Wouldn’t it be fantastic to be one of the 221,815 entrepreneurs thriving in the $500,000 to $999,999 range as non-employer businesses, also known as one-person businesses? Timothy Ferris and countless others have achieved this feat, and you can too.
Forbes contributor Elaine Pofeldt delves into the inspiring realm of bold entrepreneurs who are breaking the $1 million threshold with their one-person businesses, highlighting the growing trend of lifestyle entrepreneurship. As the online landscape expands and technology advances, opportunities to reach new audiences, acquire clients, and build a thriving lifestyle business have never been more accessible.
Lifestyle and the Mighty 1,000
But how do you get started on this journey? The first step is to read “1,000 True Fans,” an article by Kevin Kelly, the Senior Maverick at Wired magazine, co-founder of Wired in 1993, and a prominent thinker in entrepreneurship. Kelly’s article introduces the groundbreaking concept that a creator needs just 1,000 true fans to make a living.
Kelly’s perspective on the attainability of making a living by delivering value to your most dedicated fans is truly enlightening. He defines a True Fan as someone who will eagerly purchase everything you create. Even if we conservatively assume that each True Fan spends the equivalent of one day’s wages annually in support of your work, which amounts to around $100 per year, having 1,000 True Fans yields $100,000 per year, enabling most individuals to make a comfortable living.
Notably, Kelly emphasizes, “You could count to 1,000. If you added one fan a day, it would take only three years. True Fanship is doable. Pleasing a True Fan is pleasurable and invigorating. It rewards the artist to remain true and focus on the unique aspects of their work that True Fans appreciate.”
Kelly initially published “1,000 True Fans” in March 2008, and since then, monumental technological strides, such as 3D printing, crowdsourcing, and social media, have further democratized entrepreneurship.
Tech Democratization Paves the Way
In the book “BOLD,” co-authored by Peter Diamandis and Steven Kotler, we learn how technology is empowering individuals to change the world. “BOLD” guides us on how to seize opportunities and transform ideas into reality, leading the way from creative concepts to market impact.
The book underscores the positive influence of crowdfunding and 3D printing on a new generation of entrepreneurs. It also highlights the monumental shift in the world of online businesses, with over 5 billion people expected to be online by 2020—almost the entire global population.
Reaching Your True 1,000
In this emerging economy, scaling your reach to 1,000 True Fans becomes increasingly feasible as the number of potential customers nearly triples.
So, how can you start on your journey to reach your True 1,000 and build a thriving lifestyle business?
Read and Listen:
Dive into valuable free resources that will help you kickstart your journey. For instance, follow Pat Flynn, the mind behind Smart Passive Income, as he generously shares his experiences and insights to help you build a better business. Similarly, Tim Ferris, the author of “The Four-Hour Workweek” blog and podcast, offers in-depth analysis and interviews with world-class performers from diverse fields.
Experiment:
With the rapid growth in crowdfunding and 3D printing, today’s entrepreneurs can validate product demand and create prototypes at a fraction of the cost compared to five years ago. Embrace experimentation and innovation as you move forward.
Just Do It:
Every successful entrepreneur has one thing in common—they took a chance and embraced a steep learning curve. The days of expensive leases, prohibitive equipment purchases, and hefty inventories are history. Affordable alternatives now make it easier than ever to turn your idea into reality. So, take the leap, pick your idea, and get started on your journey to a thriving one-person business.
