I've been a business owner in some form since 1997.
My first business was web hosting and web development.
I didn't know it at the time, but perhaps one of the worst businesses to be in.
Low margins, low barrier to entry, and you need to respond to tech support 24/7.
In December 2009 I got sick of developing and hosting websites for other customers. Two of them at the time was Comedy Central and Thought Catalog.
I was stressed out, burnt out and looking to do something else. I felt unappreciated by my customers for the long hours and what I thought was low revenue for the work.
*** UPDATE: For more of the back story with my web hosting business, read this article. ***
Something at that time just snapped for me. I had my FTE (F*ck This Event) even though I already owned a business for many years.
I couldn't deal with a high workload and the stress of customer support.
I got to thinking "why can't I develop a site for myself and generate revenue from the visitors?!??"
At the time, I was doing somewhat ok financially and had all my ducks in a row.
I was looking for a website that could help speak to me about investing, but more the advanced topics. Money magazine and Suze Orman weren't cutting it and I was way more advanced than that. I couldn't find a site that fit my needs.
So I figured I would create one myself and named it Investor Junkie. So while somewhat self-serving, I also had plenty of experience to talk about investing.
Plus I figured I could use it to showcase the technology used to develop and maintain it.
It could be used as a selling point for my web development and design. My thinking was I would monetize via affiliate marketing. I saw a few other websites doing it and doing quite well.
In 2008, the website Bankaholic sold for $15 million to Bankrate. They made their money only with affiliate links. My thoughts were "why couldn't that also be me?"
This little skunkworks operation turned into a business onto itself after 2 years into it.
It started generating more revenue and was much more profitable than my original business.
Fast forward to July 2018, I sold Investor Junkie for $6M.
XLMedia Buys Personal Finance Site InvestorJunkie For USD6 Million
About 3 years prior, I read MJ's first book and even with my years of business experience got a lot out it.
He confirmed many of my existing beliefs of owning a business and organized it in a way much better than I ever could.
MJ's books gave me more direction and helped keep me more focused on the ball. So thanks for this.
To celebrate the sale I bought one thing. Ever since I was around 8 years old I saw my first Porsche Turbo in the Hamptons and fell in love with the car. I always wanted one. So I bought a 2015 991.1 Turbo S as a little present for me. It was purely symbolic. I could have afforded it long ago, but I figured I needed some reward after all the long days and stressors of owning a business.
So what's next? I really don't know. While exciting also nervous as I typically have a clear direction of what I would do next. I have some ideas but joined this forum to look at other business ideas.
Thanks for the welcome and thanks to MJ DeMarco for your books.
My first business was web hosting and web development.
I didn't know it at the time, but perhaps one of the worst businesses to be in.
Low margins, low barrier to entry, and you need to respond to tech support 24/7.
In December 2009 I got sick of developing and hosting websites for other customers. Two of them at the time was Comedy Central and Thought Catalog.
I was stressed out, burnt out and looking to do something else. I felt unappreciated by my customers for the long hours and what I thought was low revenue for the work.
*** UPDATE: For more of the back story with my web hosting business, read this article. ***
Something at that time just snapped for me. I had my FTE (F*ck This Event) even though I already owned a business for many years.
I couldn't deal with a high workload and the stress of customer support.
I got to thinking "why can't I develop a site for myself and generate revenue from the visitors?!??"
At the time, I was doing somewhat ok financially and had all my ducks in a row.
I was looking for a website that could help speak to me about investing, but more the advanced topics. Money magazine and Suze Orman weren't cutting it and I was way more advanced than that. I couldn't find a site that fit my needs.
So I figured I would create one myself and named it Investor Junkie. So while somewhat self-serving, I also had plenty of experience to talk about investing.
Plus I figured I could use it to showcase the technology used to develop and maintain it.
It could be used as a selling point for my web development and design. My thinking was I would monetize via affiliate marketing. I saw a few other websites doing it and doing quite well.
In 2008, the website Bankaholic sold for $15 million to Bankrate. They made their money only with affiliate links. My thoughts were "why couldn't that also be me?"
This little skunkworks operation turned into a business onto itself after 2 years into it.
It started generating more revenue and was much more profitable than my original business.
Fast forward to July 2018, I sold Investor Junkie for $6M.
XLMedia Buys Personal Finance Site InvestorJunkie For USD6 Million
About 3 years prior, I read MJ's first book and even with my years of business experience got a lot out it.
He confirmed many of my existing beliefs of owning a business and organized it in a way much better than I ever could.
MJ's books gave me more direction and helped keep me more focused on the ball. So thanks for this.
To celebrate the sale I bought one thing. Ever since I was around 8 years old I saw my first Porsche Turbo in the Hamptons and fell in love with the car. I always wanted one. So I bought a 2015 991.1 Turbo S as a little present for me. It was purely symbolic. I could have afforded it long ago, but I figured I needed some reward after all the long days and stressors of owning a business.
So what's next? I really don't know. While exciting also nervous as I typically have a clear direction of what I would do next. I have some ideas but joined this forum to look at other business ideas.
Thanks for the welcome and thanks to MJ DeMarco for your books.
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