A 7-figure business perfect for solo founders

We’ve recently published 2 very similar stories that made me look into a space that I had never paid attention to before:

👉 This blogger created a conference that generates $1.6M/year

👉 This solo founder quit his job to start a $1.8M/year conference

It’s not very often that we come across 7-figure businesses run by super small crews (or even a solo founder with a couple of contractors). But conferences and live events are huge.

Our take:

Conferences can be super broad (travel, electronics) or extremely niche.

For a solo founder, the more optimal patch is to find an underserved niche where it’s possible to make an impact.

What’s the best event for “e-commerce apparel DTC brands” in your area? I bet is non-existent or not a very good one that you could compete against.

Whereas events as broad as "food expos" pop up like mushrooms all around, making it pretty hard to differentiate and congregate a loyal audience around something so generic.

By the numbers:

• The global event industry was worth approximately $890 billion
• By 2028, could grow to more than two trillion U.S. dollars
• The global virtual events market size was valued at $114.12 billion in 2021

Potential revenue streams:

• Tickets / Special Passes / Tiered Packages
• Food & Drinks
• Vendors
• Merchandise
• Sponsorships
• Paid speaking spots

The opportunity:

1. Monetize your audience. The creator economy is booming. Tons of people are building loyal audiences thanks to social media, newsletters, online communities, etc. This is a great way to provide them with a high-value product.

👉 This founder started a 6-figure online community and gathers hundreds of people every year

2. Undisrupted space. Conferences are a super old type of business. And most have stayed the same for ages. If you can identify a way to improve conferences in a certain space, attracting people from the industry will be easier.

👉 This solo founder makes $1.2M/year helping companies create better events 

3. Leverage your network. Something often overlooked. If you’ve established connections with potential sponsors, speakers, etc., you have an unfair advantage over other people trying to start the same business. Take advantage of it.

👉 These founders created a $420K/year niche online course after meeting at an industry event (and they get all the teachers from their network)

4. Extra revenue stream. If you already run a successful business, organizing a conference can mean additional revenue, a chance to strengthen relationships with clients, an opportunity to acquire new customers, and great for your branding.

👉 This $408K/year SaaS organizes a yearly event to create new business opportunities

So what do you think, do you see yourself running a conference business? What's the biggest reason that comes to mind for not doing it?

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