Uthena.com is now listed for sale on Flippa and in this blog post I will explain why I’m selling and how you can buy Uthena.
Uthena is For Sale on Flippa!
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Uthena.com is now listed for sale on Flippa.
You can go to the Flippa listing here: https://flippa.com/10336861-e-commerce-education
I’m Jerry Banfield and the founder of Uthena.
In this blog post, I will explain to you what this listing is all about, what is Uthena, answer all the questions I think you might have, and look forward to reading the comments you have about the listing.
Uthena.com is an online education marketplace.
I created it in February 2019 this year with the vision of being a website that could surpass Udemy and do a better job for instructors who want to teach courses online, and give students a better value than having to buy $10 courses.
The idea with Uthena is that it’s complimentary to having your courses up on Udemy. Uthena gives you the best of self-hosting because you can control the price of your courses. You can have your courses in bundles both with others and you can have your own bundles.
You can also offer your services directly on Uthena, and your memberships.
I’ve successfully tested all of these on myself, selling the Scholars bundle, which is similar to Skillshare, selling the Uthena University and Jerry Banfield partners, which is my mastermind and membership options, and selling services.
I’ve tested all of this on Uthena.
In my opinion, the main value proposition of Uthena is the sheer number of videos and video courses we have up. If you look at the video library, Uthena is hosted on Thinkific.
This is the link to Thinkific if you want to set up your own site like Uthena.
The video library has 745 pages with 25 videos per page.
If you run the numbers on that real quick, that is 745 times 25. There are over 18,000 videos that instructors have uploaded. I have uploaded over 1,000 myself. Actually, I think I’ve uploaded 2,000 or 3,000.
We’ve got 74 total approved instructors who have been kind enough to upload 500 plus video courses onto Uthena.
We’ve got 57 different course bundles. This is on its way to being a Udemy competitor in the future.
The challenges for Uthena, it’s a lot. It requires the time and energy. For me, I’ve got too much going on in my own life. I’ve got jerrybanfield.com, I’ve got my YouTube channel with hundreds of thousands of subscribers, my Facebook page with millions of followers, email list, I’ve got 150 plus online courses in my library that I’ve made.
I have a lot to do.
Being a startup founder and trying to run and build Uthena, plus trying to build my own brand is too much.
I’m doing everything halfway instead of doing a great job at one particular thing. I’ve been through the humbling realization lately that I need to cut something in my life.
It’s too much for me to try to film video courses, make YouTube videos, answer all the questions, comments, messages and emails I get, and then also be working on Uthena.
I’ve hired freelancers, I’ve paid for video courses that I knew I could put up on Uthena, and then put them on YouTube and make sales.
I’ve put a ton of time and energy into everything and every single day, and I just feel like I can’t work enough. It’s too much for me.
I looked carefully at everything I’m doing and I said, “What can I let go of that someone else can do a better job with? What can I do that no one else is going to do a better job with?”
Jerrybanfield.com is where I uniquely I’m needed.
I’ve looked at Uthena and I’ve said, on an amazing level of honesty and humility with myself, that someone else could actually do a much better job with this than I’m doing.
Someone else that’s got a team of people together and a lot of experience growing and scaling businesses and some capital, can make Uthena into an equal and even something better than Udemy, but the rate I’m going at it, that’s not going to happen.
Thus I’ve listed Uthena up for sale and that’s why we’re going over the sale here today.
I just went live, I think yesterday or the day before, and I’m just mentioning it now. I’ve got it set up like this.
The auction starts at $1.
I just put the price down to $1 because I believe in action.
I’ll let you determine what it’s worth, I’ve got a reserve price set of $23,000 on it, where if it’s less than that, it’s up to me whether I want to accept that or not. If it goes over that, then the buyer will definitely get a hold of Uthena.com.
The transfer process is completed via escrow on Flippa and I get a chance to approve all the bids based on the Flippa account of the bidder.
If you take a look at the auction, you’ll see the Google Analytics traffic on here.
The beauty of Uthena is that the sales and the traffic comes into Uthena via the inbound marketing I’ve already set up. That means the page visits, the page views will continue to come in.
The number one traffic source for Uthena is YouTube via all the links I’ve set up and the new Uthena YouTube channel, which has got a great foundation and organic growth already.
The Uthena YouTube channel is included in the uthena.com sale.
The uthena.com sale includes uthena.com, it includes the Thinkific hosting with all of the video courses and the instructor database, including the instructor payment agreement.
It also includes the Uthena YouTube channel plus the Uthena Facebook group. It does not include anything else outside of that. It’s all listed in the auction.
On the financials, I’ve got all the income and expenses for Uthena.
Uthena is actually profitable to run by itself just considering the hosting, which is $750 a month, which is actually a really good deal considering the sheer number of videos that we’ve gotten up on Uthena.
The over 18,000 videos, no bandwidth limitations, that is a really good deal for hosting.
The hosting cannot move either. You’ve got to keep the hosting on Thinkific or how are you going to get 18,000 videos over on to something else?
Uthena is profitable by itself.
The opportunity to spend money on it is to grow it to make a lot more money. I care so much about Uthena as a brand and as a vision.
Yes, it’s profitable. I could just pay the hosting and keep making some money on Uthena every month and keep selling my services and courses there.
However, that splits up my brand, where I’m sending people to jerrybanfield.com and I’m sending people to Uthena. I’ve been splitting my brand all year and I estimate that cost me a lot of sales.
I send people to read my blog on jerrybanfield.com, then to go buy my courses on Uthena. If you centralize and put everything together and do some Facebook ads, some Google ads and some YouTube ads this will work better.
Note that instructors have given us permission to use up to half of their videos as free previews, which can then be rendered on the Uthena YouTube channel to sell online courses, which I’ve already proven works really well.
When you put all that together, there’s a huge opportunity to increase the earnings based on what I’ve set up, if you’re willing to put in that work upfront, and you want to see the huge return from it.
All the traffic is organic, which means that it will just keep coming in, even if you don’t do anything. However, there’s no point in buying this if you’re not looking to scale in. I don’t want to sell it to someone who just wants to hold on to it.
I want to sell it to someone who’s an experienced business development professional, who can make this into a website that can truly give students and instructors a better option than Udemy because Udemy sucks.
They ban you for no reason, they allow pirated courses all over their website, students buy courses and then the instructors can’t update them or don’t care about them anymore, then they can’t buy services.
Udemy is terrible. It’s like search engines before Google.
If you buy Uthena, you can make it into something better than Udemy. That’s my true exciting vision. That’s why I am selling it instead of just holding on to it and letting the money come in for myself.
I also have run up a lot of debt trying to both build my business and Uthena this year with a bunch of aggressive approaches.
For example, I spent $100,000 this year on video courses, which then I put on Uthena, those are included with private label rights. When you buy Uthena you don’t have to pay me anything when you sell my courses.
You get a lifetime partner membership, which includes Private Label Rights to all my courses with no payment to me.
Thus, there are about 100 courses on Uthena that you can sell and keep everything. I’ll keep giving you my new courses every month that you can use for it. Plus you get the library that I spent a fortune for and that helped make a lot of the initial sales and keep sales coming in.
You get all that included at no cost.
I’ve run up a bunch of debt this year trying so aggressively to both build Uthena and my brand at the same time that it came crashing down. The auction sales from Uthena will help me to make my debt payments and let someone else do a better job with Uthena, instead of me just holding onto it and keeping a little bit of the profit every month to make minimum payments.
I keep it real with you.
On Uthena I’ve got a listing of the most sold courses and bundles in the last six months. These are the exact products that have made the most sales.
If you’ve bought one of these, thank you very much for buying one of these and almost all of these sales have come in directly from me uploading videos to my YouTube channel and the Uthena YouTube channel, or word-of-mouth, social media, sharing at Google organic search traffic. These keep coming in every month.
We’ve got it posted here exactly, the instructor agreements.
When you buy Uthena, you get to keep all of my affiliate percentage with affiliates getting 50% for life. Everyone that I signed up through my affiliate code, you get 75% of all of those sales meaning all my courses, you get 100% all instructors buy other courses if you make the sale through your affiliate code or mine, if you want a different one you get 75% of that.
Then these are the instructor agreements. If instructors make sales with their own affiliate code, it’s 95%, which means that instructors can essentially use this just like their own self hosting for free.
Our criteria for approving instructors, we have 74 approved instructors.
The criteria we use for approving instructors is having at least a one course on Udemy with at least an average of four-star reviews on that course. The majority of the 500 courses we have, subtracting my 100 or so courses, although technically some of mine are on Udemy, even though I’ve had two profiles suspended.
Now, there are several more profiles out there.
There are a hundred or so courses of mine that don’t count towards this, but there are 400 plus other courses that are up on other instructor profiles on Udemy that are four-star rated, and that are already proven.
We’ve got a lot of high quality proven value courses already on Uthena.
We’ve got some sign up for the $9.81 a month subscription.
Note that because these subscriptions are collected with my Stripe account, and the one-time payments for anything else with Stripe or my PayPal account, none of those will transfer to the new buyer.
I will cancel any existing payments and ask the per the customer to sign up again once the buyer has transferred it. You will need your own Stripe and/or your own PayPal account to collect the payments yourself.
My unique selling proposition is transparency and therefore you’ve got all the details in this post and on the listing you can ask additional questions, you can see in detail everything that’s sold, how much everything was earned.
You got, again, a list when you put the winning bid up here.
I am available for 20 hours of virtual assistance to help you get everything set up and running for yourself.
Things like getting automation set up, things like getting your Stripe or PayPal connected. Up to 20 hours with me consulting, coaching, whatever help you need over the next year up to 20 hours to get you running. If you want to hire me for consulting or have my help in getting freelancers to work successfully on Uthena, I can help with all of that.
We have 22,000 accounts on Uthena.
There’s the Uthena Facebook group, which has 235 members.
I already talked about why it’s sold.
You can also check down in the comments any question I’m getting privately.
I’m obviously stripping any private information, but I’m putting the question back up in the comments. That way I try to minimize the questions I need to answer repeatedly in messages, and then I just copy and paste if someone asks the same or similar question.
Therefore, in the comments on this listing, you can get a sense of all the questions, all the other potential buyers and bidders have already asked.
There is a sales report length that I think is really cool if you take a look at this. You can see exactly what has sold on Uthena.
You can see the exact price somebody paid for, the affiliate code, rather an affiliate would earn anything off of it or not, the exact date and time, the approximate earnings and the payment method.
Now, we manually update the payment method and we manually adjust if someone has been refunded, and we manually add orders in if there is a different payment method like cash or cryptocurrency or something like that.
This spreadsheet shows you exactly what sold, then you can sort and filter this group, you can dig into the data and the sales the way you want to.
I’ve put up a spreadsheet showing the exact expenses and income on the auction. If you go into the attachments, you can take a look up here.
Just click on “Sales Report” right here, and the “Profit & Loss Statement.”
The profit and loss statement will walk you through exactly how much the hosting costs, and how much instructors have been paid out by each month. In the profit and loss statement, you’ll also see exactly what the payments are that are going out.
Thus, you’ve got everything you need plus the ability to ask additional questions to decide if you’d like to be the new owner of Uthena.
How much time is required?
What I’m basically doing right now with focusing on my own brand, is I’m just doing the minimum with Uthena, 5 hours a week or less to answer questions, customer service, and get the income calculated. I’m running Uthena, basically in maintenance mode and as soon as I started doing that, that’s when I realized, “I’ve got to sell this.”
This is going nowhere as I’ve focused on my brand for the last couple of months getting lots of videos up and filming some new courses, and thus you could just maintain Uthena, but there’s no reason to buy it.
The real opportunity, you could easily scale this up to 10 plus thousand a month if you can get a team of people together, put some capital into advertising and marketing this. There’s a huge amount of sales potential.
I can help you get the tracking setup, for example, you can use Facebook ads. I tested one ad and was able to sell a $48 hacking bundle for $5 or $10, but it wasn’t scalable. In other words, I couldn’t just turn the budget up to $100 a day and keep making that same profit, it was on a small audience.
There are lots of opportunities to run little ad campaigns to individual courses and make lots of sales. I broke down in this one answer, there’s a clearer layout of exactly what the expenses are and I gave more details.
As the auction evolves, you’ll continue to see a lot more comments and questions get answered. I just knocked the starting bid from $12,000 down to a $1 because I like action. I’d rather see the price get bid up to $12,000 with 100 bids than have one person bid $12,000 on the auction.
So far, 238 views before I’ve done hardly anything to promote this, but I’ll be sending this video out to the Uthena list, to my YouTube channel, and we’ll see what happens.
Thank you very much for watching this entire video or reading the blog post.
I love you.
I appreciate you learning about the uthena.com listing.
I’m very excited.
If you want to be the next buyer, you can hit place bid when you want to have a shot at owning it yourself.
I appreciate your time today and I’ll see you on the Uthena auction.
Edits from video transcript by Michel Gerard at www.michelgerardonline.com.