Jaryd Krause is the founder of Buying Online Businesses, where he sells a variety of different courses and coaching programs to help you do just that: buy an internet-based business that’s already successful.
After starting some of his own online hustles, such as a travel blog and ecom store, Jaryd quickly realized that building a business from the ground up was incredibly hard.
No wonder 90% of all startups fail, right?
That’s when it hit him. Why not just buy one?
“So I bought a business,” Jaryd says, “then I bought another one and another one.”
“Compared to other asset classes, buying an online business is better,” he continues.
“Sure, it’s more risky than real estate, but it’s much higher ROI too.”
“Then you compare it to like stocks and crypto. When you buy those, you have no control, no say over anything.”
“But when you buy a business, you do. You can make changes, you can improve it, there’s no glass ceiling on what you can earn.”
“So those are some of the advantages,” he says.
There’s three types of digital businesses Jaryd recommends you look into:
- Ecom. Aything from Amazon FBA to Shopify dropshipping and everything in between. Including digital products such as courses.
- Content businesses. Blogs, social media channels, YouTube accounts, you name it.
- SaaS or membership-type businesses. Be it a WordPress plugin or accounting software or something similar.
Where to look to buy your first business?
Jaryd says it’s never a bad idea to hit up your private network.
If that turns up nothing, what you don’t wanna do is head over to the first marketplace you can find and start placing bids.
Because what happens is, naturally, people lie about what they’re selling and you wind up purchasing the business equivalent of a lemon.
The safer play, therefore, is to go through a reputable business broker who can steer ya in the right direction.
What sorts of skills will you need to pull this off?
It depends how active you wanna be in the business once you buy it and what tasks you’re both interested in and good at, right?
Maybe you want it to be as passive as possible.
In that case, all you gotta do is make the right hire. Have someone else do all the day-to-day stuff.
Or maybe you really enjoy marketing and wanna head that up. Cool, so it’d help to know a lot about copywriting and traffic generation and funnels and all that jazz, right?
What advice would Jaryd tell his 25-year-old self?
“Slow down,” he says. “Understand the power of compounding and know that if you just stick to a good path, it’ll all work out over time.”
“Because what happens is, if you feel like you need to achieve this result like yesterday? You end up putting all this pressure and stress on yourself, and you don’t perform as well, and you end up not getting great results,” he adds.
“So I would flip it around and tell my 25-year-old self that time is on my side.”
From there, it’s just about using common sense.
Addition by subtraction.
Once you’ve bought a business, look at what’s working, what’s not. Remove everything that isn’t. Double down on what is.
Don’t look for more stuff to add on.
The goal’s to do less, not more, but do it all just a little bit better than how it was previously being done.
Check out Jaryd’s courses and training programs at Buying Online Businesses if you’d like his help.
Cost varies depending on the level of hand holding you get.