Transcript of my newsletter from 14th December
In 2001 (the dot com crash) the company I was working for went out of business.
I was 7 months away from getting my Hong Kong Permanent Resident status, a goal I had had for a while – but until I got that I was dependent on being employed in order to stay here.
Even back then, it was getting steadily harder for a Westerner to get a job in Hong Kong without a specific skill, because companies were localising.
Those 7 months were one of the most stressful times in my life, but I did, eventually, find a job – 6 days before my working visa expired!
That experience burned into my brain the need to develop a marketable skill, so I would never again be in a position where I was dependent on others for my livelihood.
And it was (is) my driver for setting up my solo business and persevering through the times when it was struggling.
What about you? What is your driver?
This week I’ve linked to articles on the importance of identifying your driver to help your solo business succeed, two interviews with solo business owners who are both earning more than 7 figures annually, and how to start a travel blog (this blogger is making 6 figures a year).
What is your driver to start a solo business?
The emotional impacts of going solo are seldom covered in any depth.
This article touches on the discouragement that friends and family often give (usually with the best of intentions) when you tell them you’re planning to go solo.
There are some good, common sense steps set out in this article, that will greatly improve the odds of your business being successful but, in the end, it always comes back to your driver and dealing with your emotions.
Without a clear driver, receiving that discouragement is often enough, on its own, to turn people away from their dreams, let alone during the times when you hit problems.
Solopreneurs who are breaking $1 million in revenue – an interview
“…Never be a boss, never have a boss…”
That’s the maxim by which Jason Allan Scott lives – he’s a solopreneur who’s making more than $1 million a year.
In this interview he goes through 5 strategies that he has followed to build up his 7-figure business.
Two of them resonated with me: building personal resilience (the same message as the previous article!) and diversifying your revenue streams.
I’m in the middle of adding a new revenue stream to my business which has, of course, been impacted by the pandemic.
It’s a case of not having all my revenue eggs in one basket!
Another solopreneur breaking 7-figures a year
Do you have a skill or talent that you could teach to others?
Five years ago, Danielle Leslie was laid off from her corporate gig. Today, she’s making more than $1 million a year by teaching people how to create online courses around their skills, expertise or passions.
As with Jason Allan Scott, she touches on her passion, or her ‘Why’ – what drives her.
Equally important, she talks about how letting her personality shine through is an important factor in her success.
You’re never going to please everyone, so be yourself. Sure, you’ll turn some people off, but you’ll also connect with others, and those who connect with you will become serious fans.
How to start a travel blog
Travel blogging is one of the most saturated sectors around – I should know, I write one!
But it can also be a seriously profitable business – there are some travel blogs that bring in well over $1 million a year.
Lauren Juliff, who started hers 10 years ago, has not cracked 7 figures (yet). But she does make over $100,000 a year from a range of different revenue streams all tied in to her blog.
In this article she takes you, step-by-step, through the process of setting up a blog (she focuses on travel, of course, but the same process applies to any type of blog).
In 1995 I took a road trip from San Francisco to Dallas, via Salt Lake City, Denver, Kansas, down through Oklahoma to Richardson (north of Dallas).
And Prince’s Purple Rain CD is what was playing in the car. Every time I hear any of the songs from this album I’m reminded of that trip, 25 years later:
If you’d like to browse through previous newsletters you can find them all here.
If there’s someone you know who’s thinking about starting a solo business, or struggling to get one going, please forward this email to them.
And, if you received it as a forward from someone else, why not join us?
OK, let me know if you have any questions, thoughts or comments (just hit Reply), and have a great week!
Owner – WealthyDragon