Ep 230: Acquire Businesses Alongside Growing Your Core Business With Jaryd Krause, Buying Online Businesses
When 90% of new businesses fail, why not buy one that already found success instead of starting from scratch?
In this episode, Jaryd Krause, Founder, and CEO of Buying Online Businesses talks about the key factors to consider when acquiring businesses. He shares the scenarios to look out for where it’s better to buy a business than start one. He also gives us some valuable insights about what kind of businesses are best to acquire and how to acquire them.
KEY TAKEAWAYS FROM THIS EPISODE
Those who don’t have much money but have plenty of time should just start their own businesses. Those with less time but more money are better off buying a business.
The hardest part of starting a business is you need to build a system.
When you buy a business, what you’re doing is you’re buying a system that’s proven to work.
When you buy a business that’s earning a monthly profit, you can use that money to reinvest it and scale your business faster. By doing this, you’re achieving your goals much faster.
When beginning your acquisition journey, it can be difficult to understand how to tell a good company to buy from a bad one. Start by working with website brokers- they have a lot of businesses, and their brand is behind what they’re selling. They wouldn’t sell you a business if it reflected poorly on their brand.
When you buy a business for over a million, you are buying something more established, more grounded, and with less risk.
When negotiating terms, find out first what the seller wants out of the sale. Once you find that, you can deliver what they want to them in more creative ways.
Cut out what’s not working and lean on more on what’s working.
TODAY’S GUEST
Jaryd Krause is a leading Australian business coach, mentor, and online business professional. He went from being a plumber to building an online business empire. Now, he dedicates his time to teaching individuals worldwide how to transition from employment to having their own business.
Connect and learn more about Jaryd and his company here:
Website: buyingonlinebusinesses.com
LinkedIn: https://www.linkedin.com/in/jarydkrause/
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