Kickstart Your Online Store Journey Through Buying An Existing Online Business

Buying an online business (i.e. a website) does give an entrepreneur a great kick-start of the niche this owner is going into. If the owner has no prior experience with this specific niche or industry, buying the business also provide an entry point that leads him/her to a whole new world. But the one major problem is finding a suitable business is never easy. Through some of the digital marketplace platforms (such as Flippa), people are able to buy and sell online businesses which include websites, blogs, online shops, software companies, and more. In some case, you may even be able to find and buy social media accounts (such as Social Tradia which lets you purchase Instagram accounts). Digital marketplace such as Exchange allows entrepreneur without any experience setting up, growing, and maintaining ecommerce sites to buy any Shopify store.

You would judge how good or how suitable a typical digital marketplace by cost, ease of use, quality of listings, quantity of listings, search technology, purchasing process, and customer support.

Cost: You need to know upfront the fees that will be charged when buying a website. The fee may range from free to 10% of the purchase price.

Ease of use: Understand the whole process, from searching for an online business (on the marketplace) to buying and/or migrating any online assets.

Quality of listings: The overall quality of listings does matter, and the vetting process online business marketplaces should be conducted before a business listing is live.

Quantity of listings: The marketplaces must have varying monetary amounts of online businesses listed for sale, from less than one hundred to thousands.

Search technology: A marketplace needs to provide its own search technology. This will improve the user experience for the entrepreneur (or potential buyers of websites).

Purchasing process: The overall process to buy a business includes verification of online business quality, communication between buyers/sellers, and the negotiation.

Customer support: A marketplace should have a support team or a customer service representative to answer questions that are raised by the sellers/buyers which aren’t listed in the typical FAQ section. This type of help may be needed before the purchase, during, and after.

After the successful purchase of your new Shopify website from the seller, you will review the inventory, the products, the sales revenues, and more. After taking over, you should also check all the third-party apps that are already installed on your store. Some examples include the following.

The Klaviyo (or another app that can do the same) is installed and running properly. Refer to the Klaviyo Shopify setup. It is for reducing the number of shopping cart abandonment (as many users may simply forgot or left the checkout process after placing items/products in the cart). In the app, you would set up emails to be sent to these specific users.

Make sure the Oberlo app is installed and functional, if the site actually does not have its own inventory but relies totally on the dropping business model.

 

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