Is it possible to build a $1,000,000 online business as a solopreneur?
I believe so.
Now it’s time to find out.
“Every experience in your life has brought you to this moment.”Wayne Dyer
I have failed at a LOT of businesses in my life.
But does that make me a failure?
You cannot be a failure if you do not quit, and I’m still going.
The same can be said for you.
See, with all those failures has come a lot of experience, skills, lessons, and knowledge.
As Thomas Edison so elegantly put it:
“I have not failed. I’ve just found 10,000 ways that won’t work.”Thomas Edison
Now, for the first time in my life, I am more organized than I’ve EVER been thanks to something I stumbled upon kind of by accident… but we’ll dive into that later.
But thanks to this discovery, I am now on the path to building my first $1,000,000 online business – by myself.
If you’re curious as to how I plan to do it, you’re in luck…
Because I’m about to show you my entire step-by-step strategy.
Let’s dive in!
Part 1: Setting the Stage
“Those who fail to prepare, are preparing to fail.”
In order to achieve anything, you have to have a goal.
But not just any goal, a specific goal.
My goal is simple:
To build a successful one-person online business that generates $85k per month in profit by helping others achieve their goals and improve their lives through the pursuit of self-actualization, using the power of the internet and digital skills.
Sounds easy enough, right?
I guess we’ll find out.
If having a goal is step one, then having a plan is undoubtedly step two.
But not just any plan, a specific plan.
This is by far the most important stage of any goal or project.
It’s also something that up until this point, if I’m being completely honest, I’ve never done.
I’ve always attempted to just “wing” it.
I believe this has been a significant contribution to my many past failed attempts.
So this time, having a specific plan was my top priority.
Part 2: Brainstorming the Big Picture
“Start where you are, use what you have, do what you can.”
The first step in planning is brainstorming.
In order to figure out the “how,” I first needed to figure out the “what.”
- What do I know?
- What do I have?
- What can I do?
You have to figure out what you already know, so you can figure out what you don’t.
What I Know:
When trying to think about what I know, a few key things immediately came to mind:
- The immense potential of the internet and digital skills makes building onlines businesses easier and more achievable than ever before.
- Everything can be automated to some degree.
- Every human desire, goal, or dream falls into one of only four categories: health, wealth, love, or happiness.
- Social media and content creation are invaluable free resources for audience building, skill acquisition, traffic generation, and product monetization.
- A successful person is nothing more than an average person focused on consistent action, progress, and discipline.
- The secret to generating high revenue with minimal resources is to build multiple income streams that do not require the ‘time for money’ exchange.
Great, looks like a great start!
What I Have:
When beginning to think about what I have, two different ways of going about it came to mind.
At first I thought about tangible things like:
- Laptop / Computer
- Cell phone
- Writing / Drawing Supplies
- Digital Camera
Then I thought about it from a non-tangible perspective.
This included things like:
- Access to the Internet
- Access to Mentors
- Access to Communities
- Access to Knowledge (Google, YouTube)
- Digital Skills, Such As:
- Web Design
- Videography & Photography
- Digital Marketing
- AI Knowledge
- Social Media
- Content Creation
- Access to the Various Digital Tools That Come with the Skills
- Adobe Photoshop & Lightroom
- ChatGPT and Other AI Platforms
- Web Hosting
- An Optimistic, Growth Mindset
- A Positive Perspective
- Self-Awareness, Gratitude, Strong Emotional Intelligence
- A Love for Personal Development & Entrepreneurship
- Experience Overcoming Obstacles & Challenges
- Unique Personality Traits & Experiences
- Military Experience
- LGBTQ+ Community
- ENTP Personality Type
Related Article: These 2 Keys Will Unlock Your PERFECT Life (here’s how to get them)
What I Can Do:
Last but not least, when thinking about what I can do, I realized it really comes down to combining what I know with what I have.
This gave me a few different ideas such as:
- I can leverage my technology and personal development skills to offer coaching services that help individuals use technology for personal growth.
- I can start a business creating a variety of content in my areas of interest.
- I can use my skills in digital marketing, web design, copywriting, and social media to provide specialized marketing services for businesses in the sectors I’m passionate about.
- I can develop an online learning platform that offers courses in my areas of interest.
- I can use my skills in web design, AI, video editing, and digital marketing to create and promote courses.
- To cater to my desire to directly help people, I could offer live webinars or coaching sessions.
Honestly, the three lists could go on and on.
My answers to each of these are by no means exhaustive, but hopefully you get the point.
This was a great place to start.
You can do the exact same thing, following the exact same process.
After outlining what I know, what I have, and what I can do, I determined the next step would be to combine these three key groups of information into an organized and structured manner that I can use to implement towards my goal.
Pro Tip: You can do this exact same process. What do you know? What do you have? What can you do? Brainstorming and answering these questions for yourself can get you on a great path to building something amazing.
Part 3: Outlining the Big Picture Solopreneur Strategic Plan
Once I brainstormed everything I needed to think about, it came down to taking my brainstorm thoughts and turning them into specific ideas.
In order to achieve this goal, there is one very specific key ingredient I know is an absolute requirement – in fact, it’s one of the items listed in the ‘What I Know’ section above:
- The secret to generating high revenue with minimal resources is to build multiple income streams that do not require the ‘time for money’ exchange.
Okay, so I need to create multiple income streams.
But not just any income streams, related and interconnected income streams.
They need to be related and interconnected for two reasons:
- So I can use (at least some of) the content from each stream for other streams as well, which will help alleviate the time requirements, therefore reducing the ‘time for money’ exchange.
- So they all in some way, shape, or form end up converging into my big overarching goal of helping people “…achieve their goals and improve their lives through the pursuit of self-actualization using the power of the internet and digital skills.”
As a solopreneur, I am responsible for every task and aspect of these multiple angles. Since my time is limited being a one-person operation, it’s crucial to use my time as strategically as possible.
This leads us to my favorite part – the power of the internet and digital skills!
The Magic of Multiple Income Streams via The Internet
Diversification is the name of the game, second only to automation.
This is the power and beauty of the digital world.
Between its versatility, accessibility, and scalability – the internet has given individuals the ability to operate large scale businesses with minimal effort and resources.
You are not restricted by time, distance, location, inventory, or any of the other myriad of challenges and obstacles that typical brick and mortar stores are faced with.
You can create, build, sell, and grow any type of digital product or service for very little upfront cost to the point where it’s practically free.
You don’t need employees, you don’t need stock, you don’t need physical space, and you can operate 24/7/365 in perpetuity.
In order to do this, at its most basic level, you only need four key components:
- A product or service (something to sell)
- A valuable incentive (something to freely give)
- An automated system (a way to free up time)
- A quality traffic source (people to buy)
What’s even more amazing about this setup is that 75% of the work needs to only get done once.
You create a product or service once.
You create your valuable incentive once.
You build your automated system once.
All that’s left to do consistently is get quality traffic through your system on a regular basis.
Until you want to scale anyway…
So, the question now becomes:
“How can I use this information to create multiple related and interconnected income streams?”
The Solopreneur Business Model Strategy: Combine Inspiration with Skill
“Good artists copy, great artists steal.”Pablo Picasso
This might initially sound like an endorsement of plagiarism, but it’s not.
Rather, it captures the reality that creativity often involves taking existing elements and reshaping, reinterpreting, or recontextualizing them into something uniquely your own.
As is for creativity, so is true for business.
Don’t reinvent the wheel when the schematics to build your own wheel are already freely available.
When deciding which income streams I wanted to pursue, I was inspired by a few different business models, strategies, and concepts by other successful entrepreneurs:
DesignJoy by Brett Williams: DesignJoy is a subscription-based design agency that uses what’s called a ‘productized service’ business model.
In simpler words, instead of hiring a full-time employee or paying a freelance designer to do your design work based on project scope or hourly rate (which can get quite expensive), you simply pay one fixed monthly rate for unlimited design work.
The entire setup is asynchronous, meaning it all happens through a project management platform, so there’s no need for phone calls, business meetings, zoom calls, or any other annoying time wasters or schedule blockers.
I absolutely love this concept and began thinking about how I could incorporate something similar with my own agency-style business, tailored to my unique skills and interests.
Note: I discovered Brett, his company and business model through this video on YouTube by Starter Story.
$1M Skill Stack by Dan Koe: Dan Koe is an incredible writer and one of my most inspiring mentors from afar. While he has quite a few ideas, concepts, and content pieces that I love and have learned quite a bit from (his ‘7 Days to Genius Ideas’ challenge is what I base my brainstorming process on), the one that stands out to me the most, at least for this specific goal in particular, is his concept of The $1,000,000 Skill Stack.
In a nutshell, the idea emphasizes the importance of skill stacking, a concept where one accumulates a variety of skills over time, rather than specializing in just one.
It differentiates between the pitfalls of the “shiny object syndrome” and the benefits of skill stacking, and explains how intertwining personal interests with these various skills can create a unique brand identity that can ultimately lead to greater adaptability, creativity, and success in various domains.
$1M Leads by Alex Hormozi: Alex Hormozi is the founder of Acquisition.com and has been making huge waves in the entrepreneurship space the last 1-2 years because of his “give shit away for free” philosophy.
He very recently released the second volume in his ‘$1M Business Model’ book series, titled ‘$1M Leads’, where he dives into the 4 core ways of selling stuff.
The method I am most interested in and focusing on for my business purposes is his ‘One to Many’ which essentially equates to creating social media content.
The book and associated course, just like his first one ($1M Offers), are completely free (or at cost depending on the platform you get it on). You can find both courses on his company’s website Acquisition.com.
A.I. Book Branding by Joe Popelas: I’ve already been using ChatGPT and other A.I. platforms (such as PictoryAI for video generation) for a lot of my business and content creation tasks, but the way Joe Popelas used it to build his book brand has further inspired me to dive into it a little deeper.
Joe is another entrepreneur I discovered through his interview on Starter Story where he explains how he built a $930,000 eBook company entirely with ChatGPT.
What’s even cooler about Joe is he is he created an entire behind the scenes video showing his process of what he did to achieve this. You can watch that video here.
Since writing several books is part of my long-term goals, this is a process I’m looking way more into, with his sales, marketing, and creation strategies in mind.
The GaryVee Branding Strategy by Gary Vaynerchuk: Let’s be honest, GaryVee is the G.O.A.T.
I could talk all day about his methods, strategies, ideas, and concepts.
If I had to choose one specific idea or concept I’m focused on from him though, it would be the idea of “don’t create, document.”
While he didn’t necessarily invent the idea, as it has become very popular for entrepreneurs to now “build in public” as they say, he’s where my mind immediately goes to.
So for the first time in my life, rather than creating content around telling people what they “should” do, I’m simply going to record and share what I am in fact doing.
With that being said, GaryVee is always just in the back of my mind as a source of evergreen inspiration.
A few other noteworthy mentions of ideas and concepts from him I generally try to follow include:
- Follow your passions.
- Be kind, both to yourself and others.
- Find the underpriced attention.
- Provide value.
- Post more.
- Post everywhere.
Based on what I know, what I have, and what I can do – in combination with inspiration from these various entrepreneurs, business models, strategies, and concepts – It’s time to outline my interconnected and related income streams.
The Solopreneur’s $1M Online Business Blueprint
After looking at all the information gathered so far, along with a little help from ChatGPT, here’s the breakdown of the six different income streams I plan to build:
- Digital Consulting Service
- Business Builder Service
Social Media Content
- Affiliate Commissions Through Social Media Content
- Ad Revenue From Various Social Media Platforms
- Build, Launch, and Sell 1-3 Online Courses
- Write, Launch, and Sell 1-2 Books
My thought process behind this strategy is simple:
Start from the top, then build from the ground up.
What do I mean?
Let’s say at the top of my list is helping individuals achieve self-actualization through coaching and consulting.
In order to do that, I need clients.
In order to get clients, I need traffic.
In order to get traffic, I need consistent, high-quality content output.
Here is where we hit a crossroad, where the streams begin to interconnect.
I may need quality content to get traffic, but I also need quality content for my books.
I may need quality content for my books, but I also need quality content for my courses.
So logically, my books and courses are where I need to start, and where I should focus the majority of my attention.
By outlining my books and courses into sections, chapters, topics, and key points, I will begin to give myself individual content pieces that can be used in dynamic ways across different social media platforms.
This will not only create a way for me to begin building up my audience on multiple platforms, but will also begin to generate traffic to my various offers and services, while also building out several of my digital products (eBooks and courses) simultaneously.
In a nutshell, the process and event flow will look something like this:
Step 1: Determine the Main Idea or Subject of the Book
Step 2: Outline Book into Sections
Step 3: Outline Sections into Chapters
Step 4: Outline Chapters into Important Topics
Step 5: Break Important Topics Down into Key Points
Step 6: Use Key Points as the Base for Blog Articles (and Course Content)
Step 7: Write Blog Articles (Also Use for Book Content)
Step 8: Use Blog Articles as YouTube Video Scripts (and Course Video Outlines)
Step 9: Pull Micro Content (Shorts, Reels, TikToks, Tweets, Threads, etc) from Blog Articles & YouTube Videos
Step 10: (Optional) Pull Audio from YouTube Video to Use as Podcast Episode
Rinse & Repeat Until First Book is Complete, Then Start Again with New Book.
Now obviously this is not an exhaustive list either, as there’s going to be some things happening concurrently with one another, at least in the beginning.
This will include things such as also making “behind the scenes” content of how I’m putting many of these things together, or teaching specific skills related to the process, such as building out the various products, their landing pages, funnels, automated email campaigns, etc.
But once all of that extra side stuff is done, the process loop above will essentially be the only thing I have to do on repeat.
Building digital products such as eBooks and online courses will allow me to encapsulate my wide array of knowledge and use my expertise to craft lessons that educate and guide those eager to learn.
My social media content will not only be a valuable source for engagement, but it will also be a valuable source of ad revenue while simultaneously driving quality traffic to my products and services.
Affiliate commissions will allow me to earn from the products and services I genuinely enjoy using.
And for those needing more tailored and hands-on guidance, my coaching and consulting will allow for a personal touch in the vast digital landscape.
All in all, it really comes down to one thing that drives everything else:
The consistent production and output of high-quality, valuable content.
Putting the Solopreneur Plan All Together
To make a mark, you have to solve a problem.
My focus problem: Self-actualization.
I want to help people achieve their dreams.
I believe this is achievable by aligning my business goals with my passions for creativity, personal development, and digital skills.
As a solopreneur, while the vision is grand, I’m currently in the trenches.
Phase One – which included outlining, planning, and organizing my various goals – may be done.
But now it’s time for Phase Two – navigating the early development stage of these various projects.
What do you think about this plan?
Do you think it’s feasible?
Does the outline and structure make sense to you?
Why or why not?
I’d love to hear your input!
Now, you may be thinking:
“Wow… this sounds like a lot…how on Earth are you going to keep track of it all?”
You’re right, It is a lot.
And that is a great question!
Remember how at the beginning of this article I said “…for the first time in my life, I am more organized than I’ve EVER been thanks to something I stumbled upon kind of by accident…but we’ll dive into that later…”?
Well, later is finally here.
In order to achieve all of this, I’m going to need a way to keep set specific goals, keep track of my progress, and stay organized.
So, please allow me to introduce you to the greatest productivity and organization tool I’ve ever used in my life: Trello.
This tool has absolutely changed the game for me in so many ways, that I’m dedicating an entire section of my ‘building in public’ process to showing you exactly how I’m using it.
But before we get into Trello, I’m going to explain my entire step-by-step strategy happening behind the scenes of how I’m building each of my six main income streams in 2024.
That will be the focus of my next article – so stay tuned!