Bye Bye 9-to-5, Welcome to the Era of the Single-Member Entrepreneur
Krista Mollion
3x Founder | GTM Strategy + Fractional CMO for SaaS SMBs | → LinkedIn?? Top Voice and Creator I help B2B brands go from barely noticed to unignorable I Self Made Stories Podcast ??
In 2021, nearly 5.4 million people opted for entrepreneurship by starting new businesses (Census, 2022 ). That number alone shows the rise in more individuals deciding to leave the 9-to-5 behind and make a go at it on their own.
More than half of the businesses in the U.S. have fewer than five employees, according to this source .?
Entrepreneurship has never been more accessible to all. None of the following models require any startup capital, although I would advise against quitting your day job until you have replaced your income by securing enough clients.?
You can build a thriving business entirely from what you know, what you like, and around the products you use. So there are no excuses not to start now!
“Our goal isn’t to create a business that is as large as possible, but rather a business that bothers us at little as possible.” — Tim Ferris, The 4 Hour Work?Week?
Here is a breakdown of five straightforward business models for your consideration. Let’s have a look!
Business Model 1: The Product Is You (Before/?After)
Description: You used to struggle with a problem until you figured out a solution that led to success. The important criterion is that you didn’t like the solutions on the market that you researched and tried/ Most importantly, none of them worked for you. Essentially, you create the solution you wish you’d found to help yourself in the first place and sell it to others.
Credibility Level: A+?
You have bullet-proof credibility because it happened to you. Your avatar sees itself in you. You are the hero they want to become.
Avatar Understanding: A+?
You understand first-hand what the person feels like. You are your own avatar. That is why they trust you so much.
Copy/Content: A+
Everything you put out resonates. You have no problem or shortage of content. You produce some of the best content in your niche. Thanks to this, your audience quickly grows.
Case Studies: A+
You are your own case study. Then you help others and achieve similar results for them.?
Challenge:
Your solution worked for you, but can you get the same results for others??
Business Model 2: The Product Is Your 1st Connection (Survivor)
Description: Someone very close to you struggled with a problem. Their struggle deeply impacted you. They may have lost their battle, so your story may be a warning tale for others with a call for hope. You made it your mission to try to help others struggling with that issue. Essentially, you create the solution you wish your loved one would have had access to.
Credibility Level: A?
You have strong credibility because it happened to someone close to you. Your story about your loved one touches many people.
Avatar Understanding: A?
You understand first-hand what the person feels like because you know the avatar so well.
Copy/Content: A-B
Everything you put out resonates but you’ll need to get a steady supply of client stories to keep your content fresh and not sound too redundant.
Challenge:
No one doubts your authenticity, but is your solution special enough compared to other offers? Your challenge will be to get proven results for others.
Business Model 3: The Product Is Your Passion (Hobby?Expert)
Description: You are obsessed with one thing. It could be in any area: Health, Relationships, Business, or Leisure. You do so much in this area that you become an authority.
Credibility Level: A-B
You have strong credibility because you do so much on the topic. But remember that you’ll compete with A+ players, so you’ll need to keep pushing your expertise further.
Avatar Understanding: A-B
You understand first-hand what the person feels like because you know the topic so well.
Copy/Content: A
Everything you put out resonates. You have no problem or shortage of content. You will quickly build an audience.
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Challenge: You love your “thing” but is it something you really want to build a business around? Your challenge will be to decide whether to take it seriously as a business…or not.
Business Model 4: The Product Is Your Skill (Nomad Freelancer)
Description: You learned one high-demand skill that you now market and sell. You should be so good that others recognize you as an authority. Education is optional. You should demonstrate your skill to yourself. That’s how people evaluate you.
Credibility Level: A-B
You have strong credibility if you show your skill on yourself. If you talk only about how you help others, your credibility will never be A-grade. Live it, breathe it, and others will believe it.
Avatar Understanding: A-B
You are so good at your skill that your avatar wants to hire you. You, however, may not quite understand your avatar, but all that matters is that you keep demonstrating your craft, and they will keep following, supporting, and buying from you.?
Copy/Content: B
You may struggle at times with content as you do it more as a profession than a hobby, so producing content may feel like work, and you don’t do it 24/7. You will need discipline and strategy to put out the quantity of content your audience wants without burning out.
Challenge:
How can you stand out from everyone else offering this skill? How do you succeed without burning out?
Business Model 5: The Product Is Someone You Work For or Partner With (Consultant, Affiliate, Investor, or?Partner)
Description: You market and/or sell someone else’s product(s). You could work in Real Estate, Finance, sell a Health, Relationship, Leisure, or Business product, or run an e-commerce store. You may not even sell the product directly, but promote it in exchange for affiliate revenue.?
Credibility Level: B?
Since it isn’t your product, your credibility will never be A-grade. However, you can significantly raise trust if you used the product extensively and are seen as its Ambassador.?
Avatar Understanding: B?
If you were hired to market or sell a product, it is preferable to pick a product that you use and are quite knowledgeable about, if not an expert, at least an Ambassador.
Copy/Content: A?
You won’t produce your own content but use the materials from the product owner, so the content should be good. If you are also an Ambassador, you can produce convincing content because you know the product so well, and you are the avatar.
Challenges:
Do you know and like the product well enough to convince others to buy it? Do you know and resonate well enough with the target audience to build trust? Is the product you are promoting or selling good enough to compete in the market?
Conclusion
This list is not exhaustive. There are plenty of options for you to create a business. Which of the above business models appeals most to you? This is the best time in the world to start a business. You can design your business in a way that works for you. You can scale it as much or as little as you wish. You may wish to hire employees or choose to remain a solopreneur. You may prefer to work alone or to find partners, and much more. The decisions are yours, but whatever you opt for, live a life on your terms and without financial constraints doing something you love and become an expert in. There is no reason not to start a business if you feel so inclined to!
Further Reading
If You Want More?Support?
Here are some ways I could help you:
I have several on-demand business courses and live business programs for early stage entrepreneurs. Check them out https://academy.fromzero2six.com/ .
If you are looking for more support, apply to work with me here .
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Previous Sales Associate at Dillard's Inc.
1 年Dillon Wanner nice
AIO Blogger and Content Repurposer I Leveraging AI for Fast & Original Content | Crafting Engaging Narratives & Optimizing Reach | Passionate about Creating Value & Inspiring Audiences ??
2 年Fantastic. Thank you for sharing
E2E Supply Chain Mentor /Co-Founder of Global S&OP Community ??Keynote Speaker ?? Top Business Podcast ?? Demand & Supply Planning Expert / Supply Chain Leader
2 年Your newsletter is impressive great content thanks for sharing Krista Mollion
Where You See Problems, I See Solutions ? Business Advisor ? Author ? Promotional Products Pro ? Let’s Build Your Business with the RIGHT Tools and Methods! Book a call today - click the link below. ??
2 年I'm ahead of that curve, I suppose. I joke that one day and schoolteacher and an artist got together and they had a.... Business, not a baby (although they came later!) We had literally no idea how to run a business when we got started. 30+ years later, we are running multiple successful businesses. That's what prompted me to start Sandee Solves, is to help shorten the learning curve for female founders to help them stop doing everything like I always did and run their businesses like a CEO. It's much better only doing the parts of the business you really love and still making the money you want, isn't it, Krista?
Trusted Technology Expert 3X Founder, AI & Telecom Pioneer ?? 30 Years of experience providing valuable solutions to businesses of all sizes ?? MSP ?? Phone Systems ?? AI Voice ??????
2 年And now that it is almost the end of the year 1 Million have probably failed. Sorry but that is the statistical average.... So how do you beat the odds? Don't go it alone!! Get help from people like Krista Mollion and other experts on this platform. You can find help for ANY aspect of your new business here on LinkedIn. You can probably even find someone to guide you through a few technology challenges ??