Acquiring Minds
Buying an Online Side Hustle (for Less than $5k)
Aug 23, 2021
Vivian Chen, an entrepreneur who bought and grew an abandoned online business while keeping her day job, shares advice for side hustlers, parallels between buying an online business and real estate investing, and knowing yourself as an acquisition entrepreneur. It takes longer than expected, so get started!
37:58
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Quick takeaways
- Acquiring an abandoned online business for a low cost can provide a valuable opportunity for growth and success as a side hustle.
- Finding a business that aligns with personal interests and strengths is crucial for entrepreneurial success, and acquiring an existing business can be a simpler and more effective option.
Deep dives
Vivian Chen's Side Hustle: Acquiring Modern Inkeeper
Vivian Chen shares her unique experience of acquiring Modern Inkeeper, an online business in the hospitality space, as a side hustle. She saw the opportunity to build something for herself and embraced the creative outlet it provided. Acquiring the business at a low cost due to the previous owner's neglect, Vivian calculated that she could grow it back to its former revenue of $20,000 a year. She focuses on expanding the business beyond its heavy dependence on Amazon, aiming to establish long-term relationships with customers and maximize control over the store. Though it might take longer than expected, Vivian's efforts have already led to increased sales, showing positive direction.
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