The online world has revolutionized not only how we find things and connect but also how we do business. One of the most beneficial things that the internet brings to the fold is the ability to match people who are looking to buy to those who want to sell. Today, you can sell your online business to just about anyone in any part of the world without either of you ever having to leave the comfort of your office chairs.
For people who would rather spend extra to buy an already established online business as opposed to investing the time, hard work and resources into marketing and growing your business from scratch, here are four ways you can find people who are selling their businesses.
Direct purchases are a good idea only if you are sure of what you are looking for and you have gone through the process of buying an online business before. Even with this method, it is imperative that you still go through the relevant channels. You will have to conduct thorough research and put together a business plan that shows the current owner your vision and ability to run their business successfully once they sell it to you.
You might decide to approach the business owner directly or through an intermediary, but in both cases, you have to verify the authenticity of the website yourself. This will include checking parameters like the amount of traffic the website has as well as the backlink profile.
It is important that you don’t neglect to do your due diligence to identify any trends that might be set up to increase the price tag of the business or make it look more successful than it actually is.
- Online Marketplaces
This is the most common way of finding a business for sale online largely because of the large portfolio of businesses for sale that the websites have. There are plenty of websites that have gone through the trouble of even categorizing the businesses so they are easier for you to find.
Even though such websites have invested in having platforms where the sellers and buyers can interact safely and easily, in most cases, the marketplace relies heavily on the information offered by the seller. This means you have to do your own background checks and make sure that all the information offered is accurate.
Also, it is important that you try to find marketplaces that are more reputable. This will not only make you feel more comfortable during the process but also makes the transaction and interaction more closely guarded and secure.
- Auction Sites
If you are ready to make a purchase, an auction site might be a better idea. These are more or less the same as marketplaces with the only difference being that in this case, you can bid on business sites that you are interested in.
With auction sites, sellers are able to attract more interest to their businesses and for buyers, it might be a good opportunity to score a good business at a throwaway price. Like marketplaces, auction sites also have a large number of listings which is quite enticing for buyers.
It is important to note that while these platforms are very lucrative to both buyers and sellers, the online businesses posted on these platforms are not vetted. Buyers assume a higher risk and it is essential that you verify all the information prior to making a bid. There is also a tendency to misrepresent information on auction sites and as the buyer, you have to make sure you have all the right details at hand.
- Website brokers
Website brokers are more experienced with knowledge and tools that they can use to facilitate their business. They take the time to pre-vet the businesses that they are selling which takes some of the load off the shoulders of the buyer. However, this does not mean that you should not run your own checks.
Most brokers are after legitimate and established online businesses that have a stable balance sheet and are attractive to potential buyers. With brokers, the purchase process is much easier, but as you would expect, more expensive.
Through these four methods, you should be able to find and buy your preferred online business regardless of what it is. Each of the four methods offers different benefits and also come with varying downsides. It is up to you to mitigate your risks by making sure that you carefully analyze your options and do enough digging before buying any online business.