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Afford Anything | Make Smart Money Choices

The Million-Dollar, One-Person Business, with Elaine Pofeldt

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 1 March 2019

⏱️ 74 minutes

🧾️ Download transcript

Summary

#180: Nearly two decades ago, Stacy Berman, a personal trainer, launched a fitness bootcamp in New York City. She called it Stacy’s Bootcamp. She invited her clients to join her for 5:30 am outdoor workout classes in Central Park. At first, only three or four people showed up. Then the group grew to 10 people. Then 20 people. Then demand grew beyond a capacity she could reasonably accommodate. She hired personal trainers as independent contractors who led additional classes. She limited class size to 20 people who paid $30 to $37 per class, depending on the package they purchased. Her business expanded to Manhattan’s Battery Park and Brooklyn’s Prospect Park. After six years, Stacy’s Bootcamp grossed more than $1 million. The company had zero employees; the other teachers were contractors. Stacy is one of the many entrepreneurs profiled by Elaine Pofeldt, author of the book The Million Dollar, One Person Business. In today's episode, we talk about solopreneurs who make a million without any employees. For more information, visit the show notes at https://affordanything.com/episode180  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:11.2

Every decision that you make is a trade-off against something else and that doesn't

0:14.0

just apply to your money.

0:15.4

It applies to your time, your focus, your energy.

0:18.8

Anything in your life that's a limited resource, you need to figure out how to manage this

0:22.5

limited resource.

0:23.5

What's the best use of it?

0:25.5

And that really leads to two questions.

0:27.4

Number one, what do you prioritize the most?

0:30.7

And number two, how do you act in accordance?

0:35.2

Answering these two questions is a lifetime practice and that's what this podcast is

0:38.4

here to explore.

0:39.8

My name is Paula Pant.

0:40.8

I'm the host of the Afford Anything Podcast and today we are going deep into a conversation

0:46.2

with a journalist who covers the fascinating niche of one person million dollar businesses.

0:55.3

Now what do I mean by that?

0:57.3

Just when I say million dollar business, what I mean is a company that does gross revenues

1:03.4

of one million dollars per year or more.

1:06.8

And in this upcoming interview we're going to talk about what that means for the actual

1:10.0

bottom line net profits.

1:12.1

And when I say one person, I'm referring to companies that have no employees.

1:18.7

Many of these companies are literally just run by one person, some of them are husband

...

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