Side Hustle Hero 25: Should You Buy A Side Hustle?
Today's guest has proven her ability to start and grow 2 side hustles while holding down a very full time corporate job. Eventually she sold one of her businesses, but being the adventurous entrepreneur and top-notch marketer, she then started looking for yet another income source and instead of starting another, Krystal Covington decided to buy an already established online business…one that she could grow by applying her areas of expertise.
Have you ever thought about buying an existing business, rather than starting from scratch?
It's an interesting idea and one that I'll explore in today's end of episode takeaway.
But before that, you'll discover a lot of tips and ideas to apply to your side hustle because we'll hear how Krystal landed in a new city and launched and grew what would become a 6-figure business known as the Women of Denver, why she lost a lot of money in her lace front wigs venture, what's caused her marketing agency to flourish, and a lot of words of wisdom sprinkled throughout this episode.
What You'll Hear:
02:38 Two side hustles and a full-time job
04:05 Charging "time and a half" for the first gigs
04:25 A women's group born out of necessity
05:30 Interviews, events, a blog, meetings, and networking morphed into Women of Denver
08:25 Her bedroom becomes a recording studio
09:02 Outgrowing the coffee shop as a meeting place
11:24 Two memberships tiers $35/$150 month
15:50 Time to leave the full-time job
18:56 The 4 keys to influence - people want to give you money
20:16 In the first year building the women's group, posted on FB every day
22:40 Using links to increase your SEO
25:00 Should you niche? Maybe not.
27:20 Where to post
28:04 Commenting on others social media posts is what's working for her
29:35 Posting on it's own is a lot less effective today
30:00 What to be aware of when posting on TikTok
31:17 Searching for a profitable business
34:50 Where Krystal discovered businesses for sale
36:15 A business loss that really scared her
39:03 Sources of free coaching and business guidance
40:50 The "automation" of her skin care business
43:19 Listen to people who have done it!
Takeaways:
44:08 Thinking about buying a business? Do your due diligence!
44:50 Maybe someone wants to "pass the reins" to you
45:32 Why I knowingly paid $100,000 more for a business than it was worth at the time
46:18 Why the business Krystal bought is a great fit for her
46:35 Did I mention the need for due diligence?
How to find Krystal:
https://www.krystalcovington.com/
https://www.instagram.com/krystalgolead/
Connect with Joan:
https://www.instagram.com/joanposivy/
https://www.facebook.com/posivy/
Be on the show!