Forget Starting a Business, Do This Instead | Ep. #665 - a podcast by Eric Siu & Neil Patel

from 2018-05-27T10:00

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In episode #665, Eric and Neil tell you what you should do instead of starting a business. Tune in to hear why you don’t have to start your own business.

TIME-STAMPED SHOW NOTES:

[00:27] Today’s Topic: Forget Starting a Business, Do This Instead
[00:46] Neil thinks starting a business is one of the hardest things to do. It is far easier to buy a business.
[01:25] Buy a company and grow it.
[01:48] Income Store has over 800 websites. They buy other websites and promise a return to their investors.
[02:09] They brought in $28 Million last year.
[02:29] If you think you can’t afford to buy a business, you can always do cellar-based financing where you pay a monthly fee.
[02:53] You can do a lot of creative things to cut costs and improve profits.
[03:05] You can also only buy a portion of the company and include a clause where you can buy them out in the future.
[03:34] FE International has great content about buying businesses.
[03:45] Buy Biz Sell, Flippa, and Empire Flipper are also great resources.
[04:02] If you are looking for low-cost deals, Flippa and Empire Flipper are good for that.
[04:34] Neil’s favorite business purchases are blogs that aren’t properly monetized.
[04:45] Buy a business once you have proven that you can grow someone else's business.
[05:00] Use those skills to grow your own site.
[05:30] Grow things on your own and once you're confident, buy a business.
[05:34] That’s all for today!
[05:37] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!

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