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Ep. 64 - Why You Need to Set Your Business Up For Selling, Even If You Won’t with Jaryd Krause

Jaryd Krause used to be a plumber working 60+ hours per week and hated it. 

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 ranked in the top 3 best passive income podcasts online by (Feedspot).

In This Conversation We Discuss:

  • [0:43] Guest introduction and the passive income misconception
  • [2:11] The most passive business, based on Jaryd’s experience
  • [3:50] Jaryd’s thoughts on dropshipping and passive ecommerce
  • [6:52] Starting a Shopify store and picking a niche is just half the battle
  • [7:14] Using niches to find product-market fit leads to success
  • [8:17] If a trend is rising on the market, it’s already too late for you to start
  • [9:26] Choose evergreen products over trending products
  • [10:27] How much does your business have to earn before selling it?
  • [13:04] The setup you need before selling your business
  • [13:27] Clarifying net profits
  • 15:23] Sponsor: Gorgias gorgias.link/honest
  • [16:11] What separates good businesses from bad businesses
  • [17:36] Set up your business for selling, even if you don’t plan to sell
  • [18:49] As a business owner, you have to get low-level stuff off of your plate
  • [20:33] Set aside some time for you to think
  • [21:34] After setting up, how and where do I sell the business?
  • [22:33] How long does the process of selling your websites take?
  • [24:47] Top 3 things a buyer should look for when buying Shopify stores
  • [28:21] The main thing when buying online businesses

Resources:

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Transcript:

 

Jaryd Krause  

It's not about you, it's really about your customers. And the more value you give them, the better. It's going to come back to you, so you got to give before you get.

 

Chase Clymer  

Welcome to Honest Ecommerce, where we're dedicated to cutting through the BS and finding actionable advice for online store owners. 

 

I'm your host Chase Clymer, and I believe running an online business does not have to be complicated or a guessing game. 

 

If you're struggling with scaling your sales, Electric Eye is here to help. To apply to work with us visit electriceye.io/connect to learn more. Now let's get on with the show.

 

Hey, everybody, welcome back to another episode of Honest Ecommerce. I'm your host Chase Clymer and today we're Welcome to the show Jaryd Krause. Jaryd Krause is calling me from all the way across the world. The power of technology. (laughs) 

 

Jared comes to us from... These days, he's the host of Buying Online Businesses Podcast. He's very passionate about passive income, which is definitely something I think a lot of us know about being in this industry. 

 

You start a business and you have the entrepreneur bug because you're trying to figure out ways to make money online with the "How lazy can I be about it?" [mindset]. And you know, you get into it and you learn quickly that that's not really the case most the time. It still takes hard work. 

 

So Jaryd's coming to us today. I was actually on his podcast and now I'm gonna have him on ours. But first of all, welcome the show. I'm talking too much.

 

Jaryd Krause  

Nah, man. Thanks so much for having me and you're spot on with the passive [income]. Yes, you can have passive income but some people just really take that way too literally. 

 

And [they] want to try and have their website just running without them doing anything. I like to tell people you know, semi-passive is more realistic, unless you do have a really good team and processes and structure in place.

 

Chase Clymer  

You know what, [just from] that right there, we can end the episode. Cool. Alright. Now you've bursted everyone's bubble. That right there is really crucial to know. You get what you give, right?

 

Jaryd Krause  

Yeah. Oh, for sure. And that goes through all of life, not just in business.

 

Chase Clymer  

Alright. So someone's going to want to know the answer to this question, what is the most passive business that you've come across? As much detail, I guess, as you could share.

 

Jaryd Krause  

That's a great question. It's probably not in the space that most of you guys are listening. But it would probably, in my opinion, be a content site where they're making money from affiliate marketing and ads. 

 

And if you have a team where you have them go away and search keywords and produce the content and have somebody else edit it, and post it, and upload it for you, and then distribute that content around the socials to get more traffic, that's probably the most passive model. 

 

And then yeah, you'd still want to be working on it though because for example, say you've got a website running, you've got to have other people coming up and it's going to be a competition. 

 

Which means you're going to have to have your SEO really good. And also the algorithm changes how your website gets shown up and seen and that type of business heavily rely on traffic. Not so much, PPC

 

There is a lot that you should really keep your finger on but that would be probably the more passive model that you could go for.

 

Chase Clymer  

Absolutely. And then it's just one of those things where before it is passive, there's a lot of work to get that initial block of content that gets you ranked. Get those backlinks that helped get you up there in the first part. I think...

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

...that part of the puzzle, people are going to overlook,

 

Jaryd Krause  

Yeah. For sure. It doesn't come with just a few things strung together and [then[ you're off and away. It does take time to set up that money-making project.

 

Chase Clymer  

Correct me if I'm wrong, but I'm going to guess that the most average way to make money online... Average is a very wrong word. 

 

But typically, these days, a lot of people are building brands. They might get started with dropshipping, figuring out something that works and pivot to an actual brand. 

How average of an avenue do you see that being for younger entrepreneurs --as far as the workload goes-- between being full-on in the business and passive? Where does it live?

 

Jaryd Krause  

With dropshipping or just Ecommerce in general?

 

Chase Clymer  

Yeah, I asked like 3 questions in 1. I'm sorry.

 

Jaryd Krause  

(laughs) No, that's totally cool. Yeah. [I] just want to be more specific. Are you more relating that to dropshipping?

 

Chase Clymer  

I think people know that dropshipping is a very difficult model to do profitably these days. 

 

Jaryd Krause  

Yeah.

 

Chase Clymer  

It's pretty known that I prefer people focusing on an actual brand and building it the right way. 

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

So you can give your opinion on both.

 

Jaryd Krause  

Okay. Let's start with the dropshipping while we're on that. 

 

Yeah. It is hard because you don't have so much control of your product, and shipping times. Now, Amazon is just making things quicker and quicker and you can have things the next day type thing. 

 

It's just so hard to sell products that aren't your own. You don't have the quality control, you don't have the shipping control, you're relying on them doing refunds and stuff like that. And also you may be going out of stock of stuff and you didn't get updated or they may have changed some products and stuff like that, which has happened to me. 

 

Recently, one of my suppliers sent out the product that I purchased wholesale. I sent it out to them and it was completely different... Not a completely different product, but the product had been developed and changed and it didn't look like the images on the site, or what I actually purchased. I didn't even know. 

 

So there was a big kerfuffle about that and I feel actually pretty bad about it. So yes, there's not that much control over it in the dropshipping space. 

 

In terms of running just you own... I call it self-product distribution because you're buying your own products or you're developing your own products, and then selling it on your own website or on Amazon. 

 

The reason it's not too passive is because you need to keep your eye on the products; How much stock there is, developing them and just making them better. And that's quite important because without the stock you can't sell anything (laughs). 

 

And then also, with customer support and service and stuff like that, that's a big part that you really need to get your finger on the pulse. 

 

And yes, if it's a bigger business, if you're doing a couple $100k up to a million or more, then you can start to really put people in place where you can have it more passive. B

 

ut in terms of people starting out, --which I'm sure most of your audience are-- is that there's a fair bit of work to go into really building that brand and really building that business.

 

Chase Clymer  

Absolutely. So, just to put that into 1 sentence, you're not going to become a millionaire from [just] standing up a Shopify store and picking a good niche. 

 

Those days are long gone. And honestly, I don't think they ever existed. I think the people that were doing that stuff had other stuff that was giving them a competitive edge to help them do that.

 

Jaryd Krause  

Yeah. For sure. I think the huge edge or what's very underestimated is picking your product and picking a niche really well. Sometimes people... I look at billionaires, and a lot of them [are] very, very smart and they know how to do technical and analytical things. 

 

Although a big portion of what a lot of billionaires say is "Some luck was involved." they'd never perceive that the industry would have gone the way that they were heading as well. And so when you start selling a product or doing a service or doing business in a specific niche or industry that starts to take off, that gets really really popular, it definitely adds to your success. 

 

So trying to work out what niche and industry can really help you and then making sure that product is absolutely amazing. It makes you like run downhill towards your goals rather than trying to run uphill.

 

Chase Clymer  

Absolutely. That makes a lot of sense. Going with that and picking niches and stuff, I think this is something I see often as well. We'll get a huge influx in the market of people that are chasing something that's already taken off. 

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

And I think by the time you've heard of it, and you haven't been actively in it, you probably are too late. So some examples of that would have been vaping

 

It was huge in the direct-to-consumer market a few years ago. Now it's moved into CBD. It's just insane right now. 

 

Jaryd Krause  

(laughs) Yeah. 

 

Chase Clymer  

And all these products, they have an edge factor to them and you gotta jump on them as soon as possible. But I don't think that I've ever met a person that's come in after the ship started taking off ever made a dollar in those spaces, just because they're too far behind already.

 

Jaryd Krause  

Yeah. And I think if you're coming into the online space to just make money, then yes, you can do it with the fad and gimmicky type. I call them the fad-y type gimmicky products because it's got a life. It doesn't have a massively long lifespan. 

 

It's better to look... And I say this to my clients who are buying these, not just starting them. Look for something that's an evergreen product,  and be in business for the long haul, rather than just getting because something's hot and you know you can make money from it because then you're just going to be sloppy. 

 

When you're just trying to make money, you're gonna be sloppy on your customer service and your product anyway; Because you don't actually have the passion, the care for the product being absolutely amazing and really, really good [and] because your eyes are focused on those dollar signs. (laughs) 

 

So, I prefer to tell people to go for something that's more evergreen. [Something] that is going the stand the test of time and can be developed as you go. Something that's still going to be around in 10 to 15 or 20 years’ time is going to be a far better business. 

 

It's going to be more sellable with somebody wants to sell it and you're not having to reinvent another business and create a new business every 5 years. So I just feel it's better to go for those evergreen products. Does that make sense?

 

Chase Clymer  

No, that makes complete sense. And that's an amazing segue into where this conversation was gonna be going which was how do I sell a business? 

 

There are a few questions I have around here. But I guess the first one would be how big does my business need to be before selling? It's actually something I can do?

 

Jaryd Krause  

It's a great question. It doesn't need to be [big]. It can be earning $20,000 a month. I mean, $20,000 a year, and you can still sell it. So it doesn't need to be this seven-figure income earner to be able to sell your business. 

 

Actually a lot of people sell their business that a remaking $20k to $30K a year from their business. Net profit, obviously. So it doesn't need to be this massive business. 

 

And then there are businesses to the cell all the way up to $20 million, $30 million, $50 million. And then your question was, "What do you need to do to sell it?" Was that right?

 

Chase Clymer  

Yeah, but there's something I want to interject in there.

 

Jaryd Krause  

Sure.

 

Chase Clymer  

Before I'm getting ready to sell it, I've made the choice that I want to sell it. For the sake of simple math, let's say that the business we're talking about sells widgets. It sells something. 

 

And it's making $50,000 a year. So we'll just take that for the baseline for the rest of the conversation. 

 

Jaryd Krause  

Yeah.  Mm-hmm.

 

Chase Clymer  

So we have the side hustle. We had a good idea. And we're making about $50K a year. And I've made a decision that I want to move this thing I want to sell this business that I have. What's it valued at?

 

Jaryd Krause  

A great question. There's a lot of variants to that. But so it's making that $50 grand a year. Let's just say that's net profit,  which is important. Because nobody's... You're not gonna buy a $50,000 revenue business because of profit. Maybe only $5,000, possibly. 

 

So let's say it's doing $50,000 net profit. For an Ecommerce site, the multiple is roughly about 2 to 3 years net earnings. 

 

So, you could be looking at selling it for anywhere from $150k or $100k to $150k, maybe more. Now, the other bit... That's on average. 

 

Now, the other variants control the price by how much work is required to run per week. Like in customer support, fulfilling orders, ordering, stock, SEO, marketing, blah, blah, blah, all those sorts of tasks. 

 

If people are spending 10 hours per week to make $50k per year net, some investors don't particularly want to go for that. They want to make sure they have fewer hours and the work's easier. So maybe you have different... Moving probably into the next question, what do you need to do to set it up? 

 

Well, before you sell it would be just getting good processes, structures and procedures put in place so you can decrease the workload and then also work out how you can decrease the amount of money spent. 

 

So, decrease the amount of money spent, which is the expenses, and increase the overall profit.

 

Chase Clymer  

Absolutely. So there's one thing I want to get in here and I just want to clarify for everyone that may not have the technical nerd word background like me and Jared do.

 

Jaryd Krause  

(laughs)

 

Chase Clymer  

When we say net profit, that means that this is $50,000 we're taking home cash in our pocket. That does not mean that it says $50,000 sold in your Shopify backend or whatever platform you're on. 

 

This is like profit after every expense. After taxes.

 

Jaryd Krause  

Yeah, that's right. Yeah after absolutely everything. Actually, sometimes it can be before taxes. A lot of the case with the different brokers, especially on sites that are sub $200K, it's before taxes. 

 

And this is a tricky one in the online space because taxes are going to be different depending on who buys the business and where they set up that that the business name...

 

Chase Clymer  

Mm-hmm.

 

Jaryd Krause  

...or they transfer the business to operate for. So you could pay fewer taxes in a different state in America or you could pay fewer taxes may be in Australia or different country where you transfer the business over to. So, some businesses, do it before tax. But yeah, that's a really good thing to highlight. Revenue is everything that you make. Net profit is everything do you make after expenses. So cash.

 

Chase Clymer  

Yeah. So, if this business was run extremely efficiently and they're taking $50K home at the end of the year, I'm sure they'd have amazing margins and they're probably looking in between the $100K to $300,000 in what they were actually bringing in. 

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

Just to put some more numbers around our made-up business.

 

Jaryd Krause  

Yeah. Yeah, for sure. Yeah, you'd be running it. You'd be doing some pretty good margins and you low CPAs and CPLs, I guess, as well.

 

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Chase Clymer  

Alright, so we made the decision. We expect that we are going to be able to sell this thing for $150K on a good day and so I need to get my processes in place. So this is all about creating SOPs, standard operating procedures, I need to write down the answer to every question that might come up about my business. 

 

And this is usually what separates a good business from bad business. It's just having processes in place to answer questions to help whoever is helping you. 

 

You've got a VA or you got a full-time employee, whatever, you want to help them do their job faster. That requires you to get all the answers out of your head.

 

Jaryd Krause  

Yeah. I've done this on one of my businesses. It' so great that you brought that up. I went through in the email, within the backend of the email software that we're using. Or you could do this in Gmail even. When they're more... FAQs, the frequently asked questions come through via email. 

 

You just have an email, response, like a template. And you just click on that, and it just sends. And that just cuts out so much time that you have to pay a VA to type out that email every single time or even to do it yourself. 

 

And you shouldn't have to set that up just before you buy the business, you should set it up now. So you can utilize that little tool while you're running it, and then sell the business. 

 

Chase Clymer  

Here's what I believe everyone should be doing. You should be setting your business up to sell it right now, even if you never want to.

 

Jaryd Krause  

For sure.

 

Chase Clymer  

Because all it's going to do is it's going to take less of the day-to-day out of your business so you can focus on what you are objectively the best at within your business, be that being creative and coming up with this awesome idea or maybe you are the best at selling to these wholesale distributors and you need to free up time to do that. 

 

Or maybe you are the best at literally designing the t-shirts for your brand. Getting all this stuff SOPed out and off of your plate and out of your head is only going to do wonders for your business and it will get you... 

 

One day, if you do want to sell it, you already have all the work done. But getting up to it... 

 

Some people get to this point in the business and there's a book out there --Oh shit, I'm gonna forget it-- but it's about scaling an agency this way. I will put it in the show notes because I can't believe I'm drawing a blank. 

 

Jaryd Krause  

(laughs) Yeah. It happens to me all the time. (laughs)

 

Chase Clymer  

Yeah. it's about processing out your business to where it runs itself without you involved. 

 

And then it's like this is where most business owners realize that they don't want to sell their business anymore because it's no longer a headache. And you just keep it because it's an asset that's cash-flowing.

 

Jaryd Krause  

Yeah. And it is I totally understand how scary it is to start outsourcing. The paradigm shift people need to make is that there are people out there that can do the tasks that you're doing better than you. 

 

And you can pay them less than what you would probably have to pay yourself to do them as well. Getting that off your plate means that you can finally start chunking up and start working on more high-level tasks that are going to be high-income producing tasks, to allow the business to earn more money. 

 

Rather than like designing t-shirts and doing customer support, and stuff like that when you could be taking the business in a totally different direction. You could add tens of thousands of dollars if not more to the total revenue or the income of the business.

 

So it's more about how can you get these low-level tasks off your plate. Even though it's going to cost you money in the short term, it's going to allow you to work on bigger tasks. 

 

And this is where you need to be a visionary, allow you to work on bigger tasks and [it's] going to allow to bring in more income for the business than what you may be paying somebody to design some t-shirts or do customer support.

 

Chase Clymer  

Before we move on, there'sone thing I want to burst. It's this idea of "Teaching someone how to do this is going to take me longer than just doing it." 

 

Jaryd Krause  

(laughs)

 

Chase Clymer  

That's the worst outlook on growth ever. You need to get it off your plate anyway. Even if it takes them twice as long, you need to focus on other stuff. And there is the mindset shift of task-switching

 

You literally can't focus. You can't multitask. It's impossible. You need to get over that mindset and just start getting stuff off your plate and freeing it up for that stuff that you have to be able to do [what] you need to do to grow that business.

 

Jaryd Krause  

Yeah. It's something that I've been implementing at the end of last year and [the beginning] of this year. Setting time aside to think. When you've got so much... And this thing is so common, it was very common for me. 

 

That business owners will have so much on their plate that they just go go go go go. And they finally finish and then they've got to go away and cook dinner, clean the house. If they will have kids, they gotta run around and sort it out. 

 

And then you just don't have time to sit down and think about your business or the direction you could take it or things you could do to improve it. You're just absolutely doing the day-to-day and running it. 

 

So even just having space... Space is so important. And especially as a business owner, if you don't get that, then your business can just run around in circles. 

 

Even paying somebody to do tasks when you get to do nothing, I think, it's still a good investment. Because you got that time to think and that space.

 

Chase Clymer  

Absolutely. Alright, so let's move into this. We made the decision to sell. We've got a number in mind. We processed the crap out of our business. Now what? How do I sell this business?

 

Jaryd Krause  

So you can just go to a broker. You can just type in "website brokers" or you can come to me and I can send you to a particular broker that may be best for your business model. I know there's quite a lot. 

 

There's Empire Flippers, FE International, Quiet Light Brokerage. You could sell on Flippa. That's probably a lot more work than you may want. 

 

There's also Exchange Marketplace, which is where that you can directly sell your Shopify store. I'm not sure if any of your audience actually knows about that. 

 

But you can do that directly through the platform, which is quite cool. Yeah, there's. Just Google "website brokers" and you can find a bunch of different brokers that will help you sell your business. 

 

Chase Clymer  

And I'm sure there's some sort of fee involved in that. 

 

Jaryd Krause  

Yeah, there's a fee. It depends on how big your business is. But it can be anywhere from 10% to 15%.

 

Chase Clymer  

Absolutely. And how long is that process like this usually take? 

 

Jaryd Krause  

That's a good question. And that's very business dependent as well. 

 

Chase Clymer  

Mm-hmm. Oh, yeah. I'm sure.

 

Jaryd Krause  

Yeah. At the moment, we're in a pretty good market where businesses do so quite quick because so many people are hungry to buy businesses that have passed that 90% present failure rate. Because 90% of startups fail. It's quite hard. 

 

So they passed that 90% failure rate and they've got a proven track record. They're already making money. People that want to sell that businesses are smart. They've set up all the processes. 

 

Imagine you coming in and going," Alright. I just want to buy businesses" Just chugging along. And you can do some day-to-day, small day-to-day tasks, then it's pretty attractive to buy, especially for the return that you can make. 

 

So they’re selling quite quick, especially businesses sub $100k or say even sub $200K. They're selling quite quickly. 

 

Chase Clymer  

Absolutely. 

 

Jaryd Krause  

And by quick, I'm talking like, a week to 3, maybe 4 weeks.

 

Chase Clymer  

That's wild to me. (laughs) But I'm assuming that the people that are buying them that fast, it's probably not their first rodeo.

 

Jaryd Krause  

Not at all. I spoke to the Empire... On my last summit, at the Buying and Building Online Businesses Summit just finished at the start of this month as we record now. I had a broker come on and he mentioned that they're selling $50,000 to $70,000 sites in seconds. 

 

They have people already have money wire to them in their account ready to just purchase something good that comes along. 

 

Because there are bigger funds and firms that are buying up smaller brands. And they just say something they like, they'll do a quick bit of due diligence to see those sales, and take it off the marketplace straightaway. 

 

So it's pretty crazy how quickly they're selling.

 

Chase Clymer  

That's nuts. 

 

Jaryd Krause  

Yeah.

 

Chase Clymer  

This is going to be... Thank you for introducing me to a rabbit hole of nonsense that I'm going to get into this year. I already talked to you about this offline. But...

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

This is something I'm looking into. 

 

Jaryd Krause  

It's actually a pretty, pretty cool space. It's growing quite rapidly. And there are some cool parties coming to space, too. I love it.

 

Chase Clymer  

Yeah. Alright. I guess let's look at the other side of the coin. I'm sure there are some people out there and they're like, "Wow, I never thought about buying a business." Do you know what I mean? 

 

From a due diligence perspective, what should be attractive? What should I be looking for? 

 

I'm sure there are a million things out there but like what are the top 3 things that you want to look for when evaluating buying a business from somebody, especially like an online Shopify store?

 

Jaryd Krause  

Yep. For online Shopify stores, the top 3 things you want to be checking and verifying through due diligence. Number one is getting viewers access to their Shopify account and just double-checking the sales that are coming in. 

 

And then cross relating that --cross-referencing I should say-- to the profit-loss statement they give you. Normally, they're going to give you a P&L, and that is like an Excel sheet. 

 

So you want to be cross-referencing that to make sure it correlates with the actual income that is coming in. And then just double-checking what their expenses are, making sure it all checks out and actually makes sense because that's really important. 

 

That's just called "Verifying the financial." So that will be the number one thing that you need to be doing. 

 

Then there's checking out... Probably, for a Shopify store, I'll be making sure the marketing's really on point. 

 

And if it's not, what needs to be done or changed? So I like to see what's happening with the marketing, why it's working, why it's not working? What have they tried, what worked and tried? What did they try and did not work? Asking things like what's your CPA? 

Which is your cost per acquisition? What's your CPL? Which is a cost per lead. If you're getting leads before you transition them into a sale, what are they getting as an opt-in? Is it valuable? What's the opt-in rate? How many emails do you have? 

 

What's the open rate of the emails, how often you send emails to the list? How often do you send sales emails to list? And what's the close rate of those sales from that email? 

 

That's definitely checking out the marketing and see what's being done with that. That's very, very important. And then I'd like to do a lot of due diligence on the product. Asking how much does the product cost? What are the best-selling products? Are they at the top of the site on the main homepage? 

 

And just checking out what's been done in terms of making sure those products are shown in a really good light. As you know, product descriptions, good images, making sure each product page has a lot of great information that's really eliminating the fears of what the buyer may have. 

 

For building a lot of trusts and then making sure that's also SEO friendly. So they're the top probably 3 things that I'd be looking at. Financials, marketing, and the products and how that... 

 

Everything to do with the products, if that makes sense. I know there's a lot of information there. So, you may need to go back and read or listen to that again. (laughs)

 

Chase Clymer  

No, yeah. There's a lot there. But it translates over to make sure you know what they're doing. And then make sure that you understand that you can either do it better or improve the process. 

 

Because you don't want to buy one of these businesses and just have it be stale. You want to grow it.

 

Jaryd Krause  

Yeah. The main thing when you're buying an online business is understanding the whole business and understanding what risks are involved. Because there are risks involved in absolutely everything. 

 

And then working out how you can minimize those risks. And then what are the low-hanging fruits that you can take advantage of. 

 

That could be the email list or if you know a lot about marketing on Facebook or YouTube or Twitter or LinkedIn, or wherever. Pinterest.

 Then, take advantage of your skill and, utilize those low-hanging fruits there. 

 

Chase Clymer  

Absolutely. Jaryd, thank you so much for coming on the podcast. It's been so much fun talking to you about this industry. I was just on his last week. I don't know when that will come out. But I'll definitely share it with the email list, as well, over here. Is there anything that you want to share with the audience before we go today? 

 

Jaryd Krause  

Uh, yeah. Thanks so much for having me on. The one thing I'd like to leave with the audience and share with everybody is that if you're coming to this space to make money online, the number one thing that you want to understand is that it's not about you, it's really about your customers. 

 

The more value you give them, the better. It's going to come back to you, so you got to give before you get. 

 

And I'm talking about you, if you're giving people really good prices on your products, if you're giving them really good customer service and help, if you're giving them really good value just by going through your site and teaching them, really good content, that's the number one thing that you should be focusing on. 

 

How can you make your business and your website and everything that you do so very valuable to people that are your audience or interested in what you have? How can you make that more valuable, because then you're going to set yourself up for success. That's the most important thing to focus on.

 

Chase Clymer  

Awesome. So if anyone's curious to learn more about you, where should they go?

 

Jaryd Krause  

Sure. You can just go to my website, buyingonlinebusinesses.com. And then you can check out my website and see my podcast. 

 

Most people go and check out my podcast, listen to a few things that I'm up and what I like to share. 

 

And then if you're interested in what I've got, then you can go back to my website and check out some free resources and some other things that I give people.

 

Chase Clymer  

Awesome. I'm sure that I'll have you back on here in a couple of months and we can go down this rabbit hole a bit further.

 

Jaryd Krause  

Sure man. Looking forward to it. Thanks so much.

 

Chase Clymer  

Yes. Take care. Have a good day.

 

Jaryd Krause  

You too. Bye.

 

Chase Clymer  

I cannot thank our guests enough for coming on the show and sharing their journey and knowledge with us today. We've got a lot to think about and potentially add to our businesses. Links and more information will be available in the show notes as well. 

 

If anything in this podcast resonated with you and your business, feel free to reach out and learn more at electriceye.io/connect. Also, make sure you subscribe and leave an amazing review. Thank you!

 

use  

It's not about you, it's really about your customers. And the more value you give them, the better. It's going to come back to you, so you got to give before you get.

 

Chase Clymer  

Welcome to Honest Ecommerce, where we're dedicated to cutting through the BS and finding actionable advice for online store owners. 

 

I'm your host Chase Clymer, and I believe running an online business does not have to be complicated or a guessing game. 

 

If you're struggling with scaling your sales, Electric Eye is here to help. To apply to work with us visit electriceye.io/connect to learn more. Now let's get on with the show.

 

Hey, everybody, welcome back to another episode of Honest Ecommerce. I'm your host Chase Clymer and today we're Welcome to the show Jaryd Krause. Jaryd Krause is calling me from all the way across the world. The power of technology. (laughs) 

 

Jared comes to us from... These days, he's the host of Buying Online Businesses Podcast. He's very passionate about passive income, which is definitely something I think a lot of us know about being in this industry. 

 

You start a business and you have the entrepreneur bug because you're trying to figure out ways to make money online with the "How lazy can I be about it?" [mindset]. And you know, you get into it and you learn quickly that that's not really the case most the time. It still takes hard work. 

 

So Jaryd's coming to us today. I was actually on his podcast and now I'm gonna have him on ours. But first of all, welcome the show. I'm talking too much.

 

Jaryd Krause  

Nah, man. Thanks so much for having me and you're spot on with the passive [income]. Yes, you can have passive income but some people just really take that way too literally. 

 

And [they] want to try and have their website just running without them doing anything. I like to tell people you know, semi-passive is more realistic, unless you do have a really good team and processes and structure in place.

 

Chase Clymer  

You know what, [just from] that right there, we can end the episode. Cool. Alright. Now you've bursted everyone's bubble. That right there is really crucial to know. You get what you give, right?

 

Jaryd Krause  

Yeah. Oh, for sure. And that goes through all of life, not just in business.

 

Chase Clymer  

Alright. So someone's going to want to know the answer to this question, what is the most passive business that you've come across? As much detail, I guess, as you could share.

 

Jaryd Krause  

That's a great question. It's probably not in the space that most of you guys are listening. But it would probably, in my opinion, be a content site where they're making money from affiliate marketing and ads. 

 

And if you have a team where you have them go away and search keywords and produce the content and have somebody else edit it, and post it, and upload it for you, and then distribute that content around the socials to get more traffic, that's probably the most passive model. 

 

And then yeah, you'd still want to be working on it though because for example, say you've got a website running, you've got to have other people coming up and it's going to be a competition. 

 

Which means you're going to have to have your SEO really good. And also the algorithm changes how your website gets shown up and seen and that type of business heavily rely on traffic. Not so much, PPC

 

There is a lot that you should really keep your finger on but that would be probably the more passive model that you could go for.

 

Chase Clymer  

Absolutely. And then it's just one of those things where before it is passive, there's a lot of work to get that initial block of content that gets you ranked. Get those backlinks that helped get you up there in the first part. I think...

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

...that part of the puzzle, people are going to overlook,

 

Jaryd Krause  

Yeah. For sure. It doesn't come with just a few things strung together and [then[ you're off and away. It does take time to set up that money-making project.

 

Chase Clymer  

Correct me if I'm wrong, but I'm going to guess that the most average way to make money online... Average is a very wrong word. 

 

But typically, these days, a lot of people are building brands. They might get started with dropshipping, figuring out something that works and pivot to an actual brand. 

How average of an avenue do you see that being for younger entrepreneurs --as far as the workload goes-- between being full-on in the business and passive? Where does it live?

 

Jaryd Krause  

With dropshipping or just Ecommerce in general?

 

Chase Clymer  

Yeah, I asked like 3 questions in 1. I'm sorry.

 

Jaryd Krause  

(laughs) No, that's totally cool. Yeah. [I] just want to be more specific. Are you more relating that to dropshipping?

 

Chase Clymer  

I think people know that dropshipping is a very difficult model to do profitably these days. 

 

Jaryd Krause  

Yeah.

 

Chase Clymer  

It's pretty known that I prefer people focusing on an actual brand and building it the right way. 

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

So you can give your opinion on both.

 

Jaryd Krause  

Okay. Let's start with the dropshipping while we're on that. 

 

Yeah. It is hard because you don't have so much control of your product, and shipping times. Now, Amazon is just making things quicker and quicker and you can have things the next day type thing. 

 

It's just so hard to sell products that aren't your own. You don't have the quality control, you don't have the shipping control, you're relying on them doing refunds and stuff like that. And also you may be going out of stock of stuff and you didn't get updated or they may have changed some products and stuff like that, which has happened to me. 

 

Recently, one of my suppliers sent out the product that I purchased wholesale. I sent it out to them and it was completely different... Not a completely different product, but the product had been developed and changed and it didn't look like the images on the site, or what I actually purchased. I didn't even know. 

 

So there was a big kerfuffle about that and I feel actually pretty bad about it. So yes, there's not that much control over it in the dropshipping space. 

 

In terms of running just you own... I call it self-product distribution because you're buying your own products or you're developing your own products, and then selling it on your own website or on Amazon. 

 

The reason it's not too passive is because you need to keep your eye on the products; How much stock there is, developing them and just making them better. And that's quite important because without the stock you can't sell anything (laughs). 

 

And then also, with customer support and service and stuff like that, that's a big part that you really need to get your finger on the pulse. 

 

And yes, if it's a bigger business, if you're doing a couple $100k up to a million or more, then you can start to really put people in place where you can have it more passive. B

 

ut in terms of people starting out, --which I'm sure most of your audience are-- is that there's a fair bit of work to go into really building that brand and really building that business.

 

Chase Clymer  

Absolutely. So, just to put that into 1 sentence, you're not going to become a millionaire from [just] standing up a Shopify store and picking a good niche. 

 

Those days are long gone. And honestly, I don't think they ever existed. I think the people that were doing that stuff had other stuff that was giving them a competitive edge to help them do that.

 

Jaryd Krause  

Yeah. For sure. I think the huge edge or what's very underestimated is picking your product and picking a niche really well. Sometimes people... I look at billionaires, and a lot of them [are] very, very smart and they know how to do technical and analytical things. 

 

Although a big portion of what a lot of billionaires say is "Some luck was involved." they'd never perceive that the industry would have gone the way that they were heading as well. And so when you start selling a product or doing a service or doing business in a specific niche or industry that starts to take off, that gets really really popular, it definitely adds to your success. 

 

So trying to work out what niche and industry can really help you and then making sure that product is absolutely amazing. It makes you like run downhill towards your goals rather than trying to run uphill.

 

Chase Clymer  

Absolutely. That makes a lot of sense. Going with that and picking niches and stuff, I think this is something I see often as well. We'll get a huge influx in the market of people that are chasing something that's already taken off. 

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

And I think by the time you've heard of it, and you haven't been actively in it, you probably are too late. So some examples of that would have been vaping

 

It was huge in the direct-to-consumer market a few years ago. Now it's moved into CBD. It's just insane right now. 

 

Jaryd Krause  

(laughs) Yeah. 

 

Chase Clymer  

And all these products, they have an edge factor to them and you gotta jump on them as soon as possible. But I don't think that I've ever met a person that's come in after the ship started taking off ever made a dollar in those spaces, just because they're too far behind already.

 

Jaryd Krause  

Yeah. And I think if you're coming into the online space to just make money, then yes, you can do it with the fad and gimmicky type. I call them the fad-y type gimmicky products because it's got a life. It doesn't have a massively long lifespan. 

 

It's better to look... And I say this to my clients who are buying these, not just starting them. Look for something that's an evergreen product,  and be in business for the long haul, rather than just getting because something's hot and you know you can make money from it because then you're just going to be sloppy. 

 

When you're just trying to make money, you're gonna be sloppy on your customer service and your product anyway; Because you don't actually have the passion, the care for the product being absolutely amazing and really, really good [and] because your eyes are focused on those dollar signs. (laughs) 

 

So, I prefer to tell people to go for something that's more evergreen. [Something] that is going the stand the test of time and can be developed as you go. Something that's still going to be around in 10 to 15 or 20 years’ time is going to be a far better business. 

 

It's going to be more sellable with somebody wants to sell it and you're not having to reinvent another business and create a new business every 5 years. So I just feel it's better to go for those evergreen products. Does that make sense?

 

Chase Clymer  

No, that makes complete sense. And that's an amazing segue into where this conversation was gonna be going which was how do I sell a business? 

 

There are a few questions I have around here. But I guess the first one would be how big does my business need to be before selling? It's actually something I can do?

 

Jaryd Krause  

It's a great question. It doesn't need to be [big]. It can be earning $20,000 a month. I mean, $20,000 a year, and you can still sell it. So it doesn't need to be this seven-figure income earner to be able to sell your business. 

 

Actually a lot of people sell their business that a remaking $20k to $30K a year from their business. Net profit, obviously. So it doesn't need to be this massive business. 

 

And then there are businesses to the cell all the way up to $20 million, $30 million, $50 million. And then your question was, "What do you need to do to sell it?" Was that right?

 

Chase Clymer  

Yeah, but there's something I want to interject in there.

 

Jaryd Krause  

Sure.

 

Chase Clymer  

Before I'm getting ready to sell it, I've made the choice that I want to sell it. For the sake of simple math, let's say that the business we're talking about sells widgets. It sells something. 

 

And it's making $50,000 a year. So we'll just take that for the baseline for the rest of the conversation. 

 

Jaryd Krause  

Yeah.  Mm-hmm.

 

Chase Clymer  

So we have the side hustle. We had a good idea. And we're making about $50K a year. And I've made a decision that I want to move this thing I want to sell this business that I have. What's it valued at?

 

Jaryd Krause  

A great question. There's a lot of variants to that. But so it's making that $50 grand a year. Let's just say that's net profit,  which is important. Because nobody's... You're not gonna buy a $50,000 revenue business because of profit. Maybe only $5,000, possibly. 

 

So let's say it's doing $50,000 net profit. For an Ecommerce site, the multiple is roughly about 2 to 3 years net earnings. 

 

So, you could be looking at selling it for anywhere from $150k or $100k to $150k, maybe more. Now, the other bit... That's on average. 

 

Now, the other variants control the price by how much work is required to run per week. Like in customer support, fulfilling orders, ordering, stock, SEO, marketing, blah, blah, blah, all those sorts of tasks. 

 

If people are spending 10 hours per week to make $50k per year net, some investors don't particularly want to go for that. They want to make sure they have fewer hours and the work's easier. So maybe you have different... Moving probably into the next question, what do you need to do to set it up? 

 

Well, before you sell it would be just getting good processes, structures and procedures put in place so you can decrease the workload and then also work out how you can decrease the amount of money spent. 

 

So, decrease the amount of money spent, which is the expenses, and increase the overall profit.

 

Chase Clymer  

Absolutely. So there's one thing I want to get in here and I just want to clarify for everyone that may not have the technical nerd word background like me and Jared do.

 

Jaryd Krause  

(laughs)

 

Chase Clymer  

When we say net profit, that means that this is $50,000 we're taking home cash in our pocket. That does not mean that it says $50,000 sold in your Shopify backend or whatever platform you're on. 

 

This is like profit after every expense. After taxes.

 

Jaryd Krause  

Yeah, that's right. Yeah after absolutely everything. Actually, sometimes it can be before taxes. A lot of the case with the different brokers, especially on sites that are sub $200K, it's before taxes. 

 

And this is a tricky one in the online space because taxes are going to be different depending on who buys the business and where they set up that that the business name...

 

Chase Clymer  

Mm-hmm.

 

Jaryd Krause  

...or they transfer the business to operate for. So you could pay fewer taxes in a different state in America or you could pay fewer taxes may be in Australia or different country where you transfer the business over to. So, some businesses, do it before tax. But yeah, that's a really good thing to highlight. Revenue is everything that you make. Net profit is everything do you make after expenses. So cash.

 

Chase Clymer  

Yeah. So, if this business was run extremely efficiently and they're taking $50K home at the end of the year, I'm sure they'd have amazing margins and they're probably looking in between the $100K to $300,000 in what they were actually bringing in. 

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

Just to put some more numbers around our made-up business.

 

Jaryd Krause  

Yeah. Yeah, for sure. Yeah, you'd be running it. You'd be doing some pretty good margins and you low CPAs and CPLs, I guess, as well.

 

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Chase Clymer  

Alright, so we made the decision. We expect that we are going to be able to sell this thing for $150K on a good day and so I need to get my processes in place. So this is all about creating SOPs, standard operating procedures, I need to write down the answer to every question that might come up about my business. 

 

And this is usually what separates a good business from bad business. It's just having processes in place to answer questions to help whoever is helping you. 

 

You've got a VA or you got a full-time employee, whatever, you want to help them do their job faster. That requires you to get all the answers out of your head.

 

Jaryd Krause  

Yeah. I've done this on one of my businesses. It' so great that you brought that up. I went through in the email, within the backend of the email software that we're using. Or you could do this in Gmail even. When they're more... FAQs, the frequently asked questions come through via email. 

 

You just have an email, response, like a template. And you just click on that, and it just sends. And that just cuts out so much time that you have to pay a VA to type out that email every single time or even to do it yourself. 

 

And you shouldn't have to set that up just before you buy the business, you should set it up now. So you can utilize that little tool while you're running it, and then sell the business. 

 

Chase Clymer  

Here's what I believe everyone should be doing. You should be setting your business up to sell it right now, even if you never want to.

 

Jaryd Krause  

For sure.

 

Chase Clymer  

Because all it's going to do is it's going to take less of the day-to-day out of your business so you can focus on what you are objectively the best at within your business, be that being creative and coming up with this awesome idea or maybe you are the best at selling to these wholesale distributors and you need to free up time to do that. 

 

Or maybe you are the best at literally designing the t-shirts for your brand. Getting all this stuff SOPed out and off of your plate and out of your head is only going to do wonders for your business and it will get you... 

 

One day, if you do want to sell it, you already have all the work done. But getting up to it... 

 

Some people get to this point in the business and there's a book out there --Oh shit, I'm gonna forget it-- but it's about scaling an agency this way. I will put it in the show notes because I can't believe I'm drawing a blank. 

 

Jaryd Krause  

(laughs) Yeah. It happens to me all the time. (laughs)

 

Chase Clymer  

Yeah. it's about processing out your business to where it runs itself without you involved. 

 

And then it's like this is where most business owners realize that they don't want to sell their business anymore because it's no longer a headache. And you just keep it because it's an asset that's cash-flowing.

 

Jaryd Krause  

Yeah. And it is I totally understand how scary it is to start outsourcing. The paradigm shift people need to make is that there are people out there that can do the tasks that you're doing better than you. 

 

And you can pay them less than what you would probably have to pay yourself to do them as well. Getting that off your plate means that you can finally start chunking up and start working on more high-level tasks that are going to be high-income producing tasks, to allow the business to earn more money. 

 

Rather than like designing t-shirts and doing customer support, and stuff like that when you could be taking the business in a totally different direction. You could add tens of thousands of dollars if not more to the total revenue or the income of the business.

 

So it's more about how can you get these low-level tasks off your plate. Even though it's going to cost you money in the short term, it's going to allow you to work on bigger tasks. 

 

And this is where you need to be a visionary, allow you to work on bigger tasks and [it's] going to allow to bring in more income for the business than what you may be paying somebody to design some t-shirts or do customer support.

 

Chase Clymer  

Before we move on, there'sone thing I want to burst. It's this idea of "Teaching someone how to do this is going to take me longer than just doing it." 

 

Jaryd Krause  

(laughs)

 

Chase Clymer  

That's the worst outlook on growth ever. You need to get it off your plate anyway. Even if it takes them twice as long, you need to focus on other stuff. And there is the mindset shift of task-switching

 

You literally can't focus. You can't multitask. It's impossible. You need to get over that mindset and just start getting stuff off your plate and freeing it up for that stuff that you have to be able to do [what] you need to do to grow that business.

 

Jaryd Krause  

Yeah. It's something that I've been implementing at the end of last year and [the beginning] of this year. Setting time aside to think. When you've got so much... And this thing is so common, it was very common for me. 

 

That business owners will have so much on their plate that they just go go go go go. And they finally finish and then they've got to go away and cook dinner, clean the house. If they will have kids, they gotta run around and sort it out. 

 

And then you just don't have time to sit down and think about your business or the direction you could take it or things you could do to improve it. You're just absolutely doing the day-to-day and running it. 

 

So even just having space... Space is so important. And especially as a business owner, if you don't get that, then your business can just run around in circles. 

 

Even paying somebody to do tasks when you get to do nothing, I think, it's still a good investment. Because you got that time to think and that space.

 

Chase Clymer  

Absolutely. Alright, so let's move into this. We made the decision to sell. We've got a number in mind. We processed the crap out of our business. Now what? How do I sell this business?

 

Jaryd Krause  

So you can just go to a broker. You can just type in "website brokers" or you can come to me and I can send you to a particular broker that may be best for your business model. I know there's quite a lot. 

 

There's Empire Flippers, FE International, Quiet Light Brokerage. You could sell on Flippa. That's probably a lot more work than you may want. 

 

There's also Exchange Marketplace, which is where that you can directly sell your Shopify store. I'm not sure if any of your audience actually knows about that. 

 

But you can do that directly through the platform, which is quite cool. Yeah, there's. Just Google "website brokers" and you can find a bunch of different brokers that will help you sell your business. 

 

Chase Clymer  

And I'm sure there's some sort of fee involved in that. 

 

Jaryd Krause  

Yeah, there's a fee. It depends on how big your business is. But it can be anywhere from 10% to 15%.

 

Chase Clymer  

Absolutely. And how long is that process like this usually take? 

 

Jaryd Krause  

That's a good question. And that's very business dependent as well. 

 

Chase Clymer  

Mm-hmm. Oh, yeah. I'm sure.

 

Jaryd Krause  

Yeah. At the moment, we're in a pretty good market where businesses do so quite quick because so many people are hungry to buy businesses that have passed that 90% present failure rate. Because 90% of startups fail. It's quite hard. 

 

So they passed that 90% failure rate and they've got a proven track record. They're already making money. People that want to sell that businesses are smart. They've set up all the processes. 

 

Imagine you coming in and going," Alright. I just want to buy businesses" Just chugging along. And you can do some day-to-day, small day-to-day tasks, then it's pretty attractive to buy, especially for the return that you can make. 

 

So they’re selling quite quick, especially businesses sub $100k or say even sub $200K. They're selling quite quickly. 

 

Chase Clymer  

Absolutely. 

 

Jaryd Krause  

And by quick, I'm talking like, a week to 3, maybe 4 weeks.

 

Chase Clymer  

That's wild to me. (laughs) But I'm assuming that the people that are buying them that fast, it's probably not their first rodeo.

 

Jaryd Krause  

Not at all. I spoke to the Empire... On my last summit, at the Buying and Building Online Businesses Summit just finished at the start of this month as we record now. I had a broker come on and he mentioned that they're selling $50,000 to $70,000 sites in seconds. 

 

They have people already have money wire to them in their account ready to just purchase something good that comes along. 

 

Because there are bigger funds and firms that are buying up smaller brands. And they just say something they like, they'll do a quick bit of due diligence to see those sales, and take it off the marketplace straightaway. 

 

So it's pretty crazy how quickly they're selling.

 

Chase Clymer  

That's nuts. 

 

Jaryd Krause  

Yeah.

 

Chase Clymer  

This is going to be... Thank you for introducing me to a rabbit hole of nonsense that I'm going to get into this year. I already talked to you about this offline. But...

 

Jaryd Krause  

Yeah. 

 

Chase Clymer  

This is something I'm looking into. 

 

Jaryd Krause  

It's actually a pretty, pretty cool space. It's growing quite rapidly. And there are some cool parties coming to space, too. I love it.

 

Chase Clymer  

Yeah. Alright. I guess let's look at the other side of the coin. I'm sure there are some people out there and they're like, "Wow, I never thought about buying a business." Do you know what I mean? 

 

From a due diligence perspective, what should be attractive? What should I be looking for? 

 

I'm sure there are a million things out there but like what are the top 3 things that you want to look for when evaluating buying a business from somebody, especially like an online Shopify store?

 

Jaryd Krause  

Yep. For online Shopify stores, the top 3 things you want to be checking and verifying through due diligence. Number one is getting viewers access to their Shopify account and just double-checking the sales that are coming in. 

 

And then cross relating that --cross-referencing I should say-- to the profit-loss statement they give you. Normally, they're going to give you a P&L, and that is like an Excel sheet. 

 

So you want to be cross-referencing that to make sure it correlates with the actual income that is coming in. And then just double-checking what their expenses are, making sure it all checks out and actually makes sense because that's really important. 

 

That's just called "Verifying the financial." So that will be the number one thing that you need to be doing. 

 

Then there's checking out... Probably, for a Shopify store, I'll be making sure the marketing's really on point. 

 

And if it's not, what needs to be done or changed? So I like to see what's happening with the marketing, why it's working, why it's not working? What have they tried, what worked and tried? What did they try and did not work? Asking things like what's your CPA? 

Which is your cost per acquisition? What's your CPL? Which is a cost per lead. If you're getting leads before you transition them into a sale, what are they getting as an opt-in? Is it valuable? What's the opt-in rate? How many emails do you have? 

 

What's the open rate of the emails, how often you send emails to the list? How often do you send sales emails to list? And what's the close rate of those sales from that email? 

 

That's definitely checking out the marketing and see what's being done with that. That's very, very important. And then I'd like to do a lot of due diligence on the product. Asking how much does the product cost? What are the best-selling products? Are they at the top of the site on the main homepage? 

 

And just checking out what's been done in terms of making sure those products are shown in a really good light. As you know, product descriptions, good images, making sure each product page has a lot of great information that's really eliminating the fears of what the buyer may have. 

 

For building a lot of trusts and then making sure that's also SEO friendly. So they're the top probably 3 things that I'd be looking at. Financials, marketing, and the products and how that... 

 

Everything to do with the products, if that makes sense. I know there's a lot of information there. So, you may need to go back and read or listen to that again. (laughs)

 

Chase Clymer  

No, yeah. There's a lot there. But it translates over to make sure you know what they're doing. And then make sure that you understand that you can either do it better or improve the process. 

 

Because you don't want to buy one of these businesses and just have it be stale. You want to grow it.

 

Jaryd Krause  

Yeah. The main thing when you're buying an online business is understanding the whole business and understanding what risks are involved. Because there are risks involved in absolutely everything. 

 

And then working out how you can minimize those risks. And then what are the low-hanging fruits that you can take advantage of. 

 

That could be the email list or if you know a lot about marketing on Facebook or YouTube or Twitter or LinkedIn, or wherever. Pinterest.

 Then, take advantage of your skill and, utilize those low-hanging fruits there. 

 

Chase Clymer  

Absolutely. Jaryd, thank you so much for coming on the podcast. It's been so much fun talking to you about this industry. I was just on his last week. I don't know when that will come out. But I'll definitely share it with the email list, as well, over here. Is there anything that you want to share with the audience before we go today? 

 

Jaryd Krause  

Uh, yeah. Thanks so much for having me on. The one thing I'd like to leave with the audience and share with everybody is that if you're coming to this space to make money online, the number one thing that you want to understand is that it's not about you, it's really about your customers. 

 

The more value you give them, the better. It's going to come back to you, so you got to give before you get. 

 

And I'm talking about you, if you're giving people really good prices on your products, if you're giving them really good customer service and help, if you're giving them really good value just by going through your site and teaching them, really good content, that's the number one thing that you should be focusing on. 

 

How can you make your business and your website and everything that you do so very valuable to people that are your audience or interested in what you have? How can you make that more valuable, because then you're going to set yourself up for success. That's the most important thing to focus on.

 

Chase Clymer  

Awesome. So if anyone's curious to learn more about you, where should they go?

 

Jaryd Krause  

Sure. You can just go to my website, buyingonlinebusinesses.com. And then you can check out my website and see my podcast. 

 

Most people go and check out my podcast, listen to a few things that I'm up and what I like to share. 

 

And then if you're interested in what I've got, then you can go back to my website and check out some free resources and some other things that I give people.

 

Chase Clymer  

Awesome. I'm sure that I'll have you back on here in a couple of months and we can go down this rabbit hole a bit further.

 

Jaryd Krause  

Sure man. Looking forward to it. Thanks so much.

 

Chase Clymer  

Yes. Take care. Have a good day.

 

Jaryd Krause  

You too. Bye.

 

Chase Clymer  

I cannot thank our guests enough for coming on the show and sharing their journey and knowledge with us today. We've got a lot to think about and potentially add to our businesses. Links and more information will be available in the show notes as well. 

 

If anything in this podcast resonated with you and your business, feel free to reach out and learn more at electriceye.io/connect. Also, make sure you subscribe and leave an amazing review. Thank you!