Solopreneurship High-Margin Biz ModelMay 30, 2023
I’ve been following the ‘solopreneurship’ craze for a while and at first, I thought it was exactly that - crazy.
After having done a little deeper dive, I realize… Wow - this is actually an insanely high-profit, high-margin business.
So today, I want to walk you through how you can build this type of business 100% solo and 100% online.
I should preface by saying this model isn’t for everyone. It involves leveraging social media and building a ‘public resume’ so to speak. This is the most powerful opportunity of this business type as you can utilize it to then build any other business off of it.
Essentially, once you start a solo business using this strat, you won’t have to do marketing, acquire customers, look for partners, etc ever again.
So without daddleing anymore - let’s dive in ⤵️
First off - you need to find 3-5 people that you follow and admire and want to have a business more like theirs.
If you’re into fitness, maybe you like Kinobody. If you’re into finance, maybe you like Marko from Whiteboard Finance, & if you’re into side hustles, maybe you like Ryan Scribner.
No matter what you’re interested in, odds are someone is making content about it somewhere. Find them. Follow them. See how they make money.
Keep in mind that some industries have a proclivity for high-yield businesses. These are typically B2B, finance, health, wellness, counseling, legal, business, etc. Odds are you have some interest in a subsection of one of those industries. If you don’t - find one. Go where the money is.
Next, take their top-performing content over the past 12 months and give your own unique take on it. Input your ideas, beliefs, and opinions into the topic.
Build out a system to do this on a weekly basis. Syndicate to all media platforms & have a free email newsletter. Make sure the newsletter is the best version of your content.
Use a tool like kajabi, mailchimp, etc to build a simple newsletter form. At the end of various content pieces, mention the free newsletter. Always be directing people off of unowned media platforms and onto owned media like email.
If you’re efficient like me, you can do this in less than 1 day per week.
Now spend the rest of the week engaging the niche and understanding core issues and problems.
What is stopping people in the niche from achieving their ideal goals?
What are the steps that someone might need to take in order to reach those goals?
What are the hangups on each of those steps?
Become a problem-solving machine. This is what a true entrepreneur does. They solve problems. If you can’t do this - you have no business being in business.
Now, after a few months of creating content for the niche, you will likely see the minor and major hangups and problems people are facing.
This is typically in the form of accountability, education, or mindset. They might be lacking one or all of these things.
Now you build a product to fix those problems.
These will be digital products most of the time. Sure you can do a physical product, but that adds a layer of complexity that is frankly, unneeded at this point.
Things like: systems, calendars, templates, plans, courses, training, etc. Walk people through how to overcome the hurdles in order to make it to the next step toward their desired outcome.
Now you create 3 products all at once delivering the same exact outcome.
DIY, DWY, & DFY. Price points can vary, but a typical $400 | $5,000 | $20,000 is a good place to start.
No one will buy the DFY package especially when you're starting out. That’s fine - it’s there to price anchor anyway and show that the DIY and DWY are inexpensive in comparison (which they actually are).
Now, several months in you should have a few hundred people on your newsletter. All you need to do is simply link the sales page for your product in the emails. You don’t need to be salesy or pushy, just mention it in each email.
You don’t even need to mention it on your public-facing media. Just in the newsletter. Now just keep creating content & integrate your offer into it. Iterate on it to optimize.
Rates vary by industry, but if you can get a 40-50% opt-in rate on your newsletter with an equivalent open rate on your emails, you're doing good. Then if you can get 1-2% of the people on your newsletter to buy your product each month, you’re off to a great start.
So for every 1000 people that visit your newsletter opt-in page:
Maybe 500 opt-in,
and of those 500:
250 will open your emails.
Then maybe 5-10 of those people will buy your bottom-priced product sometime over the next month.
So essentially for every 1000 visits, you’d make a few thousand $. That’s a SUBSTANTIALLY higher RPM than just having ads on your content. And this is just the beginning, you can keep optimizing and making the product better and adding social proofs and testimonials. This boosts conversions significantly.
If you aren’t at these stats after the first month of running your offer, try changing the copy, position, or even the entire offer until you hit something that sticks. Iterate, optimize and systematize.
Practicing what I preach here, I’m launching an MVP for a Solo Business System. This is not something you will see publically - only here.
The product has everything you need to get this profit printer up-n-running. Templates, workflows, guides, and all the training required to operate it with just a couple hours a day.
This is something that I see as being a huge movement over the next few years.
If you’ve followed me for a while then you know I pick out trends early. If you missed the last one, here’s the next one. Don’t miss it.
Have an epic week,
P.S.: The DWY (done-with-you) version of the S.B.S. is out now. It will have the highest probability of success as I will be the one working with you directly to ensure you build it right and fully understand how to operate it.
If you have any questions - just DM me