Episode 7-Buying a business using credit card during Covid-1‪9‬

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Gaurav Dhir is an Internet Entrepreneur based out of Oshawa in Canada. He started his first business in India, then took a franchise in the education segment when he moved to Canada and then, and this is very interesting, started his next business by acquiring a website from his credit card! We must add that he did that without knowing anything about Internet businesses. Gaurav is one of the ‘antifragile’ Problem Solvers who became stronger with the disorder created by Covid-19. Listen to this episode to get motivated for starting an internet business, learn about some initial challenges and some thoughts about the world of content monetisation. This conversation is a flashback to capture the first 6 months of the business, so that anyone who wants to start a business can benefit. Interesting fact: As of January 2021, Gaurav grew the business by 10X from where it was when he had acquired it.

Buying a business from credit card during Covid

Gaurav Dhir is an Internet Entrepreneur based out of Oshawa in Canada. He started his first business in India, then took a franchise in the education segment when he moved to Canada and then, and this is very interesting, started his next business by acquiring a website from his credit card! I must add that he did that without knowing anything about Internet business. Gaurav is one of the ‘antifragile’ problem solvers who became stronger with the disorder created by Covid-19. Listen to this episode to get motivated for starting an internet business, learn about some initial challenges and some thoughts about the world of content monetisation. This conversation is a flashback to capture the first 6 months of the business, so that anyone who wants to start a business can benefit.

Some highlights from this conversation:

  • Gaurav believes in turning around businesses. His first business in Canada was a simple one – a tutoring franchise. He purchased it from another franchise entrepreneur and turned it into a more profitable one in 12 months. Next, he got interested in Internet businesses. Fun fact: we had some role to play here, by reminding of an old adventure he had making money online. He still makes few dollars from that decade old adventure

  • Like many incredible entrepreneurs, Gaurav just went out to buy an existing internet business (link below) using his credit card ! How many of us do that? Many can. Very few do. He didn’t know much about internet businesses, and his goal was to learn by taking minimum risks. Note, that like many successful entrepreneurs this was not a rash decision but a calculated one

  • The first 6 months of the business – January to May, 2020 (and the focus of our conversation) – had the usual challenges of a fledgling venture, and Covid-19 on top of that. Google changed its algorithm to ensure that health and wellness content from healthcare professionals get better ranking. Then Amazon slashed its affiliate rates. Double whammy as Google’s change brought down the traffic to the website, while Amazon’s decision affected the revenue per customer. Gaurav persevered through all this, like most problem solver entrepreneurs

  • The key message from those challenges, is to build a moat or a defense. Platforms are unpredictable and they can change their algorithm or commission rates. Business moats are under an entrepreneur’s control. Gaurav is creating such a moat by multiple partnerships. During Covid, he went out – very important to get out, even for internet businesses – and reached out to local businesses for partnerships. He had the traffic. Local businesses had products to sell. It was a win-win. Again, very simple activity, but very few go out and do that

  • We also spoke about the tools and technologies to run this business. Not very complex. Gaurav mentioned that basic knowledge of SEO and Google Analytics is sufficient to get started. Then one has to go deep on their own or take support from agencies, freelancers and platforms (some links below). Even for acquiring an existing website, there are platforms to help get started.

Gaurav’s journey as a problem solver and entrepreneur is inspiring for anyone who has been thinking for a long time to start something, even as a side-hustle. It is particularly relevant for solopreneurs, coaches, consultants and services entrepreneurs as any of them can generate additional income through content monetisation like Gaurav. Who knows if that also results in additional leads for the main business!

Links for reference

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