When I first started out on my mission to build an online business, the thought of buying an existing business never occurred to me. Most likely, because I’d never bought a business of any kind; I’d only ever been the seller.

These days, I’m fascinated by the idea of buying existing eCommerce brands and I have been on a mission to interview others that have already bought companies.

In today’s episode, my guest is Jaryd Krause from the Gold Coast in Australia. Jared has thus far bought two drop shipping businesses and in our interview, Jaryd and I discuss how a first time buyer should go about the process of finding a company to buy.

Full Transcript

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Trent: Hello there Bright Ideas hunters, welcome back to another episode of The Bright Ideas Podcast. I am your host as always Trent Dyrsmid. And also as always I’m here to shine a light on what is working in the world of e-Commerce and I do that by sharing with you the tactics and the strategies that have been proven to work by proven entrepreneurs. And in this episode, my guest is a fellow by the name of Jaryd Krause. 

And we’re going to be talking about how Jaryd has built his business by buying existing businesses and if you may recall I actually interviewed another fellow on my show; a couple of fellows on my show one by the name of Shaquille Pressler and one by the name of Phil D’Alesandro. 

And so this is yet another interview with someone in the space of acquisitions. Before we get to that we do have a sponsor message the sponsor for today’s episode is ahrefs.com

It’s ahrefs.com and when I prior to discovering this tool, I have to admit I wasn’t really a fan of SEO, I thought it was too technical, I thought I was kind of late to the game and mostly I didn’t think I was ever going to get any results. But now that I’ve been using their tool and have had the opportunity to have deeper conversations with a few of the really smart folks on their team as a matter of fact I interviewed their CMO, His name is Tim but I’ll put a link in the show notes. 

Anyway I’ve learned a great deal about how when you have access to the right data SEO is not nearly as complicated or as scary as I thought it was. So for example what kind of data? While wanting to know which keywords are driving traffic to a competitor’s site, super easy to discover, I could then target the same keywords. Wanting to know how to improve the rank for my YouTube videos or wanting to easily perform detailed keyword research to identify a collection of keywords that I should build my cornerstone content around or wanting to see for example really popular pages on a competitor’s site. All that stuff and quite a bit more is really, really easy to get out of their tool it’s actually a very amazing all in one SEO tool that does far more than just help you to build back links. 

So if you want to grow your traffic and you want SEO to be a part of that, I strongly encourage you check it out and they have actually just launched a new data for their keywords explorer and added nine additional new data sources so lots and lots of data for you to access.  So if you haven’t tried it yet you can get a trial for just seven bucks and you can go to their website ahrefs.com and I strongly encourage that you go give it a shot because you will be amazed at how powerful it is. 

So with that said, Jaryd thank you so much for coming to make some time to be on the show. Pleasure to have you here; or the folks who may be because you’re from down under, maybe the folks here who aren’t too terribly familiar with you yet, let’s start there who are you and what do you do?

Jaryd: Yeah, I’m from down under, I’ve been to the US; I actually used to live in Park City for a couple of months. I was snowboarding but what do I do? I buy website businesses and most of my time now goes to teaching people how to buy them, started off with the– I used to be a plumber and I just really hated it and I wanted to so everybody had this lifestyle of being travelling around the world and making money I was like yeah that’s what I want. And I found myself and I was working in Egypt and I was working as a dog master and I realized that enough was enough I don’t want to go home broke back to plumbing and hiding my life. I want to just jump online and work out how I can do this. 

So I jumped to literally jump put up Google, this is back in 2013; I typed in how to travel the world and make money online. And then it was a lot of different things that came up. But what was most prominent was like travel bloggers, travel blogger, travel guide. I thought okay cool up my hand up I’ll become a travel blogger. And I did that for so long just hustling really hard and realizing how hard it was to make money from travel blogging especially now everybody owns an iPhone, you know that you competition everybody wants to be that lifestyle where they get paid to travel. And so I had to give that away, I had to give that up and I decided I’m going to start building a website, the proper business. 

And I started to build my own first drop shipping business and I just failed miserably because I didn’t know what I was doing. Like I was— started selling travel products and came up with like against like the biggest competition there is. And I didn’t know how to do marketing very well and it just flopped. Sold a couple of products, made a little bit of money but I went home with my tablet between my legs and thought I’ve got to stick it out of plumbing and work out something else and I came across the stat that 90% of all startups fail and I thought well a subtle learning about how to run some businesses online business is when I go and buy one, it’s past that failure right? 

And that’s what I did, I’m just I’m going my trusted friend Google again, this the most amount of education you can get and taught myself how to buy websites. And I bought one and then I made a really good return and my profit was roughly a 30% return on my first business. And I thought well this is much better than investing in the stock market and which I was doing from a younger age. 

Trent: What was the first site that you bought and what did you do?

Jaryd: So it was– I don’t really have it now it doesn’t exist because it’s just sort of outdated and website where people could sign in and become a member to get access to a whole list of wholesalers to start their own drop shipping site, got no membership base. So, I bought that one and grew that look a lot on how to do really good content marketing through that. And then I bought you know 7 months so I was about 7-8months later I thought I need to up the ante if I want to get out of this this plumbing gig, then I bought another one. 

And then a year from my first one to the year from buying my first one, I was making more from my full time gig as a plumber. So I quit and I went traveling and then I bought another one. And then people started finding out and that’s why I started teaching people like, “Can you please take me this stuff?”

Trent: So the second one– what does the second one do?

Jaryd: The second one was a dropship business; I bought it off the back end of flip, we did. We did a little deal. Just a flip I found on flip out and now we’re on a different broker and they just weren’t happy with how it was going. Nobody showed interest so I got a really good deal and I was lucky enough to get a seven I mean a 100% return in 7 months. But the thing with that business is it took me a lot of time to do the due diligence on financials because it was an Aussie based business but it was being sold in US dollars. But I had a foreign currency as well, so was three types currencies and all oldest jumbled up and I got my dad involved and I was like, “Dad just tell me what to do”. I got out and I had a look at these numbers properly and he told me, “Don’t go and buy this website, it’s not a good investment”

And he was just trying to keep me safe but I had this this gut feeling that was a good investment and I was prepared to take on the risk. You know it was a calculated risk and I was prepared to take on what risk could have happened compared to what I could have achieved and luckily enough the stars aligned for that one. 

Trent: So you got it off the back of the flipper, had some currency issues to make it difficult to do their due diligence, did you borrow any money to pay for it or did you just pay cash?

Jaryd: Almost all my websites I’ve bought of cash. It’s hard to get financing for websites, there’s some things coming out now 

Trent:  US it’s not, it’s easy here.

Jaryd: You’ve got Lenvote, have you heard of lenvote.com? So I do lending particularly for websites and their terms are quite harsh where you’ve got to really pay like a big deposit like I’m talking 60% deposit to get financing. But I guess you can get business loans, I’m done how easy they are to do in the States, it’s pretty easy. 

Trent: It is, in the States there’s a program that we have called the Small Business Administration or SBA. And so they’re commonly called SBA loans. And essentially the SBA tells the bank will guarantee half believe it’s half the loan. So it makes it a very low risk proposition for the bank. And you get as many of these loans as you would like as far as I know I’ve got a couple of them already and I know that other people who’s been on my show he’s got a bunch of them and it makes it very, very easy and you can finance up to 90% of the purchase price which is also pretty phenomenal. So you can get incredible cash on cash return if you buy a healthy business. 

So in your case and you’ve bought more since the second one I think you’re up to three. You’ve bought a third is that correct?

Jaryd: Yeah I’ve bought three in Title, the first one I’m not using and I’ve just got three that I run now. 

Trent: And the three that you run now, are they all in the same niche or are they all drop shipping sites or are they different, what do they look like?

Jaryd: Yeah, so what I run now is the my business where I teach people, so that’s like a coaching type one and then I’ve got to drop shipping one, they’re both very different niches. One is selling hanging is like hanging egg chairs and hammocks in Australia. And I just bought that because it was a quite a good business and I went home and buy flippers. 

And then the one before that was the one that was in foreign currency and had all this fun stuff with the financials. That one I sell tailor made suits and tailor made shirts and pants and stuff like that for men and women. So they’re not niches that I was particularly strong but I knew the business model really well and I understood it. And this is some that’s something that a lot of people come to me when the like when to buy website. They said, “Jaryd, I want to buy a website with something that I’m interested in and they I realize that it can be quite hot for those businesses” I’ve looked for businesses in surfing and stuff that I love that they just haven’t found a whole lot that are viable for sale. It’s better to stick to what you know and what I mean by stick to what you know is not like if I know a lot about surfing; try and find one of those. But if you if you know how a drop shipping site works or a FBI site works and you understand it, then work out which one makes more sense to you, FBI or drop shipping and then go with that. 

Trent: Yeah, so for someone who’s never dropship before, this guy to me it seems like okay, well all I have to do is find a source of traffic which there are a number of sources many, many sources of traffic and then I have to find suppliers who are going to agree to drop ship. It doesn’t seem like it would be any more complicated than that?

Jaryd: Yeah, that’s the easy version so with drop shipping and this is isn’t about drop shipping but FBI and that goes on and with drop shipping, yeah you can find products and you can find traffic but the quickest way to grow is through marketing and you do get better profit. 

I wouldn’t say better profit margins because depends on the different products and where you buy them and how much you buy them for bulk if you do the FBI model but the cool thing about drop shipping is that you don’t have to put up some upfront cash for buying bulk of inventory so you can put that into SEO if you wish or marketing like PPC marketing. 

Trent: So when you buy the sites, the two drop shipping sites that you’ve purchased, did you know in advance you wanted to buy drop shipping sites and if you did was there certain criteria that you were specifically looking for or you just kind of browsing empire flippers or wherever you got them, thinking that one looks cool and that one looks cool. How did the finding process work for you?

Jaryd: Yeah, so I did want to look for drop shipping because that’s what I learnt, I taught most of a lot through that first one that I made many blunders that and like the life that I wouldn’t say niche by the business model and my criteria for buying them was. Like is it a product that is easily replicable. And if that’s not something I want and the reason being is because when you go on flipper of all these other different types of sites that don’t make you sign an NDA which is a non-disclosure agreement, you can take that information on like what products are selling really well and just easily replicate that business like you said, just find that source of traffic and fun. And somebody to be can move can become your competition overnight. 

So that’s not what I wanted, and I saw a lot of caution to a lot of people to really consider like buying a site that is easily replicable because then you got a lot of people that are in that same pool in the same industry. So that’s something that I didn’t want. So that’s why I stopped, I found the hanging chairs. Well this is you know something not a lot of people doing this especially where the business is that I’m all I had in Australia, I checked out my competition that wasn’t a whole lot. 

And the same with the suits at the time there weren’t a whole lot of people doing tailored suits and bringing them into Australia and selling them to Australians. So I bought that one and it wasn’t these products weren’t something that was a fad, it wasn’t something that was going to die off in 2-3-4-5years. People are always going to say so that was a criteria of something that I really wanted as well and I also looked for profit margins because I didn’t want to buy something with just such small profit margins but I had to like really rely heavily on a lot of traffic. I wanted to have a higher profit margin and have like stable traffic for the site where I didn’t need to strive to invest heavily in SEO to ensure that that traffic was going to stay there will grow. 

Trent: So what are some of the operational challenges that you’ve run into now that you have more than one business that you’ve purchased?

Jaryd: So the second business I bought, I was spending a lot of time on my first business and then when I bought the second business I had done a lot of content marketing and I had a lot scheduled in. So my challenge was getting a job and having to two businesses. So when I bought a second business the challenge was ensuring I could make it run really well without me. Now the cool thing about the second business that I bought is that I had two employees and that allowed me to have a lot of automated but then automated another process. 

And the challenge is to be honest, I didn’t really have challenges because I didn’t buy businesses that were too much work for what time I had except for work was. And then I knew when I bought these businesses like maybe there was a short amount of time that I had like or I got a really house high for a good month or two months to get these pot automated. Once I did that, then it was very streamlined and that’s why I was able to buy my second one and then my third one and then start teaching people and that was the goal. My initial goal was like I don’t want to get into this industry of buying sites to buy myself many jobs like I’ve got this one here that takes me 20 hours and then it’s one that takes 20 on this one that takes 20 hours and all of a sudden I’ve got three businesses taking me 16 hours a week and that’s like exactly what I was doing plumbing but I’m stuck in a box of a room trying to run these websites when I’m not outside which is what I really love. So my biggest criteria and that’s a great thing that you brought up is that my strongest criteria is that I didn’t want to do this to become super rich and super famous. I did this because I wanted to have a lifestyle. 

Trent: Absolutely, same reason I’m in the online space as well as it allows you to accomplish a certain very desirable lifestyle. So it would seem that now from the traffic perspective to that you bought were they getting the bulk of their traffic from SEO or from that ad campaigns?

Jaryd: Yes so the first one was both of them getting them from SEO actually and then the last one that I bought bulk of it was coming from– It was a mix, it was coming from SEO so organic and then also they were paying for AdWords and AdWords account was quite consistent and getting sales. 

So I’ve just learned more about Adwords and I’m not a gun at AdWords unfortunately but I’ve had Google I optimized my campaign here. And the second one I bought was SEO, particularly SEO and I did start running Facebook ads when I started getting good at Facebook ads and I had some other people help me with it. They were not good and this is a big blunder that a lot of us make as we go along and we outsource help and we spend a bit of money and we don’t really get the results we want. That’s something we’ve got to be careful for.

Trent: Absolutely! 

Jaryd: So it makes really the suit business mainly organic SEO and it makes for the cheap business. 

Trent: Okay, so do you have folks that are now running and one managing and monitoring the campaigns for you the folks that are creating content for you? Because obviously if you’re not continuing to grow then essentially you’re dying; so you can’t just leave and sit there and think that they’re just going to print money forever. 

Jaryd: Correct! So I have had people help me with SEO on the suit business and I do the work for that for the chair business a little bit as well. I’ve still got one employee for the suit business that runs it. Does the customer service and the ordering and dealing with the either and all that sort of stuff and then somebody does some of the work as well with the marketing and then myself I do a little bit of AdWords with the chair business and the day to day maintenance which is very nice. 

It’s quite a seasonal business; nobody wants to buy outdoor chairs in winter. So at the moment it’s not a whole lot of work to be done with it and roughly around Christmas time that’s when we get busy as we have a hot Christmas. 

Trent: Now I forget the question I was going to ask you to come up with number one; in terms of managing the people that worked for you, are there any mistakes that you’ve made along the way— I remember my question I’m going to go back and ask them what I want to ask. Remind me of that one when we get this one done. When you’re doing the due diligence on these sites, how did you ensure that you weren’t buying a site that had built their SEO on Black Hat tactics?

Jaryd: There you go, so this is why AHREFS is good right? I was going to say just after that ahrefs is a really good tool and I have used AHREFS. There’s other SEO tools, ECM Rush was free when I was using it as well and there’s a really cool tool. I don’t know if you know it now. Neil Patel you go to so using these different tools to help you see if they’ve done like if they’ve got heaps of like spikes in traffic because of lack PBN and or something like that what a PBN is a private blog network so I would stick away from PBN and now that’s not so. Like I don’t know whether you call that Black Hats because people are still using it and Google does I think depending on the sites that are linked into it if it’s linking to it it’s got no relevance then it’s I feel it’s dodgy. 

And that’s something I like to detect is like where is that traffic coming from and why? And that’s how I would detect like this shady black hats. No go SEO tactics if you going to buy a website. 

Trent: Yeah actually AHREFS makes that ridiculously easy to do; you can see where all the links are coming from, there’s just so much reporting you can do. There’s a site audit tool in there and you just punch the URL in and you get just scads of information like I punched your site in while we’re talking and I can see you many back links you’ve got, how many referring domains you’ve got, how many organic keywords your ranking for what the traffic looks like with a graph of growth of referring pages growth or referring domains, new and lost referring domains on and on and on and on. 

Jaryd: How are we looking since it’s such a young site; I haven’t used AHREFS in Colonial. 

Trent: Yeah your rank is still pretty high 35,863,803 so you’ve got some work to do. 

Jaryd: Yeah but haven’t started doing SEO on that one since maybe four months ago you might have seen some changes then. 

Trent: Yeah you’re there perhaps was referring domains. So back on July 14th you had zero and now you have 49 referring domains. There was a big spike in referring pages from a period of about July 21 through to February 17. And then that dropped off a fair amount and then it’s been climbing since. And a good portion of your traffic is coming from not surprisingly, Australia and then the United States. 

Jaryd: And I’ve only just started getting that happening. 

Trent: Yeah and there’s even– I mean I’ve been using the tool a lot but there’s still a whole bunch of stuff that I’ve never even used inside my tools because there’s just so much there, it’s crazy. 

Jaryd: Yeah it’s a good investment right, like if you will really you know if you’re really going to plug away and do SEO and learn a lot and not put that responsibility into somebody else; then it’s worthwhile getting. And that was your next question was like, I was going to talk about putting responsibility to somebody else where you were going to ask was it what about staff like how do you how do you do so when you’re one of the great.

Trent: So having staff is incredibly valuable there, I think there’s two mindsets out there there’s what I call The Four Hour Work Week mindset which is, “Hey, I just want to delegate everything” And then there’s the employee mindset which is I want to hire internally and we use a hybrid model. We have a fair amount of delegation to virtual assistants because for some things, it just doesn’t make sense for me to pay like a US wage and then I have employees as well. 

But for both, we rely heavily on our documented standard operating procedures. I don’t know how people do it without operating procedures because how do you ensure that things are getting done the way you want them done? So I’m curious maybe you’re one of the people who doesn’t have procedures or maybe you do?

Jaryd: I didn’t at a time and now I do. When I first because I bought a black– I had many staff lots of staff previously in my role as a plumber. I was a supervisor for quite a large plumbing firm and running big shopping centers and stuff like that. So I knew I had like manage and you had to work with people but then went to football my first business it was using to the eyes and they already had some SOPs and different systems that they use in ways they ran things. 

And the cool thing that happened with this and this is a massive advantage to somebody who is buying a site with a VIO with an employee, they told me so much about the business and so much about how they work and I came in with an open mind and really allowed them to share like, “This is how we do this and this is why” And with my skill of going all right cool I can see where you’re coming from and see how you’re doing it that way and why. Let’s see if you can make your job easier and quicker by doing it this way, how would you like that?

And then we’d just like I just changed a few little things that they had already been doing but they were already quite efficient in any way. So I was lucky, I was very lucky with that. And then when I started hiring different salespeople for the coaching business and stuff that I’m doing now, I didn’t really have systems in place and I started then I’ve got a mentor and he was just like full systems focus and I went through and I created this massive flow chart of systems through Google Docs and stuff like that that could allow people to say like this is what you do when this happens or this and that and then you do it this way and everything that I needed all the training was there, everything and now that I have systems like. 

It’s just it is it does allow you to do the four hour work week type deal where you mentioned you like you can have the eyes if things you’ve got them running through the right system and they reach you when they really need to I can’t work it out. And so then it’s so good and allows you to have that lost style and work good. And when I didn’t have them, when I didn’t have them I was working harder and like managing and trying to like my guard or reserve.

Trent: Firefighting maybe. 

Jaryd: Yeah, exactly! Where do your systems reside are they still in Google Docs? 

Trent: Yeah. Well at the risk of shamelessly plugging my own software program we have an application designed specifically for that called Floaster. Floaster.app and one of the bigger— because we started off with them in Google Docs as well. 

And one of the biggest benefits of putting them in to– putting your SOP into a proper software application whether you pick mine or somebody else’s is the ability to know what’s going on. So for example you’ve got to be a you’ve assigned them this workflow, they have questions about it and rather than having them just send you an email which is maybe unrelated to the document you can at mention each other back and forth. We can upload files, I can give them– I can if I have a really long workflow with those multiple steps like for a podcast episode as an example, it’s broken up into a pre interview section, the interview section, the post-production section, the promotion section, the YouTube section and I can delegate the tasks and each one of those sections to different people on my team and give them different due dates and the whole system alerts them and alerts me and if things could go past due dates then I would know and they would know and so forth. Whereas with google docs when we were there we you know we just relied on email and it becomes a bit of a tangled mess because you’ve got all these e-mails flying all over the place. But how do you connect them all to which document and so forth and so on

Jaryd: Yeah and that’s why you can do that with the slack that I dare say you know having jump between two is just not ideal and I agree. So thanks for that. 

Trent: Yeah no problem and we also have if you’re into a trust in particular we have a marketplace in the app where if you don’t want to build your own standard operating procedure, if you’d rather buy one the marketplaces increasingly getting more and many of them are free at this point in time because we’re creating them. 

But I’m also recruiting other influencers who have specific areas of expertise that for example, I don’t and they also have an audience and they’re starting to create SOPs that will be in the available in the marketplace in the near future to be able to do whatever it is that’s aligned with their particular expertise and that can be— I know in my experience, I’ve sold several million dollars’ worth of SOPs now. So I came to realize almost by accident that people really value them but they don’t want to make because it’s a lot of work they don’t know how or they don’t know how and it’s much easier to buy you know like to use a simple metaphor to get a bunch easier to buy a dinner recipe and then edit a few things to your own particular liking than to start your dinner recipe from scratch because that’s a whole lot more work. 

Jaryd: Totally agree, totally agree. 

Trent: So let’s finish off with because I’m running up on a hard stop for time. If you were to– so someone’s listening to this and they’re thinking, “Hey, I kind of want to buy a site I like the idea of buying existing business but I really don’t know where to start” So let’s give a two part answer. One, how do you think they should go about developing their criteria for what kind of business they should look for? And then number two when they maybe find some candidates what are some of the things they should really watch out for to make sure they don’t make a bad investment?

Jaryd: Yeah great, so how did it turn and what business should you buy for yourself. Depending on where you’re at in your journey out your knowledge or your skill set. And I talked to Greg, sorry Alex Champagne from imply flip is about this. And when we talked about this we realized that people have different skills and different hobbies. 

Now, when you don’t know anything about website businesses, online business the first thing you want to do is learn a few different business models. And I’m talking like that drop shipping, Amazon, FBA, affiliate sites and there’s a whole different bunch like SAS businesses and lead generation business and brokerage type websites as well. Once you learn a few of those different ones then, see and feel which one you gravitate towards most because you understand it most; doesn’t mean that you have to look for a sort that’s like that’s like I said before, I want to look for a site that’s surfing you really narrow your search down and you almost narrow it down so much that you can’t find them. So I like to tell people, is to find the site find a business model first that suits you. For me that was dropped shipping because it was going to allow me to do the Tim Ferriss 4 hour work week. And then when you when you have that then stop working out what you like about different types of drop shipping models or different types of affiliate sites and then you can start to build your own criteria of what’s going to work for you. And the biggest thing that I want to throw caution to people is that when you find a site and you say it’s selling and I’m not into like fishing or like I’m not into suits, a lot and sitting down and hanging chairs and stuff. Is that to really be open minded about the business model and learn how to. 

Because what people tell us is that we need to follow our passion right. You know what I say you your passion. Forget it. Forget the saying. But I believe that there’s not just we don’t just have one passion. I believe that we can be passionate about different aspects of what we do. I realized this with my job that I didn’t like plumbing, I didn’t want to do it, but I knew that when I found bits that I bet a lot I could really start to enjoy my job a lot more. And it’s the same when you’re going to go and buy a website. 

Don’t be so closed off to a product or an industry or whatever it is that you like that just don’t gel with me. Be open to it because you can use that as a really good investment to help you achieve a lifestyle goal and you can find passionate as well. So the first off is I’ll look for the business models what resonates with you the most. And then what sort of skills do you have from your job or a childhood or whatever that you could instill into a business that you are looking at. 

Like myself, like I had worked with a lot of people and I was able to manage people and work with people. And that’s a massive skill set and that’s what I’ve the foundation of how built. Like what I’m building right now is because I can connect and talk to people and listen. So if you can instill different skill sets and see into tech way you can instill different skill sets into different businesses that’s going to help you sort of narrow down your criteria, makes sense? 

Trent: It does and I would add one other thing to that whatever you’re buying today, isn’t the thing you have to run for the rest of your life and that you can go and take courses and go to school and do stuff to learn things or you can buy a business to learn things. And I will assure you that you will work far harder. Far, far, far harder to unsettling to make a business that you’ve purchased more successful and the lessons you learn will be phenomenal in that experience. And so, maybe in the beginning because analysis paralysis is a huge issue for every person who has a brain, eyes and ears especially when they’re new. 

And so when you see all these businesses it’s very easy to get in the habit of going oh no that doesn’t fit this criteria, No no no no no no no And then you never buy anything and then you never make any progress. You’ve got to figure out one that you think you know what I could run this for a year, I could learn a great deal, I can make a bit of money and then I could increase the value of the business during the period of time that I own it and then I could turn around and sell it in the exact same way that I bought it and now armed with all those lessons and that experience way more so than the money that you made. 

But if you do a good job here and sell it for more than you paid for it. Now you’re in a position to do maybe a larger acquisition the second time round or something more aligned in a certain industry or niche because you discovered something along the way of being in the trenches that you would have never ever learned had you not rolled up your sleeves and got in there and started digging ditches every day because books and courses and podcasts and videos, you’re sitting there listening but it’s only so only so much things in here right? 

Jaryd: Yeah exactly and so to sum that up exactly what you say is like the best way to learn about business is to be in business. And like you saying rolling up your sleeves and getting in there and doing it is when did I hear this? It was an ounce of theory is equivalent to a pound a pound of practice or something. 

And yet it’s and you get what I’m saying it’s like you can learn so much by just going in and doing the amount of people that come to me and is like they’ve just gone from seminars, seminars, seminar and the like I’m going to change my life and change the world. I’m going to do this I’m like Awesome ever. You don’t need any more information. We’ve got the freaking internet here. Like we’ve got all the books that we can get for free. 

I get a library app and I can get free audio books, I don’t even need audible like you can get information for free everywhere. We don’t need any more of that. We need exactly what you said; like rolling up your sleeves like. 

Trent: Absolutely. So, on that note we do need to wrap up because I have another interview that I have to record in 10 minutes and I have to get ready for that so thank you very much for being on the show for people who want to learn more about you, they can find you at?

Jaryd: buyingonlinebusinesses.com or just type in Jaryd Krause 

Trent: Okay, thank you so much for being on the show Jaryd. 

Jaryd: Thanks for having me Trent, really appreciate it. 

Questions Asked During the Interview

  1. Who are you and what do you do?
  2. What are your company’s big success metrics that show the audience how big you are?
  3. Where did you grow up?
  4. What were you doing just before?
  5. Where did the idea come from?
  6. What’s the first step you took to launch your business?
  7. What did the first version look like? How many products? Where were they offered for sale?
  8. Big Milestones — Big Leaps and Big Drops?
  9. What was the biggest challenge? Big lesson you learned from this?

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Today’s Guest

Jaryd Krause used to be a plumber working 60+ hours per week and hated it. Fast forward to today and he now owns multiple of his own online businesses, and many of his clients earn thousands to tens of thousands of dollars per month from the businesses they bought working with Jaryd. To learn more check out the Buying Online Businesses Podcast.

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