Tiny Business, Big Money: Strategies for Creating a High-Revenue Microbusiness

by Elaine Pofeldt

An entrepreneur’s complete guide to making it big while keeping things small. Small business specialist Elaine Pofeldt offers her blueprint for getting a running start with your microbusiness―that is, a business with no more than 20 employees, including yourself. Following her previous book, The Million-Dollar, One-Person Business , Pofeldt gives readers the steps toward their next entrepreneurial venture, including testing an idea’s market viability while limiting risk, finding cash without giving up control, protecting your personal time and avoiding burn out, and knowing when it is time to start micro-scaling. Pofeldt’s focus is always on staying lean financially so that you can achieve your personal goals on an average person’s budget. In this book, Pofeldt profiles nearly 60 microbusinesses that have all reached $1 million in annual revenue without losing control or selling out. Tiny Business, Big Money also includes the results of a survey with the founders of 50 seven-figure microbusinesses that got to $1 million with no payroll or very small teams, which provides deeper visibility into their shared principles of success that you can apply to your own small business.

Genres: Business, Nonfiction, Self Help

272 pages, Hardcover

Published February 15, 2022

Reviews

[Steph B]

This would be great for a high schooler.
I don’t want to say it was a waste of time for me and my massive brain already full of the world’s knowledge (kidding), but I didn’t get much new info out of it aside for some recommendations for a friend building a speaking career (which were genuinely valuable). Easy to listen to at 2x speed, at least.

[Wulan Suci Maria]

Compilation of real case/situation entrepreneur that make it there. Quite interesting but for me the most interesting part is the key fact at the appendix that the author describe as the most interesting finding herself :
1. it tooks almost an average 4 years for business to get to $1M revenue
2. They spent average 4 years as nonemployee businesses (no payroll)
3. All of them use contractors in the business
4. 90% use automation in the business
5. 88% exercise in same way (yoga, gym, walking etc)
6. 64% have a mind/body/spiritual or religious practice
7. 34% meditate, 37% has couch business, 45% join business group

[Andrew Lisi]

I heard about her from a recent Tim Ferriss episode. Got the book on Audible and was glad to find a Verne Harnish intro. I recently studied his Scaling up framework and, though appreciated, I decided that at this time of my life (39, with 2 small kids) I do not want to become a Rockefeller 2.0.
I'd rather keep my boutique marketing agency and consulting, that I run with only one part time employee and tens of freelancers since 2018. And at the same time build more passive income through rental real estate, plus writing and publishing my own books.

I thus enjoyed the overview and stories of many different micro-business and their founders and operators.

The only reason I do not give it 5 stars is that it is too skewed towards info and educational businesses. Along with AI and other phenomenons this sector has become overly crowded and devalued in recent years, even though it has been maybe the #1 solo/micro business opportunity for the previous 25 years.

I remember also an author interview on Joanna Penn's podcast in which she was asked "how can independent authors marke big profits? What specific strategies would you suggest?". Pofeldt was clearly unprepared, only regurgitating the usual "price your product for value/use it to funnel people into high-ticket videocourses and consulting". This rehashed advice is somehow still valid for non-fiction in high-value niches, but totally unsuited for fiction authours - where the IP has to be monetized in other ways.
Well, I wished the book featured also some stories about independent authors in the creative field.
Also, an updated version might showcase the miriad examples of current AI solopreneurs and small teams.

Besides that, I found the book interesting and a good companion to the classic "One Man Company" by Paul Jarvis (who actually built a two-people software businesse after that book came out, Fathom Analytics, and later also exited it).

[David]

If you are already in business, you probably won't find much new in this book. Nevertheless, sometimes the benefit of books like these are that one idea you pick up which changes everything.

If you are new to entrepreneurship, this is a pretty decent book to help you along your way. Especially if you enjoy learning from the strategies and stories of others which is in abundance here.

Some of the things covered:
- How to break out of the “employee” mindset
- Quick ways to generate business ideas
- How to fund your idea
- What systems to implement to maximize your resources
- Best ways to spread the word about what you’re selling
- Where to find the talent you need to grow your business
- How to master the skills you need to keep growing as an entrepreneur

[Zack Applewhite]

A great resource for anyone looking at how they can build and/or maintain a business with low cost and high revenue.

Uses a number of recent, veritable, and practical case studies to explore strategies and extract insights as to how modern entrepreneurs are running slim and profitable businesses.

Author does a fairly decent job dissecting and presenting these case studies to give actionable insights, direction, and resources that the reader can plan to add to their business strategy rather immediately.

[smschumacher]

Not for experienced business owners, other than confirmation that profitable micro businesses are totally a doable thing. This book is great for newer entrepreneurs or those curious about what it takes. It covered many of the struggles realistically, with lots of examples of actual people building real businesses. Very practical, great advice. I preferred this over her other book.

[Simone]

This book was very inspiring and insightful. I wish it was less about other people’s experiences and more dense with strategies without so many examples. The examples were helpful and encouraging but it was almost non-stop. I would read again and recommend to anyone thinking of starting a small business or in need of encouragement to continue your business journey. Great read.

[Pelagia Komni]

nothing new or special

[Cilia Antoniou]

DNF