The lowdown: Turn from freelancer and side-hustler into a one-man company with this Company Of One Summary
When you think of ‘successful’ 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 aren’t for everyone.
And in reality, even if you did want to be the next Mark Zuckerberg and sell everybody’s private details to the Russions, the odds of you hitting that home run and starting the next Facebook
If you’re 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
- Don’t quit your day job until you have to
- Don’t grow for growth’s sake
Lesson One: A Company Of One is different from being a freelancer or small business
Despite what it sounds like, calling yourself a ‘company of one’, isn’t a fancy way of saying you’re a freelancer.
Similar to freelancers, a Company Of One can hire remote part-time and casual help, but don’t have any actual employees.
However a freelancer and company of one have one major difference… When you’re a freelancer, you’re trading your time for money. Usually for an hourly wage or fee.
For example, if you’re a freelance writer, if you’re not writing, odds are you’re not making money.
Where a company of one looks for income streams that don’t 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: Don’t 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 don’t have to quit your job to start your Company Of One.
You’ll 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 shouldn’t 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 month’s salary in case there’s 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: Don’t grow for growth’s 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 ‘more’, 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; mo’ money, mo’ 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 don’t 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 you’d need to make it a reality.
Put it into action
If you’re starting out your business, what skill do you have that you can eventually turn into a Company Of One? For example, maybe you’re 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 if…
The side-hustler who is looking to start a new business and the freelancer who is looking to stop trading hours for dollars.
🤙 Your Next Step… 🤙
Head across to one of the following pages for more goodies
🍕 Read our list of the best business books of all time
🍕 Read some more of our book summaries
🍕 See our top book summary apps