Life of an Entrepreneur on Shopify
Entrepreneurship thrives on the Shopify Exchange Marketplace. You can buy and sell existing stores, giving entrepreneurs the ability to build an e-commerce business from the ground up and sell it at the most opportune time. Buyers can also acquire established brands that they can breathe new life into. Independent of the entrepreneurs skillset, it’s the perfect platform for those ready to dive into e-commerce. Given the tremendous value available by participating in the Shopify Exchange Marketplace, this guide aims to provide entrepreneurs with a blueprint of how to effectively buy and sell businesses. We’ll cover what to look out for when buying businesses and share a few best practices.
Selling
When selling your e-commerce business, the steps to get it listed are simple: (1) navigate to your Shopify storefront, (2) login to your account, and (3) install the Shopify Exchange Marketplace application. Once you’re actually ready to list your business for sell, you’ll begin the more involved process of ensuring that your listing includes all necessary business information, which will assist in attracting the right buyers. This includes information such as an overview of your products, your business model, and your brand story.
Shopify prohibits conversations from moving outside of the Shopify Exchange Marketplace messaging service, so remember to keep all discussions within the provided messaging platform.
It’s pivotal for the buyer to understand your brand, your business story, and the reasons behind wanting to sell when listing your business on the marketplace. It’s important to state what assets are included within the purchase as well as evidence demonstrating quality performance in order for the new buyer to continue the success you have built and carry on the brand’s authenticity. Remaining true to the brand story also aids in retaining loyal customers and creating a genuine brand.
When selling your business you want to frame it in a positive, yet honest light to ensure the buyer understands that you are selling because you feel the time is right, not because the business is failing. They will need to know everything that they will be getting in the sale, such as:
- A mailing list
- Product
- Social media accounts
- Domains
In addition, include all the metrics you have for the business that pertain to its success from all of your costs- from customer acquisition, supplies, marketing, and your profits each month. Remember, it is important to provide proof, and highlight your successes, or you could risk losing a buyer. Depending on how much you are selling your store for, it will be an investment for the buyer, and the more you do to make them trust that your business is doing well will go a long way towards securing a sale.
Buying
On the buyer’s side, it’s crucial to do your due diligence and fact check the businesses you consider buying. Taking your time to evaluate each potential investment will ensure the beat possible outcome from buying on the Shopify Exchange Marketplace. If a seller has listed their business appropriately — with all of their information readily available — you will have a the necessary information to evaluate the business and make the best possible decision. Despite your comfort with your analysis, it’s important that it is double checked.It is your responsibility as the buyer to check that the information they’ve provided is truthful.
Once all necessary information has been reviewed and approved, you may now start the buying process with the seller through the Shopify marketplace. The seller will initiate the transaction through third-party platform Escrow.com, which will safely hold your money until the seller hands over all the agreed-upon and verified assets . Once the transaction is complete the money is released from Escrow.com, sent to the seller, and the business if officially yours to keep up and run; simple and easy. Now’s your time to start selling and make money on your investment.
Through following this guide, you will attract more buyers, find better sellers, and make an overall smart investment. Buying and selling on the Shopify Exchange Marketplace can be easy when done correctly. If you’re ready, take your entrepreneurial spirit over to the marketplace and see what you can find today. Your next adventure is just a couple steps away.
