Buying Online Businesses With Little To No Money That Will Make You A Millionaire | Sophie Howard
Millionaire Mindcast
Matt Aitchison Media, Inc
4.4 • 716 Ratings
🗓️ 17 April 2023
⏱️ 54 minutes
🧾️ Download transcript
Summary
In this episode of the Millionaire Mindcast, our guest is an incredible woman, Sophie Howard who shares a rare success story on making herself a millionaire in buying online businesses with little to no money, as well as provides tips on business model that generates good profits, assessing what is a good deal, and the importance of having a quality team in online business!
Sophie Howard is a mother of two young children, entrepreneur, author of 11 books and has recently published the Freedom Navigator, and owner of the Aspiring Entrepreneurs, an online community designed to help aspiring entrepreneurs build a business and a life that serves them. Also, she is a speaker who provides powerful advice on starting and growing a successful online business.
She has been working online for 10 years now. In 2023, she started her online business with an Amazon business which she sold for over $1 million USD in 2015. She has been completely digital starting COVID. Sophie launched over 1000 educational programs teaching thousands of students how to sell online. She wanted to have a better lifestyle and financial freedom while raising her children.
Some Questions I Ask:
For those that don’t know who you are and what you do, I’d love you to share a little bit about your journey?
What are some of the starting gates and disciplines introduced to somebody to at least get one foot in the arena of buying online business?
How ChatGPT is factored into that SEO and content curation over the last six months?
What does that look like for you to avoid some of the mistakes that you made earlier on when buying online businesses?
How do you structure the purchase?
What are some of the routines and rhythms, and discipline that you do in consistent being on this path?
How much does somebody need to start this online business?
What is it that is striving you on your financial freedom goals?
In this Episode, You Will Learn:
Why buying an online business is really a good strategy.
Criteria & steps on buying an online business.
What are some good online business model.
The biggest skills on managing an online business.
Resources Mentioned:
Quotes:
“You chose your own world and that is such a luxury.”
“Even if it starts really small, there’s nothing like your own freedom.”
Connect with Sophie Howard on:
Freedom Navigator book
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | So I think buying online businesses could be a really, really good strategy for a lot of people |
| 0:05.1 | who want to get straight to that end point of the profitable business. |
| 0:09.3 | It's really fun doing all the entrepreneurial trial and error, do a course, do a mastermind, |
| 0:15.1 | go to some conferences, build it up, test it out, test all the channels and platforms. |
| 0:19.7 | And that's still really fun. And when you win, |
| 0:22.1 | it's the most satisfying feeling in the world. But if you'll say, busy with a day job with a good |
| 0:26.7 | income stream, you've got house with a mortgage, you know, you just want to get out of the rat race. |
| 0:31.3 | And the work and the time, just the total elapsed time to get to that doing it yourself |
| 0:36.3 | is quite long and quite hard and |
| 0:37.7 | quite uncertain what point of financial freedom is possible. |
| 0:56.9 | I'm excited to welcome into the show today. Sophie Howard from Freedom Navigators. How are we doing today? |
| 1:12.8 | Hi, wonderful. Thanks much. How are you? I wish I was hanging out in New Zealand where you're at because, you know, in California, we've been getting all kinds of crazy weather this winter. But for those that don't know who you are and what you do and really kind of how you found this space, I'd love for you to share a little bit about your journey. |
| 1:17.4 | Well, I've been working online pretty much from the kitchen table for the last nine, |
| 1:23.5 | nearly 10 years now, partly through just wanting to have a better lifestyle and more financial |
| 1:29.2 | freedom as I raised my young children. But I'm very competitive and so I don't dabble with things. |
| 1:35.3 | So I've been riproaring around in all sorts of different directions over the year. So I started |
| 1:39.7 | with an Amazon FBA business. And I'd like to say there was some great skill and selection criteria. |
| 1:45.6 | But I think I just had a massive stroke of beginners luck and had this fantastic first |
| 1:50.0 | product. |
| 1:50.9 | So a year in, I'd made 1.6 million in sales. |
| 1:54.6 | I sold the business for seven figures when it was 18 months old back in 2015, |
| 1:59.2 | way before anyone was selling Amazon. |
... |
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