I sold my OpenAI GPT Website for $30,000

i sold my business enhance ai not only that i made over 30 000 in just 30 days doing so so in this video i'm gonna share the behind the scenes details of exactly how i got to this point i learned some pretty valuable lessons along the way i'm gonna structure this video in several parts the first part will be having a look at exactly how i built the actual product itself how i spend just a month doing so and why i move so fast in the second part we'll have a look at how i started making sales getting an actual audience for this and paying subscribers and then in the final part we'll have a look at why i took it to market how i sold it what i did for negotiating it and what that looked like after i made the sale as well let's get started in this last year i wanted to do something insane a monumental task to build up an entire business in just a month this was something that i've always wanted to do i've created lots of businesses and sasses and some have taken me years some have taken me months but the end result was always a failure which is unfortunate but i think this is one of the important things to do is to move fast and change fast so in this case i wanted to see if i could do the whole thing in 30 days my goal was to build up something using ai i had just heard about elon musk and openai something that he found it and it was an autocomplete text generator i wanted to see if i could use this for coding and this is where enhanced ai came about the first step was to see if it was actually possible to do what i wanted and the second step was to see if there were some competitors in the space that were already doing this and i was lucky on both fronts in terms of the coding space creating maybe a short code inside of wordpress using ai was something that was never possible before or even just understanding regex these were two things that i really wanted to be able to do with the ai tool that i wanted to create the second part was having a look if they could be done in open ai and when i tried them out they actually kind of worked i had to tweak them a little bit but i got them to work which means that there was merit in my idea it was now time to build it being a full stack developer meant that i could create this entire thing myself and it's one of the benefits that a lot of coders don't realize i think that it's one of the skills i'm most proud to have these days so what i decided to do was jump in create the front end on react the back end on node.js integrate the payment system on strive as well as a database on mongodb put the whole thing together to talk to openai and its api layer and then i had a working product amazing but it wasn't that easy i did spend hours upon hours daily over those 30 days to be able to achieve this and this i found out was actually the easy part and the fun part of the whole process the hard part is this next phase customer acquisition this means that i needed to have other people see what i saw in this product and this wouldn't be easy there's normally a lot of things that people do around marketing and advertising to be able to get a product out there but i didn't want to spend too much money on this i wanted it to be very organic so what i decided to do was a youtube video where i showcased the whole process of me building it which you can check out up here somewhere but what ended up happening was that video took off and a lot of people got to see the product how i built it and how it worked and it resonated with them so i got thousands of sign ups immediately just as a consequence of creating that one video now that i had a business a sas with thousands of customers signed up to the free trial i wanted to convert them to active customers so i continued to focus on my features i built out my best feature yet it was a blogging feature that allowed people to owe to predict their blog content as they write it sort of like in gmail auto predict but entire sentences and paragraphs this was the most successful feature so far i was using it myself on a daily basis and i got lots of great feedback on it this helped me basically convert a lot of customers to using the product and started it to make it a success the only problem was that not a lot of developers i found out vlog that often and maybe i was actually focusing on the wrong audience and this is the next hurdle that i came across i felt like i was investing more and more time into this blogging aspect of enhance ai but i wasn't getting additional sign-ups to really justify all the time i was committing i decided to give my friend simon a call to find out what he had to say on this well enhanced ai works really well as a writing assistant maybe bloggers are just a better fit why don't you sell it use marketplaces like microacquire and sell it to a blogging company selling it was something i had not considered before originally when i built it i was so excited i thought it'd be a side hustle with passive income but as i kept putting more and more effort into it and getting no results it felt demoralizing so i decided to give microacquire a test microacquire is a site that allows you to publish any business luckily i had built this business properly from the ground up it included a proper australian registration with a business with a proper trading name a proper domain and lots more and as part of this process i had to also kind of evaluate what the net worth of my business was this was a very difficult task but i originally came up with a figure of thirty thousand my original thinking was that i put about a month into this so far which meant about 30 days working at about seven and a half hours per day at a price of about 150 an hour that comes to about 30 000 on top of that i felt like if i continued to put effort into this business i could get enough customers signed up to make at least 30 000 per year it felt like a solid number to me so that's what i listed it as now as a quick side note if you're thinking of building your own sas product there's a good place to start api layer is an entire marketplace with pre-built components and apis and features and is the sponsor of today's video one thing that i've realized is nothing is ever built from the ground up and even i was inspired and use openai's platform to do my own sas so researching and understanding apis is always the first step api layer has apis that can scrape websites allowing you to create custom data sets or vision apis that would allow you to detect objects inside of images label them and even edit them there is even one api that allows you to do code detection taking in code detecting it and labeling and then formatting it as well and of course i've got a coupon code which is adrian t20 giving you a 20 discount for any three consecutive months of use if you're interested check out apillar.com which i've added in the description below now let's get back to how selling my sass is going and this is the surprising part where simon was right i got lots and lots of interest i almost had daily messages about people seeking to test down my product to see if it was worth buying i went through a lot of conversations some of them went to the final step where people were almost ready to give me an offer some of them didn't go anywhere at all but eventually i got a bid a bid that was really interested in my product they were already a blogging company and they could see how this tool could really help them improve what they're already doing and i showcase their product to them and i did some video calls with them and they were just astounded they were so impressed that they were going to give me an offer on the table but we needed to go through some negotiations so i mentioned that i wanted to sell this business for 30 000 it had already made about five thousand dollars for me month by month it was making about a thousand dollars but those figures were going down because not many developers were focused in on the blogging tools this was one of the reasons i was selling it but unfortunately this also made my offer a little bit unappealing they negotiated me down to 20 000 as a sales price at this stage i didn't really want to go through additional offers i had already been doing this for about a month and while i could probably get a better price if i had been more patient and more resilient one of the things i did was just cave in and accept the price so i sold it but there's more to this story there's also terms and conditions it meant that i'm not able to build the exact same product in the exact same space in the future and this makes sense you don't want someone to immediately sell a business and sell the same one to a competitor so i think that's fair on top of that i mentioned that i was able to make thirty thousand dollars from this product and we're not quite there yet i made twenty thousand dollars for the sale of the product and five thousand dollars in sales for the customers there's still five thousand missing and this is where i made some money for both adsense on publishing the video as well as a sponsor which was mongodb at the time as part of doing that video and that brought up the total to thirty thousand dollars so for a month's worth of work i think that's a solid amount i'm quite proud of it as well

Channel: Adrian Twarog

Views: 199,614

Keywords: I sold my website, programming, website, development, software engineering, enhance ai, adrian twarog, html, css, js, stripe, mongo, linux, node, nodejs, react, create react app, creating a saas, creating a website, creating a business, developing a website, developing a saas, openai, saas, enhanceai, microaquire, micro aquire, software development, selling website, website sale, startup sale, ChatGPT, Chat GPT

Id: 5L4XMVlDsqM

Length: 8min 33sec (513 seconds)

Published: Mon Jun 13 2022