There’s a reason why some people opt to buy an online business instead of setting it up from scratch. And that reason is because most times, setting up a business means setting yourself up for failure, and that’s a 90% failure rate to be more specific. However, failing with a start up shouldn’t be enough reason to give up having an online business completely.
In today’s episode, I’ll be talking to Todd, who is one of my clients. He experienced the hardships of starting a website business many years ago. He may have failed in that aspect but that also taught him the best things to do when it was time for him to buy an online business, which is why we have him as a part of our community.
Today’s episode will be all about:
- The type of business Todd bought
- Todd’s monetization method
- How much did the business cost?
- What were the multiples?
- How much is Todd making per month from the business?
- What did Todd learn from buying his first online business?
So, if you’re looking to buy an online business, you better not miss this episode.
0:00 – Introduction and Episode Overview
4:14 – Lessons Todd got from his experience in the Buying Online Businesses Community
5:08 – The importance of Due Diligence
7:42 – Do you need to have an Adsense account? Why?
8:18 – What type of business did Todd buy?
8:42 – Todd’s estimated budget to buy the business
10:23 – Todd emphasises the importance of the module “Lessons about how to speak to the seller and what questions to ask”
14:50 – Intuition and Logic
17:05 – Todd’s choice of niche
17:26 – How many hours does Todd spend on his online business?
19:19 – Should you be worried about the type of business you are going to buy?
21:41 – Todd’s backstory about starting out in the website business
23:36 – Story of Todd’s conversion to Buying Online Businesses
26:31 – Todd’s advice to those who would like to go down the route of buying online businesses
28:28 – Green line decisions VS Red line decisions
29:34 – Wrap up
Before Todd decided to join the Buying Online Businesses Community, he was able to get a grasp of what it’s like to start up and fail. Todd is a software engineer and is working full time as of the moment, but having two kids made him decide to spend more time with his family. Because of Todd’s previous experience at website businesses, he made the leap into joining our community and bought his first online business very recently.
If you’re looking to buy online businesses but are afraid that you might be set up for failure, the Buying Online Businesses Community is the perfect place for you. You can reach us through this link: https://go.buyingonlinebusinesses.com/community.