When you buy a website for the first time, you do not know much about business models, the specifics of buying, and the things to avoid. Today we have with us Michael Bereslavsky of Domain Magnate, a man of so much experience, skill, and wisdom in this industry. He’s had over hundreds of transactions buying and selling sites, dating back to 2005. Yes, even before the big online brokers existed. We have lessons, insights, answers, and more for you, so sit tight and take note of the following:
- What mistakes are you at risk of making, and how can you avoid these?
- Why 50% of people who buy websites are buying with their emotions
- Why and how should you avoid buying with your emotions?
- What are the skills that you have now, and how can you use them when buying websites?
0:00 – Episode and guest introduction.
2:04 – When and how Michael started buying websites when the marketplace did not exist.
4:09 – One of the first lessons he learned was to flip a website when he had the chance; don’t get too greedy.
5:29 – Two mistake beginners usually make: treating the transaction as an investment and not assessing the risks.
10:55 – Sometimes, it all comes down to learning how to negotiate correctly.
15:57 – The importance of investing without getting too emotional.
18:42 – You can avoid the problem of emotions by having the proper procedures; you can use a checklist.
19:25 – Start small and work your way up.
21:24 – How would Michael suggest for beginners nowadays to start finding leads? Do your research, ask yourself questions regarding the budget, advantages, your skills, etc. Define your criteria.
24:47 – Best beginner-type website business models: content websites.
28:00 – What advice would Michael tell himself now? Buy more, find investors, raise funds.
31:03 – Closing remarks and how and where to contact Michael
Learn more about Michael Bereslavsky’s website: Domain Magnate
Check out the Domain Magnate Podcast too, it’s great!: Podcast
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Michael Bereslavsky is the founder of Domain Magnate who specializes in building, buying and selling websites. After completing over 300 transactions & reviewing thousands of websites, he has acquired a lot of knowledge on how to make his clients’ businesses work and how to help them avoid the mistakes they have done in the past. Michael also specializes in helping clients buy websites that other buyers and sellers tend to avoid.