25: Should You Buy A Side Hustle?

Today's guest has proven her ability to start and grow 2 side hustles while holding down a very full time corporate job. Eventually she sold one of her businesses, but being the adventurous entrepreneur and top-notch marketer, she then started looking for yet another income source and instead of starting another, Krystal Covington decided to buy an already established online business…one that she could grow by applying her areas of expertise. Have you ever thought about buying an existing business, rather than starting from scratch? It’s an interesting idea and one that I’ll explore in today’s end of episode takeaway. But before that, you’ll discover a lot of tips and ideas to apply to your side hustle because we’ll hear how Krystal landed in a new city and launched and grew what would become a 6-figure business known as the Women of Denver, why she lost a lot of money in her lace front wigs venture, what’s caused her marketing agency to flourish, and a lot of words of wisdom sprinkled throughout this episode.   What You’ll Hear: 02:38 Two side hustles and a full-time job 04:05 Charging “time and a half” for the first gigs 04:25 A women’s group born out of necessity 05:30 Interviews, events, a blog, meetings, and networking morphed into Women of Denver  08:25 Her bedroom becomes a recording studio 09:02 Outgrowing the coffee shop as a meeting place 11:24 Two memberships tiers $35/$150 month 15:50 Time to leave the full-time job 18:56 The 4 keys to influence - people want to give you money 20:16 In the first year building the women’s group, posted on FB every day 22:40 Using links to increase your SEO 25:00 Should you niche? Maybe not. 27:20 Where to post 28:04 Commenting on others social media posts is what’s working for her 29:35 Posting on it’s own is a lot less effective today 30:00 What to be aware of when posting on TikTok  31:17 Searching for a profitable business 34:50 Where Krystal discovered businesses for sale 36:15 A business loss that really scared her 39:03 Sources of free coaching and business guidance 40:50 The “automation” of her skin care business 43:19 Listen to people who have done it! Takeaways: 44:08 Thinking about buying a business? Do your due diligence! 44:50 Maybe someone wants to “pass the reins” to you 45:32 Why I knowingly paid $100,000 more for a business than it was worth at the time 46:18 Why the business Krystal bought is a great fit for her 46:35 Did I mention the need for due diligence? How to find Krystal: https://www.krystalcovington.com/ https://www.instagram.com/krystalgolead/ Connect with Joan: Instagram https://www.instagram.com/joanposivy/ Facebook https://www.facebook.com/posivy/ Joan's Main Site https://www.joanposivy.com/ Be on the show! Be Our Guest https://www.joanposivy.com/be-our-guest.html