SCOTCH PLAINS, NJ -- Scotch Plains resident and veteran financial writer Elaine Pofeldt has written a new book entitled, The Million-Dollar, One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want ($22.99 hardcover, 224 pages). The book unlocks the secrets of how to earn a six-figure, take-home income on your own terms.
"The rise of one-million-dollar, one-person businesses is the biggest trend in employment today, offering the widest range of people the most ways to earn a living while having the lifestyles they want," Pofeldt says.
In The Million-Dollar, One-Person Business, the Forbes.com contributing writer outlines the pathways to joining this entrepreneurial movement, synthesizing advice from hundreds of business owners who've actually done it. She explains how to identify, launch, grow, and reinvent a business, showing how a single individual can generate $1 million in revenue.
"I came across some statistics about non-employer businesses (free lancers and companies without employees) that were breaking $1 million in revenue annually. I wrote about the topic for Forbes in a blog and got good feedback," said Pofeldt, who spent a year writing and researching the book. "I heard from people who were curious about what these people were doing and what type of work they were in. That's where I got the idea for the book."
Among them were individuals who were selling organic honey, renting out residential real estate, running a nutrition website, and selling lunch boxes on Amazon, among many other things. There are a lot of people running professional services firms, accountants, public relations and SEO experts, among others.
As of 2015, there were 35,584 non-employer firms that brought in $1 million to $2.49 million in annual revenues. That is up 33 percent since 2011, according to Pofeldt, who recently recorded the audio version of her book. Print versions are available on Amazon.com and locally at The Town Bookstore, an independent bookstore in Westfield.
"The lesson is that everyday Americans are able to get more out of their business by exploring the use of outsourcing, automation and outsourcing to extend the reach of the sole person owner," the author says. "As a result, business owners can have a better lifestyle."
Is she ready for another book?
"I hope so at some point, but right now I'm ramping down and recovering from writing my first one," said Pofeldt, who has been promoting on various podcasts that appeal to young male demographic and by writing guest blogs that identify her as the author of The Million-Dollar, One-Person Business.
Elaine Pofeldt lives in Scotch Plains with her husband and four children. She writes about one-million-dollar, one-person businesses for Forbes.com. Formerly, she was a senior editor at Fortune Small Business magazine. Her work has been published in Money, Fortune, Inc., Good Housekeeping, Dr. Oz, and Marie Claire; and on CNBC.com. Pofeldt earned her BA in English at Yale University.