5 Ways to Prepare for a High-Revenue Sole Proprietorship

For many entrepreneurs, Labor Day marks the start of “back to work” season, and it’s just around the corner. It is not too late to take advantage of the last months of the year to develop your business. I've interviewed many entrepreneurs who have made 7-figure incomes in sole proprietorships or with a small handful of employees. Here are five things I learned about what makes them successful.

They show up regularly at their company. I have yet to discover a single entrepreneur who has achieved seven-figure sales while getting into running a business. These entrepreneurs keep showing up for their business and therefore benefit from the cumulative gains that consistent effort brings. It's like exercising. Training three times a week will pay off, but three times a month, not so much. They pay a lot of attention to relationships. It may seem like meeting clients or potential new hires in person at a coffee shop or over lunch takes more time than you can afford. But as these entrepreneurs know, forming genuine friendships with others in your industry makes almost anything easier. This type of colleagues are the ones who will inform you about new opportunities, offer you useful coaching, accompany you in their projects and support you in other ways. Set aside time on your calendar to get to know others in your field, whether that's attending in-person conferences, joining live streams with cameras, or inviting them over for coffee. Otherwise, it might not happen. Read. A lot. Many seven-figure entrepreneurs are big readers. Often, these are audio books, as they make the most of time spent in transport or on walks. It doesn't matter where you read. What will help is to fit it into your schedule. There are many lessons you won't have to learn the hard way if you learn from the mistakes of others. If you're looking for ideas for things to read, check out "Great Books, Great Minds," a free digital newsletter by Michael Scott on Substack. Don't do everything yourself. When I surveyed 50 seven-figure entrepreneurs for my book Tiny Business, Big Money, all said they used contractors in their business and 90% used automation . It's hard to spend time generating ideas and developing new business if you get bogged down in the smallest details. Be patient. It took the companies I interviewed four years, on average, to reach $1 million, and four years to hire their first employees. Why is the fourth year so important? This remains to be explored, but seven-figure “overnight” deals are very rare. These entrepreneurs invest enough to become highly skilled and make what they do look easy. But it's not. Win the race stably, consistently and sustainably.