When you think about owning and profiting from an online business, most people think in terms of building it from the ground up. That’s entirely possible – obviously. It’s a huge part of what Ryan has done and teaches people how to do. But what if you don’t want to go through the hassle of building a business and would rather just buy one that’s already working? Today’s episode is a conversation with Bill Evans, a guy who did just that. After getting his law degree and serving as an attorney in corporate America he decided to investigate the possibility of buying his own online business. You can hear his story on this episode of Freedom Fast Lane.
From a law degree to the purchase of an existing online business. Bill Evans’ story.
Bill Evans was successful as a corporate attorney but there were many things about the role that he didn’t enjoy. It was a high-stress job with long hours and he had to march to the beat of someone else’s drummer. In the back of his mind, he always thought he’d like to move toward being an entrepreneur and as he began to research the possibilities of buying an online business, that drive became more and more pronounced. On this episode you can hear how Bill made the switch, why he loves his life more now than he did before buying his business, the challenges he’s faced, and the advice he gives to others who are considering a similar move.
What should you look for if you’re considering buying an existing online business?
When Bill Evans began looking into the possibility of purchasing an existing online business he looked at just about every possibility. He feels that the work he did on the front end was a huge part of why his first purchase of a business has been so successful. He spent time looking into the things that make a good purchase, came to understand the things to avoid, and discovered the creative ways available to finance the purchase of a business, including owner carry situations. On this episode of Freedom Fast Lane, you can hear how Bill found his business and the criteria he used to evaluate his options.
There are ways to know if the purchase of an online business is likely to be a winner.
One of the things Bill Evans looked for when considering the purchase of an online business was a business that had its systems and personnel in place and was doing well but had the potential to increase its profits through some small, but significant tweaks. In the purchase he made of Microscope.com, Bill saw a big opportunity in the lack of marketing the company was presently doing. His belief, which has proven to be true, was that he could purchase the already profitable company and invest time, strategy, and energy into the marketing and see profits increase. That’s an example of the kinds of things you can look for to determine whether a business has the possibility of expanding its market. Hear even more, on this episode.
Is the purchase of an existing online business for you?
How can you know if you’d be better off building a business of your own from the ground up, or purchasing an online business that is already making a profit? Bill Evans says that the decision depends on many things, but he feels that for those who have the knowledge of how to run a business but want or need cash flow quickly, the purchase of an existing business may be the way to go. You can hear Bill’s entire story, including how he found and resourced the financing to purchase his business, on this episode of Freedom Fast Lane.
Outline Of This Great Episode
- [1:00] The possibility that you simply want cash flow, not to build a business.
- [4:05] Bill’s story from the “dark ages” as a lawyer in commercial real estate.
- [6:00] How Bill decided to begin buying and selling online businesses.
- [6:52] The criteria Bill looks for when buying a business.
- [10:41] Why Bill decided to pull the trigger on Microscope.com.
- [13:41] Addressing the marketing needs of his new business.
- [16:05] The bumps and bruises Bill experienced in the transition.
- [18:14] How Bill used financing in purchasing this business.
- [26:11] The response of the existing team to a new owner/leader.
- [31:10] Pivotal decisions Bill has made that will make 3x or 10x growth possible.
- [34:09] Where you can get connected with Bill.
Action Steps From This Episode
FOR GETTING STARTED: Do your homework. If you don’t know the possibilities when it comes to buying on online business, you’re likely to wind up buying something that won’t accomplish what you want.
FOR GREATER SUCCESS: Find small ways your new online business can be optimized for greater profits. That may be the enhancement of existing systems or it may be a greater focus on marketing.
Connect With Today’s guest: Bill Evans
Resources Mentioned On This Episode
- www.FreedomFastLane.com/Tribe – apply to be part of the tribe.
Connect With Freedom Fast Lane Live
On Google Plus