Welcome to this week's Friday Jam session, glad to have you here! As always, this is one of the highlights of my week. Every Friday, I get to hang out with some awesome people and answer some great questions. You can join us by heading over to takeactioncrew.com to join in on the fun every week and get your questions answered.
The question we're going to start with today is, “how do you build a brand with the intention of selling it?” The goal is to find traffic in the market that produces revenue if you want your business to be successful and prepare it for sale. Not only will you be making money from ads, products, etc. as you go along, you'll also be able to sell your blog for around 3x the amount of your net profit when you're ready.
We're in the process of selling one of our businesses now. We had a previous offer before COVID hit. It was an amazing offer. We were ready to go, and we were a month into the sale, and they backed out right in the middle of the pandemic. We've now supposed to close with a new buyer in a week. This has been a long two-month process, and today, I'm going to share what we need to make that brand success and ready to sell.
Create Your Strategy From The Start
We built traffic following our Brand Creator's playbook. Everything we've implemented follows that same model. We focus on creating content that gets indexed by Google, sending three emails a week to our audience, a Pinterest strategy, selling over ten physical products, and a digital product.
On top of that, we also implemented our ad and affiliate revenue streams. We even have some Etsy and eBay sales. The key is to have diversification in place, which buyers love.
If you want to start a business to sell it, make sure that you get your accounts set up by a 3rd party accounting team. Your books have to be to make the sale a success. When you want to sell your business, having your books done by a third party helps build credibility, so potential buyers know it was done accurately. I would get that process set up when you make your first sale.
How To Prepare Your Business to Sale
Start by finding a market or a niche that will be around for the long haul. Make sure that you validate that you'll get traffic, and there is money to be had in the market. Can you make money selling digital products and putting ads on your site? Focus on getting the ad networks, affiliate links, and digital products set up to start with. If you want to sell your business, they want to see diversification.
If you want to sell your business for a million dollars, you'd need to make $350,00 net profit per year. Keep in mind you'll have to have your business for at least 18 months before you can sell. Buyers want to see a positive trend for longer than a year. So you should always start planning ahead of time before you want to sell.
The perfect formula to sell your business includes diversification, traffic, and revenue. By following this formula, you'll be able to sell your business quickly because you want to buy something that they know has the potential to grow quickly.
If you're really niched down, it might be hard for someone to take it over, but it can still be done if you have a good strategy in play. It's also hard if you're the face of the brand, so branch out and bring in others contributes to making it easier to transition ownership. You can still be the face of the brand but had other people to the mix too.
I recommend getting help with your business by finding people who are good at what they do and get a good process in play. You'll learn how to do things but delegate the day to day process to a team member. It'll help you sell it, so it's easy to transfer to a new order.
How to Choose a Good Broker For Your Sale
Personally, I work with Joe Valley's team. Their whole business model is to help you before you decide if you want to work with them or not. It's helpful to have a plan in place a year before you actually sell your business, so it's important to talk with a broker before you decide to sell. So they can walk you through the process and get you prepared before you move forward when you're ready.
Do You Need an LLC
Yes, you should have an LLC and start it fairly quickly. For the brand we're selling, we started sourcing a product, to begin with, and began with an email list. As we were building it, we were building content and driving people from our email to the website.
During that time, we were getting an LLC up and running. It's not that difficult of a process, but you'll need it in place when you sell your business, so the sooner you set it up, the better. I hope you found our Friday Jam session helpful today!
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“Remember, I'm here for you, I believe in you, and I'm rooting for you! Now it's time for you to take action and go rock your brand”!
Take-Aways From Today's Episode
- Create Your Strategy From The Start 10:37
- How To Prepare Your Business to Sale 13:57
- How to Choose a Good Broker 23:39
- Do You Need an LLC 29:16
“The perfect formula to sell your business includes diversification, traffic, and revenue”.
00:01 Yes, what time it is Friday jams way. Hey, Hey, what's up everyone. Welcome to the rock, your brand podcast. I'm your host, Scott. Voelker a serial entrepreneur on a mission to help you. This show is designed to teach you to inspire you, to motivate you, to take massive action and build a future proof business. So whether you're just starting out or taking your existing business to the next level, this is your home. Now, if you're ready, I'm ready. Let's rock your brand. What's up everyone. Welcome to this Friday jam session, super excited. You're here. And if you haven't heard me say it before, I'm going to say it right now. This is probably one of the highlights of my week because I get to hang out with some cool people every single Friday and answer some really awesome questions. Now you might be asking Scott, how do I get my question answered?
00:58 Well, all you need to do is become part of our take action crew. How do you do that? Very easy head on over to take action crew.com. It's totally free. And we do it every single Friday and it is a blast. So what you're about to listen to is one that we did last week. So this way here, even if you can't attend, you can always show up here to the rock, your brand podcast, and listen to our live jam session. All right, guys. So sit back, relax and let's jam. All right, guys. Welcome to this Friday jam session. This is where I get to answer your questions here live. And if you are not here live and you're listening on the podcast. Well, you can join us live email@example.com. That is where we will show up every Friday into a jam session. And that's what we're doing here today.
01:51 So really excited. This is like one of my highlights of my week, by the way, I love hanging out with people live, but I also love answering questions. And today's question that we're going to start with. All right, now this is going to go in probably a couple of different directions, but we're going to start with this question. Cause I got this question yesterday on a coffee talk that I was doing. And the question is this, Scott, how do you build a brand with the intention on selling it? Like the goal is I want to build a business and sell it, which by the way, when you get good at this stuff, as far as like building a brand and getting it to make money, you can sell it by the way. So just saying, uh, actually I am in that process right now, as we speak, we are in the final stages, the final, final stages, it's been a long road and a, I say a long road because we built it in the very beginning.
02:49 About three years ago, we're going on now. We built it in the beginning, not knowing that we were going to sell it. So we learned some things as we were getting ready to sell it. And I'll fill you in on those here in a minute. But we were, um, you know, we, we were looking at the business as we're going to build something that makes some money and we'll see where it goes. We had no idea like when and how or any of that stuff. Okay. But, uh, I will say this, everything that we've done to build that brand is basically I learned that stuff through the years of building other businesses. Okay. And it really comes down to this traffic in a market, in a niche that produces revenue, right? Like bottom line is it's. Can you get eyeballs? Can you turn them into customers or can you turn it into revenue?
03:42 Now that business has a few different revenue sources. Okay. And the one that we have that's really good, really consistent is we have ad money that's coming in. Okay. So, and I kicked myself for this and my partner brought this up to me probably a year before I said, you know, I heard some people at a mastermind say that they're doing really well with AdThrive and I know you need a hundred thousand people or a hundred thousand website visitors before you can actually turn on ad thrive. We have that. Maybe we should start using it. And my partner's like, yeah, I mentioned that like a year ago, and you said you didn't want to do it. And I was like, Oh yeah, my bad. But uh, Hey, whatever. Right. Live and learn. But now I've learned that that is a strategy that I want any different real estate that I'm building any piece of online, real estate that I'm building.
04:38 I do want the opportunity to run ad networks if I want to. Okay. So that's one of the components. But as, uh, as we turned that on, I was like blown away. I was like, wait a minute, we just turned on ads. And now we're bringing in an extra three to $5,000 a month just from traffic. I'm like, Oh my gosh, like I missed a whole year of this. Right. I mean, you're talking 50, 60 K. Right. And then when you're selling a business, just by the way, a little FYI, when you're selling a business and they look at multiples, if you just take a basic multiple of like three X, that's like $150,000 more on the sale of that business. Okay. And I'll get into that here in a minute. But basically if, if my, if my revenue stream that one revenue stream is bringing in $50,000 a year, you multiply that by three.
05:33 That's what you could charge when you sell the business. That's generally how it goes. It's it's not always three X. It could be four X. It could be 2.7, five there's different factors into it. Right. But that's one right there alone. So if all you did was say, you know what? I want to build this thing as I'm building it, I'm, I'm bringing in money. So by the way, you're still making 50 grand a year. Right? So, so let's say that you build a site and you want to get it to 50 K. And then after three years, you're like, you know what? I just want to sell this thing. And I want to make 150 to 200,000 on top of what I just pulled from the business. So the business, let's say you made 50 grand a year, it's 150,000. Then you sell it for 150.
06:09 You basically sold the business for like 300 grand. All right. I mean, you earned from that site. Now that being said, there's other revenue streams that you can get paid on. So now if you have physical products, that's going to come into play, right? So if you have physical products, let's say that you're making another $50,000 a year on physical products. Now you're at a $300,000 payday, right? And then if you add maybe a digital product to it, and that's another 50, now you added another $150,000 to the sale price. So now we're talking four 50 $500,000 business by just adding $50,000 revenue streams, right. Three of them right now there's affiliate products you can have in there. You can do more with digital products. Like there's a lot of different things that we can do, or you just increase your traffic. And then that $5,000 a month goes to $7,000 a month, right?
07:00 Seven now get this $7,000 a month. So let's say we just added $2,000 more to, um, you know, to our business. So let's say it's 7,000. Let's do some quick math here and say it's $70,000 a year. Give or take, let's say it could be 73, 75, let's call it 70. Right. That's $210,000. Now we can get from the business just from that one revenue stream, just because we increased the revenue by $2,000, that might be an extra 30,000 people a month. Okay. And, you know, traffic wise. All right. So again, that's what we're looking at. So again, I'm in the final stages of this. I will be sharing with you guys kind of the play by play as we, uh, as we get closer. And as we finalize this, but let me just share a little story with you guys. And I've told this before, uh, we actually sold the business one time before it just didn't, it just didn't go, go through COVID came into play.
07:58 We had gotten an offer. And actually the offer was probably about, I don't know, 20 or $30,000 over asking price. Right. And we had about 10 offers, three of them that were good. And we got one, like within a week, we put it up there and we used quiet light brokerage by the way, Joe Valley and Mark over there at quiet light and Chris Guthrie, um, all of their, all of their people over there are just awesome. I've actually had Joe Valley speak, uh, at our live event, brand accelerator live. And I also had him attend my, uh, actually two masterminds that I had at the Lake house. Um, he actually lives here in, uh, North Carolina. So anyway, that's who I'm using, but um, where, where was I going with this? Um, Oh, so basically we sold the business, right? We were, we were locked up, LOI, everything is ready to go start going through the paperwork, start going through they to get a loan for this, uh, for this business.
08:57 So they're going through an SBA loan and all this, and we get about a month in, they back out and we're like, Oh my gosh. And they do it right in the middle of COVID. So we're like, we're never going to be able to, you know, sell the business after this. It's going to take a while. And you know, our sales, actually, our physical products started to dip a little bit because we had the problem with not being able to ship in inventory. We run out of inventory. You couldn't get any inventory in. And I'm like, Oh, you know, now we're going to actually show a little bit of a decline. But the crazy thing is, is about 30 days after that, uh, our sales started going up and we were like, okay, cool. And then we listed it back on the market and we got another buyer.
09:38 Right. And so we took a, well, actually we ended up, we ended up settling on getting exactly what we were asking the first time we just didn't get that extra 30,000, uh, 30 or 40,000 that we were, uh, that we originally asking for it. But we got paid for more inventory. So it almost worked out to the same. Okay. Um, because we had more inventory that they had to buy. Cause whenever you sell a business, the new owner is going to buy the inventory. So you're gonna get paid for the inventory. So if you got $50,000 in inventory, a hundred thousand dollars in inventory and it's sitting there and you got money invested in that, you're going to get that back. Um, so that's just something else to think about. So let's talk about this real quick. Okay. Um, because now I am in that final stages.
10:21 I mean, we've been at this now for gosh, it feels like two months, but I think it's been about a month and a half. Maybe it's almost two months. Um, but we're supposed to close here in the next week or so. So fingers crossed. Um, it'll be awesome. Um, but what's really helped us. There is we have done the short and the longterm strategy. We have built traffic following the playbook, by the way. Okay. And if you guys are listening to this, you don't, you don't know about, or, you know, you don't see the playbook, you might know about it, but the playbook is a brand craters the playbook. And you can find that by heading over to brand creators and book.com, again, that's brand creators, book.com. Uh, and, uh, you can grab a copy if you want to. Um, but um, everything that we talk about it, you know, that we, that we do is, is following that same model.
11:11 Now, do we tweak things along the way? Have we added new components? Yes. But basically we're looking at creating content that gets indexed by Google creating, uh, Pinterest traffic through pins on that platform as well, building an email list. Uh, we, we send three emails every single week to our list. Uh, we, um, we have, uh, let's see right now we probably have about 10 skews in that brand and we have a digital product funnel as well. Uh, and then we also have the, um, affiliate stuff that's going on on that, on that, uh, brand or in that brand. And then we also have our ad money coming in, you know, from AdThrive. So that's the different ways that it's being monetized. Okay. We even have some Etsy, we have some eBay, not a ton, but it's some, we have some sales on our site, not, not a ton, but some so there's diversification there, which the, the, uh, you know, the new owner loves, right.
12:08 Cause we have all that stuff in place. Um, traffic wise, 150,000 to 200,000 people a month page views. Um, so really, really good stuff. Okay. And it's, it's in a market that's not really going anywhere. It'll be around for a long time. So let's talk now about if you were to start a business with the idea of selling it, what does that look like? Basically do what I just said. All right. And, and the one little thing that I would say is when you start this, I don't care how small it is, make sure that you get your books set up by a third party accountant or bookkeeping team. Okay. Um, it's not that expensive, uh, to do, uh, you can use, uh, a, a, a service like bench, a bench that I think it's IO, um, but just use a third party or at least have your books in order, when you go to make a sale, the big thing they're going to look at is your books.
13:11 Right? So if you're doing your books, there could be some, you know, eh, I don't know if they fudge this. I don't know if you do a third party, it's kind of verified. Right. Um, so that was a big one. When we were starting to look to sell our business, they were like, we gotta get your books in order. And we were doing ours for probably the first year, year and a half. And then we started asking Joe Valley what we needed to do to be prepared, to sell if we wanted to sell. And that was like one of the first things. So we did that about a year and a half in now. I would do that almost from day one. When you start generating sales, physical product business, I would do it as soon as possible. If you're selling digital products. Yeah. You can kind of wait a little bit, but I would make sure that that gets in place as soon as possible.
13:53 So what would I do? I would do exactly what I've talked about here on the podcast and what I've talked about here on coffee talks anywhere that I am, I'm going to say the same thing. All right. Number one, I need to find a market or a niche. Okay. That is not just a trend that is going to be here and gone tomorrow. That's number one. I need to validate, I need to validate that I can get traffic and I can, I need to validate that there is money being transferred in this, you know, basically there's being transactions being made. Okay. And I'm going to look at, is there a traffic opportunities for advertising? Is there digital products? That's a big one for me now, moving forward in, and we're actually teaching this inside brand creators Academy is, is really, um, being able to, uh, you know, really being able to find that digital product piece.
14:45 Um, so that's a big one. Um, physical products isn't as important to us now because we want to build out the infrastructure. We want to get the traffic. We want to get the digital product going. We want to get affiliate stuff going, and we want to get the ad networks running. Um, physical products could be a bolt on that we could do either. You know, maybe after we get up and running, or maybe we say, we're just going to sell other people's products. Maybe that's what we're going to do. Um, but again, that's what we're looking for. So we're looking at traffic. We're also looking at an email list because when you have a buyer, they want an email list. They want you to have control of that traffic. They want to see diversification, right? So I'm looking at all of those different pieces. But the biggest thing in the very beginning is making sure that all of those boxes are checked, right.
15:34 The niche. Okay. Is there potential to get more traffic and can you get in front of it? The other thing is email list. Can I use that as a vehicle? All right. Can I set up more channels of traffic? Can I do YouTube? Can I do Pinterest? Can I do Facebook? Can I run Facebook ads? Like those things? Okay. And then the other thing is then is the monetization side of things. So really it's those pillars, right? That you have to focus on those areas that you need to focus on. So this way here, we're able to say, Hey, you know what? We've got these things in place. Now we just have to look at the numbers. So now what you gotta do is you got to say, okay, with all of this that I just did, what is, what is the way to get to the number?
16:18 Right? So if you want to sell your company for a million dollars, okay, then you need to show that you're doing about 300, let's call it $350,000 a year net. Okay. Meaning that after all expenses are paid, that you're going to walk away with 350,000. If we did a three X multiple on that, we're going to be right around our million dollars. Okay. So that's, that would be your target. Okay. If I couldn't get my business $350,000 a year. Okay. And I can, and now the other thing is too, when you're doing this, you gotta do that over 18 months. They're not going to look at your business. Oh, your first year you did that. They want to see like the next year, or at least leading up to the second year, or, you know what I mean? So they can see a trend that's upward, not downward.
17:04 That's going to help sell the business as well. So you need about 18 to 20 months of that history for you to get a good buyer. Okay. And Joe Valley will tell you, like, you should start planning before you go to sell. So you should start. And again, if you just want to sit down and have a conversation with Joe Valley or anyone over at quiet light, just reach out to quiet, light brokerage, and ask for that, that con that consultation, and they'll do it for you. Um, so my idea here is to make sure that we have a target that we're setting for. What is that bit? Are you just gonna do this and sell it for, you know, your idea is if I can build a business and I can have it pay 50,000, $75,000 a year, that will earn right, like a piece of real estate.
17:51 And in three years, you want to sell that thing for 500 grand when you got to get a higher than $75,000 a year. Right. So how are you going to do that? Then you got to ask yourself, okay, how much traffic do I need to make $5,000 a month on ads? Okay, well, you gotta do the math on that. Then the next thing you might have to say is, okay, if I sell a digital product, what does that look like? How many sales could I make per day, per year? And then from there, what's the roadmap to that. Then the other thing is physical product. Okay. If I sell a product, a physical product, how much can I sell that for? How much will I make? Um, the other thing is, is the affiliate stuff. Can you find private affiliate products that you could sell their product?
18:33 Cause there's a lot of them out there, guys that you can make 20% commission, not 3% like on Amazon, that would be a game changer for you, right? So these are some different things that you want to look at when you are thinking about building a business to sell. Okay. And if you have diversification with traffic and with revenue, that's the perfect formula to sell your business and it will sell quick. All right. I mean, I've seen businesses sell for, uh, you know, $10,000 up to $10 million or more. Um, so it's happening all the time. And the thing is, is people want to buy something that's already got a track record and also that they see more potential. So even though you might not have been able to get it to its traffic potential, but you know, it's there, then that's going to give them opportunity, right?
19:22 So it's not just you being able to do it. It's like you get the ball rolling. And you're like, see if I was able to get a team in place to do more of this, we could actually grow this by three times. They see it. They may have a team that can do it, or maybe they can hire someone to do it. So that's why, when we're looking at the traffic numbers, we're looking at the revenue numbers. We want that to be not something that's capped at, you know, a hundred thousand page views a month, right. Or a hundred thousand dollars per year. We want to make sure that we can, that we can go further than that. And even if we don't get it there, we want to show them the potential. So hopefully that helped you guys. So, all right. With that being said, let's see if we've got any questions on this, because this is a jam session.
20:05 So let's see here. Uh, okay. So here we go. Uh, okay. Um, what is the minimum amount of time? Do you need to build the assets so you can sell it? Okay. And I kind of already answered that. So I would say give yourself 24 months, right. And again, if you're at 24 months and you see that, you know, what if I put another 12 months in, I could take this from 150,000 to 500,000. It might be worth your time. Now for us, one of the reasons why we decided to sell is because my partner and I really haven't been able to give the brand as much attention as we should. Like. So because of that, we know that we're stunting its growth. We're okay to walk away with less because then we can take that money that we earned from there and go do our other things that we want to do.
21:02 Like, I may take a portion of that and invest it in an Airbnb. Right. Cause I, you guys know if you are on here for the, uh, or the podcast, or if you're on a coffee talk, you know that I have a, a, a rental, it's a Lake house, Airbnb, I love that market. Uh, and it's doing really, really well. And I want to do more of those. The problem is, you know, it could take two to $300,000 for me to grab another house. Not because I got to buy the thing outright because the house might be a million dollar house and you've got to do a 20% down. You know, you might have to do a hundred thousand dollars in fix ups and stuff like that. So I may take, you know, a portion of this and maybe reinvest it. Right. So it just, it didn't make sense for us to keep going with it.
21:46 Um, now someone else can take it that and bring it to a million dollar, you know, maybe even, gosh, maybe even a $700,000 a month business, who knows, um, there is enough room for that in this. Um, so how long I'd say give yourself a minimum of 24 months. That's what I would say. Okay. Are some niches easier and some harder to do this model with examples? Uh, it could be. Um, and I think if you're really, really niched down, it may be hard for someone to take it over. I would say also, if you are the face of the brand, that would be harder for the sale to happen as well. We actually had to take my partner who was somewhat the face and kind of migrate out, um, and kind of start adding in, uh, contributors that are doing content now for the brand.
22:40 Um, so I would say that would be a big one for if you were looking to sell, try not to be the only face you can be the face, but then add other people to the blog or to the website, um, for the content piece. Um, so I would say, yeah, it could be if you're to niche down or if it's an, if it's in a weird niche that someone else is like, I don't want to touch that. You know what I mean? Like, eh, you know, so I can't really give like an exact to think of something that would be super, super niche. Um, but yeah, I just know that if you're going to go super niche, that it's going to be hard to sell that. Um, if, and if it's not a, you know, an appeal to more of a mass appeal in a sense, um, although there probably has been some niches that have been sold, um, I just don't know any off the top of my hand.
23:32 Um, how did you find your broker and why did you choose this particular broker? Uh, well, I became friends with, uh, Joe Valley. Again, Joe Valley follows this whole same, uh, you know, model, right? He's giving value before you ever use them. And even if you don't use them, he just wants you to talk good about their company. So their whole model is let us help you before you need us. So, uh, he'll tell you, you might think you're too small right now to have a conversation with me to sell that's the best time to have the conversation. Cause then he can look at your business and go, this is what you need to work on for the next 12 months. Boom, boom, boom, go do it, come back. Talk to me and we'll see where you're at. Um, so I found him because he came to a meetup that I did.
24:16 We did a meetup for the podcast about three years ago now. And he attended, he came there and said, Hey, I just wanted to stop in meet you. I'm here local. And I wanted to just, you know, get to meet you in person. And then we just hit it off. He's got, he's a family guy, he's got a couple of kids. He lives here and we hit it off. And, um, we've been friends ever since great guy. Uh, and so that's how I met him relationships network, you know, and, uh, there's other brokers out there. Good ones too. Um, but I just trust him and uh, in quiet light and uh, yeah, that's how I found him. Uh, let's see. Okay. Uh, what skills should you learn and not outsource so that you can replicate the process? Uh, well I think it just, it's an individual thing, but I think if you are doing something and it's repetitious, um, you want to be able to delegate that also if you're looking to sell, because we don't want to be dependent on you.
25:09 So my whole thing is inside brand creators Academy, we're building a case study brand this brand. We're not building with the idea that we're going to sell it for a million dollars. It's really for us to be able to teach how we do this. Right? So we're not looking at this thing as like, Oh, we're going to build this thing into this massive brand, although it could be okay, but what we're doing here is we're looking at how can we build something without being necessarily the face and how can we do it in a way that we can just hand the keys over to someone else and go, everything's kind of in place. All you need to do is just keep it running, right. And if you want to build upon it, you can. So I think looking at like, if we're talking about content creation, finding good writers, and then getting that process down, having someone handle, uh, maybe your, uh, if you're running Facebook ads, maybe you're going to learn it, but then you're going to delegate it, right.
26:01 Or maybe it's PaperClick and Amazon, or maybe it's your listings on Amazon, whatever it is that you can delegate and that you can get a process in place is only going to help you sell it because you're going to need to do that later. Uh, standard operating procedures is what they're calling them SLPs, um, really important that you have those, uh, let's see, Michael, other than turning the ads on sooner. What is your biggest takeaway, um, to this point in the selling process? Uh, I would say probably that's a good question. I would say probably leaning more on digital products and not so much on physical products. I love the physical product side of things, but the physical product side has been stressful because of inventory. And it's also been a lot of times when you're putting a new product into the marketplace, you don't know if it's going to bomb or not.
26:58 Right. I mean, you're hoping it's going to do well. Um, and so with, with digital products, we can do it a lot quicker. So I think I would have gotten a little more focused on that side of it. Um, and, uh, and not just the physical product product side. And I would think I would have done that sooner. And I think also in the beginning, we just kinda started slapping stuff at the wall to see for, uh, for blog content. I think I would have gotten a little bit more focused on that because I think we could have went from where we are maybe even double our traffic, which would have double our ad money. Um, so that, those are just a couple of things. Michael Thorsten, uh, what's up. Oh, cool. I'm in B, I'm in a BCA. That's awesome. Thank you. Awesome, welcome.
27:38 Uh, okay. Any other questions that we need to address here before we wrap up this Friday jam session? Uh, again, this is one of those things I wanted to do on this Friday is to open it up for Q and a. And we do have one more here. Would biz sell with affiliate revenue and ads? Yeah, actually Joe Valley told me that actually content sites, the ones that are just driven off of content and information sell faster, um, because there's law there there's less, there's less really going into like the product side of things, the inventory, um, the supplier, the manufacturer, like the agents, like all of that stuff, that stuff becomes harder and a little more complex. Um, and so the content side of things really then you can see that you can scale that thing a lot bigger and faster if you just get more people on board to help in that process.
28:36 And yes, there are, there are websites right now that are selling just from affiliate revenue. So there's people building sites that are good at building sites, you know, brands and that are looking to just build it over the course of 12 to 18 months and then sell it for a hundred grand. Like, so there's a market for building up a site and then selling it for less than a hundred grand. Even people want that foundation bill. And to know that that opportunity's there and then they just have to plug it in. Uh, okay. So, uh, did you set up as an LLC? If so, how soon? Yes we did. And I would say very, very shortly after we decided to, uh, to start that business and that business started with, we started building, we, we, we started sourcing a product as we were sourcing the product.
29:22 We did a giveaway, we built the email list and I forget what our first email list was. It was maybe like five or 6,000 people that helped us launch our products, by the way. That's why we teach that process. Um, but we started building the email list and as we were building the email list, we started building content. We started to take our email list and drive those to the blog post and the content. So again, it's everything we're teaching right now. We did that three years ago. It's exact same process. Um, and then once we had the physical product, then we started to drive traffic towards those, but we kept delivering content and kept building up that, uh, you know, that stuff. But while we were doing that, yes, the LLC comes very, very early and to set up an LLC is not that hard in New York.
30:01 It's hard. I used to live in New York. It took probably around six to eight weeks and you had to run an ad in the paper and it costs about 1200 bucks here in South Carolina. It's like a couple hundred bucks and you're up and running and it doesn't take any time at all. Um, but the, I think it is important to have that. And you will want that stuff in place when you go to sell. Uh, okay. Any details you should handle if doing this, uh, in a partnership? Uh, well, yeah, I think you should have an LLC see as partnership ownership kind of, you know, what your holdings are. I think that's important because then if you don't do that and something goes wrong, then who's to say, you don't say, well, no, I'm getting more, no, you're getting more. You got to have that stuff upfront.
30:44 I think also when you're going into business together with someone it's really important to come up with the expectations you may be in with a partner that doesn't ever want to sell, and then you do, that's a problem, right? So I think you have to come in with the right, you know, the right mindset of where you both are at and where you want to go. And then also I think legally, you should do an LLC, uh, because that way there, you can see who has, you know, what shares. And generally, if you're going to split it 50 50, it's going to be 50%, 50%, you know? So, um, that's what I would recommend. Um, and then the last question here, I'm going to answer minimum blogs on site. Oh, I see. Like, I think content, uh, again, that is going to depend because if you have, if you have a site that has a hundred articles and you're getting a lot of traffic, then I guess that's okay.
31:37 I look at it like content. You're probably always going to be creating. That's why in the validation piece, if you find that you're only going to be able to post, you know, 25 articles ever, it's probably not going to work for me now. That doesn't mean you can't make it work. It's just, it wouldn't work for me. I want to have a ton of opportunity to keep producing content, because I know the more content we put out there, the more seeds we're dropping, the more that we're going to be able to get traffic coming back to the site. And that's also going to increase everything, sales, uh, you know, affiliate stuff, uh, revenue from the ad networks, all of that email list, building everything. Um, so that, that's a big one. All right. So, all right. I think we pretty much answered all these questions on this jam session.
32:22 If you are listening to this on the podcast and you want to join us on an upcoming well, Friday jam session, all you need to do is head over to take action crew.com. Again, that's take action crew.com. That'll take you to our Facebook page where you will get notified when we go live on Friday. And you can ask a question there and then that way there, we can answer it here on an upcoming jam session. All right. So, uh, yeah, go ahead to, uh, take action crew.com and join us, ask your question. All right. Well, I hope that you enjoyed that Friday jam session. And like I said, in the beginning, if you want to attend one of our live Friday jam sessions, all you need to do is head on over to take action crew.com. That is where we show up every Friday, 10:00 AM, Eastern time, and you can join us. You can ask a question and then, uh, I can answer it and we can go ahead and also publish it here on the podcast. So once again, I just want to say, thank you so much for listening. This is always one of the highlights of my week. And until next time, remember, I'm here for you. I believe in you and I am rooting for you, but you have to
Speaker 2: 33:33 Come on. Say it with me, say it loud, say it. Proud. Take action.
33:38 Have an awesome, amazing day. And I'll see you right back here on the next episode. Now go ride
Speaker 2: 33:44 Your brand.
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