Last Updated 3 months by Emily Standley-Allard
No matter how successful your online business is, now might be the perfect time to sell your online business for some big profits. Maybe you’re ready to start a new business story. Or, maybe you feel that the business has reached its peak and may not bring as high revenues in the future. Read on to learn how to prepare and sell your online business successfully for big profits.
Whatever your reasons, preparing an online business for selling isn’t something you can do overnight. Or can you?
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Here’s how to get started selling your online business:
Organize Your Finances
Keeping the finances in order is key to managing a long-lasting and successful business. And when the time comes to sell that business, you’ll have a big chunk of the pre-sale preparation sorted out already just because of your tidy financial habits.
When developing your financial strategy, make sure to:
Separate business and personal assets. Some entrepreneurs (solopreneurs especially) are relaxed with their money, meaning they don’t separate their personal and business assets. In turn, everything gets so tangled up that it’s difficult to determine where certain expenses and debts belong. When the potential buyer sees such a financial mess, they’ll probably skip out on the acquisition.
Analyze monthly, quarterly, and annual statements. Business owners shouldn’t take their bank statements for granted. Take some time to analyze the bank statements and balance sheet at the end of every relevant financial period.
Know your revenues and profits. Closely related to the previous tip, always be aware of your revenues, costs, and profits. Cut on the expenditure when the revenues plummet and invest more when the revenues increase.
Use accounting tools. Rely on SMB accounting tools like Freshbooks to meticulously track and accurately calculate all your financial figures.
Organize invoicing. If you decide to sell your business, the new owner will want to know more about the accounts payable and receivable. Categorize and store your invoices properly, and you’ll be a step ahead.
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Establish Clear In-House Procedures
When a company or sole business owner is overtaking a venture, they don’t want to change everything from scratch. Sure, they’ll make certain decisions after analyzing the financial records, but if they can invest in a working mechanism that starts earning money at once, they’re in.
What this means for sellers is that you’ll sell your business sooner if you establish clear in-house procedures for different business operations.
Create a rulebook that will encompass several sets of procedures.
For instance, you need one set of procedures for accepting new clients and another one for onboarding new employees. Furthermore, you’ll have to bring in-house procedures to meet legal and financial regulations, such as PCI compliance.
Since your business operates online, don’t forget to specify the procedures for keyword research, content creation, competitor analysis, and other factors regarding driving traffic to your site.
Prepare the Traffic Data to Sell Your Online Business
You’ll need to prepare relevant website data for the seller. This includes:
- Traffic data. Use Google Analytics or more advanced tools to prepare a website traffic report. The new owner will want to know how many visitors you have and how much money their visits bring.
- Audience segmentation. Prepare analyses and detailed information on your audience segmentation. When the buyer takes over the website, they’ll be able to continue where you’ve stopped.
- Research data. If you’ve been trying to improve your SEO results or promote the website to get more traffic recently, share that intel with the new owner. It will help them understand what steps to take to achieve even better results.
Consider the Selling Options
Now that the critical pre-selling elements are ready, it’s time to consider the selling options.
Unless a potential buyer makes the first move, you have several routes to find the new owner for your business.
First and foremost, double-check all your documents, contracts, and figures. Work with an experienced attorney or hire a broker.
Since valuing an online business can be difficult, it’s best to secure professional assistance during the selling procedure. They’ll help you set the minimum sale price for your venture. It also doesn’t hurt to check out what your competitors have done. Find a business like yours that has been sold recently and try to learn more about their sale price and procedure.
Also, inquire about selling your business to a rival company, given that there is one that would buy your enterprise. This is practical because the buyer would already be familiar with most in-house procedures and core operations, saving both your and their time.
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Even if you’re not thinking about selling your online business at this moment, it’s wise to think about it in case an opportunity comes up and you change your mind. What’s more, if you handle every aspect of your business as if you’re going to sell it tomorrow, you’ll meet all the legal and financial demands.
Follow our tips, and you’ll cover every base in advance. Once you decide to sell, you and your business will be ready for all the necessary procedures and the new owners.
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