How I created my 90%-profit-margin, one-person business in 21 steps (You can do it, too)

Not once but twice did 99% of people in my circle (including family and friends) question my judgment and decisions. Their intentions might have been well-meaning. However, I had to make the decisions and take the action I felt was right. And it paid off. Literally and metaphorically.

Literally because I managed to build a one-person business with steady revenues and low costs, allowing for a substantially high profit.

Metaphorically because the transformation was in the right direction towards my self-actualisation as a writer solopreneur.

The first time I felt my judgment and decisions were questioned (even frowned upon) was when I quit a promising 9-5 job (9 to 9, to be honest). I could have stayed there and climbed up the ladder even higher. It didn't feel right. I didn't feel good. Literally. I was rushed to the hospital, trying to find out what was wrong with me. It was anxiety and burnout taking over my body because I didn't find pleasure or meaning in my work. I was stuck and struggling.

The second time, I quit my job again. It paid well, and working at a startup was a fancy lifestyle. Most professionals dream of leaping from an old-fashioned, slow corporation to a fast-paced startup. It didn't feel right (again). Honestly, it felt better than my previous job, but something was still missing. It was not aligned with my values and with what I thought was my purpose back then.

Why would an ambitious, well-educated, skilled young man in his 30s want to quit a promising job amid a financial crisis? Why would the same person wish to leave another fancy job that pays well? Nothing made sense to the people around me. From their point of view, I was wasting opportunities for wealth and success.

That was precisely the difference between their mindset and point of view and mine. Wealth and success were not what I wished for the most. I had a burning fire for something else: a life and work with purpose, meaning and enjoyment where I could be myself and realise my potential.

As they say, "If you don't have a purpose yourself, others will rush to give you theirs".

When I started my solo journey, I didn't quite know what I wanted; instead, I knew precisely what I didn't like. In his book The Art of Focus, author Dan Koe brilliantly highlights that what you want or like comes from imagination, and what you don't want or like comes from experience. Imagination is powerful, but you need experience to fuel it.

That's what I did. My starting point was my antivision, what I didn't want to become, and how I certainly didn't like to work and live for the rest of my time on this planet.

Eight years forward (after my first quit), things look remarkably different. Did I need to make changes? Yes, I embraced change. Did I face adversity? Of course. I realised it's part of the process. Was it an easy ride? No, it was (and still is) a rollercoaster because of the constant need to evolve.

Eight years after my first quit, I have a high-margin one-person business (as a solopreneur), and I work and live in a way that feels natural and empowers me to enjoy both, grow and evolve with grace.

It does so because it helped me not only embrace who I am (a curious "explorer," a nerd, an introvert, to name a few) but also find and harness my superpowers.

That's something every current or aspiring solopreneur needs and deserves to have and experience.

Here's how I transformed from an unhappy, mentally and physically exhausted professional to a thriving and content solopreneur with a high-margin service business in 21 steps.

From zero to hero in 21 steps (and counting)

Has it been an easy ride? It's more like a rollercoaster, I would reckon. Still, it was worth it—every step of the way.

It included suffering and pain (metaphorically), but they are part of the process and an integral part of growth. No pain, no gain. I would rephrase it to "no suffering, no push to find solutions and grow".

The 21 steps (and counting) concern the whole solopreneurial process, including its 3 main pillars: personal branding, marketing, and operations.

It's crucial to understand that you will struggle to create a one-person business without investing in your personal branding (I explain later).

Also, it's not only about operations. There's an area many current and aspiring solopreneurs choose to ignore (because they don't know how to go about it). Marketing. It's a whole art and science, but you can leverage the power of a specific branch of marketing to build and grow your business (including online marketing and more traditional strategies with a twist).

Needless to say, smooth operations fuel your lead and client generation. The smoother and of higher quality your service, the more positive word-of-mouth you can generate. More recommendations and testimonials help your business development. Still wondering?

Let's see how the journey started and evolved. There are plenty of valuable lessons you can apply in your case. They worked for me. Make sure to adapt to your case if necessary.

1. The decision to go solo was made gradually, not in a day.

I took the decision to quit my 9-5 job and build my one-person business over the course of 1 whole year. It needed brewing so it could come naturally and with full acknowledgement of what was to come. Don't rush to make the decision (or not). Give it some time, sleep on it (quite a few nights), and make a conscious choice. I know most gurus talk about swift action. Big decisions sometimes take time. And during that time, I subconsciously prepared myself for the next day.

2. Testing and experimentation ensured I picked the right field.

Before going solo, I had worked in marketing for over a decade. My experience in large corporations (like LÓREAL or MATTEL) helped me dive into areas of marketing and business I may not had the chance to do otherwise. I opted for content marketing and started working on it while I worked there (I had my own agenda, to be honest). Then, I applied to many different jobs as a content marketer and saw what the market wanted and how it is to do content marketing professionally. I didn't get any of those jobs but made sure this is what I want to do.

3.Building a side hustle.

Once I decided that content marketing would be the core of my solo business, I immediately started to work on it. That included a lot of studying and learning, as well as experimentation on my platforms (blog, social media). I quickly moved from theory to practice and searched for a real side hustle. As I had no idea how to land clients, I turned to popular platforms like Fiverr to find the first project I would work on. Generally, that didn't go well because I wanted to become a solopreneur, not a freelancer. Still, I once again learned what the market searched for.

4. The first client landed.

While searching on Fiverr, I got my first actual client (paid) and signed a fixed-term contract to work on their content marketing. It was a fintech startup from the US. I was delighted but falsely assumed I would find more clients like them in online freelance marketplaces. However, it was the first market validation that what I offered made sense, and someone was willing to pay their money for it. That was a huge milestone (especially for an introverted person with low self-esteem, like me, back then). That boosted my confidence.

5. Quit 9-5 job and set up business.

That first client was pivotal as it pushed me to quit my job and set up my solo business. I had to be able to invoice, so I swiftly scanned my options and set up my new online business via Estonia's e-residency scheme. Everything was set up pretty fast, and I officially became a business owner. That felt good. Adrenaline was high. I still remember the first time I logged into the sales and accounting system and pressed the APPROVE button to send the first invoice. Invoice no. 0001.

6. Client lost, confidence down.

After a few months, the start-up company I started working with on their content marketing decided to end the contract because they were pivoting to a new field and trying to find new investors. That felt really bad, and my confidence went down. I knew my service was not why I "lost" the client, but it felt worse because I had no other client in the pipeline. That was a good lesson learned. Lead generation is an ongoing process. If you leave it for a while, it takes time to move the needle again.

7. Bills were coming, revenues not.

That was the first time I realised - from my own experience - that running a business (no matter how low-cost it can be as service-based) costs money, month after month. Thankfully, I had a buffer to help me navigate those difficult times, but soon, the savings (which also financed my personal life, not only my business) were about to run out. Still, it was wise to start a business with a financial buffer (just in case). What they said about a new business not making money for the first 6-12 months was confirmed. I validated it.

8. Asking for help is totally fine. People are good.

When I faced a dead-end, I asked for help. Although it felt terrible and like moving backwards, I did it and validated that most people are good and willing to help (if they can). My spouse offered me a small contract to help with their content marketing (and keep me afloat). I am grateful because that did help me stay afloat and not close down my business. In the meantime, I focused on building my personal brand on LinkedIn (see next point).

9. Personal branding is a no-brainer.

If you are a freelancer, you may not need a personal brand to find clients as they hire you for your time (but it can help). For solopreneurs, investing time and energy in building their personal brand is essential. I did the same. I spent a lot of time on LinkedIn, harnessing the power of high-quality content and ensuring I properly positioned my business and myself. It paid off. The lead generation process was on fire, boosting my confidence again (my pocket, too). I was able to land a few more projects and clients, moving the needle.

10. More personal branding. And differentiation.

New leads were coming into my funnel, and I had a lot of sales calls. Still, something was missing—the right audience. I attracted startups and small business owners, but they were not my ideal clients or target audience. I felt lost as to who would be my sustainable niche. COVID-19 and lockdowns arrived, but I used that idle time to rebrand myself and reposition my business — content marketing for solopreneurs (mainly towards the introverted side of the spectrum). Bingo! It felt good; it felt me. I was content and immediately saw results (and new clients). A new branding (The Nordic Marketer, plus logo and style that I crafted myself via Canva), a new website, and more focus on LinkedIn content to reinforce my branding and offering helped me level my game up.

11. A more clearly defined niche.

Simultaneously with the new branding and USP, I more clearly and explicitly defined my target audience to ensure I talk to the right people to whom my offering resonates the most. Keep in mind that it's not only your offering per se but also your personal brand that attracts leads into your funnel. Many of my get-to-know or sales calls started with questions like "Why are you called the Nordic Marketer?", "What is the Nordic twist you talk about, and how does that affect your content marketing coaching?", or "Why did you choose solopreneurs, more so introverted ones?". That's how you can avoid having a call that starts and ends with pricing.

12. More clients, more services and more focus on operations.

During the years, I gradually expanded the services I offered to cover more aspects of online marketing, like email marketing (which, yes, is a part of content marketing) and paid social media ads. My clients asked for them as they wanted a one-stop shop for their marketing. It was an opportunity for me to expand my knowledge and skills. At the same time, I had to structure new systems to make the operations smoother because smoother operations = more client satisfaction = more positive word-of-mouth = more new leads and clients.

13. More services = more cost = lower margin

After a while, I calculated the costs (monetary and non-monetary, obvious and hidden) of my operations and realised that the expanded service portfolio made my business more expensive. The higher cost came from more tools I had to pay for as well as a high time investment in previously unexplored marketing services and skills. That meant fewer resources (time, energy, focus, attention) to allocate to the core of my business (content marketing and new clients), plus a personal struggle with physical, mental and psychological health. I took swift action and regained focus.

14. More focus = more clarity = more effective use of resources

After removing non-core services from my portfolio, I regained focus and clarity about where my one-person business would head and how it would grow. I also regained enjoyment in work as I focused on what I could do best: content marketing. Writing is my superpower. I can write well (at least, this is what they say; feel free to have a different opinion), teach others how to write and coach them to harness the power of inbound marketing for their solo businesses. My approach is super-compatible with solopreneurs, more towards the introverted side of the spectrum (hence why I wrote "introvert-friendly" in my LinkedIn profile).

15. Doing what you are best at & higher margins

Profitability is essential for any business (whether staffed or one-person). High revenues and costs and low profits (if at all) make no sense. The goal of a business is to make a profit so that it gets reinvested to fuel the company's growth and/or go into the owner's pocket (both are fine; let's normalise that). In the case of a solo business, its goal expands to include self-actualisation (meaning, purpose, enjoyment). If you focus on what you do best, you tick all the boxes, and due to the lower costs, your margin increases (because you constantly improve and evolve).

16. Increase prices.

Let's normalise increasing prices (especially in times of inflation like the ones we currently live in 2024). When starting, my prices were more to the lower end of the spectrum (still sufficient to keep the business alive; no price war). Year by year, they slowly increased to cover costs, give space for more value and high quality to the clients, and compensate for the investment made in my client's solo businesses and brands. Sometimes, when a price increase is not welcome and can be a reason for terminating a contract, the workaround is to remove services from the bundle you offer at a specific price. Remember that everything you do has a direct or indirect cost. Removing a few non-core services to keep the price and the client allows for more time and energy to get new clients and invest in your brand and business.

17. Pricing is the last thing to talk about.

The more confident I became with my business and sales process, the more I realised that starting a call or an online conversation (even worse) with pricing kills any chances of clinching the deal (unless you are on the very low end of the price range). Starting with value and how I can impact the business and life of my clients has always proved to be the best way to start a conversation that ends in a positive outcome (a deal or a new addition to your network). That process includes active listening, which in turn includes asking questions. The more relevant questions you ask, the more you get to know your prospective client and their needs. That's how you remove any focus from pricing.

18. High-quality visual identity.

The more robust and high-quality your visual identity, the more professionalism you signal (and the higher prices you can ask if you can also provide high value). I don't recommend spending too much time, energy and money on visual branding. However, taking some time to craft a brand kit will only be beneficial. Find a powerful yet relevant name for your business, craft a logo, choose the primary colours and fonts you will use in your assets (like website, blog, social media profiles and content), get some professionally looking headshots, and create a few templates for your social media content. That initial investment pays off quickly as it saves time and energy, plus the result is professional. Be creative and help your personal brand speak for you when you sleep.

19. Investment in content marketing. What about ads?

Inbound marketing is the best way to position your personal brand and one-person business to the right audience and fuel your lead generation. It needs an investment, though. You need a strategy (including brand voice, content pillars, topics and subtopics, distribution channels, and a funnel), a solid plan (to ensure you don't let entropy kick in), execution tactics that boost your consistency, tracking mechanisms (to measure and assess what works best), and refining loops (to constantly evolve your content). I am not particularly fond of paid ads. However, if and when you identify content that works well (regarding lead generation), go for it. That may be a lead magnet or a social media post.

20. Outsourcing non-essentials & micro-outsourcing.

As a solopreneur, you wear many hats. I've had my fair share of burnouts at the beginning. That was mainly due to an effort to do everything myself (and keep costs down). That won't work in the long run. Identify which non-essential parts of your business you can outsource and go for it. Micro-outsourcing works even better by breaking down projects or time-consuming operations into smaller tasks and contracting some of them to freelancers. Freelancers are easy to find and not expensive (so you can keep costs low). To make it right, prepare a short documentation for the task (so they know exactly what to do and how) and use project management tools to track execution (even a simple Google Spreadsheet can serve the purpose). I regularly outsourced tasks to a freelance personal assistant and never looked back.

21. Refining loops & pivots.

Solopreneurship is about growth and evolution. To grow and evolve, you need to set up specific mechanisms to help you refine your offering at regular intervals. I do that every 3, 6, and 12 months. Of course, you can't change everything every few months, but you can have a checklist to assess where you are and if you need to refine and how. If your assessment includes a lot of struggle, perhaps it's time for a pivot. I usually pivot every 3-5 years, and that time window narrows as I grow (I pivot more frequently due to experience). Don't be afraid of change. Those who don't change and evolve always stay behind.

The journey at a glance (+ key lessons learned & tips to follow)

  • Creating your own one-person business is a rollercoaster. Be prepared for that. Have a financial buffer to help you out in times of need.

  • Test and experiment with everything. Before you decide, do your testing to make sure what you put to the test actually works. Then proceed. And do it swiftly.

  • Transition smoothly from a 9-5 job to your solo business. Start small and expand on the go. When your side hustle grows enough, leap. And never neglect business development and lead generation.

  • Building, maintaining and evolving your personal brand is a no-brainer. Really.

  • Differentiate yourself through your brand and make sure your niche is clearly defined (plus, not too broad, not too narrow)

  • Opt for inbound marketing, but when you find something that really works, go for ads (to speed up the process).

  • Always ensure your operations are smooth and high-quality. Positive word-of-mouth and recommendations are essential for your lead generation.

  • Keep costs down as much as possible (without compromising your service quality) and ask for fair prices towards the high end of the range. Make sure your service quality and branding match your prices.

  • Focus on what you do best. Outsources non-essential tasks.

As you may have noticed, the journey towards building my high-margin one-person business includes many loops.

I call them evolution cycles. There are lows (few clients, low revenues, unexpected costs), and highs.

Sometimes, it's about expansion and zooming out, sometimes about zooming in and refocusing.

Regardless of their nature and impact, they help you evolve. Stay positive and see every obstacle as a natural way to refine your business or pivot.

What’s next?

Your next step is taking the decision to leave comfort and break free from working and living on autopilot.

  • If you are not a solopreneur yet but feel stuck at a 9-5 job, pivot and smoothly create your one-person business. Read again how I started and prepare yourself to make the leap. It’s worth it.

  • If you are already a solopreneur but struggle to make it work, focus on what matters most and accept that setbacks and failures are part of the game. Read the 21 steps again to see how many ups and downs I registered, and keep doing what you have to do. Consistency and patience pay off.

  • If you are more inclined toward the introverted side of the spectrum and wonder if solopreneurship is for you or whether you have what it takes (or not), stay assured that your introversion is no obstacle. I can verify that as I am an introvert myself. You just have to do things differently and use your introversion as a superpower (rather than a flaw).

You can live a life on your own terms. Creating a one-person business is an excellent opportunity to do that. It’s freedom. It’s also a challenge, but that doesn’t really matter. It’s about creating and solving your and not others’ problems. And the payoff comes directly to you. 100%.

If you need support navigating the transition and journey, let me help. DM me on LinkedIn and let’s explore how Mindset Coaching can help you move forward and claim what you desire and deserve.

Reply

or to participate.