Jimmy Donaldson, better known as MrBeast, has surpassed PewDiePie to become the most-subscribed individual creator on YouTube, according to The Hill. While this is a monumental feat in the content creation world, it also offers valuable lessons for freelancers and solo self-employed individuals aspiring to build multi-million dollar businesses.
MrBeast’s journey began as a solo creator producing gaming videos, but his innovative approach to content, including elaborate stunts, challenges, and philanthropic endeavours, has garnered him a massive following. His success story highlights the potential for individual creators to leverage platforms like YouTube to reach a global audience and build lucrative businesses.
Donaldson has expanded his business ventures beyond YouTube, according to the news report. He owns a virtual restaurant called MrBeast Burger, a chocolate brand called Feastables, and an online merchandise store, ShopMrBeast. Despite earning between $600 million and $700 million annually,
Donaldson doesn’t consider himself wealthy due to reinvesting most of his earnings back into his businesses. Earlier this year, he announced a collaboration with Amazon Prime Video to produce the “largest game show in history,” featuring over 1,000 contestants competing for a $5 million prize.
How does one person create a business empire?
Donaldson’s success has grown through trial and error. However, if you were to boil down his method it wouldn’t come down to one factor. He creates strategic content based on his understanding of his audience. His videos of interactive games involve people from all walks of life. The prizes are epic so naturally, people are drawn to a challenge that could make them money. However, he delivers that content consistently. He then diversifies his revenue streams and who he collaborates with. His videos to this day are still sponsored.
His blueprint for success can be applied to any freelance or solopreneur business, regardless of industry. Here we highlight some of Donaldson’s principles and how you can apply them to your business.
Try even just one of these principles (see below) this week and see what happens.
Strategic Content Creation and Audience Engagement: MrBeast’s success stems from creating high-quality, experiential content that resonates with his audience. He actively engages with his community, fostering loyalty and building relationships.
Freelancers and solopreneurs can emulate this by understanding their target audience’s needs and preferences, and by leveraging social media, newsletters, or community forums to interact with clients and potential customers.
Consistent Output and Diversification of Revenue Streams: MrBeast maintains a consistent upload schedule and has diversified his income through merchandise, brand deals, and other ventures.
Freelancers and solopreneurs can learn from this by striving for consistency in their work and exploring multiple revenue streams, such as online courses, digital products, or affiliate marketing.
Embrace Your Niche and Build a Community: MrBeast’s focus on creating unique content within a specific niche and fostering a loyal community has been key to his growth.
Freelancers can apply this by identifying their areas of expertise, developing niche content, and building their own communities through social media, email lists, or other online platforms.
Collaborate and Give Back: MrBeast frequently collaborates with other creators and engages in philanthropic activities, both of which have contributed to his success.
Freelancers can expand their reach and create a positive impact by partnering with others in their field and giving back to the community.
MrBeast’s journey from solo creator to YouTube royalty is a testament to the potential for individual creators to build successful businesses in the digital age.
By embracing their creativity, building communities, diversifying their income streams, collaborating with others, and giving back, freelancers and solo self-employed individuals can follow in MrBeast’s footsteps and achieve their own entrepreneurial dreams.
Building a Multi-Million Dollar Business
While MrBeast’s success is inspiring, it’s important to note that building a multi-million dollar business takes time, dedication, and strategic planning. Freelancers and solopreneurs should focus on building a strong foundation, delivering value to their clients, and continuously adapting to the changing market landscape.
In addition to Mr Beast’s blueprint for success, Hooman Radfar, CEO of Collective, a back-office provider for freelancers, believes that new AI tools can significantly boost freelancers’ earning potential. These tools equip freelancers like designers, programmers, and editors with capabilities that could potentially propel their businesses from zero to $1 million in a matter of months.
“AI models are providing freelancers such as designers, programmers and editors with capabilities that can realistically propel a solo business from zero to $1 million in months,” Radfar said in a previous report by The Freelance Informer.