Buying Online Businesses Is The Subject Of The Join Up Dots Business Podcast
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Introducing Buying Online Businesses Expert Jaryd Krause
Jaryd Krause is todays guest joining us on the Steve Jobs inspired podcast.
He is the owner of the online business – Buying Online Businesses.com
Like most people, or at least the ones that i meet everyday, he had a desire to start his own online business, walk around in his underpants at 4:00pm in the afternoon, and quite frankly reap ever easier rewards.
But the story to where he is today is quite a bit different to that vision.
As he says “my sheer desire to earn a decent and regular (passive) income from a minimal amount of personal input paved the path to this point of where I am at now.
This desire was all necessary so that I could simply fulfil my aspiration to travel and explore the world without repeatedly needing to return home every so often to hustle my heart out to earn more money in order to take off overseas again, and again.
However he wasn’t moving towards that vision very easily.
In fact although he was hustling, He just wasn’t hustling in the right direction.
So how could he get past the slog phase of creating online income?
How could he skip past the failure point of many start-up businesses that fail after the first twelve months?
This was this very question that led him to the BIG Ah-Ha moment, to the point of realization that I was searching so hard for.
How The Dots Joined Up For Jaryd
My Ah-Ha moment that clarified for me, instead of building online businesses why not buy established online businesses?
Businesses that have been put to the test already. Businesses that have passed that dreaded 12 month failure mark.
I could start to buy online businesses where I could reap the benefits of someone else’s hard work.
Online businesses that would provide me with an income as soon as I put the money down to invest and on top of that, allowed me to do very little work, if any at all.
Talk about working smarter, NOT harder!
And that is where we will start today’s episode of Join Up Dots, but of course we have a few questions not least.
How can you buy and run a successful business if you haven’t got the knowledge of that industry behind you?
And how do you know that the business isn’t going to bore the pants of you once you get into the nitty gritty?
Well lets find out as we bring onto the show to start joining up dots with the one and only Mr. Jaryd Krause.
During the show we discussed such weighty subjects with Jaryd Krause such as
We share why its so important to burn your plan b and c and simply get your head down to make things work.
Why Jaryd advises most people to stay in their jobs until they have built a long enough runway to take enough of the stress and pressure away.
Jaryd reveals the reason why people are open to selling an online business even if they have already done the hard work.
Why the building of success is 90% mental and 10% knowledge and hustle. Make sure you are right mentally right for the climb.
How To Connect With Jaryd Krause
You can also check our extensive podcast archive by clicking here – enjoy
Full Transcription Of Buying Online Businesses Interview
Life shouldn’t be hard life should be a fun filled adventure every day. So now start joining up dots tap into your talents, your skills, your God given gifts and tell your boss, you don’t deserve me. I’m out of here. It’s time for you to smash that alarm clock and start getting the dream business and life you will, of course, are dreaming up. Let’s join your host, David Ralph from the back of his garden in the UK, or wherever he might be today with another jam packed episode of the number one hit podcast. Join Up Dots.
David Ralph [0:40]
Yes, good morning, my friends. Good morning, everybody. And welcome to an episode of Join Up Dots. Yeah, it’s an interview show today. We are beaming, we are shooting we are zipping across the globe to Australia to speak to today’s guest. And he is joining on the show as the owner of the online business buying online businesses.com. Now like most people, at least the ones that I meet every day he had a desire to start his own online business, probably walk around in his underpants at four o’clock in the afternoon and quite frankly, reap ever easier rewards. But the story to where he is today is quite a bit different to that vision. As he says my sheer desire to earn a decent and regular passive income from a minimal amount of personal input paved the path to this point of where I am at now. This desire was all necessary so that I could simply fulfil my aspiration to travel and explore the world without repeatedly nini needing to return home every so often to hassle my heart out to earn more money in order to take off overseas again. And again. However, it wasn’t moving towards that vision very easily. In fact, although he was hustling, he now thinks he was hustling in the wrong direction. So how could he get past the slog Bay’s of creating online income How could he skip past the failure point of many startup businesses that fail after the first 12 months? Now this was the very question that led him to the big aha moment, to the point of realisation that he was searching so hard bought, his aha moment was clarified that instead of building online businesses, why not just buy established online businesses, businesses have been put to the test or ready businesses that have passed, but dreaded 12 month baleia Mark, if he could start to buy online businesses where he could reap the benefits of someone else’s hard work, then it would provide him with income as soon as he puts his money down to invest. And on top of that, allow him to do very little work, if any at all talk about working smarter and not harder. And that is where we’re starting today’s episode of Join Up Dots back caught a course we have a few questions, not least how can you buy and run a successful business? If you haven’t got the knowledge of that industry behind you? And how do you know that the business isn’t going to bought a pencil you once you get into the nitty gritty of running it? Well, let’s find out as we bring onto the show to start joining up dots with the one and only Mr. Jared Krause
Buying Online Businesses with Jared Krause [3:13]
Good morning, David. Thank you so much for an awesome intro.
David Ralph [3:17]
He’s a good story, because it’s it’s everything that everyone goes through building online businesses, all wrapped up in a nice little two minute story. We all think that we’re going to start building an online business. But literally, we sit in our underpants, and we just reap rewards. And that’s certainly doable, but it’s not doable. without effort behind the scenes. We all think that it’s going to be easier than it is. We all think that we’re going to do it quicker than we do. But it’s that moment, isn’t it? And that’s what I want to start on with that moment when you go Hang on. Hang on. This is it. I think I’m going in the wrong direction here. But what is the right direction? How did you do it?
Buying Online Businesses with Jared Krause [4:04]
Oh, man, it’s so true. Like it’s it’s if you squash down eight years, that you’ve just squashed down eight years into into that intro. So yet, it’s hard. It’s it’s everybody makes it sound super easy. You’ll listen to these people on YouTube or you can start a business 22 seconds and you know, you’ll be a millionaire by the minute finishes finishing. It’s tough. It’s tough work. So how did I do it? Man, it was well I just slog through it. I struggled through it. I tried to make some businesses work. And I was just lucky that you know, as me just in this period of trying to make things work and I was going from plumbing I was you know waking up sort of four in the morning 430 in the morning driving to work so I could get to work at like 536 because it’s a big commute, and then work you know, 10 hour days, come home and spend five hours on weekends. Utah, trying to work out how I can make these little blog websites and stuff work. And I don’t know how I came across this stat, but that stat that 90% of all startups fail. I thought Hang on a second, if 90 90% of these fail, and this is like a stat from the SBA, which is the Small Business Administration study in America, you know, thought, if not even 90% of them fail. Can I buy one of these businesses? It’s past that 90% failure, right? And that’s where the, that was the big aha, and I just came across this stat. I don’t know how I wish I could remember that. Yeah, that was the game changer for me.
David Ralph [5:36]
And when you get a moment of realisation of these, these clarity, when the the the clouds part, and the angels, and they all start singing around you, quite often people will go, that’s a great idea. Somebody else must be doing it. Oh, it’s probably is too easy. It’s too hard. There’s is we all have those ideas of those realisations that are probably life changing, but for some reason, we just kind of let them drift away. So what was it about it? And how did you bang grab hold of it and really do the deep dive to go now, it’s not just a floaty idea, this is something that I really need to change direction on. Well,
Buying Online Businesses with Jared Krause [6:19]
you know, I agree this with with your point of like, we we have these beautiful our hearts, and we’re like, yes, this is awesome, this is so good. And then as you know, probably a million people doing it, it’s probably no space for me to do it. Or it’s probably too easy or too hard. I think if you put yourself in a different position of thought, like, if you have a I guess it comes down to desire and how bad you really want something, right? Like, if you come to the point where I’m like, I’m I’m, if it’s too easy, I’m gonna do it. If it’s too hard, I’m going to do it, it doesn’t matter what I do. But it needs to get done. Because I need to achieve this x result I need to I need to get this desirable. lifestyle. Well, this is this goal. And that’s that’s what I had at that stage. You know, as I was younger, full of energy, just, I’ll give up, I’ll do whatever it takes sort of attitude. And that’s what led me to go Alright, well, I’ll just jump on Google and see where it takes me. Right. And that’s where I, you know, typed into Google to see if I could buy online businesses. There’s nobody teaching this stuff. So it’s pretty, it’s still not many people know about this.
David Ralph [7:27]
Right? There’s quite a lot of people yeah, that it because I’ve been doing the research. Some people call it stalking. But um, I was going behind the scenes looking at what you’re doing and stuff. And there are quite a lot of people. And I’ll be honest, when I was looking at their sites, a lot of them seemed a bit shady. To me, it sound like an agency doing the work, you know, it’s very different with yours, you come over, you’re there front and centre. And it looks like somebody that has done the work. There’s a story behind it. But a lot of one’s certainly paying for ads to appear at the top of the ranks, you know, just 2400 people a month are looking for buying online businesses. And that shows you about this, which is nothing
Buying Online Businesses with Jared Krause [8:07]
compared to Yeah, there’s money there. But it’s nothing compared to like starting a business right now. Right? Like, it’s crazy. Like, with any sort of industry, you’re gonna have Cowboys, right? And there are those people that are laptop warriors, people that don’t want to put a face to their name, or their brand or their business and they want to stay behind the screen. And that’s where, you know, people get taken advantage of however, I like to be in in front of people. I like to be contactable, I like to be open to discussion. And I like to have people hold me accountable. And ask me questions. And lucky, like you said earlier before we hit the record buttons, you know, be the devil’s advocate, because it makes me grow. And I’m just learning through the experience. And I’ve done the work as well. And the more they make me grow, the better the results they can get as well. Yeah,
David Ralph [9:03]
one of the hardest self developments is your own self development, isn’t it? Yeah, it’s really hard. You know, I, I can talk to anyone, like a business Yoda. But I find it very hard to actually look at my own business and think what I need to rip that apart or need to redo it. It’s kind of like you get a blind spot on your own success.
Buying Online Businesses with Jared Krause [9:26]
Yeah, it’s, I guess it’s like, because we’re humans, and we have emotions and we get emotionally caught up in things. And it’s, it’s easier for somebody on the outside to look at it from a different position, right and go, Oh, this is this is what you need to do. Whereas we may just not have seen that because we’re too wrapped up in like, focusing on something else or, you know, having some other thoughts, which is why business coaches, right, business coaches, life coaches, guys get them they’re so good.
David Ralph [9:59]
Now, let’s Talk about it. One of the questions that I posed right at the very beginning, and it’s one of the things that I teach a lot of people how to start businesses, and I teach a lot of people how to pivot within their business, okay. And more often than not people come along, saying, I want to love the business, I just want to build like, it’s my core essence. And I totally understand that. And I think that’s, you know, that’s an ideal world. But I also think we’re talking about business. And business ultimately, is making money. And often the easiest way of making money is stuff that other people need more than you actually love. So when you’re buying an online business, how do you know that you’re gonna actually love it down the line? Or is that not part of the equation? Is it simply, as I say, a business strategy?
Buying Online Businesses with Jared Krause [10:51]
Yeah, that’s such a good question. I often tell people, like, I’m not totally against starting an online business, right? My main mission with my business and, like, what I believe I’m here for is to help people have a better lifestyle, right. And that can be done by having a business. And people struggle with starting a business. So I say if your only goal is to make money online, and that’s your only goal, why don’t you buy one that’s already already achieved that. But if you have a product or a service, or a solution to the world needs, then and it doesn’t exist, then start the business? Whereas? So that’s kind of my I guess that’s kind of my answer, right? Like is that when people buy an online business, most people aren’t coming like to coming to the space to go, I need to, I need to love this. It’s more of like, how do I get out of the survival phase? How do I get out of the nine to five, like, type, you know, or I’m in a business I don’t like, because it’s been, you know, I built this business that’s reliant on me and I have, you know, I don’t have enough time in a day, how can I buy something that’s more passive type thing, it’s more it really is more about the money, then the, the desire to that business does be your sole passion. Yeah. And I even think sometimes, you know, when you start a business, like this, what I tell a lot of people is if you are gonna start a business, you know, it being your core essence and your sole passion. That’s so dangerous as well. Because what happens when starting a business and growing wine is that we become, especially if we love it, we’re super passionate about it. If it starts going pear shaped, we’re going to try and save it. And we’re going to pour more time, money, effort and energy into it, where it could be going backwards, because we just can’t see it, because we’re so passionate about it. So there’s, there’s the good and the bad there. So I think we kind of need to be able to step back from at times too.
David Ralph [12:51]
I think passion is dangerous. Okay, I really do. I think that, you know, Join Up Dots. I’ve been doing it eight years coming up nine years. And most people would say, Yeah, he’s passionate about it. He’s, you know, three times a week, he delivers an episode, sometimes four times a week, I pro my heart and soul into it. But there was a time probably about four years ago, I hated it. I hated talking to people. I hated having to be scheduled. I hated the fact that I was thinking, God is this my life, I’m going to be doing this for the rest of my life. Because as soon as I turn it off, my business has gone, you know. And fortunately, passionate has come back into it. But there was certainly a big slump when I thought, Oh, my God, how do I get out of this? And most of it was like, kind of how do I get out of this? While taking the good parts of it? And it didn’t seem to be possible. I just had to plough through and find the passion again.
Buying Online Businesses with Jared Krause [13:47]
Oh, yeah, I think you’re spot on my passion is, is dangerous. And I say to people, like, you know, they’re not, people want to quit their job straight away and come and buy an online business. You know, I think that’s a dangerous mistake, because you’re going to put more stress on yourself. So I tell people to stay in their job. And they’re like, Jared, I can’t, it’s just like, it’s killing me, like it wears me down. And I totally get that. But even if I look back to my plumbing days, like there were parts that I just despise, and absolutely hated, but there were parts of the job that I really did, like, and then I found if you know, because I didn’t want to leave straightaway. I didn’t want to you know, quit have no income and try to make this work and make it too hard and stressful for myself. So I did that over time. And can’t force myself to say my job. So what I did is I found what part of the job do I like and if I’m not doing that yet, start to look forward to it. And when I am doing it, just really enjoy it and that would that would help me get through. And like business is a long term game right, David, like you’ve been doing this for, I mean, 2000 episodes, dude, I gotta take my hat off to you. Like, you’re gonna have these highs and you’re gonna have these lows and these slumps and through those slumps? Like, why don’t we, you know, just get the work done, but also get fulfilment in a different part of our lives, and then come back to it when we do have more energy because you can’t go. You can’t go 100% in business 24 seven,
David Ralph [15:15]
I get so many emails, Jared from people that basically say exactly what you just said, they go, the job sucking me dry, I can’t get through a nine to five on I can’t get boobies and I can’t get through. And I did I quit my job and just did Join Up Dots. Cool. God, he was tough. It was tough. It was stressful. It was it was Yeah, it was everything that I don’t advise people to do. But I always think it’s not the job being crappy. It’s the people’s mindset. And if they actually spawn the mindset to go, okay, you idiot, boss, you’re actually paying me to create a runway for me to escape, you’re actually paying me to give me free time. You know, I I built my first business at work. And I used to do it, I used to turn the laptop away from when everyone was looking. And I would bash away at it. And then as soon as anyone come in, bang, I used to sort of bring up a screen. And I even did it with this. This is genius. If anybody’s out there and are wanting to get away with stuff at work, get your actual work up, okay, get your work all up, take a screenshot and have that as your desktop. So that when anybody comes along, you can just press a button and it looks like you’re working because all your bits and bobs appear magically, you know, is that not the best guy in the world? And I yeah, I built, built quite a profitable business that’s still running today just at lunch times. And when I could get away with it a word and they were paying me to do that. So it is a mindset thing. I think I think people shouldn’t go, Oh, it’s sucking me dry. They should be going haha. I’m getting paid to leave. I just got to work.
Buying Online Businesses with Jared Krause [17:07]
Yeah, I’ve got one of my best friends. He just, he’s got his own business. And he’s growing it and he just worked out a deal with his job is like, Hey, can I work from home on Thursdays? I’ll get more work done. And he does he gets more work done. They’re happier. But also at the same time. Usually he’s just doing running his own business on Thursdays. It’s um, it’s a it’s, it’s in a book, isn’t it? The Tim Ferriss book, The Four Hour Workweek, like yeah, shokin sort of? Yeah, yeah, exactly. So
David Ralph [17:41]
I must go back and read that because I don’t know how relevant it is now. You know, I read it. And I thought it was brilliant. And I loved it. And it was a life changing book for me. But I probably haven’t read it for 10 years now. So I should get back into something. Is it actually? Is it true? Is it real now? Because one of the things that is not true is the four hour workweek when it’s your own business doesn’t apply. And because it becomes a hobby that pays you, you can lose track of it and end up working damn sight more than you used to work when you said the job was sucking you dry, because you kind of love it and keep on skipping back to do a little bit more to it. How do you switch off from yours? Jared? How do you go? Okay, that’s it for the weekend. I’m turning it off. And I’m not going to wake up on Saturday morning with just that idea of Oh, I better be good. I just log on for a little bit and lose a morning.
Buying Online Businesses with Jared Krause [18:34]
Get a partner. hold you accountable. Yeah, my partner. She’s like, you can’t, you know, like, you can’t do that. On the weekends. You can’t do that in the evenings. I think it’s like the most important thing. Like, I went and did the I went and did the four hour workweek literally I I went and bought these businesses, I was running three businesses. And they probably took like, a couple hours a week to run because they’re very passive. And I went travelling and live literally, like worked, you know, about four to five hours a week, and travelled and all that sort of stuff. And what I realised afterwards, I came back from, you know, these big travel states and doing that is I went all into working, you know, full time and I realised that what, at one stage I got sick because I worked too hard, right? I built a big team and all these all the bells and whistles, whistles and it was just silly. But what I realised is that my business performs better when I get fulfilment outside of business and and I realised you know, I experimented this with this, that you know, the less that I work, the more money I make, because and I make sure that I have hobbies to go away and do so I’m utterly obsessed with surfing. I’m always blown I ordered a new surfboard last week I bought special skateboards. You know, I surf almost every single day. That is what prayer that’s like my number one right before business. Even though I love business so much I would, I would take surfing over business. And that’s I think if you don’t have something that you do love to do outside of business, then you can just easily spend your whole time working, which is so unhealthy for not just you as a human, but that your business your clients for everything really.
David Ralph [20:26]
And can you class masturbation as a hobby? Or is that just a bad habit? I can. Can I state VAT that it’s a way of getting away from the business? Well, I mean, is so many studies on life porn addiction, and I lost my filter there for a moment, I apologise, I apologise,
Buying Online Businesses with Jared Krause [20:48]
this health benefits to it, right? I don’t know if you want to keep on with this with this conversation. But there’s definitely health benefits to it. I would say. I think any passionate like we said this before, you said this sorry, David, that any passion can be to that can be dangerous, right? Like, if you’re too passionate about something can be dangerous. Imagine if I just did surfing 24. Seven, I would end up hating it and running away from it. And I wouldn’t get the fulfilment out of it. And it would end up running and ruining my life. So I think that balance is a is a thing.
David Ralph [21:19]
Let’s hear from Oprah. And we’ll be back with Jared,
Oprah Winfrey [21:22]
the way through the challenge is to get still and ask yourself, what is the next right move? not think about, Oh, I got all of this stuff. What is the next right move. And then from that space, make the next right move, and the next right move, and not to be overwhelmed by it. Because you know, your life is bigger than that one moment, you know, you’re not defined by what somebody says, is a failure for you. Because failure is just there to point you in a different direction.
David Ralph [21:53]
Right? So somebody at that point where they’re looking around and they go, okay, I’ve had all this failure, I want to change my life. I’m listening to this conversation. Ah, this sounds good buying online businesses that that that means it’s easy time I’ve escaped from the hard work of building it up. I don’t have to think about what the idea is. I just dive into it. But then they have this little, this little devil, an angel on their shoulder. And the devil is saying, if the business is doing well, why is the person selling it in the first place? What would your answer be? Jared?
Buying Online Businesses with Jared Krause [22:28]
Oh, that’s a great question is a very common question to you know, people sell all different things for different reasons. If you’re going to sell a house, why would you? Why are you selling it? Is it because you renovated and you are flipping it and you want to make some money? Cool. There’s people out there that want to buy a renovated house, what turnkey house that you go into, and it’s renovated, that I have to do the work? Is that, that they’re moving? Like moving on to a new job onto a new place? And they want to sell that and buy something else? Somewhere somewhere else as well? Or is it? Yeah, of course, the same thing? Is this house rotten? Is it you know, the floorboards cracking? You know, if I get a building and pest check done on it, is it going to fail it? Of course, there’s those questions that too, with the online business and I run online businesses like investing in online businesses, very similar to investing in property, except what you’re doing is you’re buying digital property. And so I use that as an explanation. Because when people do sell an online business, of course, you’re going to have people that have gotten to a certain stage in their business. And they can’t either they can’t grow anymore, they’ve kind of hit a glass ceiling with their expertise, they don’t know where to take it. Or it could be that the business is failing. And you know, you don’t want to be that person as an investor go away and catch a falling knife. So that’s why we need to do our due diligence, again, which is super important. We also do this with any investments we make, like whether we’re buying a pushback, we find out which is the best one for us. And then whether we’re buying a property investment, find out what’s a good investment if one of the risks Now, most often, and what’s really common is that people are selling their businesses because they’ve had the business for too long, right. And then they’re not interested in running it anymore. They’re not passionate about it anymore. Or they want to sell it because they’ve gotten to a certain stage like that glass ceiling, or they want to sell it because I want to move on to buy a bigger business or a different business. And I would say about 80% of the businesses are in that bracket where they’re still great businesses. Although people just want to move on in life,
David Ralph [24:41]
you would say that you’re kind of a surveyor. So like, we would go into a property and we would check back there’s damp up on the walls and there’s you know, dry rot and all that kind of stuff. You would assess the viability of that. Now, that’s interesting because something that I think to myself Even with my knowledge of online venture, I would think to yourself, Well, how do you actually do that other vein, you can check how much traffic is coming through, you can check where the traffic is coming from, you can check the overall trend of the business, you can you can check loads of things, but you can’t kick the tires of the business Kenya?
Buying Online Businesses with Jared Krause [25:23]
Well, it depends on what you mean by kicking the tires, what I tell people to do is exactly what you said, David is, is to get access to the traffic, the analytics accounts and see how the business is trending, see how the business is performing. But also, you know, get access to the business’s merchant account and the back end of the business. So you can get proof of financials, proof of funds, proof of Save as an e commerce business, you can get proof of like the returns and the warranties, you can get proof of like how much work they putting into customer service and all these different things. So that’s Yeah, that’s, that’s, there’s some of the things that you need to check, you need to check the SEO profile of the business, you need to check the digital marketing, if they’re running paid ads, like getting to their accountancy, or the ads performing, how much are they spending? What’s the, you know, we can get very technical here, but we weren’t going to how much does it cost to acquire a customer and all these different things as depends on the business model? Would it be be dependent on what type of due diligence you need to do. But my, my main thing that I tell people is that when you’re doing due diligence, or when you go to buy an online business, is don’t get caught up in how much the business is making, and then start to run a story that what your life would look like if you own that business, because what happens is, when you run that story, you start to picture it and keep running that story through your head and you put the blinkers on, and you block out any of the possible risks that are within that business. And then what you do is you try to prove the business is a good investment, which is super dangerous. Instead, what I tell people to do is our goal is to prove that business is a bad investment. And if we can’t, we must buy it.
David Ralph [27:07]
Oh, that’s that’s a good way of thinking about it. So it’s actually it’s a spin on, this is amazing. This is brilliant. So you’re just saying that this business is viable. But there’s gonna take some work to really make it but you’ve kind of you’ve got the foundation’s, it’s all sitting there ready, we’re happy. We have a bit of sweat and a bit of focus, you can make things really work for you.
Buying Online Businesses with Jared Krause [27:33]
Yeah, correct. Like, I mean, it’s easy to go. This business is $100,000. Right, for as an example, I was making $30,000 a year, and it only takes me two hours a week to run the business, which is legit like a lot. There’s a lot of those businesses out there for sale. It’s easy to go, this is awesome. I’m just gonna buy it. Whereas you need to check back into reality. Will it take you maybe three or four hours start to run a business? And are you okay with that? What are the risks before you go out and spend that money to make sure you don’t go out and buy a lemon?
David Ralph [28:06]
Now with the lemon, obviously, after a while, once again, a lemon, lemon can become very bitter. And so do people have the opportunity to then sell the business back if they think to themselves? Okay, that I’ve made a bit of mistake on this. But I now think that the business is worth 110,000. So I can cut my losses and then sort of get out on it is there? Is there kind of a market place where where businesses will fluctuate and they will go up and down is an optimum time to buy and sell.
Buying Online Businesses with Jared Krause [28:38]
Yeah, I wouldn’t say there’s a marketplace where the businesses I mean, there is a market, right? There’s a buying online businesses market like this the property market, but there’s not a marketplace where, you know, your property will go up and down, not like there is in Well, there’s not that in real estate either. But yeah, I mean, as a contingency plan as a worst case scenario, is sell the business like I’ve had, I’ve had somebody who was so excited to buy a business that they went away and bought it. And this is very odd early on, like in the first few people that I helped buy businesses like cool, let’s buy this business and make sure you know, you know, what’s involved and stuff like that they had the blinkers on was a great business. And then he got to the point is like, Oh, this is taking a little bit extra hours of work that I wanted. And they didn’t really have the mindset there to run the business and like I’ve got to get rid of it. And they just sold it right. They didn’t they didn’t go backwards or anything like that. But they sold the business because it just wasn’t you know, they weren’t ready for it mentally. So yeah, as a contingency plan, just throw it back up and sell it.
David Ralph [29:40]
I love what you just said there sir. Because like a master podcaster you’ve led me into where I was going into my conversation where we were like links, you know, I could be your business partner. But the mental aspect you’ve got to be right but the mental aspect and a lot of content that I do on Join Up Dots now is very much about the kind of the inner spirit, it’s the the morning routines. And I used to have, and I talk about this a lot, because I used to have guests in the early days telling me their daily routines. And I used to just get on with it, just get on with it. And I used to say, Oh, I get up and I sit on a cushion, for an hour focused. And then I write in a gratitude journal, and I do my best, I used to think, Oh, just, you’re not gonna get anything done, then just get there and crack on and leave it all behind. But now, I wake up in the morning, I do 30 minutes of breathing and meditation exercise, you know, I’d gone into that, because I realised that to be successful in business is as much about yourself as the actual business itself. And there’s a lot of people out there that this, this will come as a surprise to you, Jared, I’m sure. But there’s a lot of people out there that are bloody lazy. And they just want to press a couple of buttons and have it done for them. And it’s just, you know, the the minimum of effort is too much for them. How do you filter those people out? When they come through to you? How do you get your spider senses up? Because your business is built on integrity? Your business is built on reviews? And you don’t want too many but going to go? Yeah, oh, I paid for Jared scores. I paid for that. And it didn’t work. But it’s not your fault. It’s theirs. How do you push them back? How do you realise that mentally they’re not at the right price at that time?
Buying Online Businesses with Jared Krause [31:32]
It’s such a good question I used to, I used to have a different business model, which was like you’d pay per year and you do one on one coaching with me and I’d hold you accountable. And I just got too many clients. And I just like I said, I work too much. And I got burned out and got sick. So I changed my business model to a membership model where people join, and they can pay per month or per year. And they don’t they still get, you know, somewhat accountability from me. When people I set the mini benchmarks, and then it’s kind of up to up to them to achieve those benchmarks. And if they don’t, well, and life gets too busy, or it’s Oh, this is way too hard for me or whatever, you know, excuses they may have. And it could be a valid reason as well, you know, everybody’s in a different position.
David Ralph [32:21]
It’s not bad, either, I’m gonna jump in there is not valid, it might be valid. For a moment, it might be valid for a period, they might be going through a bad time where they need to pause it. I accept that totally. But not to then come back and go right. I’ve cleared the decks I went through a phase, I’m ready to go. Because I’ve had people where I’ve said to him, Jared, Look, I know you’re going through a rough time at the moment, what we do we stop this, when you’re ready, come back, and then I’ve been messaging them over Mumps, and they just cut me off. And then I think basically, I think I’ll screw you, you know, I’m not going to be here forever in a day trying to push you along. I’ve even had people I’ve said to him, Look, I know we started it at the wrong time for you. I can see that now. So what we do, we go right back to the beginning. And we start again, as if you’re the new person, and I go through it all again. And they’re not willing to do that. So I don’t think it is bad. I think it’s you know, it’s not the bad times I think it is when it’s down to them.
Buying Online Businesses with Jared Krause [33:24]
It’s definitely down to them. I’ve got a story for you. And I tell this story every now and then my poor mum. You’ve got like, I was probably like 16 or 17 Sullivan at home and mum was just upset with me or not. She was upset with herself. Really, she’s like, are you overweight? I can’t I just can’t lose weight. And you know, my mum, she wasn’t big at all right? She walked every morning. She’s super healthy super fit at the moment. And at this stage, I just she says kept saying this all the time. Like I’m fat, I’m fat. And one day I said Mom, guess what, you’re fat. And you’re not you’re never gonna lose weight. And when you say that to your mom, you know, she wanted a deck me. But I said Mom, you thought you’re never gonna lose weight. And she was just you could picture the steam burning from like, you could just put an egg on it on her forehead and cook that thing in two minutes, right? So she was unhappy and she was bad to clobber me and I said to her look, Mom, the reality is you’re overweight and you’re never going to lose weight. And the reason you’re never going to lose weight is because you just don’t want to do it bad enough. And the action show me that you eat a packet of corn chips before bed. Right and you’ll eat at the wrong times. You’re not exercising the right way or enough. So, I mean, yeah, that the reality is that’s where you’re at. And I don’t mean to be mean here, but you’re not gonna you’re not gonna lose the weight and you’re gonna stay fat unless you want to bad enough, and then when you do want to bad enough, then you won’t be fat, then you won’t be overweight. And then, you know, after six months time, she’s fit as a fiddle. So it’s just it comes down to like, how bad Does somebody want it? And I think like what you say, Dave is people like, yeah, okay, you’re gonna join at the wrong time. And then you don’t maybe need to come back and re assess that with a clean slate, I think that’s a great approach. But the reality is that they say they want this, but they’re just not prepared to do whatever it takes. They, like I said, At the start of this, this podcast is like, I, when I first started this, I was in a position of like, I will do like, Whatever it takes, somebody said, it can’t be done. I’m like, that’s a challenge. I’m getting it done. So and I think that we need that in not just business, but all aspects of life.
David Ralph [35:49]
I agree, my kids actually say, don’t say back to dead, don’t say if I say, you know, it’s not possible or whatever, I just had to go through it, I just have to see it. And it’s an obsession. And it’s not a healthy obsession. In many ways. I, I’ve gotten it balanced better now, I really hope but there was a time but I would take on challenges left, right and centre, just to prove a point. And most of them I didn’t really want it was just to prove the point. And so what we’re saying really is, you’ve got to decide on what your point is. And you’ve got to vein, just get your head down and do it. You know, people often say to me, Jared, What’s the hardest part of building online income? When I say, look, there’s about eight elements to it. But I always think that every single one of those is prone to failure and can cause you an issue. But if you haven’t decided on what you want at the beginning, and you haven’t decided on an offer that’s clearly defined, but people want, you’re going to fail, you’ve got to understand the point of why you’re in business. Otherwise, it’s just, you’re just running around in like a headless chicken. And talk to him about headless chicken. I actually read the, you know, you get that phrase all the time running around with headship like a headless chicken. And I googled it. And I thought to myself, is that true? Do chickens actually run around? There is a story about a chicken by actually lived for 18 months without a head. mazing amazing that and you can go on there, and you can Google it. And you can see the picture of this chicken. So it is actually true. I don’t know how he aired or whatever he did, but it became famous this chicken.
Buying Online Businesses with Jared Krause [37:34]
I don’t know what that is. That chickens like the the, the perfect example of somebody with passion. And they’ve they’re too passionate, and they’re running around like a headless chalk. And, you know, they got their head chopped off, because they’re so passionate, and they just can’t, they can’t give up on their business. Even though it’s dying.
David Ralph [37:57]
Yeah, Mike, the headless chicken. Yeah, Mike headless chicken. I’ve just Google. April the 20th 1945 to 1947. It lived the 18 months after its head had been cut off. How did this chicken eat? Like? What? Like? Did you did you realise that we could get the greatest content that the world’s ever seen? And nobody’s gonna remember anything about this podcast? Except Mike, the headless chicken. I’ve destroyed. I’ve destroyed what we’re trying to eat here. But yeah, go over it, because it’s really, really weird. But I said, let’s get back on to online businesses, because they do fascinate me. And why? Well, how’d you get the knowledge of that industry behind you? If this is my blind spot? This is my limited beliefs in everything that you do. Because I think to myself, I need to know the ins and outs of everything to be able to make some big successful. And do you have to choose a business that you’ve got a fair wind that you can understand it? Or can you literally choose businesses that you’ve got no idea what’s happening, and it still operates for you?
Buying Online Businesses with Jared Krause [39:07]
About 90% of the people in my community that I work with 90% of the people that are by business that buy businesses, they have no experience, they don’t know. They know how to use Facebook and their email, basically. They have no experience. They don’t know how online businesses work. They don’t, most of them, don’t, I mean, I’ve got this one person that has bought a business in a niche that they actually like, like they’re passionate about. So it doesn’t matter the business model. And it doesn’t matter how much experience you have is, you know, you can just you can just get started, like I have a obviously a decent course which is a zero to hero approach. But the thing like I have to do is sort of unconditioned people around some of the businesses they want to buy. You know, a lot of people like I want to buy an e commerce business because I think that’s the best business to own, you know, sell products online, whereas in fact, it’s actually it’s risky. And there’s more work involved with it. And it’s probably not the most passive type of business to buy.
David Ralph [40:17]
And as I always say to people visit Amazon, Amazon
Buying Online Businesses with Jared Krause [40:20]
far out, do this, don’t get me started on this. And Amazon is the worst.
David Ralph [40:26]
As well aren’t, they aren’t a great click, and the next day, it turns up at your door.
Buying Online Businesses with Jared Krause [40:33]
I try not to buy buy for them, because they’re just so bad on the the business owner. So last week, one of my clients in my mastermind, his business listing on Amazon got shut down. And every day that his business, his product isn’t listed on Amazon, he’s losing 25 grand in sales. So it’s just so brutal. And that’s just one example. This happens to people, like two to three times a year with the listing, like almost every Amazon business owner, I know, has had this happen to them. It’s crazy,
David Ralph [41:08]
right, you can still order stuff, and it comes to you the next day, Jared, as I do a lot of cycling, and it’s just starting to get dark now. And so I thought to myself last year, I only had one light on the front of my bike, and I thought this time I’m gonna have to, and make it seem like I’m a car in the dark, and I will probably have more protection. This is my logic. So when two lights are coming towards people, I’m gonna have as much power on the road as them. And I ordered it at night, six o’clock. And it was with me nine o’clock the next morning. You know, that’s it. That’s, that’s amazing. So Amazon, big round of applause to you. I think you do what I want. I want it quick. I want it fast. And I want it easy. Like the laser is a really good
Buying Online Businesses with Jared Krause [41:57]
show. There’s a really good show one. It’s not a show, sorry, as a comedian on Netflix, which talks about any any Scott some really cool jokes about Amazon Prime, I need it now. I know I need it in 20 seconds. He’s, I forget where he’s from. But if you can find that guy’s you’ll have a great laugh.
David Ralph [42:18]
But that is a metaphor for the people that we’re talking about. The people are sitting there and I go, Ah, I want a business in 90 seconds. I want you know, I know there is that there’s so many of those. And I always say to people, you know, you can have a business in four weeks, I totally believe but you can get the idea. You can get a website built, you can start driving traffic to it, you can build a Google My Business I owe in within four weeks. Absolutely no problem at all. But sometimes that’s even not quick enough for people.
Buying Online Businesses with Jared Krause [42:57]
It’s, it’s, it’s not it, I actually, I’m growing my YouTube channel at the moment. And I saw I was looking at like different YouTubers, and just looking at some stuff they’re doing to get ideas and inspiration and stuff. And there was this one guy that had a video and the title was how to start a drop shipping business in under an hour. I’m like holy hell like you can, you can start the website, you can get maybe one supplier. But that business is not going anywhere until it’s got like at least maybe three to six months of work behind it to make some sales. You can start things and get them done really quick. But to get results and to get what you the person actually desires. That takes work, right?
David Ralph [43:45]
Yeah, I just googled it. And yes, building a drop shipping business in one hour. The fastest way to start a drop shipping business, build your Shopify store in one hour, step by step instructions. I will say to everybody out there, and it’s absolutely true. And I don’t care if anyone argues with me, I think it’s true. But your business becomes your business, probably six months into building it. You know, and it’s more when you find out what you want from that business. And the beginning is kind of, yeah, I want an easy life. I want money to come through. I want to be able to pay my bills, job done. And then you get to a point where you can actually I’m getting that back. I’m not very happy with this. Uh, you know, I haven’t left my laptop in seven days. I haven’t had a shower in three weeks. This isn’t the right business for me. I think that is when your business actually starts when you start looking at what do I really want from this?
Buying Online Businesses with Jared Krause [44:47]
Yeah, and like what you said before is like we’ll if we don’t have something to wear, that desire will just and it’s not strong enough within us. We’ll just like when it comes to like why am I doing this We’ll just give up because we don’t have a good enough reason to push through the tough times. Like, that’s what gets people through is like, Alright, I’ve got this vision. And you know, this is what people do in their morning routines. David is like i’ve you know, you visualise and you do all these things, and you stand on your head for 20 seconds, and then you stand on one foot for 20 seconds, and then you hold your breath for five hours, or whatever it is. But yeah, having a vision is is critical. Right? It doesn’t need to be part of your morning routine. But if you don’t have that vision, you will like, yeah, it’s when the times get harder in business, it’s easy to just go, Well, why am I doing it? So yeah, I’m done. I created
David Ralph [45:40]
a vision board right at the very beginning. And I had about 10 images, and I achieved all of them. And I looked at rats. Yeah, I looked at it. And I thought, Oh, they were rubbish images. They were kind of like, tiny, tiny, little things. You know, I look at it now. And I think I should have gone bigger than that. But it was a good starting point to think, yeah, once you get your head down, you can, you know, take off what you want. And then you can move on. So let’s turn it just before we bring you up on the Sermon on the mic. What does Reed crap wants from the buying online business? Despite your build, feeding you? Or are you looking at it being actually 90%? Great, 10 percents a bit crap? How was your day? operations?
Buying Online Businesses with Jared Krause [46:30]
Such a good question. I work about 10 to 20 hours a week, in this business, on all businesses, on all my business I have really, and I love it. Like, of course, I’ve got to be real at times, I’m just like, I don’t really want to do this, or I don’t want to really want to do these emails, you know, I get that bit. Like any human, you know, as you know, just like I don’t want to have to put sunscreen on when I go for a surf. So there are other times and it’s just things that aren’t, you know, I don’t love about it, and want to do them as probably like, you know, 2% of the time. The rest is I’m just I get so much fulfilment out of it. Can you imagine like, same with you, David, I’m sure you do is like when you see people’s lives change. Like, they’re like, I was speaking to a couple today who bought their first online business. And, you know, we did a case study for my podcast, and they’re just over the moon, like, they’re just so happy. And they can see the light at the end of the tunnel. Like, they’ll be adequate their job soon, they’ll be able to spend more time together, they’ll be able to run the business together. And you know, that fulfilment, I get a lot of fulfilment, like, at the moment, we’re getting, you know, the last sort of nine weeks, maybe 10 weeks now we’ve had like one person buy a business each week. And I now it’s kind of like, out of my hands, I’m just grateful to be a part of it. Like, there’ll be a part of that group that they’re just like, bitch dead. They’re not changing, not really just changing their lives in the in the first few years. But like when they go on and build families, or they’ve already got a family, the stuff they can teach their kids and help them. That’s, that’s awesome, that that really feels mock up as well.
David Ralph [48:13]
And that’s, that’s the key thing, isn’t it? Once again, you’re talking about emotions, you’re not talking about income, you’re talking about energy. And there’s a part in business where we realise that energy is going the wrong way. And that’s generally when you’ve got to change direction, when you’ve got to think to yourself, this is harder than it should be. And just getting your head down and ploughing through until you’re in a state of burnout and stuff isn’t right when when anyone’s out there and they’ve got that feeling. For enough days of just feel exhausted. This is its toll on me. That’s the moment they’ve got to assess what’s happening don’t lay
Buying Online Businesses with Jared Krause [48:52]
on the shore. And sometimes you don’t. Like sometimes people would really like me, like, just go like, full steam ahead. Sometimes you just won’t even see that coming like that burnout coming. Like I said earlier, I had I had a sales team, marketing team, all of these clients and I just got sick and I worked through me being sick. And I went to a doctor for one thing and natural health doctor for for one thing about a year after. And she said Oh, were you sick maybe a year ago like, I’m like, Oh yeah, I was a little bit sick. And she said, Yeah, he had glandular fever. And I didn’t even know. I just worked through it and it took me then this glandular fever turned into epstein barr virus which is which is basically what glandular fever is, but epstein barr virus sticks with you and you got four different classes for being the worst for us where it’s like it’s in your brain and blood and everywhere. I had it throughout my body throughout my organs and my blood, not in my brain, which is great. So I’d the class three, and it took me like nine months of like detoxing and healing. Eating and all these different things to sort of get that out of my system. And I don’t even know how to I just work too much. And that’s the date. That’s the danger is like, you can’t sometimes we can’t see that coming. Like if you just are working to it burnout is, is real, the burnout, I think, I think almost every business owner achieves like, reaches burnout at some stage. And if you’re not prepared for the detox from it, you can lose your business. Really just,
David Ralph [50:34]
you know, the reason why you carried on working through is because you can’t do employee sick voice on the phone. You know, when you found out, I can’t come in today, I feel really terrible when it’s your own business, you can’t do that. So you just sort of ignore the symptoms, don’t you where if he was an employer, you’d got off the rack today, I feel really rough, I can’t go in. But you do just sort of plough, plough on and plough on until, till the bad things happen. But of course, this is show this show is about saying to people, it is great. It’s marvellous to be in control of your future. But there are elements that you’ve got to focus in on. And if you haven’t got the knowledge, pay for the knowledge, you know, because that fast tracks, you’d find yourself a business coach or a mentor, or even buying somebody and take them out for lunch or dinner to say, Can I ask you as many questions as possible, you know, because I’m starting my business. Don’t try to make it as you go along. And just, you know, try to fast track in a sensible way, in the easiest way. And if it’s putting stress and pressure on your health, when you’re doing it wrong.
Buying Online Businesses with Jared Krause [51:48]
Ice, so wholeheartedly agree for all the business coaching clients that I have, is they kind of say it’s like business therapy. And that’s what I think it is, like when we have a even if you’re just starting a business or any sort of business goals, or you don’t want to get from x to y my business, trying to do it yourself is stressful, it costs more money cost more time, finding somebody that’s already done. It is like it’s actually kind of like therapy, they can help you guide you through that phase. He kind of just, you kind of crazy to not do it. Like not spend that money and not work with that mentor. That’s what I see people out there, you know, my mindset, my mindset is a bit different to where where it was when I first started, you know, I didn’t want to I wanted to do it all for free. But free advices. I mean, you get what you pay for can be dangerous.
David Ralph [52:42]
Yeah, as we say, you know, we body just got an opinion, everybody can give you free advice. And that’s it, there’s no value, you know, you can you can give somebody that greatest information, the content, and give them 1000s and 1000s and 1000s of stuff, but other people would be paying for. And because it’s free, they don’t use it. Oh, that’s nice. Just leave it there. And I look at it, you know, you’ve got to have skin in the game, you really do. Anyway, this is the partner show that we’ve been building up to. And this is the part that we called a sermon on the mic, when we’re going to send you back in time to have a one on one with the young Jared. And if you could go back into a room and see the young chap, what age Jared, would you speak to him? Vice Would you like to give him? Well, we’re gonna find because I’m going to play the music and by magic, you will be transported. This is the Sermon on the mic.
Unknown Speaker [53:43]
Here we go with the speed of the show the Sermon on the mind.
Buying Online Businesses with Jared Krause [54:03]
So Young Jared, you’re about 15 to 16. And you want this awesome lifestyle that you see a lot of these influences have and you want to travel you want money, you want a great life. The thing that happens is what we what you’re going to see is all these people sharing the the short snippet of the great times and the great successes they’ve had in their life and you’re not seeing the full picture. And that can be dangerous because the perception is that you want to achieve the same things that they have in such a short timeframe. When you try and do this, what happens is you set yourself up for failure, which is which is hard because you try and achieve a crazy goal within a short timeframe. And it’s not actually achievable. So what you do have you spent a lot of time, money, effort and energy, and stress yourself out over trying to achieve that goal, because you think time is against you. And you probably have the perception that you need to get this result straightaway. Whereas, if you flip the script, and realise that you can get that result, but you put it a bit further down the track, you go from time being against you, to time being with you. So you stop focusing on the micro, and you start focusing on the macro. And instead of trying to get it done really quickly, and not enjoying the process and of being really hard and you most likely failing, is you can set yourself up for success by doing it in a longer timeframe. And you can change that script of time being against you to time being with you. And when you operate without stress. In a more calm, relaxed mood, you can access parts of your brain that help you make better decisions. And you can work smarter and not harder, which means you don’t need to hustle. You can use your head instead of you know, your gusto and your energy. And when you start to use your head, you’re going to start to realise that you don’t need to do a million things all at once, like when you see Gary Vee, and you see all of these other influencers doing all these other things. And they’re on all the platforms and releasing all these different pieces of content. And they’re in one country one day in another country and other day, that takes time to build. And you can’t do that all at once you need to focus on one thing at a time. That’s really, really important. Also, becoming okay with failing, because you will fail a lot, you’ll fall more than you succeed. And that’s okay. In fact, it’s normal. It’s also actually good. If you look at any successful person, not just the person in business, but any successful person in life. And it could be an athlete, it could be practitioner, it could be anybody. They’ve failed, more than they’ve succeeded. But they’ve learned from those values, and they’ve come to be accustomed to failing. and realise that those values are just little lessons and little presents that we can use to get to that next next stage that we needed to get to, like Oprah said earlier on in the episode.
David Ralph [57:28]
So Jared, what is the number one best way that our audience can connect with you
Buying Online Businesses with Jared Krause [57:34]
go to my website, buying online businesses.com. And then yeah, you can check out any of my content podcasts, or just hit the contact button and hit me up, ask me any questions you have.
David Ralph [57:47]
And we will have all the links on the show notes to make it as easy as possible. As always, Jared, thank you so much for spending time with us today, joining up those dots. And as always, please come back again, when you’ve got more dots to join up because I do believe that by joining up those dots and connecting our past is always the best way to build our futures. Jared, thank you so much.
Buying Online Businesses with Jared Krause [58:10]
Thank you so much, David. I’m truly grateful to be here and thank you everybody for your time and listening.
David Ralph [58:18]
Okay, so do you fancy dodging or swerving the day sort of the initial build up and buying an established business that you can vein buying traffic and and add to it Do you have the passion for doing it that way is very different from how I operate. I look at how to build businesses or more often than not how to make an established business better. Okay, when it’s your own business you find a lot of people get to a certain point and they think I’m going to start something new and I always say to them no if you’re earning money bear let’s look at increasing and scaling the amount of money but giving you the freedom in the process. If you want more help on that of course you can go over to buying online businesses.com you can listen to Jerry’s podcast as well online. Or you can come over to Join Up Dots and find the links in there until next Friday, my brains. You Look after yourselves you stay sexy Of course, and I’ll see you again soon. Cheers. See ya. Bye bye.
Jessie yet? Join Up Dots. You’ve heard the conversation. Now it’s time for you to start taking massive action. Create up church create your life. Easy. Oh, only you live. We’ll be back again real soon. Join Up Dots Join Up Dots Join Up Dots Join Up Dots jolina Join Up Dots.