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Greg Elfrink from EmpireFlippers.com shares why he’s passionate about the remote work revolution, what he’ll be covering as an expert on the Remote Business Summit, and his courage story.
 
Catch Greg Elfrink and 25 other #remotework experts on the Remote Business Summit Nov 18 – 22, 2019.
Want to learn how to launch, grow and scale your remote company? Grab your free ticket or All-Access Pass at http://www.RemoteBusinessSummit.com
 
Connect with Greg: https://empireflippers.com/
 
 
Transcript: 

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Anf: I’ve got with me, my good friend, Greg. Gregory Elfrink. Welcome to the summit, we are here. In this session we’re talking about, what are we talking about Greg? Greg: about the different online business models that people can get into whether they want to buy yourself. Help them on their journey. Love it. Okay, so [0:28] that right. That’s correct. [0:31] Who’s basically the direct sorry the content that I’m getting was the marketing director at Empire Flippers calm, which is a site, which is all about buying and selling online businesses, it’s a marketplace for anyone who wants to do either of those things. And this is why I was excited to have Greg on here because we are talking about remote businesses, and there are different business models that you can actually look at whether you are wanting to acquire one whether you’re looking to sell one or build one, and most people, I guess, can get a bit worried about internet online businesses because they’ve either get had a negative experience we’ve always looked at as being served them and really logic, or they just not familiar with the variety of possibilities that you can go into. I think a lot of listeners will know but get models calling in and build up their marketing and business. There are a tonne of I was going to cover. So, Greg, when we get into some of the maybe the top three models that you’re seeing right now coming through your platform and what people are looking to either buy or sell. [1:32] Yeah, so there is a wide array of business models out there so like you I mentioned earlier, I think a little bit online but still wants to see like a more full exhaustive list, they can go download our ebook or read the blog post. It’s called the 13 most popular online business models, you just type that into Google popular online business models be number one, but out of those 13 or so there’s really three categories that most of them fall into, like, three big parent categories and you mentioned one there with affiliate sites so content sites is what we would categories those as, as the broader category, now includes things like display ads affiliate offers typically these are content sites you’re writing blog posts about know how to informational post reviews on products, Amazon, stuff like that. That is a great business model, especially if you just start off, because, one, it’s like there’s no way moving logistics, or like inventory services. There’s a lot of value and you can post me. There’s some policy, negative sides of that too. While if we Martin can be fairly hands off because so much of the work is front loaded. And I mean, you’re putting in, like, 3040 hours. You know, every month mean every week for months on end before you see any kind of money but once you get the money starts coming in, then you might be working like three four hours all the parties are internet marketers, talking about. But it takes a tonne of work to get to that. The other negative there is, you don’t really offer you control the content you control the traffic coming in and how they’re interacting with sites and all that stuff, but at the end of the day it’s on your product right and you don’t really offer the offer, go away tomorrow. Maybe they run out of inventory, and they just can’t pay you anymore. Maybe something else happens I was away. I mean, it just dies no there’s a bunch of different ways that that our income model could potentially go away. [3:27] Um, I asked you about the products, call me social and affiliate model. Right. So what are some of the things that work really well. I know a lot about online courses that seem to be all the rage right now. But it’s also I also hear about the the negatives of online courses being that the question rates of course are very low that people will buy courses they won’t complete, the courses they’re able to generate more sales because people don’t, you know, get a positive experience from the programme for example, [3:55] yeah. Yeah. So in terms of like what’s coming up for affiliate I mean, what can you saw on the internet, this is somebody over there is insane amount of variety of things you can sell through affiliate marketing from a, you know, lead generation like honours you want a lead an affiliate CPA offer. There’s no wonder anything off on amazon.com products they have an Amazon Associates programme right there’s an affiliate as far as courses go, I would probably recommend people to stay away from that only until they’re a little bit more experienced and the reason why I say that is because most lucrative affiliate offers and courses typically are in niches. Now liners are traditionally a very competitive niche so here’s a now and you’re trying to go home for the moon, then niche where you’re dealing with going very deep pockets that could be really disheartening when you know, eight months 10 million cells. As far as the completion rates go on what is that’s right more of course creator problem and the problem. That of course it depends on the affiliate programme, but most course, most course affiliate programmes I’ve seen, don’t really care if the student needs a course or not, but they do often care. They want to pay the teacher. As an experienced. Right. So there’s that. And of course if you don’t want to dabble in the affiliate space because maybe you don’t want to manage all those links. Another good alternative on the content side space is play out. Like, if you throw out a niche site on you treat it like a media company as a company grows bigger and bigger until real authority, often your ad for display Avenue is going to overshadow all of your affiliate. There’s a big myth that people think oh I can’t add display as my affiliate site will take away my affiliate and I’ve never seen that to be the case I’m sure it’s happened to people but by and large, there’s aspects to their website they tend to be. And if you plan on growing the site really big players are much easier to manage than hundreds, thousands of different affiliate links, and they are always usually about always usability, you have a good network. You can start with something like AdSense move up to higher pay network going to add drive by and all that stuff so you just you’re not just locked into affiliate stuff. [6:09] Okay, so can you take us through. So someone’s listening to this and they think that affiliate. Some affiliate type of model sounds like something I want to try or maybe if they’re having a go at it, they really want to turn it into something that can generate a revenue stream or profits month month, a month. Can you give us sort of a case study of a business that you would we both come through Empire Flippers that had recently been sold and would have been an affiliate type whatever business approach they were selling and what kind of revenues, they were seeing. [6:37] Yeah, I can’t tell you. Any other products or niches of businesses we’ve sold unfortunately because I gotta agree design was there but, uh, I’ll just predict the new buyer and the seller right but I see affiliate sites come through all the time. It’s one of our biggest business models that we sell right, um, for someone that is wanting to make, you know, quick profit good cash flow. But, you know, add something there that’s making money. I would good financial situation. I will look at buying. Personally, it’s just so much quicker. So you like if you buy a content site is already making money, let’s say you spent $50,000 to buy a site up again probably between one and a half, two and a half thousand dollars a month. It’s been around there. Like, that’s like doing that, you cut out so much of the legwork or do you have a dime up and working notes. See the p&l see the dashboard display dashboard, you have a proven niche so you don’t have to do what is really laborious work with niche research keyword research you already, it’s already done for you. You only have traffic to. So now you can play around with things like conversion rate optimization maybe it was just a pure affiliate site making two and a half k per month. And now you can have those display outsold informational content which wasn’t monetized before. Now you might be making three three and a half k per month, right. Just simple fixes there so don’t have a lot more to play with, so it cuts down the timetable of making money, rest. Now if you’re more tight on the budget and like that seems like that’s great, great. Okay, but that’s not me. That’s okay. You can always start from scratch to right like a lot of these sites. They started with hundreds of thousands of dollars. What I would tell you though if you are starting from scratch, you’ve got to be consistent because first 10 to 14 months, unless you’re lucky or become very skilled at something like SEO, you probably won’t see how much money you in Muscatine, you don’t see that much, but a month 18, that’s when you’re, if you’ve been doing everything correct. That’s when your prize start seeing the snowball effect of all those months of effort, where you know suddenly you’re making 50 bucks a month, a month, and 16, and 17 you’re making 1000 and maybe teams are making two. Right. And that’s how often work. God to give it time to snowball but you also have some work over the time. That’s what I mean by front loading. [9:02] So can you just get people to speak on what their funding looks like so you’re so pretty content. Is that like. So you buy a domain you set up your website, running on whatever content management system you want to use to be WordPress or something else. And then you do some keyword research, I assume, or do you go into just how do you identify what needs to get into. [9:26] Yeah, so before you do keyword research I probably look at niche research which is similar but a little bit like more top level, [9:33] a niche that I typically like and these [9:35] are the niches we typically see at Empire Flippers is ones that have variety of products. So, so. Typically they’re in a hobby or lifestyle and a niche like head started is a really common one, cooking and culinary. And there’s, like, The great thing about those niches, is there’s a tonne of physical products there’s digital products there’s software you can sell often in those in those verticals as well. And there’s just so many people there’s a huge mass market of those people, and those niches tend to do quite well. If you can find a niche that has a tonne of different physical products, you’re using something like Amazon Associates as your main affiliate. Typically they tend to stay lower than other affiliate networks, but they also tend to convert higher than other affiliate networks uses pros and cons there, I would look for a product, look for products are between the price range of like 80 to $100. That’s usually good sweet spot where you can make some decent money. [10:34] But yeah, [10:35] ask yourself, Is there a lot of products in this niche. Is there a lot of variety of products both physical and digital products I’ve expand into isn’t a big net you big sites exist in this neck you know you can do a site. Let’s say you wanted to raise cattle or something. joking around about this magazine magazine that I randomly discovered this niche as a terrible niche to get into like the biggest websites in the niche are like only getting like 80,000 100,000 visits per month. And when you look at them a little, the internet is less than that, hey, like they updated their website a long time. This is like I’m probably the biggest sites, look like crap not doing. There’s obviously you know small sites. So when you, when you are doing your niche research what are the big sites are doing hundreds of thousands of search traffic every month, and older also site stars, more similar to the site that you’re about to build our getting at least some search traffic. And if that’s the case, along with a lot of different product offerings, then is probably the right niche. Only then what I tell you if you have like 10 of the niches you research that are workable. Only then what I suggest that you go out one that you find most of you like, Oh, your passion, like, okay, that could that could be good or terrible advice of no your passion [11:54] openings, you need to make sure your passion has commercial value. [11:59] Yeah. So you mentioned. [12:03] Cows my brain. Love it. [12:10] When you get, how do you actually find out how much traffic societies get what. [12:15] Yeah, that’s a good question. So there’s a bunch of different tools out there to the common ones are similar web. com, which tends to be a little bit more accurate on the traffic from what I hear, I don’t know if that’s true or not. I personally just use hsh has will be lower than the actual traffic value, be aware of that, but they don’t have as well. Obviously if they don’t access. They just guessing, but they tend to be pretty good. Um, if you are going to use some software for that for all your research, I recommend using one tool and and my tools as hrs and the reason why I say one tool is because that way you have a barometer to measure everything you’re using inconsistent measuring device you don’t want to use similar weather one hrs on another right you want to use. Same to all those things you can do better. [13:03] And just in case you’re wondering it’s spelled ah.com. [13:09] Yeah Are [13:13] cuz we both like Mr a solid Hey, and [13:17] so okay cool so you’ve got a nice just worked out what the issue is you might have a list of 10, are you going to go about that. You’ve worked out the volume of. Click volume is good, that the green lights there. And then now you’re going to start producing content. So what type of content, typically would you build for an affiliate site. [13:36] Yeah, if you’re just starting out, I would probably say 80% of my time building out what’s called commercial intent content. So these are your typical like reviews like say we’re doing a coffee grinder so your your articles might be best copy grinders are under $30 and are buying guide and coffee grinder so maybe you’re doing single article reviews of various types of coffee. Right. And those are all meant to, you know, capture the keywords like say you had a specific coffee grinder brand, did a single review with that brand and the title. When someone types in that brand plus review your article page one Have you done your SEO correctly, and they’ll see the article either, you know, by the if your review gave it a thumbs up or maybe they’ll buy something else you recommend if you did a thumbs down you have another product you do actually recommend. So that’s the type of commercial content you start off with, and the other stuff other 20% with the informational style content so this would might be like four tricks you can do with a coffee or a no coffee, like, Why do buy coffee beans and all that kind of stuff. And these are the kind of articles, the way that are great for monetizing, actually. Typically affiliates don’t monetize those articles so that’s one way to go about it. Um, that you know is your site grows, you might know venture off into other articles and one other article, you’re probably right that you’re focusing on SEO traffic method which is what most sites space do, is what we call a link bait. These articles, this could be a data driven pieces where you’re really using your content marketing jobs to build something that bunch of people want to do so in the coffee grinder space, maybe you surveyed 3000 copywriting or something and you created such a useful data infographic or something like that. You can pitch it to a bunch other sites in fact that article, links to your commercial attack keywords and all that link juice, close your site and for special stuff like the super basic simple. Yeah. And by the way, just one last thing on there if someone wants to I’m really dive deep into this a great resource is authority hacker.com they did a great job on all of this stuff. [15:57] Awesome. Cool. Now you mentioned that it takes like up to 16 months or something like that to really get a site like that going. Is that because it just takes so long for Google to rank those keywords and then those content or what’s the reason for the time frame. [16:14] Yeah, so if you’re just starting out with like a brand new site brand new domain. There’s something called the sandbox the Google sandbox and I was about six months typically on you know it can be shorter it could be longer just really depends on your site, but that’s cool seeing like is this a real website or is this just like a brochure for like affiliate links. They want it they want to see if you’re like, really sticking around, you shouldn’t you be like, [16:38] well, you want to make money [16:38] with your main core drive should be to offer real value business. Reading iconic customer value offer the more likely they’re going to come back and the more money you’ll probably make. So you want to you want to be a real valuable resource out of that first six months is one of slows people down. And the second reason why I say give it 16 months, or even months where he was probably when you actually started. He said, is because most likely if you’re starting from scratch, you probably to learn all about SEO although content marketing and you’re probably make a lot of mistakes along the way, I will inevitably, you know you’d be on month, eight, and realise I chose the wrong niche, there’s only like one product here, they’ll The rest is this Hello magazine. [17:27] People need those kind of mistakes all the time, right, and there’s nothing wrong with that that’s normal it’s part of the journey, right. So that’s why I say give yourself 18 months, you really work on something consistently I do recommend your brand new of buying a course like authority hack or activities the lab. Those are the only two SEO courses I really recommend and they are fantastic for this kind of business models so buy those check them out. Take a bunch of notes, and if you want to build from scratch, they will be a good blueprint of course if you want to buy someone’s already making money. Come to us. I can help you with that. Yeah, [18:01] so we will link to all these resources that Greg showing in the site here as well so you can [18:07] click through and take a [18:08] look at those. Alright, great. So we’ve talked about affiliate business model, there are two others you want to cover in this session so what’s the next one. [18:15] Yeah. So the next one is e commerce, and most people nowadays are familiar with ecommerce, there’s a few different you know sub niches within that so you know drop shipping. You have Amazon FBA which is built by Amazon, and then you have traditional e commerce, which is where you are sourcing your product from a manufacturer, and that you are selling on your own platform typically you must feel your chocolate by, but there’s other platforms like word presses, and commerce, and then the bunch of different platforms out there. So those are the three main subcategories within the e commerce. The nice thing about e commerce, are all stars on the nation’s first I guess that was the first day you discovered to be affiliate sites is now you have to do customer service, right. So, all those fun tickets like a your order of the blue one. Why is it like that. There’s a chip on this pain you know whatever. So you get to deal with all that fun stuff. And then you also have to actually research the product. Find a manufacturer. Get the like the test sample and make sure it looks right. And then you have to figure out the logistics for your grade for it or where your storey and warehouses course Amazon takes care of a large portion of that for your programme, but the one downside of that ba programme is that your margins are also going to be eaten away a bit harder to share and say other warehouses would. So that’s important to keep in mind too. So you have logistics and customer service and product research and Cost of Goods now sitter, your business you have a much more full fledged business versus affiliate affiliate just saying that like that’s not a full blown business I mean, there’s affiliate sites have been sold for well over $30 million. At this point, so definitely a real business but ecommerce, like, you think about contents I enjoy your magazine ecommerce is like your traditional brick and mortar store, just with an online presence, right. So those are some of the more challenging things with content sites, but one of the really nice things about e commerce sites is unlike the affiliate site, you have 100% control your product, especially if you’re doing traditional ecommerce you’re sourcing your own products are you doing drop shipping still kind of have that same problem as affiliates, where you don’t really control the product, but the nice thing with drop shipping is you got to worry about the storey either. So that’s a one easy way to get started, ecommerce start banks you only have to pay for the product. After you sell the product as much as the more similar to how you saw the new customer service, but the manufacturer and supply chain that’s all taken care of. [20:55] there any resource that you can recommend for drop shipping, learning about that [20:59] or even just getting started on. [21:03] Yeah, so, my friend Anton Crawley or I dropped dead lifestyle. He has he sells a course on it, I haven’t gone through it myself personally, but I know it’s probably pretty good. I’ve known Anton for many years, and also he’s had many students that have sold businesses with us so his style drop shipping works really well. Um, it is a great place to start off with. If you want to learn more about ecommerce, not so much the commerce but like paid media for like paid media as it pertains to e commerce, I would check out detachment dellia he’s another good buddy of mine he’s crazy good Facebook marketer and the vast majority of traffic sources PC on our marketplace or e commerce stores, typically is always Facebook ads so he’s a great resource or really become like a technical expert. [21:54] Nor does all the comp. Okay, [21:56] well just say what’s his website is that his name or just something else. [22:00] That’s a good question. [22:04] Yeah. [22:06] Yeah. So there was we talked about drop shipping [22:09] standard calm we’ve got the supply chain and you manage that. Was there a third that you mentioned. Was it yeah [22:15] Amazon FBA so that’s really taken off the scene by storm last two years, and that whole concept is basically you do the same thing as you do with a traditional econ source of the product you buy everything you get the frame for you have a warehouse. But your warehouse is now Amazon’s warehouse, and when they get into Amazon’s warehouse. It also appears on Amazon. com on their marketplace right so now you can get the benefit of a huge amount of traffic I think Amazon’s probably the largest search engine in the world, something like that are definitely the top 10 much closer to know more now. So Amazon has your product on there, and they take care of a lot of the issues really returns they handle the shipping, you know, there’s just a tonne of stuff and makes it like ecommerce on training wheels. What are your main focus now is really just the logistics supply of being around how can you optimise the supply chain how you created that before it gets to Amazon and so much a rest. Amazon takes care of for you on the flip side drop shipping is also ecommerce on training wheels, and instead of it on training wheels on the marketing side is more training wheels on the supply logistics side. You don’t have to deal with any of the drop shipping drop shipping, your job is just learning marketing. Right. So depending on where you lead. If you’re more of a marketer, then you might want to get into the FBA so that you definitely do marketing to FBA increase it right. If you’re more of a logistics supply chain kind of guy. Then maybe also go with FBA, you could do with drop shipping and really want to learn marketing, but if he is a little bit easier and you already know, by not that familiar with marketing so. [24:02] So we should be a, does that mean you’re driving traffic to Amazon’s website or is that still your own website, and you just. [24:09] How does that that’s that’s a really good question. So this is one of the reasons why these businesses can be somewhat risky, is because they totally dive their own website, almost 100% of the income comes from Amazon right so if Amazon decides hey thanks sellers are shutting down so central, you know tomorrow. Thank you so much for your business basically gone overnight right on experience. Those are real life risk of this businesses and that’s why I always suggest, if you are no killing it on Amazon FBA looking to expanding doing multi channel selling one is going to be your business or more valuable. If you do ever sell it and you have proven that you can sell other channels. the track record of that, but also makes your business much safer. I have friends that are just doing $1,000 a month on Amazon’s FBA programme. And I’ve talked to them about this, they’re like, I know I know I just can’t get off of this drug. Yeah, [25:11] well you know how was it was junkies. [25:15] Like, it’s a dangerous road to walk. If you allow yourself to be successful without ever branching out so I highly recommend you branch out. Yes, you probably would make less money for doing so instead of double down on FBA, you should always have some kind of risk mitigation place or at least a plan. So maybe you just kill it on FBA businesses and you come to our marketplace and buy a bunch of affiliate sites to diversify, you never get off that vehicle, nice you did something though your income isn’t just tied to a single platform like that. [25:45] So from the perspective, you mentioned something they would kind of grab my attention. Commerce perspective of a prospective buyer. Is it much more lucrative for much appealing for them. If you do have a multi channel business versus just one source. [26:02] Yeah, so that depends on the buyer, typically Yes, though. And the reason why is because it is more stable income right so now that solar central bad happens tomorrow. Yeah, they’re going to take a hit for the businesses until overnight in the same concept. If you have a drop shipping store and 100% your traffic’s repeat Facebook ads, your Facebook ad account gets banned. Your business is gone right like there’s more traffic, especially if you weren’t quite getting. Notice, but if you have a drop shipping store where a large portion of his Facebook ads you have a big portion. No lyst interest driving SEO traffic. Okay, now there’s a little bit more solid business, also use the viral on where to play with, as well. But somebody really like the, the, sorry the mono channel because that gives them the experience to expand out that way, but just for the tonnes of the fire. [26:54] It really doesn’t make it. Okay, so we’ve gone, okay talked about the Eco model and what’s the Model Model number three. [27:00] Yeah so model number three SAS software as a service for your listeners out there don’t know what it has is you probably have a subscription to one on Netflix, for example, is a software as a service they service is streaming technology they stream movies, you’re paying a monthly fee. And that’s what SAS is it’s a software people pay a monthly fee for so MailChimp is another one HubSpot is one Salesforce is one there is a bunch of different kind of SAS out there, mainly it’s b2b market but there are a few B to C, that does exist, [27:36] but mostly is b2b, [27:39] whatever, and Airbnb classes Software as a Service, [27:44] kind of, [27:47] I mean there’s some similarities, I would say they’re more of a service. So, Software as a Service. They really began is back in the day in like the late 90s early 2000s you’d have IT personnel Come on site, software software in your office, big bulky stuff and like I do I’m every computer sound like they’re dead right and then the either the servers inside of the office at the office. The company had to spend money it is people to be sure. All this offers update of it all the time, etc. We’re SAS really came from the revolution of the cloud right where now we have this super insanely complex software as a service or software is in the cloud in our web browser that we have access to a time. So while we’re paying a monthly fee similar to a gym membership to the SAS business. We are actually paying far less than what we would have paid if we had to have our own in house staff of people maintaining all the servers and chairs, it had all that kind of stuff. So that was the revolution of fast so I they got rid of those in How’s it feel now be able to go on job sites, especially some classified kind of software, I guess. But most software the cloud so that Software as a Service and the great thing about SAS is, it’s fairly predictable revenue, I’m like if you’re doing SEO, like there’s some similarities there like as long as your rankings don’t change, probably going to get about the same amount of traffic and similar amount of revenue every month, but there’s a lot more predictability with a SAS if you know that. Okay, I have 100 clients, and you know 20 bucks a month. Next month, especially if you counted churn for that, like turn is a you know the amount of time it takes before where service stops paying off the low return is always better. We use that to really make a lot of stuff in a business, unlike an e commerce business, so you have like the predictability stuff that content sites can give you, in a certain sense, but, like, you also have the scalability of, like, ecommerce sites where your profit margins often larger, so you can invest more heavily into paid advertising paid marketing than you could with a more traditional affiliate site typically not always but. So with the what the one difference though as you scale up a SAS versus e commerce business is every time you scale the commerce business you’re spending more and more and more money on the inventory right so we had a $27 million business Empire Flippers they’re spending like $700,000 per month, just on inventory right or not so nice seminar but closer over 200,000 for sure. Yeah. Yeah. And like, no mistake happens in Alicia logistics supply chain that have big ramifications for the business right it’s a very stressful thing. I’ll take that same kind of scaling to SAS, and there’s no, night and day difference right because they don’t need to create 1000 new software. The cost of them shipping one memberships want one subscription to 1000 subscriptions exactly the same, it costs them no difference. So they get to have the same as I operating costs as the revenue scales up, and it’s Predictable Revenue, which is why is often city. No, repeat business model design native says business model to somebody, but three qualities about it. [31:13] Yeah, so let’s talk about some of the negatives like the downsides of SAS because it does sound like one of the really great models. [31:20] Maybe a little different, just so [31:24] I can reveal that. [31:29] Those are all the pros that people are like, absolutely love was asked about right when they don’t think about the qualities of a situation. Most people who buy a SAS business who wants to start a SAS business have no coding background at all. And that’s a huge issue you can be a non technical founder of a SAS company, you can do it well I know people are Greg Mercer of Jungle Scout he’s a non technical founder of Jungle Scout, but those are more the exception. You’ve gone to at least learned enough about coding to know the language, so your developers aren’t just, you know, saying arcane magic words to you they don’t understand right you got to know a little bit about so you can recommend the right direction. Um, the other thing is you have to be familiar with text, text, because you have to have developers so like if you’re just buying a SAS business from, say, obviously our marketplace that SAS seller use us as solo printers criticised all the marketing salt, you buy the business and those are you don’t know what you’re doing. You might have just lost potentially hundreds of thousands of dollars for us right now you need to hire a developer to hire developer for something you don’t understand. So it’s like throwing darts in the dark right. Then there’s also running over there you go can be. Have you ever work with developers and often are nice people, but they are weird, like they don’t like traditional management traditional things don’t often work with them as well, you’re often empty so all that kind of stuff. So you have to know how to manage them properly, you gotta understand your churn rates, you gotta understand paid marketing and attribution very well because it’s very easy to spend a tonne of money, thinking you’re making money and realising oh there’s enough profit here yeah not spending the same kind of money month in about our business, but it can still creep up on you quite quick, especially if you’re all about growth like growth everywhere is like like common guideline of growth everywhere often leads to companies [33:31] downside. So there’s all those kinds of problems [33:35] are a lot of benefits to, but those are some of the realities of the business and then there’s another thing too. And this is just software right. That means, things change on [33:48] your you remember years ago, there was a was a [33:52] there was a software for MySpace, right I didn’t help you with like mp3 signs all this up. Software now it’s completely irrelevant. But your software is based off of the party, which often the arm, you look at, Sweden, a lot of these other big social media software companies, if those social media offers one way or you know they change their a tie that doesn’t allow them to have the same accident, but it’s all that soccer’s completely useless head in the water similar to Amazon seller doesn’t show you know Seller Central Business is gone overnight, or you know MBC comes in, owns your competitor 350 $500 million. dollars. Now what are you going to do when you were running your business, your customers. Absolutely. That’s going to be a big up. So there’s all these different things between the actual coding text tag of editors coming in because it is a hot space, do you want to get involved, and your software just as. There’s a bunch of different negatives, but versus the bubble of anyone excited about this business [35:02] is still an incredible. Go in and with eyes open. [35:07] Yeah, and I think that’s the key takeaway from from all the business models you shift that I, and the other that are in the book is really to look at not pros and cons and then what Where are your strengths and where are your gaps, because that’s what you’re going to need to do whether you’re in Tier One or your basics. You need to get an articulate what those things are, you’re trying to sell to a buyer kind of want to like have some kind of ethics and say you know these are the things you’re not telling me. [35:38] You’re not technically might want to get a CFO someone who can actually handle some of that. Yeah, [35:43] yeah, but I [35:45] assume that if you’re going through a marketplace like yours. You have some kind of Julian due diligence checklist that that buyers and sellers need to go through before they get to the sale. [35:56] Yeah, so we have a buyer digital checklist and really just their new prime the wheel so to speak to get you started on premium criteria, so it does cover these different models and a couple others, and it’s a good starting place it’s by no means either you want to create a more exhaustive criteria with result. What I would recommend is download that list and then schedule what we call buyer criteria discovery call with our business analyst, totally free to use the last 20 to 40 minutes. Anyone know complexity of the questions will help you if you’re brand new by. We do it will help you set up your goals. You know what do you really want what skill sets, were you trying to learn, and I’ll help you go from there so we told you about our like oh yeah I want to buy a $300,000 SAS business, what’s. How much money do you have I live very cool. Yeah. And the other thing that’s it, like oh it’s like everything your whole life saving up this was your technical skills like never ran a single siloed run a business in life okay well let’s start with like a you know 30 $40,000 affiliate site, you know, and you understand WordPress yeah I’d like to jump into the JavaScript and all that. Yeah, yeah. You’ve got to be aware of that, as we tell people don’t best. If we think that their skill is just not correct match or because at the end of the day we want this to be a win win win situation we want the seller to win, they get the exit but they always dreamed up, the one the buyer when they have a part of producing asset they can run and build upon when we help both of those other people’s we get paid, and hopefully come back and [37:33] epic, epic. So this has been really really tremendous all about the depth that you’ve gone through today Greg is showing these different business models we’ve covered affiliate model, we look at e commerce we look at what are some of the other ones that are enabled Can you guys talk about, and just give us a, I guess. [37:50] Yeah, so there’s so many more used to try to end up. There’s merch by Amazon on demand, business, and they do a few other things now to I believe, and then there’s IKDP so we’ve actually some businesses that are nowadays, where they’re almost like a publisher house and stuff. There’s app support on your iPhone, Android stuff like that there’s a little bit more rare on our marketplace when you see them down again. Um, so what else is there a lead gen like where’s usually local lead gen that’s when we see say there’s a few more esoteric ones in there, definitely check out the book, brand new. That is a great priorities, I was just on days early on a shared that with them, they’re very familiar with UK property investing, never runs it online just space super smart person just didn’t know where to look. And I understand that overwhelming fear, especially when there’s so many competitors in this space right and sell you a bunch of crazy courses. So that’s a really good place for you to start, see which business model really resonates with you. [38:47] Cool, so I will share the link to that as part of the summit, and also Greg you recently published an 80 Plus page report, what’s that all about and what kind of content in there. [38:59] Yeah. So that is two years worth of sales data, where I analyse close to 500 businesses and it’s 1498 or 97 businesses that we sold on our marketplace over a two year period, and we look at the trends for 2017 2018, what changes will stay the same what’s going on with the industry. The really unique thing about this report is or other people are trying to put together a report like this but it’s always super transparent when they do I mean, they don’t have the volume that we do and we only be the largest curated marketplace in the world but we have no deal flow and brokerage and alone, businesses, every week just last week we have only five new businesses minutes on our place, or we have three. We have more than anyone else, and thus we have more data than anyone else but we have you already read these reports to stay alone, as your flow, you have to go to other programmes, or public listings to show those sweet those listing prices, and now they have an inaccurate view of things. So what is this price does not always those prices right and a lot of brokers, they will tell sellers like, Oh, your business is worth this amount, this crazy amount of money to get you to come come on board with them and then they pop down like oh, that’d be realistic. This for us. Yeah, things like that, like, we typically sell within 10% of our list price we’re really spot on for the most part, especially like sub 200 K level, as you go out there’s always more wiggle room. But the cool thing about our report is we use real sales price. Can we show you the real sales data and the old ones out there. If your audience wants to see it, they just go to Empire Flippers calm slash use report, download from that, [40:37] yeah that’s that’s a really thorough, and I’d like the fact that you using real data, the real number. The key differentiator right there. So, well thank you so much for your time, Greg. This has been really. You’ve schooled me in some of these business models I am aware of them. But there are just a few sort of layers there that I wasn’t aware of and I’m sure our viewers here just letting keeps on this, you want to get in touch with Greg and get the report in by Empire Flippers calm, a place to go. And you guys are active on Twitter, I know that I know you’re not so I can only been. Right. You know, and you’ve also got a podcast. How often do you What’s the frequency of that. [41:14] Oh, yeah. So we actually have three podcasts. So there’s Empire Flippers show which is well usually Justin Joe, that, you know, I have no real control with editorial lately we’ve been doing one every other week. Sometimes we go on a hiatus for a few months on it. But yeah, it’s usually always probably on new piece of content there and then we have the web equity show which is a great resource for people that want to really learn just about buying and selling, and that’s done season so season one covers a certain theme season two is a certain theme think season two is like all about pain from A to Z and season three is all about selling a disease so then we have the podcast real money real business which comes out once per week. That’s our seller interview is like our best quality seller interview, we interview the entrepreneur selling his business on the market plays the real unique factor. This podcast is unlike most of the podcast interviewing people success storeys and online business, we actually know somebody with their p&l right like we help them on the last day but most of the time, like, that’s what we do in our vetting process, and they got through a vetting process, it was a legitimate business really making money so you could hear from real people trying to do it, we’re not in the b2b space and you guys are not trying to sell you anything except for the business. I don’t The only thing otherwise. So you’re going to hear their real life storeys that’s real money real, [42:35] and they’re all linked from Empire flippers.com I [42:38] know an iTunes. Okay, awesome well let’s wrap it up there. Any final words about online business models for our remote, business leaders listening to this at the moment. [42:48] Yeah, I would just say, you know, if you’re starting out in this don’t treat it like a hobby because it can truly change your life. It’s amazing how much you can accomplish and even a single year. That means you’re having that experience that I just said we’re going to make nine to 18 months so even if you don’t make any. Don’t give up I work, or a 10 years, ready to get into this industry. I was in the oil fields out old time so a lot, but I can tell you it’s definitely worth it is better than all the scamming Facebook ads, show you that it is, it’s much better than that and it’s [43:21] more real but there is a lot of real work [43:24] like a real business, and it was actually [43:28] rather up thank you my friend and Greg out of diverse check that out. And we do have 25 other speakers talking about different topics within their business world and universe so basically take out the rest of the summit thanks so much Greg for joining us today. [43:42] Thank you, ma’am. Okay.