Jim Wang is a former software engineer turned professional blogger. He built a personal finance-focused website, Bargaineering.com, from a side hobby to a full time income -- which he was eventually able to sell for $3 million -- in less than five years.
More recently, Wang started Microblogger.com to help show others how to be successful with blogging.
I recently connected with Jim and asked if he could share his thoughts on entrepreneurship and how relationships have been instrumental to his success.
John Corcoran: You were a software engineer in the defense industry for a number of years. Why did you start a blog about personal finance on the side?
Jim Wang: I was bored!
My wife, who was then my girlfriend, and I were living apart for the first few years out of college and so I didn’t have much to do after work and going to the gym. There are a lot of hours between 8 and whenever you go to sleep.
So I thought I’d do something productive and personal finance was always an interest of mine because of how important it is in my, and everyone else’s, life.
So it all started with me trying to figure out my 401(k) and, very, very luckily, deciding to keep track of it in a journal using a WordPress blog. Probably the luckiest decision I’ve ever made to be honest with you.
Corcoran: You started Bargineering.com from scratch, but were able to sell it 5 years later for $3,000,000. What factors would you say contributed most to the site’s growth?
Wang: I’d say it’s good timing. Good timing because I started it at a time when the technology of blogging and the popularity of blogging were converging. WordPress was free, a great content management system, and easy to install and use. Blogging hadn’t become popular yet but was a year or so away from becoming really big and I caught it early on. So definitely timing was one.
Another factor was hard work - writing posts, reaching out to other bloggers, answering emails, and just nurturing those first few visitors into a community. But with those steps you build up a momentum that, unbelievably, becomes a business that’s worth seven figures in five years. Crazy.
Corcoran: You often mention being genuine and authentic when trying to connect with your audience. Why do you think so many people overlook this advice?
Wang: I think they’re scared. Putting yourself out there is scary because what if you get rejected? What if some troll, for kicks, decides to be offensive and rude and a jerk? That type of personal rejection can be cruel and so folks put up walls to protect themselves.
That’s why I don’t share everything about my life online. But what I do share is genuine and authentic. For example, I’ve never written my wife’s name on Bargaineering before but I’ve talked about our first mortgage, our monthly budgets, and other things that many others wouldn’t share as openly.
Sharing yourself and being open is the only way you’ll connect with people. They can tell if you put up a persona and the connections they make with that persona won’t be as strong or as lasting.
Corcoran: Previously, you’ve stated that for every hour you spend creating content at least five more will be needed in order to promote it. Can you talk a little about how important building relationships can be when it comes to spreading your message?
Wang: One of the biggest breakthroughs I had in life was realizing that it’s all about relationships. In school, especially grade school, there’s zero teamwork involved. You study alone. You are tested alone. Group projects were only “group” because they were big in terms of size and, if you were smart, you could do them on your own anyway.
Once you entered the real world, everything is a group project and it’s not because it’s big, it’s because you lack all the expertise to do it yourself.
In the case of blogging and the internet, promoting your work is something you can’t do on your own and be as effective. You’ll need to build relationships with other bloggers, other content creators, and have them promote your work too. In return, you can help them promote their great work to your audience.
Corcoran: It’s clear that your business acumen has been a huge part of your success, but even the best entrepreneurs need a little help along the way. Tell us what approach you normally use when reaching out to others to ask for help?
Wang: I just like to make friends, hear other people’s stories, and maybe some day down the road there’s an opportunity to work together. My goal when meeting people is just to learn more about them, become friends, and figure out if this is a person I would say hi to in the airport if I walked by them.
If the time comes that I need their help, I just ask politely! If they say yes, fantastic. If they say no, we’re still friends. Sometimes it’s just not a good fit.
Corcoran: What would you say is the single biggest mistake people make when it comes to building meaningful relationships?
Wang: Having an agenda all the time and being pushy. There’s always the classic case of the “bad networker” who goes into a room and within seconds, is shoving business cards in people’s hands. Be a nice guy first, become friends, and then figure out how you might be able to help each other.
Corcoran: Tell us about a few relationships you credit for your success - mentors, friends, business partners or joint venture partners, etc.
Wang: Three bloggers in personal finance in particular - JD Roth of Get Rich Slowly, and the anonymous bloggers behind Consumerism Commentary and Five Cent Nickel. They formed the basis of a little mastermind group where we shared ideas and became really good friends.
Five Cent Nickel in particular, we shared a lot of ideas back and forth that really propelled our respective blogs. It’s crazy to think that everyone in that group would eventually sell their blogs for significant amounts.
More recently, there have been two guys with whom I started an internet marketing business, Nathaniel Broughton and Brandon Laughridge. I originally met them years ago, long before we decided to work together. We would start, and end, a few ventures together that taught me a lot about working with others, with staff, and the challenges of both.
John Corcoran is an attorney and former Clinton White House Writer. You can download his free, 52-page ebook, How to Increase Your Income Today by Building Relationships with Influencers, Even if you Hate Networking.
