Tips for Selling Your Online Business
If you have an online business that you no longer want to run and you are considering selling, you have a number of options. However, you need to make sure you are ready to sell, and that you know where to find the best potential buyers. Just because it is an online business does not mean that it is necessarily easier to sell than a brick and mortar store.
Know Your Traffic
When someone is interested in buying your online business, they will want to know as much as possible about your website statistics, so you should have them available. In fact, you should already have them on hand, as they can help with your current marketing. Some of the things you will need to know include the number of unique visitors you get, the number of repeat visitors you have, the total and average page views, the site’s growth rate, and where your traffic comes from.
The prospective buyers will want to know about your financials as well, so you need to have your accounting material ready for them. A profit and loss statement is a good option, but if you are able to provide the buyers with even more data about your financials, it’s better. It will give them the confidence they need to go through with their purchase.
Be Prepared for a Noncompetition Agreement
Most of the time, a buyer will want you to sign a noncompetition agreement. This simply means that you will not start up another business of the same type, even though it might have a different name, in a certain time period. They fear that you would become their competition and take away the customers and clients, which they were buying access to when they bought your business. This is standard and should be expected.
Finding the Buyers
Of course, before you can even begin your negotiations, you need to find people who may want to buy your site. You can list your site on online marketplaces and auctions, and you can talk with brokers about representing you and helping you to find buyers. In addition, you may know others in the industry that might be interested in buying your online business. For example, if you have a small online publishing company that specializes in romance, you could consider contacting other larger publishers in the field to see if they might want to buy.
Sell Only When Happy
Unless you are in a bind and you need to sell the company quickly, do not settle for anything less than what you want. Have a plan in place and a number that you want for your business. While you may want to have some wiggle room for negotiation, make sure you get a good deal when you sell your company.
Selling your online business can help you get the money you need for retirement, or it can help to fund your next new business in another field. Selling doesn’t have to mean the end of your business career. It’s just a step down a different path.