Are you thinking about starting an online store but don’t know where to start? Or maybe you’ve been selling online for a while, but you’re ready to upgrade to a better platform. Either way, buying a ready-made online store can be a great option.
One of the best ways to have an online business instead of starting from scratch is to purchase an already existing store, a store with a market that generates significant traffic. However, possessing an online store does not necessarily mean you need to start from the beginning. You can also buy one with a proven market already making sales.
One benefit of buying a ready-made website business is that you can get started quickly and easily. All the hard work of designing and building a website has already been done for you. However, this convenience comes at a cost. Ready-made website businesses typically cost more than creating your website from scratch.
Website Design VS Buying Ready-Made Websites
Another consideration is the level of control you have over the final product. When you design a website, you have complete control over every aspect of the design and functionality. With a ready-made website business, you may be limited in terms of what can be changed or customized.
And if you want changes and functionalities not available on the website you purchased, you may have to hire a web design agency to create a new website. However, the benefits of owning a ready-made website are that it has already been marketed. It already has its customers, has already been optimized for search engines, and can potentially return your investment quickly.
Important Things to Know About Buying an Online Store
We all know that starting any business is very difficult in the current climate, with rampant inflation and job insecurities. About 20% of businesses do not make it past their first year, and about 60% collapse between the first three years. Therefore, purchasing a new one gives you a fresh start.
The processes are already in place; all logistics have already been fixed, be it dropshipping or a branded personal product in a good niche. All the operations are already up and running, and there is practically little to do regarding the business setup. A strong business concept, complete visibility, and well-established traffic are already implemented along with an existing customer base. Previous performances and profits will help understand the business value and potential.
It is easier to get an investment, considering that a business is already established and thriving well. In addition, it is easier to make potential investors comfortable with investing since there is a record that serves as a form of encouragement regarding what they have decided to invest in.
It Is Important To Note That Buying Comes With Its Disadvantages Too
Initial investment required
To nurture a business with little capital, buying an already existing one will involve a massive form of capital because the seller wants to make a tangible profit, too, considering all the effort they have put into it.
Processes will be in place.
This was initially stated as part of the merits. However, it can be a disadvantage because a process you met is already running. i.e., using your CRM vs. the running business CRM might not be suitable for your business; it will involve fixing and aligning it to suit you after purchasing. Also, initially, due to unfamiliarity with business systems, checks, and processes, you may feel bewildered and have to learn and train yourself, making it harder for first-time store owners.
How Should I Decide If Buying a Business Online Is The Right Move?
Buying an online store depends solely on your business goal and the nature of your business. Many people are willing to start from scratch and enjoy the satisfaction of building a new store, putting so much energy and hours, while some entrepreneurs would never want to go through the stress again that comes with a new start-up. If you have the superb skills to spot gaps for improvement in such an existing firm and know how to strengthen them, you are better off buying an online business. It is also the right call if you already have a job and need a business that can make money with little input.
The following should be considered before buying an online store: your availability for the new business, your profit objective, and your capital. In addition, you need to be clear on what you will get in return when you buy a Shopify domain, social media contact, email list, inventory and supplier list, branding assets, and site graphics. Also, your new business’s potential profit margin, financial history, source of traffic, the reason for selling, and how long they have been running it. On the other hand, if you decide you’d rather not buy a running website, you can always develop a Shopify store with a web design agency.
Sites where you can purchase an online business include.
- Shopify Exchange
This site has over 10,000 existing businesses for sale. Here you have access to the crude and unedited site traffic and income, which is available in an uneditable format, assuring you that the information is all legitimate and correct. The cost of a store on Shopify ranges from fifty dollars to a million dollars, depending on how established the store is already.
After buyers and sellers agree to the sales of a Shopify store, the exchange happens using escrow, which allows for a safe store and the perfect financial exchange between the parties. In addition, they help protect the money for the transaction until the parties reach an agreement after three business days.
This auctioning site allows sellers to display their business and match it to buyers with the same preferences. Once the sale is over, a commission is also given to the site, calculated at an estimation of the sales and Shopify stores. Flippa comes with iOS and Android apps, Amazon stores, and domains. There are numerous firms on Flippa available with a price tag. The price of such stores is available from 300 dollars to 1 million dollars.
Wearefreemarket is another platform for eCommerce. The help of a filter helps detect potential investments by revenue, price, and website traffic. Listing is freely done on this site, but once there is a sale, there will also be a commission.
Like Pippa, it is an auctioning site. Even though it is free, people bid using the messaging board, and as soon as there is an agreement, the site oversees the transition process.
- Via Brokers
Here a fee is paid for the expertise in terms of network and experience. The process involves matching a buyer and a seller together to ensure the transaction goes well. Businessexits represents websites and businesses that profit nothing less than $100k annually, which is known as a more established business. They don’t only act as a platform to sell things but also offer their marketing plan, which summarizes your business and series of multiple buyers. This gives peace of mind to both the buyer and the seller at the end of the whole transaction.
Purchasing an already made online store can be a great way to own your business. Don’t forget, however, that even after leaving the difficult last two years behind, you still require long years of commitment at every stage. Therefore, it is imperative for those who want to run their businesses to ensure they keep at it, and success will follow.