The lowdown: Turn from freelancer and side-hustler into a one-man company with this Company Of One Summary
When you think of âsuccessfulâ companies, you probably think of Apple, Nike, Amazon and other multi-nationals that are slowly taking over the world.
While some new business owners dream of owning the next multi-national, those companies arenât for everyone.
And in reality, even if you did want to be the next Mark Zuckerberg and sell everybodyâs private details to the Russions, the odds of you hitting that home run and starting the next Facebook
If youâre looking starting a small-scale company then the three main lessons from Company Of One are:
- A Company Of One is different from being a freelancer or small business
- Donât quit your day job until you have to
- Donât grow for growthâs sake
Lesson One: A Company Of One is different from being a freelancer or small business
Despite what it sounds like, calling yourself a âcompany of oneâ, isnât a fancy way of saying youâre a freelancer.
Similar to freelancers, a Company Of One can hire remote part-time and casual help, but donât have any actual employees.
However a freelancer and company of one have one major difference⊠When youâre a freelancer, youâre trading your time for money. Usually for an hourly wage or fee.
For example, if youâre a freelance writer, if youâre not writing, odds are youâre not making money.
Where a company of one looks for income streams that donât require trading dollars for hours.
A lot of the time a Company Of One will start as a freelancer who transitions or develops their business idea. For example, if you are a freelance writer, you can grow into a Company Of One that employes virtual assistants and content writers on a per-job basis to produce the content.
Lesson Two: Donât quit your day job until you have to
Due to the nature of creating a small company, a Company Of One will be be a slow growth process.
So, you donât have to quit your job to start your Company Of One.
Youâll have the benefit of a steady income while you test your offer, grow your client base, and develop a company that can make you money.
In fact, you shouldnât even look to quit your full-time job until you have a steady monthly income that is enough to be comfortable, and a saving of a few monthâs salary in case thereâs a few quiet months.
And that is even if you do want to quit your day job⊠Many Company Of One owners are happy to simply reduce their hours at work, or continue running their company outside of work hours.
The Company Of One is about creating the life that you want to lead.
Lesson Three: Donât grow for growthâs sake
A Company Of One is created to be small and self-managed. That means that you actually look to halt your growth.
Rather than constantly searching for âmoreâ, look to fund a lifestyle that has the freedom and autonomy that you want.
Often, going for extra growth and profits can lead to more problems.
Or, as Biggie would say; moâ money, moâ problems.
Instead, keep it small and keep it yours. Look to slowly grow and limit growth when you have the lifestyle you want.
My Personal Takeaway
I often donât look at creating a business that suits the lifestyle I want to lead.
I like the thought experiment of deciding on your ideal lifestyle and working out how much income and autonomy youâd need to make it a reality.
Put it into action
If youâre starting out your business, what skill do you have that you can eventually turn into a Company Of One? For example, maybe youâre a writer, or an illustrator, or a hairdresser.
Remember, a Company Of One can begin as a freelance side-hustle you reinvent.
You should consider buying this book ifâŠ
The side-hustler who is looking to start a new business and the freelancer who is looking to stop trading hours for dollars.
a Swedish university student, marketing professional, and life-long learner. Here at BookSummaryClub I summarize my favorite non-fiction books into easily digested posts. Hope you like what youâre reading!
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