As you buy a car or apartment, you should be prepared for the process.
To buy your first side project successfully, you should know a few things. In this blog post, we'll talk about:
The first stage is where you research what is available on the market. You look for price, users, revenue, different categories of projects, and your personal preference.
The project should match your desire and willingness to work on this project further. This way, you won't regret your decision to buy a side project.
I recommend you bookmark interesting projects you found on the market. Then when you're ready, create your list of pros and cons of each project to have a complete picture.
You choose one of the projects at this stage, and to go further, you need to contact a founder.
Prepare your initial message. Admit that you liked the project and want to know more details. Ask a few questions.
Always be polite when you discuss project details. Sellers are people, too, so don't lose control if something goes not the way you expected.
The most important thing is to treat other people the same way you want to be treated.
Due diligence most generally means proper actions that a situation calls for, especially those that help avoid harm or risk. Due diligence helps buyers understand the nature of a deal, the risks involved, and whether the listing fits their needs.
You need to verify all metrics like traffic and revenue are valid at this stage. You can do this by asking for read-only access for Google Analytics or Stripe from the seller. On the other hand, you can schedule screen sharing session with the seller.
At the end of the process, you should get proof that all details in the listing are accurate.
If you choose a suitable micro-startup to buy, you should sign an asset purchase agreement with the seller. It's a contract specifying the terms and conditions of a transaction.
After this, use an escrow service like Tazapay or Escrow.com to send money and receive the project's assets.
Finally, I recommend you create a password manager account and save all logins/passwords for your project. This way, you keep everything sorted. Check out Bitwarden or 1Password for this.
You should discuss this period with the seller upfront. Our sellers provide buyers with at least one month of the free support period. During this period, you can ask questions about the business, how to operate it, and growth opportunities.
Don't forget to reach out to us and notify us that you bought a project. Then, we can remove a listing from the site and ask for your feedback. It's essential to improve our service.
Thank you for reading. Let me know if you have any questions.
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