So you’ve built up your own Shopify store from the ground up, and now you’re thinking about selling it. Maybe you realize that you don’t have the time to put into it or you just want to move on to different entrepreneurial endeavors. Maybe you’re on the fence and simply wondering, “How much is my Shopify store worth”? Even better, your Shopify store is doing pretty well, making a profit, and think that maybe you can sell it for a significant, possibly life-changing, lump sum of money. Whatever the reason, you’re looking into it, but you’re not quite sure how to sell your Shopify store.
When you sell a Shopify store, you’re not just selling the domain name and website attached to it. You’re also selling the products, customer list, social media followers, and the brand behind the store. So how do you go about selling your Shopify store? How do you figure out where to sell a Shopify store to get top dollar for all the work you put in?
In this article, you will learn the answer to important questions like how to sell your Shopify store, where to sell a Shopify store and everything else you’ll need to know before you list your Shopify store for sale.
Why Should You Sell Your Shopify Store?
There are plenty of reasons why you might want to sell your Shopify store. Maybe you’re not making enough sales or finding that you don’t have the time to put into it. Perhaps you just want to move on to other business ventures or capitalize on the successful online store you’ve built. The important thing is that you realize that there is value in selling your Shopify store where some people, especially those not seeing a high return on investment, may just give up and leave a lot of cash on the table.
Personal Reasons
One of the most common reasons someone would want to sell their Shopify store is due to personal circumstances. This could be anything from not having enough time to running into health problems that limit your time or abilities. It could also be that you need a large sum of money fast and waiting for your store to make that much money would take too long for your needs. Selling it instead would provide you with the cash you need quickly.
Whatever the reason may be, if you find that you can’t continue running your Shopify store, then it might be a good idea to sell. Selling a business for personal reasons is actually very common and happens more often than you might think, so don’t feel too bad if that’s your situation.
Business Opportunities
Another common reason to sell your Shopify store is that other business opportunities have come up, and you want to take advantage of them, but need some capital to invest upfront. This could be anything from a once-in-a-lifetime investment opportunity to simply wanting to try your hand at another business that you’ve been working on. It’s not uncommon for entrepreneurs to get bored or have other, more enticing, business ideas they want to try out.
If you find that you’re no longer interested in the products you’re selling or the day-to-day tasks of running a Shopify store, selling is a great way to make a lot of money fast and hand your business over to someone else to take over.
Earn Several Years of Income Quickly
One of the best reasons to want to sell your Shopify store is that you can earn several years of income in a much shorter time frame. You’ve spent all this time building a successful store, and if you’re making a good profit from your Shopify store, there’s a good chance someone will be more than willing to pay a lot of money up front to take it over.
This is especially true if your Shopify store is doing well in a niche market with a high potential for growth. Not everyone wants to start a business from scratch. As you know it takes a lot of time to do so. For that reason, there are a lot of entrepreneurs and larger companies that would rather buy a business that is already established and making a profit so that they can spend their time increasing income rather than building it up from nothing.
There are considerable advantages to selling your Shopify store and collecting a large sum of money all at once, and if your store is doing well, there’s a good chance you can do just that.
How To Value Your Shopify Store
At this point, you’re probably getting excited at the thought of potentially making thousands of dollars all at once by selling your Shopify store. But you’re left wondering “what is my Shopify store worth” and “Is it worth selling my Shopify store”?
When it comes to determining the value of a Shopify store, it’s not simple because there are many different factors that come into play. The most important things that a potential buyer will look at are the net profit of the store and how old the store is.
Generally, the older the website and the more established it is, the more money it will be worth. This is because an established website will have a proven track record of making money and will be much more likely to continue doing so in the future. A newer website, on the other hand, may not have as much of a track record and will usually be worth less as a result.
One of the easiest ways to get a quick evaluation of the value of your Shopify store is to look at your average monthly net profit over the last 12 months and multiply it by a multiple. Figuring out your average monthly net profit is easy as long as you’re good at keeping your numbers, but figuring out a multiple is the hard part. Usually, multiples can range anywhere from 30-50.
As an example, if your average monthly net profit is $3,000, you can multiply that by 30 (which is a conservative multiple) and expect to be able to sell your Shopify store for around $90,000. That’s a pretty good chunk of money upfront for a business that brings in $3,000/month.
Of course, the final sale price of your Shopify store will depend on how much revenue it’s currently generating, how old it is, what niche it’s in, and a variety of other factors. But if you want to get a quick idea of how much your store might be worth, this method is a great way to do so.
Where To Sell Shopify Store
Now that you have a good idea of how to estimate the value of your Shopify store and why selling it might be a good idea, you’re probably wondering where to sell a Shopify store. Simply telling people you know that your Shopify store is for sale likely won’t result in any buyers. Below we’ll discuss a few different places you can go to list your store and find potential buyers.
Private Sale
While simply telling people you know that you’re selling your Shopify store may not gather much interest, there are still many ways to make a private sale of your Shopify store. Some places you can find buyers for your Shopify store would be Facebook or LinkedIn communities where you can network with others who are interested in buying or selling Shopify stores.
The main problem with making a private sale is that if you’re not familiar with the process of selling a business, there are plenty of ways to get scammed or for things to turn sour. This is especially true if you’re selling your store for a large sum of money. The best way to ensure that you have a smooth and successful private sale is to work with a buyer you know and trust and have a business lawyer assist in the sale of your Shopify store.
Marketplaces
Another excellent option for selling your Shopify store would be to list it on a marketplace. These are websites where people can buy and sell businesses, including Shopify stores. This is where buyers go to find Shopify stores for sale, so it’s a great way to connect buyers and sellers and get the most interest possible for your Shopify store. There are many different marketplaces you could choose from, but some of the more popular ones include Flippa, Empire Flippers, and Exchange by Shopify.
Empire Flippers
Empire Flippers is one of the most popular marketplaces for selling Shopify stores and other types of online businesses. They have a substantial and active buyer base and are always looking for new businesses to list for sale. If you’re looking for a marketplace that will give you the best chance of selling your Shopify store quickly, Empire Flippers is definitely worth considering. They even have a quick valuation tool that can give you an idea of what you might be able to sell your Shopify store.
Shopify Exchange Marketplace
The Shopify Exchange Marketplace is another great option if you’re looking to sell your Shopify store because it’s specifically for Shopify stores. This means that all of the buyers browsing The Shopify Exchange are already interested in buying Shopify stores. This marketplace is partnered up with Escrow.com to make sure the payment and transfer processes are safe and straightforward for both the buyer and the seller. There are some criteria you have to meet to sell your Shopify store on the Shopify Exchange Marketplace and you can find that information here.
Flippa
Flippa is a popular marketplace for buying and selling all kinds of online businesses. They have a very active buyer base and are always looking for new businesses to list. If you’re looking for an active marketplace that will give you a great chance of selling your Shopify store quickly, Flippa is definitely worth considering. To list your store on Flippa, you’re required to provide 12 months of financial history and key details about your Shopify store. However, the listing process itself is pretty simple and can usually be completed in less than an hour.
Business Broker
Another option for selling your Shopify store would be to use a business broker. Business brokers are companies that help people buy and sell businesses. They typically have an extensive network of buyers that they can reach out to when they have a new business for sale. If you’re looking for someone to help you with the entire process of selling your Shopify store, from start to finish, working with a business broker is a smart option. However, keep in mind that this is probably the most expensive option as you are having someone handle most of the process for you.
Steps To Sell Your Shopify Store On Shopify Exchange Marketplace
Have you decided where to sell your Shopify store? Our top pick is usually to list a website on the Shopify Exchange Marketplace. It’s easy to do, and since all the buyers browsing listings are specifically looking for Shopify stores to purchase, that’s where you’re likely to find the right buyer.
Here are the steps you need to follow if you want to list your Shopify store on The Shopify Exchange Marketplace:
Step 1: Submit Your Listing
First, you’ll need to ensure that your Shopify store meets the criteria to be listed on the Shopify Exchange Marketplace. As long as it does, you can list your Shopify business for sale. First, you’ll answer questions about your business and submit your listing to be reviewed.
Step 2: Approval and Publishing
As long as your listing looks good, it will be approved and listed on the Shopify Exchange Marketplace.
Step 3: Connect with Buyers
Next, buyers will start to contact you about your Shopify store. According to the Shopify Exchange, it takes about 7 days on average to receive your first offer so be patient as buyers need time to find your listing and crunch numbers before making their offers. All contact between buyers and sellers is anonymous to keep things secure.
Step 4: Sell Your Shopify store
Once you’ve accepted an offer, you’ll agree to sell your Shopify store and start the process. Because the Shopify Exchange Marketplace has partnered with Escrow.com, you’ll be sure to have a smooth and safe transaction. Keep in mind that it takes an average of 29 days to fully complete a sale on the Shopify Exchange Marketplace.
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