With the future moving online, more and more people are looking to make a profit on the internet. One of those options is buying an online business or site, and for beginners, this may look daunting and confusing.
Today, we’ll be sitting down with Ian, one of my clients and a member of the BOB community. We’ll be answering most of the questions a first time buyer may have and be giving insights and tips for moving forward.
So, if you’re looking to buy your first website business, and you have a whole bunch of questions, this episode is for you. Don’t forget to subscribe and tune in to learn more about buying your first site!
Ian’s Experience Buying His First Content Site
Buying His First Site
- Buying a business is the first step – the second step is making it better.
- It’s a continuous journey of learning & evolving
- Found that the business of buying sites had a quick return of capital
The Business of Buying
- You can come in with less capital but also earn a higher ROI
- Buying websites is a young space and is just starting out
- Has the potential to grow into something big in the future
Lessons On Jumping In
- Invest in a mentorship program or a mentor who will help you through the process of learning the business.
- Invest in your learning to avoid committing the same mistakes people before you might have done.
- Have someone with seasoned eyes to look through your options and have an added blanket of security to ensure you don’t lose a lot of money.
- Have the drive to learn, but also take action on what you’ve learned.
Challenges and Learnings
- It’s less risky to buy a larger business compared to a small one.
- It’s easier to move forward if this is your first business, but with Ian’s experience being in real estate, he had to unlearn certain things to progress.
- Instead of trying to answer every single question, think about your next step.
- Focus on what’s right in front of you rather than jumping off to aspects like email marketing campaigns, things that are dealt with further on but not at the moment.
- Take your ego out of the way and realize that there’s someone several steps ahead of you.
- Be open to new information.
Words For The Curious
- Be honest with yourself and determine that this is something you truly want to do.
- Be financially capable of making purchases and investing in learning.
- Be ready to dedicate more time and focus than the previous owner in making the business grow.
- Focus on the first yard or phase and work from there.
Choosing The Business Model
- Make sure that you don’t buy a business that will take up so much time that it competes with what you’re already doing.
- Choose a business that you’ll be able to learn more of easily or one that you already have knowledge about, to better understand where you want to go from there.
Macro Focus and Micro Focus
- It’s good to have big goals and ambition, but don’t overlook the micro goals either.
- Macro goals are steps to move forward, broken into individual micro steps until you get to where you need to go.
- Macro and Micro goals work hand in hand to achieve success.
Working With Empire Flippers
- Empire Flippers is a broker that publishes listings daily and weekly for site buyers.
- Ian sets rules for himself in terms of buying a site, like walking away from those who aren’t open to seller interviews.
- He also speaks with Empire Flippers themselves if the seller isn’t available and he wants to know more about the price point and other details.
- Ian doesn’t buy sites without input from Jaryd, his mentor through the whole process.
- During migration of the site from seller to buyer, Empire Flippers has a two week inspection period where if the income drops a certain percentage, the buyer may void the entire transaction.
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Guest Info:
Ian is an owner of commercial real estate properties and a member of the BOB community. In his search for an additional source of income, he came upon Jaryd’s Youtube channel and realized buying a site was something he wanted to do.
He eventually sought mentorship from Jaryd and in just two months was able to buy his first site with big plans for its future.
Resources
- Ego Is the Enemy – Ryan Holiday
- Empire Flippers (Website Brokers)
Curious about my due diligence framework and want to get my website evaluation tool for FREE? Grab it here today! Learn more about buying and building online businesses when you join our Buying Online Businesses Community!
Jaryd Krause is a leading Australian business coach, mentor, and online business expert. Learn more about Jaryd here.
