Online business success stories can come from unexpected places. One of the rare ones is the story of Abzal Assembekov, a developer from Kazakstan who went from failing with several startups to selling his side project, ContactInBio, for a large sum of money. It's an inspiring story with valuable lessons for aspiring entrepreneurs everywhere.
This article will dive into Abzal's journey, exploring his early projects, the lessons he learned from failure, and how he turned his simple “Link in Bio” website into a successful business.
We'll also look at the important takeaways from Abzal's experience and how other entrepreneurs can apply them to build sustainable businesses in today's competitive world.
Abzal Assembekov, founder of Many.bio
Early projects
Abzal Assembekov showed his entrepreneurial spirit from a young age. In 2015, when he was a second-year university student, he took a bold step and raised around $65,000 in Dubai to start a company. The company focused on building iOS apps and providing web development services, using Abzal's skills as a developer with one year of experience.
But despite the initial excitement and investment, the company faced challenges in staying afloat. It managed to break even, but couldn't maintain its momentum and eventually failed in 2017. This experience had a lasting impact on Abzal. He learned an important lesson: before building a product, it's important to thoroughly research the market and understand what potential customers need. This realization shaped his approach to future projects and set the foundation for his success.
Bootstrapping and pivoting
Unbothered by the failure of his first startup, Abzal turned to bootstrapping, which meant that he had to build a business with minimal external funding. He relied on personal savings, revenue from the business, and a lean operational approach. Abzal saw this as the best way forward because it allowed him to have control over his ventures and reduce the risk of losing investors' money.
To find his next business idea, Abzal asked himself a simple but powerful question: "What tool did I pay for when I was a business owner?" The answer was an Instagram automation tool. Recognizing an opportunity, Abzal bought ready-made code online and launched a website offering an Instagram automation service. Within weeks, users started signing up, and the site generated $700 in monthly recurring revenue.
However, Abzal's success with the Instagram automation tool was short-lived. Instagram eventually blocked the tool, probably due to changes in their policies. This setback forced Abzal to change direction once again, but it also provided him with valuable insights into the needs and preferences of his target audience.
The birth of ContactInBio:
Analyzing the behavior of his customers, Abzal discovered that many of them were also using tools like LinkIn.Bio and Linktree. These tools allow users to create a single page with multiple links, making it easier for them to promote their online presence and connect with their audience. Recognizing the potential in this market, Abzal set out to build his own link-in-bio tool, ContactInBio.
Developing ContactInBio as a side project while working full-time, Abzal put in long hours, sacrificing nights and weekends to bring his vision to life. His dedication and hard work paid off as ContactInBio grew to over 100,000 users by 2021. This remarkable growth can be attributed to several key factors, including Abzal's strategic approach to gaining traction and his focus on providing value to his users.
To attract users to ContactInBio, Abzal implemented a multi-pronged marketing strategy. He launched ads on Instagram and Facebook, targeting potential customers who were likely to benefit from a link-in-bio tool. Additionally, he leveraged the power of content marketing by answering related questions on Quora, which was a significant traffic driver at the time. By providing helpful and informative answers, Abzal established himself as an authority in the field and drove traffic to ContactInBio.
Furthermore, Abzal promoted ContactInBio on platforms like ProductHunt and BetaList, which are popular among early adopters and tech enthusiasts. By showcasing his product on these platforms, Abzal gained valuable exposure and attracted users who were eager to try out new and innovative tools.
Turning a side project into a 6-figure success:
As ContactInBio continued to grow, Abzal found himself at a crossroads. The income generated by his side project had consistently surpassed his salary from his full-time job for several months. In 2021, Abzal made the bold decision to leave his job and focus entirely on ContactInBio. This decision marked a turning point in his entrepreneurial journey and set the stage for even greater success.
Within a month of leaving his job, Abzal connected with the founder of Taplink, a leading link-in-bio tool in the Commonwealth of Independent States (CIS) region. The CIS comprises several countries that were formerly part of the Soviet Union, representing a significant market opportunity for ContactInBio.
Abzal and the Taplink founder engaged in a month-long communication, during which Abzal received invaluable suggestions on life, web development, and startups. The Taplink founder's story served as an inspiration to Abzal, reinforcing his belief in the potential of his own venture.
After this period of communication, Abzal and the Taplink founder signed a purchase agreement. In a remarkable display of trust and efficiency, the entire process was conducted remotely, without a single phone call. Within a month or two, a 6-figure sum was deposited into Abzal's bank account, marking the successful acquisition of ContactInBio.
“The deal to sell ContactInBio was finalized in April 2021. At that time, we had amassed a user base of over 110,000 people from all around the world. Our websites were attracting an impressive monthly visitor count of 1.5 million. It's important to note that we had been working on this product for three years, but only part-time.
After the deal was closed, I decided to shift my focus completely to ManyBio and ShopInBio. These were new ventures that held great promise, so I dedicated all my time and effort to their development and success.
The acquisition process itself took about four months to complete. It involved dealing with paperwork, transferring funds, and other necessary tasks. I chose to sell ContactInBio because Taplink, a leading link in bio tool, had a team with more experience and access to resources than I did. It was a win-win situation for all parties involved, and ContactInBio users had the opportunity to transfer their accounts and gain access to additional features.
After the deal was done, I made the decision to move back to my home country of Kazakhstan from Dubai. I spent a few months learning Vue and Laravel, which are powerful technologies. With that knowledge, I started building ShopInBio and ManyBio, my new ventures.”
Lessons learned and advice for entrepreneurs:
Abzal Assembekov's journey from a failed startup to a 6-figure exit offers several valuable lessons for aspiring entrepreneurs. These lessons, drawn from his experiences and the strategies he employed, can serve as a roadmap for those looking to build successful businesses in today's competitive landscape.
1. Find startup ideas based on what you or someone you know is paying to use: One of the key insights from Abzal's story is the importance of identifying startup ideas based on existing market demand. By focusing on tools or services that people are already willing to pay for, entrepreneurs can validate their ideas and increase their chances of success. Abzal's decision to build ContactInBio was driven by his observation of the popularity of LinkIn.Bio and Linktree among his customers, indicating a clear market need for link-in-bio tools.
2. Conduct thorough market research before building your product: Abzal attributes his early startup failures to insufficient market research. Before investing time and resources into building a product, it is crucial to understand the target market, identify potential customers, and assess the competition. By conducting thorough market research, entrepreneurs can make informed decisions, validate their assumptions, and avoid costly mistakes.
3. Embrace the power of bootstrapping: Abzal's success with ContactInBio demonstrates the viability of bootstrapping as a means of building a sustainable business. Bootstrapping allows entrepreneurs to maintain control over their ventures, minimize financial risk, and focus on creating value for their customers. By starting small and reinvesting profits back into the business, entrepreneurs can grow their ventures organically and avoid the pressure of meeting external investors' expectations.
4. Don't be afraid to enter a market with existing competition: Many aspiring entrepreneurs are hesitant to enter markets with established players, fearing that they may not be able to compete. However, Abzal's story shows that it is possible to succeed even in a competitive market by providing a unique value proposition and focusing on serving a specific niche. Instead of striving for scientific innovation, entrepreneurs should aim to build sustainable businesses that meet the needs of their target audience.
5. Leverage content marketing and online platforms to gain traction: Abzal's success in attracting users to ContactInBio highlights the importance of leveraging content marketing and online platforms to gain traction. By providing helpful answers on Quora and promoting his product on platforms like ProductHunt and BetaList, Abzal was able to reach a wider audience and establish himself as an authority in his field. Entrepreneurs should identify the platforms and channels where their target audience is active and focus on creating valuable content that addresses their needs and pain points.
6. Prioritize user feedback and continuous improvement: One of the key factors behind ContactInBio's success was Abzal's commitment to understanding and addressing the needs of his users. By actively seeking feedback and incorporating it into the development process, Abzal was able to continuously improve ContactInBio and ensure that it met the evolving needs of his target audience. Entrepreneurs should prioritize user feedback and be willing to adapt their products or services based on the insights they gain.
7. Take advantage of remote work and global opportunities: Abzal's successful acquisition of ContactInBio by Taplink, a company based in the CIS region, demonstrates the power of remote work and the opportunities that exist in the global marketplace. By leveraging online communication tools and platforms, entrepreneurs can connect with potential partners, customers, and investors from around the world. Embracing remote work and global opportunities can open up new avenues for growth and success.
The next chapter: Launching Many.bio and continued growth
Following the successful acquisition of ContactInBio, Abzal returned to his home country of Kazakhstan. He spent two years there, during which he ventured into another startup that ultimately didn't succeed. Undeterred by this setback, Abzal got married and moved back to Dubai, ready to embark on his next entrepreneurial journey.
The sales agreement Abzaal had with Taplink didn’t restrict him from launching projects with the same idea. Therefore, Abzal set out to build Many.bio, a new and improved link-in-bio tool. Many.bio incorporates the lessons learned from ContactInBio and features an enhanced user interface and additional functionalities, such as a 'Fixed link' option, a 'Contact info block', and a free custom .bio domain for a year at $5/m in the Pro version.
Abzal's commitment to continuous improvement and his focus on providing value to his users is evident in the development of Many.bio. By addressing the pain points of his target audience and incorporating feedback from his previous venture, Abzal is well-positioned to build another successful business in the link-in-bio space.
As Many.bio continues to grow and evolve, Abzal remains committed to the principles that brought him success: bootstrapping, thorough market research, and providing value to users. His story serves as a reminder that success is not about being the first to innovate, but rather about building a sustainable business that meets the needs of its customers.
Conclusion
Abzal Assembekov's online entrepreneurial journey shows the power of resilience, adaptability, and the willingness to learn from one's mistakes. From the failure of his first startup to the 6-figure acquisition of ContactInBio, Abzal's story offers valuable lessons for aspiring entrepreneurs worldwide.
By embracing bootstrapping, conducting thorough market research, and focusing on providing value to his users, Abzal was able to turn a side project into a successful business. His multi-pronged approach to gaining traction, which included leveraging content marketing and online platforms, serves as a blueprint for entrepreneurs looking to attract users in a competitive market.
