At the EBusiness Institute, we just love it when our graduates take the digital skills we teach them and turn it into their own personal success!
A great example of this is Joe Burrill who was one of our original successful graduates. He saw the opportunity in flipping websites for profit, and today he achieves amazing multiples in his website sales.
Joe is now one of the top rated website sellers on Flippa.com and today he shares with us how he recently achieved a record sales multiple for a small learner website!
Liz Raad: Today I am very excited to be here with Joe Burrill, because we are celebrating an awesome achievement. Joe has now achieved a multiple I don’t think we have ever seen before. It’s very exciting!
It started with a simple content website bought for $3000
Joe Burrill: Yes, it’s exciting! So, this website is a tech content blog, and I bought it about two years ago for $3,000.
The strategy behind flipping the website…
Liz: Okay, so what made you decide to sell and list it on Flippa?
Joe: I usually look to sell a website once it’s made its money back.
Liz: So you’ve paid yourself?
Joe: Yes, I make sure I’ve I made my money back before I decide to put it on the market.
Liz: That’s a very good strategy.
Joe: So, everything that I got past that was basically going to be profit.
How The Website Sales Process Works…
Liz: Great! So, tell us about the process. What happened when you listed this site?
Joe: So, it very quickly made Editor’s Choice on Flippa.com. I did get a bit of help from the Flippa guys (at an additional percentage in the success fee), so they promoted it for me. And through the listing, we ended up with 179 bids.
Liz: 179 bids, that was a popular auction! What was making that site popular do you think? Was it an easy one to maintain? Or what was it about the actual site that was attractive to buyers?
Why the website was so attractive to buyers…
Joe: Well, it was a very passive website. It was making money through AdSense, and all I did was post content to it. So that’s a business model which is pretty attractive as it is.
Liz: Yes, very passive. So, how much would you work on the site?
Joe: Around an hour a month.
Liz: They’re the good ones! And how much income was it making?
Joe: It was about $200 a month.
Liz: Okay, so not a huge site. But 179 bids later, what price did we get to?
Joe: The bidding went up past $22,000.
Amazing sales multiple achieved – 110x monthly income!
Liz: $22,000, how awesome is that?! So, here’s a website you bought for $3,000, a nice little asset. So, what do you think made the difference in the sale?
By the way, Joe is a Super Seller on Flippa. He has three of the top badge ratings. So, Joe is very good at what he does, and I can certainly attest to that. He applies his skills very well. But what do you think was the key to success there? To getting that auction running and doing so well?
Joe: When it came down to the final bids, it was between two buyers. They were bidding against each other, and they both had their own concerns. I was reaching out to them at those last moments of the auction, just letting them know that I’m going to be there for them for the support after the sale.
Also, I was offering them extras as well to keep them bidding. And I think that was the key to what made the price get as high as it did.
Learning’s from how the high website sales price was achieved…
Liz: Joe’s a very genuine and caring person, and we know that you’re going to deliver that support, and you offered awesome stuff for them. What sort of things did you offer?
Joe: So, one of the concerns was that they’re worried about content, and that I didn’t release the information about the writer of the context.
Liz: Sure, that’s personal information. You can’t do that during the sale.
Joe: Exactly, so I said to him that I’m happy to source a few writers for him, and put together a Standard Operating Procedure (SOP). This is a list of instructions on how to actually hire writers in the future. That way, he knows how I do it, and can apply it to his future.
Liz: Beautiful, and of course that gives a lot of safety and security for that buyer to know that he’s going to get looked after, he’s going to be able to run the website, and it’s going to be able to continue those returns and be a website asset for him as well. So really well done, and that is exciting! Awesome achievement Joe, well done!
Joe’s Website Flipping Sale Record!
And as an aside, Joe’s recent website sale here at 110x the monthly profit eclipses his previous website flipping record of 50x the monthly income – which you can read about here:
We love hearing those stories of when our graduates just run with it, and get great achievements. This is a great illustration of how websites can be fantastic little assets that you can sell for an incredible profit when you know how.
To our readers – we would love to hear more about your website selling success! Tell us below – have you sold any websites on a marketplace such as Flippa? How did you find the selling process, and what tips can you give to other readers on to achieve maximum profit?
If you would like to find out more about the website flipping course where Joe learnt to buy and sell websites, or starting your own portfolio of digital assets to sell, you can find out more here: https://ebusinessinstitute.com.au/digital-profits-program/