Book Review: Company of One by Paul Jarvis

The title of this month’s read-along is a tad misleading. When I picked up Company of One*, I assumed it was about starting and running a one-person business. However, like so many other books out there, the hint is in the subtitle: Why Staying Small is the Next Big Thing for Business. But let’s be clear, it’s not just for solopreneurs; it’s for people who want to develop their business or career on their own terms. To be sustainable and to stay in charge. It answers the question “What if the key to a richer and more fulfilling career is not to think bigger, but smaller?”

Author Paul Jarvis had a realisation several years ago that the high growth, high profile corporate life was not for him. Instead, he stripped away the hierarchies, expectations and pressures from his working life and created a career that allowed him to live the life that worked for him: more freedom whilst earning his desired income.

Company of One isn’t a business book that helps you start a business. There are others out that are better suited (including Out of Office). It’s less about the HOW, more about the WHY! It highlights why it’s essential to stay connected and personal. Some of the examples are one-person businesses; others are global and have multimillion-dollar turnovers. They have in common the wish to stay in control and build a career and a business that supports the life each person wants.

The book shows time and time again, utilizing Venture Capital data and case studies, that having an injection of cash (so accelerated growth driven by finances) often leads to the failure or implosion of a business. It’s been found that growth, done the WRONG way, is usually all about feeding ego, perceived social standing and/ or envy.  

Instead, Company of One highlights the power of having a lifestyle business. I’m the first to admit that, in the past, when The Balance Collective has been called a lifestyle business, I have felt offended. However, this book reinforces my pride in creating a career/business to help me create the life I desire. Hopefully, it will do the same for you!  

 

After 15 pages of notes, I’m excited to share my six takeaways from Company of One:

 

1. Work on getting better, not bigger!

So often our measures of success are driven by the measures of others. What if, whenever an opportunity to grow came up, you questioned it. Would this help you stay connected to the purpose of your work and the life that you want to have? Ask yourself “How do I want to spend my days?”

 

2. Small enables resilience.

How often does your working life get caught up in the echelons of hierarchy, red tape and layers of decision-makers? Instead, when you are a “company of one”, you can adapt to change as it comes up, and flex to suit what is needed. As Jarvis reminds us “Working for yourself doesn’t mean working by yourself”; utilising your network, your current customers and contacts, you can deliver quality and profitable work, without the complexities of a larger organisation.

 

3. High demand doesn’t need growth.

When you find that your demand is going up, simply increase your price until you are balancing the demands with your time. Look at your systems and see what is scalable; also look at your network and see what you can outsource. It’s a brave step, and one that often scares small businesses, but it can really pay off! 

 

4. What do your customers want?

This book delivers its “small” philosophy alongside lots of research; for example, it highlights a McKinsey study which highlights that 70% of the buying experience is based on how customers feel they are being treated and less on the product. Are you checking in with your customers often? Staying small means you can take the time to engage and build connections. Would this growth benefit your customers as well as you? Trust me, you don’t need to follow the disconnected “ The 4-Hour Work Week” perspective!

 

5. Tell, don’t sell.

One benefit of staying small is that you can personalize your marketing. You aren’t a faceless corporation towing the party line; even as a brand, you can inject a little bit of yourself! You can build trust in the marketplace by educating people on how your use your service or products. 

 

6. Create upper goals limits.

Growth doesn’t need to be something to be scared about, not if you set upper goal limits. Consider the TOP END of what you want to manage in your business or team; consider your time and your resources and stick to that. When you see the business growing to a point where these boundaries are being risked, you can revert to point three! 

 

Company of One is driven by the assumption you have the skills to deliver your service or product within your small business. That you have built this competency over time, and you are now able to deliver this independently. It’s not just for solopreneurs, but for anyone within a career that they want to keep small. You might be on your own, or you may be a leader within a company of 100. 

 

Remember, working for yourself doesn’t mean working by yourself”

 

I would love to know your thoughts. Come over to Creating Careers to Enjoy and share your thoughts on Company of One. 

 

* If you are intrigued and haven’t read the book yet you can find it, and others in my bookshop. This is an affiliate link, so when you buy, I may get a small commission.