8 Minute Millionaire: Learn the Secrets of Millionaire Entrepreneurs

300. The Business of Buying Businesses with Jaryd Krause

May 6, 2024

Jaryd Krause, a former plumber from Australia, reveals his inspiring journey to becoming a successful online entrepreneur. He shares crucial insights into the art of purchasing existing online businesses for sustainable income. Jaryd emphasizes the importance of rigorous due diligence and effective risk mitigation strategies. He explores various online business models, the motivations behind selling profitable ventures, and the mindset shifts needed to succeed. With a focus on authenticity and realistic expectations, he encourages aspiring entrepreneurs to stay committed to their goals.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

ANECDOTE

From Plumber to Online Entrepreneur

Jaryd Krause, initially a plumber, transitioned to online entrepreneurship after realizing his dislike for his job.
He failed with a travel blog and e-commerce, then discovered buying existing online businesses.

ADVICE

Finding and Vetting Businesses

Find online businesses for sale via online business brokers or websites like buyingonlinebusinesses.com.
Conduct thorough due diligence to determine if a business is a worthwhile investment.

ADVICE

Investment Philosophy

Focus on proving a business is a bad investment, rather than a good one.
If you cannot find significant flaws, the business may be worth considering.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

The Business of Buying Businesses with Jaryd Krause

In this episode of Millionaire University, we meet Jaryd, a former plumber from Australia turned successful online entrepreneur. Through his platform, Buying Online Businesses, Jaryd shares his journey from initial failures with a travel blog and e-commerce venture to finding success and freedom by purchasing existing online businesses. He emphasizes the importance of due diligence when acquiring online ventures, offers insights into various business types suitable for beginners, and provides strategies for risk mitigation. Jaryd underscores the crucial role of mindset in overcoming fears and achieving goals, cautioning against unrealistic expectations perpetuated by social media. The discussion also delves into the motivations behind selling profitable online businesses and the value of these ventures as cash-flowing assets. Jaryd's guidance offers listeners invaluable insights to navigate the complexities of the online business world and embark on their own paths to financial success.

What we talked about with Jaryd:

+ Jaryd's Journey: From Plumber to Online Entrepreneur

+ he Evolution of an Online Business Empire

+ The Art of Buying and Growing Online Businesses

+ Due Diligence: The Key to Successful Online Business Acquisitions

+ From Blogs to SaaS: Understanding Different Online Business Models

+ Selling Your Online Business: Motivations and Strategies

+ Building a Business with the Future in Mind

+ Maximizing Business Attractiveness for Sale

+ Investing in Businesses vs. Real Estate: A Deep Dive

+ The Power of Cash Flow in Business Investments

+ Overcoming Fear and Achieving Success in Business Investments

+ Realistic Expectations and the Journey to Success

Resources from this Episode:

Due Diligence Framework

Thank you Jaryd!

To connect with Jaryd, click here.

Sign up for our FREE Business Course - Understand the 7 Phases of A business, so you know where you are now and where you need to go next! Go to https://www.millionaireuniversity.com/training.

If you enjoyed this episode with Jaryd, let us know by clicking on any of the links below to send him a quick shout-out:

Instagram, Twitter, Facebook, Youtube, TikTok and LinkedIn. We'd love to hear from you!

And if you want us to answer your business questions on an upcoming episode, drop us a line at support@millioinaireuniversity.com.