Weekly Business Insights from Top Ten Business Magazines | Week 326
Entrepreneurship Section | 2
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 326 | December 8-15, 2023
7 Lessons I Learned From Selling a 6-Figure Blogging Business
By Georgi Todorov | Entrepreneur Magazine | December 8, 2023
Extractive Summary of the Article | Listen
As of 2023, there are approximately 600 million blogs worldwide. However, only a small fraction of these blogs attract significant traffic, and even fewer are successful in generating income.
Starting a blog can be more than just a passion project — it can be a lucrative business opportunity. Georgi Todorov, the entrepreneur who built and sold Thrive My Way for six figures built from zero to 300,000 monthly traffic in two years. His journey was a testament to strategic thinking and adaptability. He shares seven critical lessons from this experience, each offering valuable insights for aspiring digital entrepreneurs.
- Think about selling from day 1. From the beginning, it’s vital to view your blog as a potential asset for sale. Meticulous record-keeping, which in our case involved daily updates in Google Spreadsheets, ensured that we kept a transparent and detailed record of all financial transactions. This level of organization was not just about maintaining efficiency; it was about building confidence that we were operating a legitimate, well-documented business.
- Monetize fast. Maximizing your blog’s financial potential early on is critical. Thrive My Way’s journey in diversifying income streams through affiliate marketing, display ads and sponsored posts was a cornerstone in establishing its financial worth.
- Involve your team in the sale. The involvement of your team in the sale process is a game-changer. Delegating tasks like organizing financial records to your assistant allowed him to concentrate on the strategic aspects of the sale. This collective effort not only streamlined the sale process but also ensured that the operational side of the business remained stable and efficient during this transition period.
- Money isn’t everything. While financial gain is a significant factor in selling a blog, other aspects like future storytelling rights can be equally crucial. For him, the ability to share the story of building and selling Thrive My Way was a key consideration. This was particularly relevant as he was preparing to launch his new venture, Create & Grow, where he plan to share comprehensive case studies and insights from Thrive My Way’s journey.
- Have patience. Patience is a virtue, especially in the world of online business sales. The process is often lengthy and requires a balanced approach. During the sale of his business, he focused on other projects and took a vacation, which helped manage his expectations and stress. The psychological aspect of waiting for the right buyer and dealing with the uncertainties of the market tested his resilience, but ultimately, it was a rewarding experience that taught him the value of patience.
- Choose the right platform to sell
- And Give yourself a break. After selling a business, it’s crucial to give yourself a well-deserved break before diving into new ventures. This period is not just about relaxation; it’s a valuable time for celebration, reflection and planning. Celebrating your success is important — it’s a recognition of your hard work and achievements. Allow yourself to enjoy the moment and acknowledge the journey you’ve completed.
3 key takeaways from the article
- As of 2023, there are approximately 600 million blogs worldwide. However, only a small fraction of these blogs attract significant traffic, and even fewer are successful in generating income.
- Starting a blog can be more than just a passion project — it can be a lucrative business opportunity. Georgi Todorov, the entrepreneur who built and sold Thrive My Way for six figures built from zero to 300,000 monthly traffic in two years. His journey was a testament to strategic thinking and adaptability.
- He shares seven critical lessons from this experience, each offering valuable insights for aspiring digital entrepreneurs. These are: Think about selling from day 1, Monetize fast, Involve your team in the sale, Money isn’t everything, Have patience, Choose the right platform to sell, and Give yourself a break.
(Copyright lies with the publisher)
Topics: Entrepreneurship, Selling a Business, Blogger