How to Buy Your First Micro StartUp or Side Project

If you’re considering buying a small side project, there are several advantages to keep in mind. Firstly, it provides an opportunity to gain experience in building a startup or business without making significant financial or time investments. While it may not require as much time as a full-time business, it still requires a decent amount of time and effort.

However, it’s important to have a strong reason or purpose for wanting to buy or build a side project. Without a clear why, it may be difficult to stay motivated and committed to the journey.

Here are some common reasons why people choose to buy a side project:

1. To learn something new: Buying a micro startup can be a great way to expand your knowledge and skills in a specific area. Whether you’re a software engineer looking to explore new technologies or a marketer wanting to understand the tech industry better, buying a side project can provide endless opportunities for learning and growth.

2. To become an entrepreneur: Some people are motivated by the desire to be an entrepreneur and experience the excitement and challenges that come with it. Buying a side project allows you to be on the hot seat, make decisions, and see the project grow. It also requires a focused approach and dedication to the project’s success.

Other reasons for buying a side project include seeing its growth potential, leveraging your existing skills to take it to the next level, generating an extra source of income, powering up your existing business, or boosting your resume with entrepreneurial experience.

Once you’ve determined your reasons for buying a side project, here are the steps you can take to make it happen:

1. Discovery phase: Research the market and explore different listings and categories to find projects that align with your goals. Compare prices, analyze the projects’ pros and cons, and bookmark the ones that interest you.

2. Get in touch with the seller: Contact the founders or sellers of the projects you’re interested in and ask questions to gather more information about the project.

3. Carry out due diligence: Verify the metrics provided by the seller and assess the health of the business. Ask for access to traffic and revenue metrics, and inspect all relevant assets.

4. Sign the contracts and make payment: Once you’ve reached an agreement with the seller, sign a contract (asset purchase agreement) that outlines the terms and conditions of the transaction. Use a secure escrow service, such as Escrow.com, to handle the payment.

5. Post-sale period: Many sellers offer a month of free support after the sale to help you run the business and implement your growth strategies. After this period, you may need to discuss extended support with the seller if needed.

Buying a side project can be a cost-efficient way to build a side hustle or even a full-time business. It provides valuable learning experiences and can have a positive impact on various aspects of your life. If you’re interested in investing in micro-startups, you can sign up for Micro Startups Acquisitions Premium and explore the listings on their marketplace.