent income each month.
Another key aspect of building revenue predictability into your business is in the different offerings you provide. Maybe when you just started out you offered some sort of a low priced eBook or mini-course.
But now as you’re a little further down the road, you can introduce both a premium priced online course and even a high ticket coaching package. Including these different offerings allows you to maximize the value of each of your customers and bring in a more reliable income each and every month.
Again, you can also ask your customers what sort of higher priced product or service would they most like to see from you.
#5: Put Systems In Place
Scaling your business is where it all comes together, and having the proper systems in place is the driving force behind all successful scaling.
The more you think about this -- even when first starting out -- the easier it will be to scale up your revenues streams later on without much hassle.
The main systems you’ll want to have in place will all revolve around:
Marketing: how do you consistently find new leads? Sales: how do you turn leads into customers? Fulfillment: how do you deliver your product? Service: how do you provide excellent customer service?
With our recent release of Kajabi Automations, you can now create entire automated systems for each one of these areas! People have been blown away by what’s now possible!
Putting your automations in place allows your business to grow without your hands on, day to day involvement. It’s the ultimate way to stop trading time for money.
According to Elaine:
"Running a million-dollar one-person business isn’t about toiling for long hours. Unlike in a traditional job, where your pay may be closely tied to the hours you put in, your own business income stems from how smart and selective you are about how you use your time."
Instead of becoming overwhelmed with all the different systems needed to scale to where you want to go, start small. Start with a simple automated email marketing campaign. Then move onto the next one. Then the next one.
Your business is a byproduct of the simple actions you take each and every day. So start simple, but start now.
The One-Person Business Model Overview
Elaine’s 5 steps in creating your million-dollar one-person business are:
Fund It Experiment, Iterate Amplify What Works Build Predictability Put Systems In Place
Launching your online business can really be this simple. Sometimes the hardest part is getting started. But once you’ve got some momentum, everything becomes a whole lot easier!
Use Kajabi to Turn Your Knowledge And Content Into Products You Can Sell
Ready to be your own boss? Ready to monetize your knowledge? You need Kajabi - It’s a full-featured platform that allows professionals like you to create their own businesses from home.
Create online courses, establish membership sites, offer coaching programs, host a podcast, and sell other digital products. Plus, you'll get marketing tools like a website, CRM, email marketing, landing page templates, and helpful analytics to help you spread the word about your products and earn more revenue.
Fully explore what Kajabi has to offer and start building your business during a free trial. Start your free
14-day trial of Kajabi today!
Still researching? Check out Kajabi’s free downloadable ebook guides on launching and growing a knowledge commerce online business! Find more blog posts by category: Online courses Memberships Podcasts Coaching