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/

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