How I Built An Online Bingo Empire and Sold It For Millions - Phil Fraser

Описание: In this episode of ‘We Built This Business’ we talk with Phil Fraser from The Business Sounding Board.

Phil shares his journey from starting the world’s leading online bingo comparison website from his kitchen table to achieving a multi-million pound exit in 2018. He discusses the pivotal moments that shaped his business, including the early challenges, the importance of delegation, and how he transitioned from running a business to mentoring others. Phil’s insights offer valuable lessons for entrepreneurs at every stage of their journey.

00:00 - Introduction
Daniel introduces Phil Fraser and previews the discussion about Phil's journey from founding an online bingo comparison site to a successful exit.

02:00 - Turning a Failed Pitch into a Business
Phil explains how a failed investment pitch unexpectedly led to the creation of his online bingo website.

05:48 - Monetizing Online Bingo
Phil breaks down the affiliate marketing models that fueled the revenue of his business.

07:54 - UK's Slow Adoption of Online Bingo
Phil discusses why the UK market was slow to embrace online bingo and how his company was poised to benefit when it finally took off.

10:57 - Facing Imposter Syndrome
Phil shares his experience with imposter syndrome and how it impacted his decision-making in the early years.

14:14 - The Power of Delegation
Phil emphasizes the importance of delegation and how bringing in a number two allowed him to scale and eventually sell his business.

19:43 - Dealing with Boredom and Seeking New Challenges
Phil talks about how boredom in business can be a sign of success and why seeking new challenges is crucial for personal and business growth.

24:13 - Preparing a Business for Sale
Phil provides detailed advice on how to prepare a business for sale, including ensuring it can operate without the founder.

31:12 - Navigating the Sale Process
Phil describes the complexities of selling his business, from structuring the deal to managing staff transitions.

39:41 - Life After Selling: The Business Sounding Board
Phil discusses his shift from being a business owner to becoming a mentor and coach for other entrepreneurs.

47:02 - Building Authority with the Leeds Business Podcast
Phil explains how launching the Leeds Business Podcast has helped him establish authority and market his new venture.

53:37 - Advice for Aspiring Entrepreneurs
Phil offers key advice for those looking to start a business in 2024, emphasizing the importance of finding a problem, creating a solution, and ensuring it's a repeatable purchase.

#businessadvice #entrepreneurstory #entrepreneuradvice #bingo

PODCAST INTRODUCTION

Daniel Osullivan invites business owners and industry experts onto the We Built This Business Podcast to discuss how they have built their businesses. The conversations explore the journey of starting, growing, and sometimes exiting a business, covering everything from challenges to triumphs and lessons learned along the way.

PODCAST SPONSOR

Team Building Experiences are a nationwide team-building company that specializes in keeping things fun for companies. With a wide range of mobile events such as Game Shows, Sports Days, Crystal Challenge, and more, there's something for every company.

Visit Team Building Experiences (https://bit.ly/tbe-pod) and quote PODCAST15 to receive 15% off your next team-building event.

VALUABLE RESOURCES

Guest Website: https://philfraser.co.uk/
Host Website: https://webuiltthisbusiness.co.uk

EPISODES TO CHECK OUT NEXT

Episode 4: How I Built a £6 Million Revenue Print and Promotional Business by The Age of 24 - Taylor Tassie
Episode 5: How I Built a Global Tech Events Business and Thrived in the Pandemic - Johnny Edser
Episode 6: How I Built a Digital Marketing Business and How I Exited - Alex Minchin

ABOUT THE HOST
Daniel Osullivan is the CEO of The Experience Specialists Group, with brands in the events, entertainment, and media industries, including Red Cactus Events, Team Building Experiences, Shizzoo.co, Football Zorbing UK, Nel Events, and X Event Solutions.

CONNECT & CONTACT
Daniel Osullivan:
LinkedIn -   / danielosullivan  
Email: [email protected]

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Donation
Every week that we release an episode of We Built This Business, we give £10 to our charity, the British Heart Foundation - Donate Here (Started 21.05.2024, we hope to donate £520 a year).