No question about it, having an online business is the best kind of business you can have. Think about it…there’s no real estate to maintain, no equipment to buy, no traffic jams to deal with and best of all you can keep it open 24/7 and allow it to make money for you while you sleep.
My guest today, Justin Gilchrist, has purchased and sold so many online businesses that he’s widely considered to be the foremost authority on online acquisition and due diligence.
Purchasing an online business can be a great way to invest and generate cash flow. However the downside is that purchasing the wrong online business can also be a great way to lose a ton of cash if you’re not skilled in performing thorough due diligence.
As with any business you want to get the best possible return while also taking the least amount of risk. Justin is the founder and former owner of the online due diligence authority, Centurica, which assists clients all over the world with the due diligence process when buying an online business.
Justin dropped a lot of good insights in this conversation not just about online business acquisition but about business and success in general.
Some topics that we discussed:
- How he transitioned from brick and mortar business to online business
- What 2 skills you must have to be successful in the online world
- The importance of using systems to mitigate risks
- Understanding the difference between a website and an online business
- Why even as a beginner it’s almost always better to invest in a larger business versus starting out small
- Knowing when to hire a team and outsource versus doing it yourself
- His blueprint for exiting the rat race and avoiding the trap of chasing money