Confused Whether You Should Sell Your Shopify Store Or Not? Here’s A Guide
The ecommerce boom is quite apparent and evident. Several entrepreneurs have piggybacked on the success of this sector to establish thriving businesses of their own. Shopify is a leading ecommerce platform. As the platform has grown, so have the number of businesses using its infrastructure to sell their products and services. The natural evolution in the lifecycle of a business is the internal dilemma in the owner’s mind – should I put my Shopify store for sale?
The answer to this is neither easy nor straightforward. While the decision firmly rests with you as the business owner, here is a quick guide to help you clear the smoke in your mind and arrive at a conclusion faster. Check out some of the reasons when it makes sense to prepare your Shopify store for sale.
Changes in your personal circumstance can push you towards thinking of selling your business. Starting a family, taking a sabbatical to travel or learn are just some of the examples which may not be achievable while being fully immersed in the management of your Shopify store.
New Business Venture
An entrepreneur is inherently creative and always restless to create something new. Never the one to sit on your laurels, you may be having similar urges too. But setting up something new requires total commitment, focus and capital as seed. If you are convinced to proceed forth with your new venture then this will require you put your Shopify store for sale, the proceeds of which you can use to set up your new enterprise.
Stagnation or the period of no-growth can refer to you as leader and owner, and also to the health of your business. While stagnation of the mind or a general disinterest in the business can become a compelling enough reason to sell it, a plateau in revenues and sales is more of a practical reason to consider putting your Shopify store for sale. Businesses that reach this stage in their life cycle either require an influx of capital to change the status quo or quickly head towards a decline. Selling at this stage may help avoid additional investments while ensuring you get your due rewards in terms of market valuation.
Even as a successful Shopify store owner you will acknowledge that larger brands and global e-tailers are difficult to compete with. With vast resources at their disposal and a massive supply chain in the background, these brands are able to procure and deliver products faster and cheaper. By passing on some of the savings as discounts to customers they are able attract a far wider audience. If you have exhausted your resources and are facing stiff competition from larger brands, it may be time to list your Shopify store for sale and pocket the gains.
The above listed reasons are merely indicative. There may be several reasons that convince you that is time your Shopify store is put for sale. Experts suggest having a clarity in establishing the reason and a firmness in deciding the next steps, two things that will come in very handy during the forthcoming negotiation stages. The immediate logical step is to get your store valued by an expert. Knowing its worth helps put a figure in your mind to aspire to. If your reasons to sell are not urgent, then this figure is what you hold on to during buyer-seller discussions.
It is equally important to determine your walk away price. Barring any extremity in circumstances, you should refrain from settling for anything lower, lest you end up suffering losses. Having established these price points it is time to choose your medium to sell and get your financial and operational bookkeeping in place. Any potential buyer is highly likely to ask for these first up to assess the financial health and overall performance of your business.
To Sum It Up
Putting your Shopify store up for sale can not be an easy decision. Hence, it is something that should not be rushed into. If you are selling your business for the first time, then you need all the help you can get. Consider using professional consultants to guide you through the process. You can also turn to direct buyers like unybrands so that your interests are safeguarded while you get best value for your creation, to know more about it click here – https://unybrands.com/blog/guide-to-sell-shopify-stores/