Jaryd Krause. He used to be a plumber and he was working 60 plus hours a week and he hated it. Fast forward to today. He now owns multiple online businesses himself. And many of his clients earn thousands to tens of thousands of dollars per month from their businesses they bought working with Jaryd. His Buying Online Businesses podcast is rated in the top three best passive income podcasts online.
NOTE: Complete transcript available at the bottom of the page.
Screw The Commute Podcast Show Notes Episode 474
How To Automate Your Business – https://screwthecommute.com/automatefree/
Internet Marketing Training Center – https://imtcva.org/
Higher Education Webinar – https://screwthecommute.com/webinars
See Tom's Stuff – https://linktr.ee/antionandassociates[04:38] Tom's introduction to Jaryd Krause [06:34] Valuation methods for online businesses [09:58] Verifying various parameters for a business [19:40] Some of the biggest reasons for selling [21:46] Keeping staff or starting fresh [24:00] Good brokers, bad brokers [29:39] Sponsor message [31:40] Managing multiple online businesses
Higher Education Webinar – https://screwthecommute.com/webinars
Screw The Commute – https://screwthecommute.com/
Screw The Commute Podcast App – https://screwthecommute.com/app/
College Ripoff Quiz – https://imtcva.org/quiz
Know a young person for our Youth Episode Series? Send an email to Tom! – email@example.com
Have a Roku box? Find Tom's Public Speaking Channel there! – https://channelstore.roku.com/details/267358/the-public-speaking-channel
How To Automate Your Business – https://screwthecommute.com/automatefree/
Internet Marketing Retreat and Joint Venture Program – https://greatinternetmarketingtraining.com/
Disabilities page – https://imtcva.org/disabilities
Jaryd's website – https://buyingonlinebusinesses.com/
Flippa – https://flippa.com/
Shopify's Exchange – https://exchange.shopify.com
Website Broker – https://www.websitebroker.com/
Freemarket – https://www.freemarket.com/sites/
FE International – https://feinternational.com/
Internet Marketing Training Center – https://imtcva.org/
Emily Harman – https://screwthecommute.com/473/
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Episode 474 – Jaryd Krause
[00:00:09] Welcome to Screw the Commute. The entrepreneurial podcast dedicated to getting you out of the car and into the money, with your host, lifelong entrepreneur and multimillionaire, Tom Antion.
[00:00:09] Hey everybody, it's Tom here with episode four hundred and seventy four. Screw the podcast. I'm here with Jaryd Krause, and this guy survived a serious attack while surfing. And it wasn't an attack from a shark or a jellyfish. It was from his own surf. So I was on his show the other day and he had stitches in his face. But I got to tell you, this guy is great. No attack is going to stop him from teaching you how to buy an online business. That's what today's show is about. First time we ever had this topic. Very few people in the world teach this topic. And you have the best one right here. So stay tuned. All right. I hope you didn't miss Episode 473. That was Emily Harmon, 38 years in the Navy. She she shook hands with Ronald Reagan. She retired and kind of totally lost herself. And through quality life coaching, I said quality life coaching, because there's a lot of schmucks that are life coaches. She worked through the death of her husband, the alcoholism of her son, the anxiety problems of her daughter, and now she's helping people crush their internal saboteurs. She calls them to live the greatest personal and business life possible.
[00:01:39] So that was Episode 473. And to get to a back episode, you just go to screwthecommute.com and a slash, and then the episode number 473. And I know you're going to want to listen to this one over again, because this is a whole new thing that I don't teach. And you want to really pay attention. This is 474. All right. How you like me to send you big checks? Well, if you're in my affiliate or referral program, I can send you money anywhere from eight dollars and fifty cents, which you can blow at Starbucks to over five thousand dollars just for one referral. If you're interested in that, email me at Tom@screwthecommute.com and we'll give you details. And while you're at it, I'm going to just say you're welcome right now because. I've got a free gift for you, my automation ebook, this book has helped me handle up to one hundred and fifty thousand subscribers and 65000 customers without pulling my hair up. So grab your copy. We sell this for 27 bucks, but is free for listening to the show. screwthecommute.com/automatefree. And while you're over there, pick up a copy of our podcast app at screwthecommute.com/app where you can put us on your cell phone and tablet.
[00:02:58] It does all kinds of cool things and we have video training to show you how to use the darn thing. All right. I usually tell you about my school now, but there's some much bigger thing going on with my school, and it has to do with the program we're doing to give scholarships to people with physical disabilities. And my school was perfect for that. It's the only licensed, dedicated Internet marketing school in the country certified to operate by SCHEV, the State Council on Higher Education in Virginia. But you don't have to be in Virginia. It can be anywhere you want because it's good quality distance learning. And this is perfect for people with disability problems because they can not only learn a highly in demand skill from home, but they can legitimately work from home. So I started a crowdfunding campaign to put five people through the school and we're going to hire folks with disabilities to help run the program. And it's just one of the greatest things I've done. I've you know, I've raised a lot of money for a lot of things, but I'm really trying to change people's lives here. And I need your help. So please go to my school site at IMTCVA.org/disabilities. Of course, all this stuff will be in the show notes and all Jaryd's great stuff will be there too. And then click on the crowdfunding campaign. You'll see some of the people already in the school making great progress. And please, whatever you can do to help out, we appreciate. And if you're really flush with cash, you can sponsor person yourself. How about that? And then share, share, share the darn thing. We've had over, I think, a thousand shares since we started. And so that really, really helped.
[00:04:40] All right, let's bring on the main event. Jaryd Krause. He used to be a plumber and he was working 60 plus hours a week and he hated it. And fast forward to today. And he now owns multiple online businesses himself. And many of his clients earn thousands to tens of thousands of dollars per month from their businesses they bought working with Jaryd. His Buying Online Businesses podcast is rated in the top three best passive income podcasts online. Jaryd, are you ready to screw? The commute?
[00:05:16] You've been doing it for a long time to since you, you finally I don't know if a pipe hit you in the head or how you decided, hey, this is this is not the life for me. Sixty hours a week when I should be surfing. So tell everybody what you're doing now, and then we'll take you back and see how you got out of the plumbing job and got into the online business.
[00:05:38] Yeah, sure. What I do now is I help facilitate people who want to actually screw the commute, to be honest, get out of the rat race, get out of the 9:00 to 5:00 and help them buy an established website business that has a proven track record of making money each month. Kind of like when you go away and buy a property, a digital property, you go to the real estate broker to check, you know, what properties are out there available for sale. It's the same when you go and buy an online business. You go to website brokers and you can go through and see how much these businesses are for sale, how much they're making per month, and how much work is required to run these before you even start to do research and due diligence in possibly buying one. So it's a pretty cool concept. We've helped a lot of people replace their income and buy businesses. And when they do so, they can choose to stay on and, you know, help me allow me to help them grow.
[00:06:35] Yeah. And I've got a lot of questions prepared for you. Like I said, we've never done this topic before. You know, when you talk about real estate, physical real estate, there's a lot of what they call, I figure what they call them when you can check all the other houses in the neighborhood to see how much they sold for and then kind of compare them. How do you value what's the valuation methods for an online business?
[00:07:01] It's a great question. Yeah, they actually do a little bit of property investing myself and done some research and some study. And they they call it a systemic and comparable market analysis. And that's what we that's what we do to value online businesses as well when we're going to sell them. That's what all the brokers do compared to the listings. And besides that, they've sold. But the valuations of online businesses differ between different business models. So there's sort of three main business models that I kind of explain and teach to people so they can understand them. And then within those three different business models, a different valuation. So content websites usually at the moment and all of these valuations are going up. By the way, a lot of people are getting into this space because you can buy a proven income stream. So it's a pretty attractive. So these are since I've been in the game, you know, I think eight years I I've seen the growth of the industry and the valuation can be anywhere from two to three years of annual net profit to four, five and six years, sometimes even higher in the online business space, usually businesses under a million dollars. They're talking about a monthly multiple. So valuing the business based off an average net profit of, say, the last 12 months or sometimes even six months. And now times that by a monthly multiple in the businesses, usually above around a million dollars, they value them based off the annual multiple.
[00:08:39] Besides those number crunching things, it seems to me you have to kind of look at trends. Is there is the market going up for that particular kind of business or going down? You know, I know for a while and also you have fads like for a while up here in the States, they had scrapbooking. I was just going crazy. If people were even opening up stores for scrapbooking, I couldn't believe it. But then, boom, gone after a year or so. So so I guess you have to to look past the current stuff to what's going to be in the future.
[00:09:13] Certainly I like to call them evergreen names, some people like scrapbooking is a perfect one, also people that are selling, you know, apparel like onesies and things that are in fashion for a short amount of time. It's the I don't like to get into business or I don't like to do anything with a short term romance at all or take that aspect
[00:09:38] Or decision or anything, you know, because.
[00:09:41] Yeah, exactly. It's just. Why would you put so much effort and time into something that's going to be for the short term? You may as well do it for something that's a long term. And in business, when you do the long term, you actually going to have a better business and you're going to be able to provide a better solution to people's problems.
[00:09:59] Yeah, know, I got three questions along the same lines and this is on How to Verify Stuff, because I have a TV show in Hollywood in development called Scam Brigade. I also had a practical joke company for six years. We did a thousand custom design practical jokes, so I'm very in tune with how to trick people. All right. So so what I what I want to know is, is how do you verify the quality of their email list? How do you verify their income and how do you verify their traffic?
[00:10:35] Great, great questions, let's start with them in the order that you asked. OK, email. So first thing with email is you. The way I like to get verification to anything is getting viewers access to their accounts. So for the E.S.P, email software provider, you should be able to get viewers access or limited access to go in and check out their email list. If I was the the seller of the business, I would ensure that I would have had you as a possible buyer, sign an NDA disclosure agreement and a non compete agreement. And I wouldn't allow you access to download the email list into a CSV. But what I would do is I'll try and give you access to view my email database to go away and see how many active subscribers there are. Check out the open rights, check out the click through rate, check out all that sort of stuff. Now, if I could not do this with you as a buyer, what I would do is I would do a video screen share with you of me logging into the account and showing you personally. Now now it's easy online for people to butcher things and give you falsified information. And this can be easily done with screenshots that can be edited and adapted. And in the next sort of instance, I'll share with you another way that people will falsify information. So that's how I would verify the email list and the quality of it.
[00:12:09] So I think I would make them do a promotion right in front of me and watch the orders coming in. That would be a great way and I would
[00:12:17] Be a great that would be a great way to see proof. Sure. And I would also be great for them because, you know, I think about both sides of the relationship here. The most valuable thing in buying a business, in my opinion, usually ends up being the relationship if you know how to harness it. Well, but I think about both sides, because if you do ask them to do email promotion whilst they still own the business, they're going to make that money. They're also going to be able to show you data so they get a win and you get a win as well. So we got to think about both parties here. I think that's a great and a smart idea. Tom for sure.
[00:12:51] Yeah, yeah. I said I really know about the next topic is income. I was one of the first online to ever show income figures and real. And, you know, I had when I have people at my retreat center, they'd actually see my bank statements going back years and the hundreds of thousands of dollars a month coming in. But then it kind of got bastardized because people would Photoshop some PayPal thing. But a more insidious one, Jaryd, is when actually the figures are real, but they're disingenuous. So they might say we sold two hundred thousand dollars in the first two weeks with this. Well, they're not telling you that. One hundred thousand of that went to affiliate commissions. Another hundred thousand went to ads and they either broke even or lost money. And they're going to make it up by selling it to you because you're a sucker.
[00:13:49] Or yeah, exactly. Or yes. They sold X amount of revenue worth, but a big portion with refunds because the product was like
[00:13:57] Another another thing. Yeah.
[00:13:58] So, you know, I've I've seen thousands and thousands of businesses Tom there's a lot of people in my community and I verify all don't personal verification myself, but I do reviews of their due diligence before they even put an offer on a deal and doing for me.
[00:14:16] These are for your staff and students. Exactly. And so. I've looked at a lot of businesses and there's been a fair few that, you know, e-commerce businesses that just don't have great products and they look like they're doing really, really well. And I press my students to go dig deeper and get access, you know, viewers access to the Shopify account or the back end of their store to really go away and see, you know, what the return rates are.
[00:14:45] And the other thing I would do is to see how long they've had their merchant account. Because, yes, if they get too many returns in chargebacks, they're going to have to be scrambling to get new merchant accounts all the time and have a very short run there. I mean, I've had mine for over 40 years, so it's hard to dispute that I don't get chargebacks, I don't get refunds, you know, all that stuff. So but I just, you know, because I want people to think about this idea of yours, but I want them to be extremely careful. And somebody like you watching over them is is probably a good idea.
[00:15:23] Of course, I mean, it doesn't necessarily need to be made, but you need to have somebody in your corner.
[00:15:30] No, it has to be you, Jaryd. It has to be. I guess that's that's the rule here. So. So how about traffic dos Aleksa or what? How do you. There's other Metrick places, too, but how do you verify traffic?
[00:15:44] Yeah, before we get to traffic, I would say with the finances, what's quite common, I want to share this with the audience, that some businesses, especially under the million dollar range, will give you an Excel sheet with a bunch of figures in it. That's not real verification. Do you need to get views? You do need to get viewers access to their businesses merchant account and or get access to their bank statements and have them. Actually, you know, if you can't do this, get a screen share. You know, they can't put you that when you see them log in and do that. A video sometimes some people accepting videos recorded from the seller, but those can be edited and change, too. So definitely try and do it with them live or get access to
[00:16:32] Things to try to get them tax returns.
[00:16:36] Yeah, it depends on the size of the business and stuff like that, usually the smaller businesses, people don't go into the verification as hard. You know, we sometimes have people buying business for five, ten thousand dollars here. It's still important to check that it's making money for sure. But it's becomes if you're going to go out and buy business over a million dollars, you do want to have an accountant check the check the finances and do all that sort of stuff. It's better to have a professional do it for a decent sized business. So for the verification of the traffic, you can get viewers access of the back end of the site to see how they're tracking traffic. And I would most importantly say get access to Google Analytics. Most websites have Google Analytics. If they don't, they're going to have to be tracking their data and their traffic some way. But you need to get use access to check that out yourself to verify it. Then you can see where the traffic is coming from and what's the demographic and all that sort of stuff.
[00:17:39] Did you say that you do use Alexa in there at all?
[00:17:44] I have the Alexa toolbar extension in Chrome to sort of check some things there, but we don't really use it that much. It's kind of just to see what where that is compared to other businesses and other websites. That is a part of my my course, my membership that I teach. But I usually just tell people to go away and just use Google Analytics that they are the closest or the best reporting data. Most of these are the tools and softwares are based off API of Google Analytics. So Google Analytics usually is the best and the most accurate.
[00:18:25] It would seem to me that it would be hard to get the hard financing for this kind of stuff through many of the owners take back the financing.
[00:18:35] Yeah, there's definitely self-financing where the people are familiar with self-financing financing, as you can purchase something and the seller will allow you to pay the repayments back over a period of time with interest. We also have burnout, which is the exact same thing, but without having to pay interest, I'd prefer to go to for that first. And it really depends on. The motive, how motivated the seller is and what their goals are out of selling the business. Sometimes the seller does want to get cash upfront and sometimes they're like, look, this is like you're a great operator. I can say that you really want to run the business quite well. I'm happy to keep skin in the game. I don't need all the cash right away. And they, you know, they could get a higher amount for the business. They could sell the business more if they're open to doing a sell an hour or so of financing.
[00:19:32] Right then. And some some will be in a position. They don't want all the cash because of the U.S. tax or capital gains. Yeah, yeah. Now, speaking of seller motivation, what are you seeing as some of the biggest reasons that people are selling?
[00:19:50] Overall, the most important I wouldn't say the most important, but the most prominent reason people are selling is because they just want the cash to go away, invest into something else.
[00:20:02] That said, you know, people's skeptical minds will go, well, hang on, are they just selling a crappy lemon? Right. Yeah. And that's why we really need to do our due diligence. And there are people out there that are selling businesses that it would be like you catching a falling off. So I recommend not to buy these businesses because it takes a lot of energy and resources to reverse the trend of something that's declining. Even if you just look at the physical nature of things that are going down and trying to reverse, that is there's a lot more effort goes into it. So the same with business, unless, of course, that put that particular person purchasing that business has had experience reversing it and has the resources to do so, then they can really buy a great opportunity to get a bargain. Yeah, exactly. Exactly. So, you know, you can invest based off opportunity, but for the first time buyers, I suggest they based off minimal risk. Warren Buffett has a really good quote. And I just did a case study yesterday with a client of mine who just bought a business for around two hundred grand. And he said, oh, I could have spent a little bit less on the I was thinking about spending a little bit less on my first business, but this business was too good not to buy. And I said to him, Warren Buffett has a really good quote that summarizes that, which is it's better to buy a good business at a fair price than a fair business at a good price. Yeah. Yeah. So I think it's really worth us, especially for our first business, until at least we get skills and some experience in buying and running a business to buy something that has the minimal amount of risk.
[00:21:49] So I'm sure some of these businesses have staff either in-house or virtual. Well, what's your opinion on keeping staff for starting fresh?
[00:22:01] Oh, I think I think keeping staff is is a seriously valuable asset to the business. Obviously is going to depend on the culture of the staff and the business, but. As a general statement, I believe keeping staff is a really good way to go
[00:22:21] Along are a lot of these places have actual employees or their their contractors
[00:22:27] Both. So some will have virtual assistants, which will be on a payroll. It depends on the size of the business. A lot of the smaller ones will just have virtual systems and virtual assistants and contractors. The larger businesses will have, you know, full time employees. I think it's great to have the even if it's a virtual assistant working with you that will teach you most things about the business. If you're the new business owner and teach you a lot about how to run and operate the business and how things are done. And I did this with one of my businesses where I brought the staff along with me and I learned so much from them and I just cherry picked what I liked about what they were doing. And then I changed things to not make the business better, but make their job better, make them enjoy it better, which in turn make the business better.
[00:23:15] Now, how many do you have and do you typically sell them also? You know, you just only buy for yourself.
[00:23:25] No, I sell at the moment, I have three businesses and four, including this this is business where what I'm talking about now, buying online businesses and I sell every now and then. At the moment, I'm more in a trajectory of wanting to purchase more because it's a really good space and I'm building a I'm building a team that I want to help to use to run other people's businesses so people can buy them and have an operator put in place or kind of build out a bit of a fund.
[00:24:02] Now, earlier you mentioned the word broker. So the question on a lot of people's minds would be, where do you find these places? I mean, you have places like Flippa, which, you know, we've all heard about forever, but I've never heard of anybody getting serious about a site like that. But there's website broker, there's free market, there's bids by sell. So is there any favorites or safe places to go that vet the businesses or or is that the brokers job?
[00:24:29] You mean to the brokers that the businesses.
[00:24:31] Yeah, like if if you go to a broker, I mean, like if you go to Hollywood and get a manager, there's some great managers and there's some total rip off. So yeah. So what's it like in this world?
[00:24:44] So there's definitely some shady characters in any of the online business space or making money, online spaces and shady characters. Flippa I actually know the CEO of Flippa. He's new. He's been in the role for a couple of years now, but he's come in and changed a lot of things in helping flip out to be a more friendly marketplace.
[00:25:09] Yeah, it's been around a long time, but it's never had any great reputation.
[00:25:13] No. And he's building he's starting to build a better reputation, which I really do like. And we've had a few people in our community purchase from Flipboard, bought websites from flip on. It is it is tough as a first timer to decipher a decent business versus a non decent business and prevent getting taken advantage of, especially if you don't know how to do due diligence. You don't have somebody helping you. But Flipper's is becoming better. I would say that there are brokers out there that because Flippa doesn't, it can only sort of allow the seller to sort of vet their business a little bit before they list it. But there are definitely brokers out there that understand that they want to keep a good brand for the long term and build a great businesses. So they do actually vet their businesses before listing them, two of which I know quite well that I purchased from a lot of my clients are purchased from and they've actually sponsored many of my events and stuff like that is EmpireFlippers.com and FEInternational.com. Yeah, you would have heard of FE. They vet their businesses quite well because they want to keep it, you know, a good brand and they don't want to sell dud businesses and come back on them.
[00:26:28] What was the Empire one?
[00:26:31] Empireflippers.com. Yeah, they used to be adsense flippers, now that empire flippers and they got a quite substantial team built. You know, I think both of these businesses are being listed in the INC 5000 companies.
[00:26:47] Wow. Yeah. Now, yeah. In the early days, you know. You know, I was on your show. I've been around forever. I bought stuff off eBay even. Well, I always warn people when I talk to them about that was, you know, a lot of the sites had been banned from black hat crap that the Black Hat SEO people were doing. And so they'd sell it and you'd think this great domain name. But it's totally banned, therefore.
[00:27:12] Yeah. And it's funny. People will find businesses to sell anyway. I mean, you'll probably be able to find them on Facebook marketplace. I mean, Craigslist, I've had people message me from all different places, say, hey, I've got a business that I found on Craig's, not Craigslist. But in Australia, there's a sort of similar service called Gumtree that they it's like Facebook by and swap and sell and stuff like that Facebook marketplace, basically. But people have said, look at this business I found on eBay, look at this business on Craigslist and Gumtree. And I'm like, look, if it was a great business and they wanted to get great money, they're probably going to sell it through a reputable broker.
[00:27:52] Exactly. How do you use an escrow service for the transfer of these sites and businesses of.
[00:28:00] Yeah, of course. Of course. If you're doing a private deal off market deal, definitely using an escrow services is fundamental. Even if you're purchasing it from a broker, you use an escrow service. However, the broker acts as the escrow. Hmm. So what happens?
[00:28:19] You better trust them.
[00:28:21] Yeah, exactly. Well, they are very trustworthy. I mean, I've got a bit of a brand and in in this space and a bit of a name and a lot of my clients and I trust the brokers. Right. And if anything was to go sour, you know, we have a little bit of leverage at least, which has happened, you know, with some things, some migrations of businesses didn't happen as quickly and swiftly as we'd like. And just a quick message to, you know, one of the top guys there and know that that sort of problem goes away very, very quickly from that scam world, from the Antion scam world. You got to be extremely careful when somebody suggests an escrow service to use because it could be a total fake shell that looks legit, like escrow.com. And then you send the money and they take it and leave and that's it. Yes, for sure. You definitely need to be very careful. Escrow.com has been around a long, long time and I trusted them and I believe in them.
[00:29:23] Yeah, but people fail to make a fake, you know, site that almost kind of looks like it. And this is just the domain name a little bit off and then boom, you're dead.
[00:29:35] Yeah. Don't go use escrow.co.
[00:29:38] Right. So we got to take a brief sponsor break. When we come back, we'll ask you, how do you you know, what's a typical day look like running multiple online businesses? You know, I have one that keeps me busy. So it's interesting to me. I don't really I came from blue collar. I don't really have like an executive mindset where I have a bunch of people under me running different things that it's probably kept me smaller than I should be. But anyway, we'll check back with you and see how you handle those situations.
[00:30:11] So looking forward to answering. Yeah.
[00:30:13] And the folks I usually tell you about my mentor program now, but, you know, I'm really, really excited about this program to help people. I mean, I've raised enormous amounts of money for animals and and feeding little kids and all kinds of stuff. But it was almost as I look back and I'm proud that I did it, but it was kind of like bandaids. You know, what happens after a year that I fed? I think it was five hundred kids in Las Vegas, homeless children. What happens after that year? In this case, I'm going to change these people's lives forever. And that's what I'm really excited about and want your help with. You could be part of it. I kind of look like a kind of equate it to you contributing and your name's up on the side of a new library or a park bench or something. That part that you're really doing, something that's going to be lasting for for a long time. So. So just visit the site. My school site, IMTCVA.org/disabilities and click on the Go Fund Me campaign and you'll see some of the people in the program. You'll see the up the latest update where everybody gets my latest book that just was done Sunday on crowdfunding and then I'll have we're having a big contest coming pretty soon. I have a lot of interesting things coming to keep the money flowing to to finance the program. So so that's the story. And I'm sticking to it.
[00:31:42] So let's get back to the main event. We got Jaryd Krause here. It's the first time out of four hundred and seventy four episodes we've had this topic on. So I'm really happy that he could take the time to to get with us. So, Jaryd, what's how do you manage running three, four virtual businesses?
[00:32:02] It's a great question, team. So, you know, like one of the businesses I mentioned before, I bought it and they had team and they they run that for me. Two of the other businesses. I have content businesses. So they basically blog sites. And every now and then I will just get some people to, you know, put some content together on those blogs and batch up a bunch of content, get it scheduled and it will can continuously produce content. And then I can have an SEO come in as a consultant to do some of the work and get a visa to work on. I work all those tasks that we are given. So who handles all the that then.
[00:32:45] It sounds who has all the money. So even in my organization, nobody actually has control of the money except me. I'm a bookkeeper, but still she's the only limited access to stuff. So from these multiple businesses, does all the money come in to you?
[00:33:02] Exactly, it goes into one company and then the bookkeeper does does their magic.
[00:33:07] So so this is different.
[00:33:09] There's different motion. So there's different merchant accounts for each business. OK, that's good. And different PayPal accounts that business. So the content businesses will make revenue through ads and that will get sent into a either a PayPal account or a merchant account like our bank account, sorry. And then the e-commerce business that will get paid into a merchant account, which is an Aussie merchant account or PayPal address that all funnels to one bank account or
[00:33:41] These any physical products involved in any of these businesses. Yes. And so that the fulfillment is involved there.
[00:33:50] Correct. So the e-commerce business is it's like a tailored made products. Garments. Mm hmm. And I built a system.
[00:34:02] When you say taylor made, do you mean custom garments? Yes. OK, yes.
[00:34:08] Correct. So I built a system that the used to be very manual. In fact, when I first bought it, somebody would order through email and the order would be changed into a different language to send to the the tailors in a different country to create the garment that was all done by human. Now I've created a system where people know log in and they'll design their own garment on the site. They will then order that pay for it. The money goes to the bank account and then the order is sent to the tailor in the other country in his language that he understands and then he creates that produces it and sends it out to the customer for us.
[00:34:55] So there is this non-refundable because these are custom. Custom garments,
[00:35:01] We have a money back guarantee, if it doesn't suit or doesn't fit, then you can send it back for free alterations or make you a new one. Mm hmm.
[00:35:09] Wow. Yeah, I wouldn't touch that with one hundred, but
[00:35:14] It actually works quite well.
[00:35:15] Yes, I believe so. Yeah. So, boy, it sounds like you really got the brain for this. You know, multiple business is going great. So how do people learn how to do this from you? What is your mechanism? Do you have an online course or coaching program? What is the how does it work?
[00:35:36] Yeah, so I have a membership, which is a community. So people pay per month or they can pay annually to join our community. And what's actually involved in there is there are no courses. There's a buying online business course. So teaches them how to buy the court by the by business. And then there's a growing online business course. Once they've purchased a business in between that you get support for myself. You also get support from the community. So we have a community group where people ask questions. We do monthly trainings and we do campfires like virtual events and all that sort of stuff. So it's a fun place to be. And it's that's the biggest value that people get is is being in a place where there's other people actually getting results and doing the same thing that they want to do that can lend support
[00:36:26] More to one another. And then you have a podcast that was just on the other day. It's not run yet. But I was quite surprised as we talked because it wasn't the normal schtick that I usually do. It was more a mindset and ethics and things like that. Tell me about your podcast.
[00:36:45] Yeah, my podcast is the Buying Online Businesses podcast. And I don't I don't do the normal. What's your story? What's your hero's journey? I get straight to the juice. I get straight to the good stuff that people actually want to hear. And I interview people that have bought businesses that are, you know, working with us, people that have bought businesses that haven't worked with us, that have sort of gone away and done this themselves. Or they they already have some cash and they've bought businesses. And then I talk about talk to people like yourself, Tom, that have a lot of business experience in either one area or the other. You've got a lot in many areas. So we stuck to just mindset for yours. But some people are really good at SEO. Some people are really good at digital marketing. Some people are really good at user experience on site and all these different variations of how you can operate a business. So the podcast is really about teaching people how to buy a business, but also how to run it successfully and grow it.
[00:37:48] Tell us about was it a copper pipe or or steel pipe that hit you in the head when you were a plumber and you said, I got to get out of here?
[00:37:58] We used to work. We used to work with stormwater pipes or big black stormwater pipes that we would weld together. Actually, you actually welding the. Yeah, it was plastic welding. Oh, so different different form of welding and, you know, I was plumbing, I was sort of in the industry for quite a few years and worked my way up to a point that I was the kind of supervisor of this company. And it was
[00:38:31] Just so up to the point where you had to
[00:38:34] Act like I worked myself up to a point where I was overworked, underpaid and had more stress than I needed. So what I did was I just Tom here I realized I didn't like it. So I quit and go traveling and I come, you know, come back and be like, I can't believe I'm doing this again. So on one of my trips, I was like, I've got to I've got to work at how I can make an income on the Internet.
[00:38:57] And a lot of these are surfing trips, right. Correct, sir. All right, great.
[00:39:02] I'm obsessed with surfing the surf as much as I can almost every day. Wow. Yeah. So it's it's I built this I built this lifestyle out of the desire to have a good lifestyle, not to be a gas billionaire.
[00:39:19] Did you save up money or just quit one day? Cold turkey or what?
[00:39:25] Yeah, what I did is I would save up money from from plumbing and then I'd go spend that money on a trip, come home with a little bit of money, not totally broke. And then I'd say I began traveling. And then what I did is on one of my trips was like, alright, let's get this this online business thing happening. And I started a few startups. Now the startups are really, really hot or I like 90 percent of all startups fail. And so I was just failing and failing and hiding it. And I came across that stat that 90 percent of starts fail. So I realized, like, well, maybe I'll buy one of these things instead of actually starting one. And I had saved up some money from plumbing that I had in the stock market. And I went out and I bought my first website business for fifteen thousand dollars and it went well. And so I bought another one and I was still working at the time. I still plumbing. To answer your question, I didn't just go cold turkey. And I think that's very, very important because even yesterday when I was speaking to this guy who just bought his first business, he quit. You know, he left his job about seven months ago and he found himself quite stressed and trying to make a decision to buy a business as soon as possible because he wasn't making an income. And I think it's not the smartest idea to just quit cold turkey and try and make something work, because what happens if we make emotional decisions that are fueled by stress that usually aren't the best decisions? So that's why I recommend people to buy a business whilst they're still working and build that online income to be such a support to surpass what you would be making at your full time job, which is what I did over time. You know, I bought two and then eventually from those two, I built them up to a point that they were earning more than my plumbing job. And then I was able to quit and do more surfing trips and stuff like that.
[00:41:17] Yeah, that's what I tell people. I my job is to make it too expensive for you to go to work anymore. Yes. Yeah. You can make more and
[00:41:29] And less stressful, I think. Yeah. What what the biggest thing that people don't account for. In we could stay in business, but in life is is stress, and I think that. That that's a that's how we that's how we die, you know, eventually we you know, we perish because our body is stressed and it's old. And I think the least stress that we put on ourselves the better. And if you can do this transition, you know, even starting a business whilst you're still working, it's just a far more funner experience, even though it is hard, it's a better experience than doing it without an income stream.
[00:42:10] Well, the only thing I would dispute there is you don't want the least stress possible because that means you're dead. It's true.
[00:42:19] That's a good point. The stress was in built on for a reason. So I think you also know what I mean.
[00:42:26] So minimal stress. So tell tell everybody how they get a hold of you, how they find all this stuff.
[00:42:34] Buyingonlinebusinesses.com, just go to my site and you can check out my podcast, check out the community, check out all that sort of stuff, because if you've got questions or you just want to say hello and have a chat, just message me and just email me. Jaryd@buyingonlinebusinesses.com
[00:43:05] Yeah. Yeah. And I answer all of my emails myself personally guys. So you might be getting a visa or anything like that. You'll, you'll be, you'll be hearing from me here.
[00:43:14] Well, thanks so much for taking the time to. Come on, man. Appreciate it.
[00:43:17] Very. Thank you so much for having me.
[00:43:20] Thank you. So everybody, check out Jaryd's buyingonlinebusinesses.com. Check out the podcast and email him if you have any questions. And the membership site is reasonably priced and there's a lot of like minded people in there that I bet they bounce all kinds of ideas off each other. And it's probably a wonderful, wonderful Groupon. But I was on the Jaryd's podcast. We talked about who we let into our programs like my mentor program and his. And he won't let anybody in if they're not the right mindset because you don't need any one bad apple spoiling the bunch kind of thing. So so if you have the mindset that you want to do something big with your life and your family and like I'm trying to do with these disabled people, it might be a good place to be.
[00:44:09] Yeah. Thank you so much. It's I really appreciate being on here and thank you for the kind words. It's honestly Tom. It's been a privilege to talk to you with a man of your stature and so much business experience. I really enjoyed our talk when you came on my podcast and this one too. So thank you so much.
[00:44:24] Yeah, my pleasure. I can't wait. That goes live so I can tell everybody about it. Yeah.
[00:44:29] All right. Everybody we'll catch y'all on the next episode. See you later.
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