How I monetized and sold an abandoned side project for $20,000

The Origin Story

I've always wanted to be an entrepreneur but never succeeded. I often had business ideas, made a landing page, and told my buddies. Never got customers.

In April 2021, I decided to try again with a new strategy. I noticed that I had trouble acquiring an initial set of customers, so I wanted to start by acquiring a product that had a small user base that I could grow.

I found a SaaS marketplace called MicroAcquire.com where you could buy and sell SaaS products. I liked Shareit.video, an online Loom-like screen recorder.

Shareit.video didn't generate revenue, but 50 people visited daily to record screencasts.

Purchasing a Failed Side Project

I eventually bought Shareit.video for $12,000 from its owner.

$12,000 was probably too much for a website without revenue or registered users.

I thought time was most important. I could have recreated the website, but it would take months. $12,000 would give me an organized code base and a working product with a few users to monetize.

I considered buying a screen recording website and trying to grow it versus buying a new car or investing in crypto with the $12K.

Buying the website would make me a real entrepreneur, which I wanted more than anything.

Putting down so much money would force me to commit to the project and prevent me from quitting too soon.

A Year of Development

I rebranded the website to be called RecordJoy and worked on it with my cousin for about a year. Within a year, we made $5000 and had 3000 users.

We spent $3500 on ads, hosting, and software to run the business.

AppSumo promoted our $120 Life Time Deal in exchange for 30% of the revenue.

We put RecordJoy on maintenance mode after 6 months because we couldn't find a scalable user acquisition channel.

We improved SEO and redesigned our landing page, but nothing worked.

Despite not being able to grow RecordJoy any further, I had already learned so much from working on the project so I was fine with putting it on maintenance mode. RecordJoy still made $500 a month, which was great lunch money.

Getting Taken Over

One of our customers emailed me asking for some feature requests and I replied that we weren’t going to add any more features in the near future. They asked if we'd sell.

We got on a call with the customer and I asked if he would be interested in buying RecordJoy for 15k. The customer wanted around $8k but would consider it.

Since we were negotiating with one buyer, we put RecordJoy on MicroAcquire to see if there were other offers.

We quickly received 10+ offers. We got 18.5k. There was also about $1000 in AppSumo that we could not withdraw, so we agreed to transfer that over for $600 since about 40% of our sales on AppSumo usually end up being refunded.

Lessons Learned

First, create an acquisition channel

We couldn't discover a scalable acquisition route for RecordJoy. If I had to start another project, I'd develop a robust acquisition channel first. It might be LinkedIn, Medium, or YouTube.

Purchase Power of the Buyer Affects Acquisition Price

Some of the buyers we spoke to were individuals looking to buy side projects, as well as companies looking to launch a new product category. Individual buyers had less budgets than organizations.

Customers of AppSumo vary.

AppSumo customers value lifetime deals and low prices, which may not be a good way to build a business with recurring revenue. Designed for AppSumo users, your product may not connect with other users.

Try to increase acquisition trust

Acquisition often fails. The buyer can go cold feet, cease communicating, or run away with your stuff. Trusting the buyer ensures a smooth asset exchange. First acquisition meeting was unpleasant and price negotiation was tight. In later meetings, we spent the first few minutes trying to get to know the buyer’s motivations and background before jumping into the negotiation, which helped build trust.

Operating expenses can reduce your earnings.

Monitor operating costs. We were really happy when we withdrew the $5000 we made from AppSumo and Stripe until we realized that we had spent $3500 in operating fees. Spend money on software and consultants to help you understand what to build.

Don't overspend on advertising

We invested $1500 on Google Ads but made little money. For a side project, it’s better to focus on organic traffic from SEO rather than paid ads unless you know your ads are going to have a positive ROI.

It's ok and even desired to be unprofitable if you're gaining revenue at a reasonable cost and have 100%+ net dollar retention, meaning you never lose customers and expand them. To estimate the acceptable cost of new SaaS revenue, we compare new revenue to operating loss and payback period. If you pay back the customer acquisition cost in 1.5 years and never lose them (100%+ NDR), you're doing well.

To evaluate payback period, we compared new revenue to net operating loss for the last 73 SaaS companies to IPO since October 2017. (55 out of 73). Here's the data. 1/(new revenue/operating loss) equals payback period. New revenue/operating loss equals cost of new revenue.

Payback averages a year. 55 SaaS companies that weren't profitable at IPO got a 1-year payback. Outstanding. If you pay for a customer in a year and never lose them (100%+ NDR), you're establishing a valuable business. The average was 1.3 years, which is within the 1.5-year range.

New revenue costs $0.96 on average. These SaaS companies lost $0.96 every $1 of new revenue last year. Again, impressive. Average new revenue per operating loss was $1.59.

Loss-in-operations definition. Operating loss revenue COGS S&M R&D G&A (technical point: be sure to use the absolute value of operating loss). It's wrong to only consider S&M costs and ignore other business costs. Operating loss and new revenue are measured over one year to eliminate seasonality.

Operating losses are desirable if you never lose a customer and have a quick payback period, especially when SaaS enterprises are valued on ARR. The payback period should be under 1.5 years, the cost of new income < $1, and net dollar retention 100%.

You’ll be surprised; I sure was

Blogging and writing online as a side income has now been around for a significant amount of time. Nowadays, it is a continuously rising moneymaker for prospective writers, with several writing platforms existing online. At the top of the list are Medium, Vocal Media, Newsbreak, and the biggest one of them, Quora, with 300 million active users.

Quora, unlike Medium, is a question-and-answer format platform. On Medium you are permitted to write what you want, while on Quora, you answer questions on topics that you have expertise about. Quora, like Medium, now compensates its authors for the answers they provide in comparison to the previous, in which you had to be admitted to the partner program and were paid to ask questions.

Quora just recently went live with this new partner program, Quora Plus, and the way it works is that it is a subscription for $5 a month which provides you access to metered/monetized stories, in turn compensating the writers for part of that subscription for their answers.

I too on Quora have found a lot of success on the platform, gaining 23 Million Content Views, and 300,000 followers for my space, which is kind of the Quora equivalent of a Medium article. The way in which I was able to do this was entirely thanks to a hack that I uncovered to the Quora algorithm.

In this article, I plan on discussing how much money I received from 23 million content views on Quora, and I bet you’ll be shocked; I know I was.

A Brief Explanation of How I Got 23 Million Views and How You Can Do It Too

On Quora, everything in terms of obtaining views is about finding the proper question, which I only understood quite late into the game. I published my first response in 2019 but never actually wrote on Quora until the summer of 2020, and about a month into posting consistently I found out how to find the perfect question. Here’s how:

The Process

Go to your Home Page and start scrolling… While browsing, check for the following things…

1. Answers from people you follow or your followers.

2. Advertisements

These two things are the two things you want to ignore, you don’t want to answer those questions or look at the ads. You should now be left with a couple of recommended answers. To discover which recommended answer is the best to answer as well, look at these three important aspects.

1. Date of the answer: Was it in the past few days, preferably 2–3 days, even better, past 24 hours?

2. Views: Are they in the ten thousands or hundred thousands?

3. Upvotes: Are they in the hundreds or thousands?

Now, choose an answer to a question which you think you could answer as well that satisfies the requirements above. Once you click on it, as all answers on Quora works, it will redirect you to the page for that question, in which you will have to select once again if you should answer the question.

1. Amount of answers: How many responses are there to the given question? This tells you how much competition you have. My rule is beyond 25 answers, you shouldn’t answer, but you can change it anyway you’d like.

2. Answerers: Who did the answering for the question? If the question includes a bunch of renowned, extremely well-known people on Quora, there’s a good possibility your essay is going to get drowned out.

3. Views: Check for a constant quantity of high views on each answer for the question; this is what will guarantee that your answer gets a lot of views!

The Income Reveal! How Much I Made From 23 Million Content Views

DRUM ROLL, PLEASE!

8.97 USD. Yes, not even ten dollars, not even nine. Just eight dollars and ninety-seven cents.

Possible Reasons for My Low Earnings

• Quora Plus and the answering partner program are newer than my Quora views.

• Few people use Quora+, therefore revenues are low.

• I haven't been writing much on Quora, so I'm only making money from old answers and a handful since Quora Plus launched.

• Quora + pays poorly...

Should You Try Quora and Quora For Money?

My answer depends on your needs. I never got invited to Quora's question partner program due to my late start, but other writers have made hundreds. Due to Quora's new and competitive answering partner program, you may not make much money.

If you want a fun writing community, try Quora. Quora was fun when I only made money from my space. Quora +'s paywalls and new contributors eager to make money have made the platform less fun for me.

This article is a summary to save you time. You can read my full, more detailed article, here.

You have to use it.

Chat-GPT is a revolution.

All social media outlets are discussing it. How it will impact the future and different things.

True.

I've been using Chat-GPT for a few days, and it's a rare revolution. It's amazing and will only improve.

I asked Chat-GPT about the best non-fiction books. It advised this, albeit results rely on interests.

The Immortal Life of Henrietta Lacks

by Rebecca Skloot

Science, Biography

A impoverished tobacco farmer dies of cervical cancer in The Immortal Life of Henrietta Lacks. Her cell strand helped scientists treat polio and other ailments.

Rebecca Skloot discovers about Henrietta, her family, how the medical business exploited black Americans, and how her cells can live forever in a fascinating and surprising research.

You ought to read it.

1. if you want to discover more about the past of medicine.

2. if you want to discover more about American history.

Bad Blood: Secrets and Lies in a Silicon Valley Startup

by John Carreyrou

Tech, Bio

Bad Blood tells the terrifying story of how a Silicon Valley tech startup's blood-testing device placed millions of lives at risk.

John Carreyrou, a Pulitzer Prize-winning journalist, wrote this book.

Theranos and its wunderkind CEO, Elizabeth Holmes, climbed to popularity swiftly and then plummeted.

You ought to read it.

1. if you are a start-up employee.

2. specialists in medicine.

The Power of Now: A Guide to Spiritual Enlightenment

by Eckhart Tolle

Self-improvement, Spirituality

The Power of Now shows how to stop suffering and attain inner peace by focusing on the now and ignoring your mind.

The book also helps you get rid of your ego, which tries to control your ideas and actions.

If you do this, you may embrace the present, reduce discomfort, strengthen relationships, and live a better life.

You ought to read it.

1. if you're looking for serenity and illumination.

2. If you believe that you are ruining your life, stop.

3. if you're not happy.

The 7 Habits of Highly Effective People

by Stephen R. Covey

Profession, Success

The 7 Habits of Highly Effective People is an iconic self-help book.

This vital book offers practical guidance for personal and professional success.

This non-fiction book is one of the most popular ever.

You ought to read it.

1. if you want to reach your full potential.

2. if you want to discover how to achieve all your objectives.

3. if you are just beginning your journey toward personal improvement.

Sapiens: A Brief History of Humankind

by Yuval Noah Harari

Science, History

Sapiens explains how our species has evolved from our earliest ancestors to the technology age.

How did we, a species of hairless apes without tails, come to control the whole planet?

It describes the shifts that propelled Homo sapiens to the top.

You ought to read it.

1. if you're interested in discovering our species' past.

2. if you want to discover more about the origins of human society and culture.

I can't believe they’d even think it works!

Developers are usually interviewed before being hired, right? Every organization wants candidates who meet their needs. But they also want to avoid fraud.

There are cheaters in every field. Only two come to mind for the hiring process:

• Lying on a resume.

• Cheating on an online test.

Recently, I observed another one. One of my coworkers invited me to replace another developer during an online interview! I was astonished, but it’s not new.

The specifics

My ex-colleague recently texted me. No one from your former office will ever approach you after a year unless they need something.

Which was the case. My coworker said his wife needed help as a programmer. I was glad someone asked for my help, but I'm still a junior programmer.

Then he informed me his wife was selected for a fantastic job interview. He said he could help her with the online test, but he needed someone to help with the online interview.

Okay, I guess. Preparing for an online interview is beneficial. But then he said she didn't need to be ready. She needed someone to take her place.

I told him it wouldn't work. Every remote online interview I've ever seen required an open camera.

What followed surprised me. She'd ask to turn off the camera, he said.

I asked why.

He told me if an applicant is unwell, the interviewer may consider an off-camera interview. His wife will say she's sick and prefers no camera.

The plan left me speechless. I declined politely. He insisted and promised $2k if she got the job.

I felt insulted and told him if he persisted, I'd inform his office. I was furious. Later, I apologized and told him to stop.

I'm not sure what they did after that

I'm not sure if they found someone or listened to me. They probably didn't. How would she do the job if she even got it?

It's an internship, he said. With great pay, though. What should an intern do?

I suggested she do the interview alone. Even if she failed, she'd gain confidence and valuable experience.

Conclusion

Many interviewees cheat. My profession is vital to me, thus I'd rather improve my abilities and apply honestly. It's part of my identity.

Am I truthful? Most professionals are not. They fabricate their CVs. Often.

When you support interview cheating, you encourage more cheating! When someone cheats, another qualified candidate may not obtain the job.

One day, that could be you or me.

VeeFriends is one NFT project I'm sure will last.

I believe in blockchain technology and JPEGs, aka NFTs. NFTs aren't JPEGs. It's not as it seems.

Gary Vaynerchuk is leading the pack with his new NFT project VeeFriends, I wrote a year ago. I was spot-on. It's the most innovative project I've seen.

Since its minting in May 2021, it has given its holders enormous value, most notably the first edition of VeeCon, a multi-day superconference featuring iconic and emerging leaders in NFTs and Popular Culture. First-of-its-kind NFT-ticketed Web3 conference to build friendships, share ideas, and learn together.

VeeFriends holders got free VeeCon NFT tickets. Attendees heard iconic keynote speeches, innovative talks, panels, and Q&A sessions.

It was a unique conference that most of us, including me, are looking forward to in 2023. The lineup was epic, and it allowed many to network in new ways. Really memorable learning. Here are a couple of gratitude posts from the attendees.

VeeFriends Series 2

This article explains VeeFriends if you're still confused.

GaryVee's hand-drawn doodles have evolved into wonderful characters. The characters' poses and backgrounds bring the VeeFriends IP to life.

Yes, this is the second edition of VeeFriends, and at current prices, it's one of the best NFT opportunities in years. If you have the funds and risk appetite to invest in NFTs, VeeFriends Series 2 is worth every penny. Even if you can't invest, learn from their journey.

1. Art Is the Start

Many critics say VeeFriends artwork is below average and not by GaryVee. Art is often the key to future success.

Let's look at one of the first Mickey Mouse drawings. No one would have guessed that this would become one of the most beloved animated short film characters. In Walt Before Mickey, Walt Disney's original mouse Mortimer was less refined.

First came a mouse...

These sketches evolved into Steamboat Willie, Disney's first animated short film.

Fred Moore redesigned the character artwork into what we saw in cartoons as kids. Mickey Mouse's history is here.

Looking at how different cartoon characters have evolved and gained popularity over decades, I believe Series 2 characters like Self-Aware Hare, Kind Kudu, and Patient Pig can do the same.

GaryVee captures this journey on the blockchain and lets early supporters become part of history. Time will tell if it rivals Disney, Pokemon, or Star Wars. Gary has been vocal about this vision.

2. VeeFriends is Intellectual Property for the Coming Generations

Most of us grew up watching cartoons, playing with toys, cards, and video games. Our interactions with fictional characters and the stories we hear shape us.

GaryVee is slowly curating an experience for the next generation with animated videos, card games, merchandise, toys, and more.

VeeFriends UNO, a collaboration with Mattel Creations, features 17 VeeFriends characters.

VeeFriends and Zerocool recently released Trading Cards featuring all 268 Series 1 characters and 15 new ones. Another way to build VeeFriends' collectibles brand.

At Veecon, all the characters were collectible toys. Something will soon emerge.

Kids and adults alike enjoy the YouTube channel's animated shorts and VeeFriends Tunes. Here's a song by the holder's Optimistic Otter-loving daughter.

This VeeFriends story is only the beginning. I'm looking forward to animated short film series, coloring books, streetwear, candy, toys, physical collectibles, and other forms of VeeFriends IP.

3. Veefriends will always provide utilities

Smart contracts can be updated at any time and authenticated on a ledger.

VeeFriends Series 2 gives no promise of any utility whatsoever. GaryVee released no project roadmap. In the first few months after launch, many owners of specific characters or scenes received utilities.

Every benefit or perk you receive helps promote the VeeFriends brand.

Recent partnerships are listed below.

• MaryRuth's Multivitamin Gummies

• Productive Puffin holders from VeeFriends x Primitive

• Pickleball Scene & Clown Holders Only

Pickleball & Competitive Clown Exclusive experience, anteater multivitamin gummies, and Puffin x Primitive merch

Considering the price of NFTs, it may not seem like much. It's just the beginning; you never know what the future holds. No other NFT project offers such diverse, ongoing benefits.

4. Garyvee's team is ready

Gary Vaynerchuk's team and record are undisputed. He's a serial entrepreneur and the Chairman & CEO of VaynerX, which includes VaynerMedia, VaynerCommerce, One37pm, and The Sasha Group.

Gary founded VaynerSports, Resy, and Empathy Wines. He's a Candy Digital Board Member, VCR Group Co-Founder, ArtOfficial Co-Founder, and VeeFriends Creator & CEO. Gary was recently named one of Fortune's Top 50 NFT Influencers.

Gary Vayenerchuk aka GaryVee

Gary documents his daily life as a CEO on social media, which has 34 million followers and 272 million monthly views. GaryVee Audio Experience is a top podcast. He's a five-time New York Times best-seller and sought-after speaker.

Gary can observe consumer behavior to predict trends. He understood these trends early and pioneered them.

• 1997 — Realized e-potential commerce's and started winelibrary.com. In five years, he grew his father's wine business from $3M to $60M.

• 2006 — Realized content marketing's potential and started Wine Library on YouTube. TV

• 2009 — Estimated social media's potential (Web2) and invested in Facebook, Twitter, and Tumblr.

• 2014: Ethereum and Bitcoin investments

• 2021 — Believed in NFTs and Web3 enough to launch VeeFriends

GaryVee isn't all of VeeFriends. Andy Krainak, Dave DeRosa, Adam Ripps, Tyler Dowdle, and others work tirelessly to make VeeFriends a success.

GaryVee has said he'll let other businesses fail but not VeeFriends. We're just beginning his 40-year vision.

I have more confidence than ever in a company with a strong foundation and team.

5. Humans die, but characters live forever

What if GaryVee dies or can't work?

A writer's books can immortalize them. As long as their books exist, their words are immortal. Socrates, Hemingway, Aristotle, Twain, Fitzgerald, and others have become immortal.

Everyone knows Vincent Van Gogh's The Starry Night.

We all love reading and watching Peter Parker, Thor, or Jessica Jones. Their behavior inspires us. Stan Lee's message and stories live on despite his death.

GaryVee represents VeeFriends. Creating characters to communicate ensures that the message reaches even those who don't listen.

Gary wants his values and messages to be omnipresent in 268 characters. Messengers die, but their messages live on.

Gary envisions VeeFriends creating timeless stories and experiences. Ten years from now, maybe every kid will sing Patient Pig.

6. I love the intent.

Gary planned to create Workplace Warriors three years ago when he began designing Patient Panda, Accountable Ant, and Empathy elephant. The project stalled. When NFTs came along, he knew.

Gary wanted to create characters with traits he values, such as accountability, empathy, patience, kindness, and self-awareness. He wants future generations to find these traits cool. He hopes one or more of his characters will become pop culture icons.

These emotional skills aren't taught in schools or colleges, but they're crucial for business and life success. I love that someone is teaching this at scale.

In the end, intent matters.

Humans Are Collectors

Buy and collect things to communicate. Since the 1700s. Medieval people formed communities around hidden metals and stones. Many people still collect stamps and coins, and luxury and fashion are multi-trillion dollar industries. We're collectors.

The early 2020s NFTs will be remembered in the future. VeeFriends will define a cultural and technological shift in this era. VeeFriends Series 1 is the original hand-drawn art, but it's expensive. VeeFriends Series 2 is a once-in-a-lifetime opportunity at $1,000.

If you are new to NFTs, check out How to Buy a Non Fungible Token (NFT) For Beginners

This is a non-commercial article. Not financial or legal advice. Information isn't always accurate. Before making important financial decisions, consult a pro or do your own research.

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