Building up and selling an online business is a popular business project in Texas and throughout the country. The business will sell more successfully if certain typical standards are followed while building it. Business transactions involving the sale of the business will be more economically fruitful if the business owners have the goal of making a big exit right from the start.
Keeping clean and meticulous records is an important factor that will help sell the business. In particular, a profit and loss statement should be created that documents revenue for each month. Steady monthly income can be an impressive selling point, especially if that pattern is displayed for dozens of consecutive months without fail. It is also important to utilize software that will accurately track all traffic on the site.
In addition, an organized, well-greased company with standardized working procedures will make a strong impression on potential buyers. The business should have standard operating procedures (SOP) to make it easy for new management to come in and keep the business running seamlessly. SOP should be set up for product selection, keyword research and content creation.
An SOP for advertising should also be established. Each segment of the advertising protocol should be set forth in writing for new managers to easily follow. Each SOP should me made into a video presentation to make them even easier to understand. Other common sense steps should be taken. For example, get current suppliers to promise that they will give the same deals or discounts to a new owner.
While growing the business, the owners will also want to develop outsourcing of functions to make the business transactions as hands-off as possible. Buyers will be more interested in a company that is problem-free and runs on its own. Maintaining a clean site, free from cumbersome duplications, is also important. Getting rid of all duplicate content will streamline the operation for maximum efficiency. There are many other sound practices to follow in building up the Texas online business for resale; owners who follow such practices will obtain a more substantial payoff at the end of the line.
Source: webretailer.com, “Get Ready to Sell Your Ecommerce Business in Just Six Months,” Greg Elfrink, Nov. 17, 2017