Happy Monday folks, and hope the weekend went well.
Yesterday another episode of the SG Podcast dropped, and it’s a super interesting one.
If you’ve been following me for a while – or even for not so long – you’ve probably heard me talk about the opportunity of buying and selling businesses as a solopreneur.
There are a few reasons for this, but some of the key factors are:
- as the Baby Boomers get older, there are more and more people retiring with businesses who have no one to take them over
- more people than ever are starting solopreneur businesses, especially online, due to how much easier and cheaper it is thanks to tech
- side hustles have also become more popular, leading to even more businesses or side projects
Just a few factors, but you get my point.
And the reason it’s so important is that there’s more than one way to become a successful solopreneur.
Yes, you can start a business from scratch, and there’s nothing wrong with going that route.
But another great way is to buy someone elses business, or even side project, and start a few steps further ahead in the process.
Like a lot of things, starting a business is really hard at the very beginning. Lots of planning, picking the right product/service, trying to make those first sales. But imagine if you could jump into a business that already had all of that set up? Already had paying clients, testimonials, referrals coming in, etc.?
Caveat: of course, do your due diligence before buying any kind of business or project, so don’t forget that part to make sure you’re getting something good for a fair price.
I haven’t bought a business in a while as I’m currently focusing on my immigration tech company, Visto, but a few weeks ago I did talk about my two experiences buying/selling here (one was a blog I bought and sold years ago).
And I gotta say, if I was starting from scratch right now, I’d probably look for an opportunity to buy into a business. That’s part of why I was so excited to chat with Ilya – who founded a company called Microns – that helps people buy and sell micro startups.
We had an awesome conversation about:
- How he got into solopreneurship by starting a successful agency after being laid off at the beginning of Covid
- The exact steps he took to start his agency and then tech company (Microns) later on
- Tips and advice on buying/selling businesses and the benefits of starting one with a partner
And much more.
If you’ve thought about buying/selling before, or are interested in hearing Ilya’s journey, definitely give the episode a watch or a listen here.
Hope you enjoy, and keep grinding.