7 Lessons I Learned From Selling a 6-Figure Blogging Business | Entrepreneur

Opinions expressed by Entrepreneur contributors are their own.

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. I’m Georgi Todorov, the entrepreneur who built and sold Thrive My Way for six figures.

From zero to 300,000 monthly traffic in two years, my journey was a testament to strategic thinking and adaptability. In this article, I share seven critical lessons from this experience, each offering valuable insights for aspiring digital entrepreneurs.

1. 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. Such a mindset is indispensable, especially in a market where buyers are increasingly looking for transparency and thorough documentation.

2. 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. These monetization methods not only accelerated our revenue growth but also positioned the blog as a profitable venture for potential buyers. The challenge was to implement these strategies effectively while maintaining the quality and integrity of the content, which was essential to sustaining and growing our audience.

3. Choose the right platform to sell

Selecting the right platform for selling your blog can significantly impact the outcome. For my business, Flippa offered the best terms, including the highest initial evaluation. This platform stood out not just for its valuation but also for the support system it provided. Having access to a dedicated M&A advisor made a world of difference, especially for a first-time seller like me. His guidance through each step, from valuation to final sale, was instrumental in navigating the complexities of the sale process, ensuring a successful transaction.

4. Involve your team in the sale

The involvement of your team in the sale process is a game-changer. In our case, delegating tasks like organizing financial records to my assistant allowed me 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. Involving your team can also help in maintaining the continuity of the business, ensuring that the quality of content and operations does not suffer during the sale.

5. 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 me, the ability to share the story of building and selling Thrive My Way was a key consideration. This was particularly relevant as I was preparing to launch my new venture, Create & Grow, where I plan to share comprehensive case studies and insights from Thrive My Way’s journey. The ability to use these experiences in my new project was a major factor in my decision-making process, emphasizing the value of creative freedom and future opportunities.

6. 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 my business, I focused on other projects and took a vacation, which helped manage my expectations and stress. Staying productive and not letting the sale dominate my daily life was crucial. This approach is particularly important in a buyer’s market, where sales can take longer than expected. The psychological aspect of waiting for the right buyer and dealing with the uncertainties of the market tested my resilience, but ultimately, it was a rewarding experience that taught me the value of patience.

7. 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.

Moreover, this break provides an opportunity to reflect on your experiences. It’s a time to think deeply about what worked well, what challenges you faced and how you overcame them. Reflecting on these aspects can yield invaluable insights that can be applied to future projects. It’s also an opportunity to consider any mistakes made and how they can be avoided or handled better in the future.

Selling a successful blog is not just about financial gains; it’s a journey filled with learning, strategic decisions and personal growth. These six lessons provide a roadmap for bloggers looking to build a profitable and saleable online business. As I move forward with Create & Grow, these experiences continue to shape my approach to online entrepreneurship.

Source link