Selling Your Online Business On Flippa or Empire Flippers

Before I start I would like to remember the difference between an online business and a website.

A website is not necessarily a business, and not all businesses have a website. But, with that said, some websites are just… websites!

When starting an online business you should always write down what is the goal of that business, and what are the plans for the future of that business.

Most entrepreneurs start an online business, with the intent of selling the business itself!

So, even if you don’t plan on selling, things can change in the future because Life happens!

Make sure to have all your ducks in a row. Get a business bank account to make sure you know what you spend in the business and what enters this business.

If you are selling online, make sure that all payments are going to that business bank account, and your PayPal is also set up that way.

Stop using your personal information and accounts even if you are the sole proprietor. Make it official and make it professional.

Get all your paperwork organized for tax season, and make sure to get all expenses under the business name, instead of being on your own.

If spending a few buck a month is an option, get an accounting/ tracking software like QuickBooks, FreshBooks, Sage or others

Make sure you know how much PROFIT  you are generating, and learn the meanings of NET PROFIT,  PROFIT, ROI, SALES VOLUME, MARGINS, etc.

 

Do you have VA’s or any employees? Keep track of payroll as a business expense. And… do a search for Government grants, if you qualify for any, as sometimes they may be able to pay a big percent of your employee’s wages. (not a ninja business selling trick, but it will help for sure if you get paid for having assistants)

If you are dealing with China, make sure to get real invoices for the goods purchased, and always keep the bills for customs, duties, transportation, etc.

 

A quick preview of today’s episode:

I have been super excited about an online business opportunity that popped up on Flippa. But today the deal went sour!

The site was a custom built the service provided was unique and the owner didn’t have any proof of revenue. The business didn’t have its own bank account, no taxes done, no way to track growth.

They actually had a handwritten booklet where the income was supposedly tracked (I mean, I have something similar, but that is for my own quick access just to be a bit more organized)

Long story short, I did not proceed with the purchase of this “really cool” business and it bothered me that I may have lost a great opportunity and so did the owner.

The site was for sale at Flippa.com, a site I have been using since 2009 ( on the air I mentioned 2007 but went back to double check and sure enough, I was wrong) You could buy and sell websites and blogs. Nowadays you can also buy domains, apps, and Amazon FBA businesses

The newer, better-organized website and online business market is (in my opinion) Empire Flippers (empireflippers.com), where it is mandatory to have a full revenue disclosure with proof and to access that date the buyer needs to sign an NDA (non disclosure agreement)

The show will be named: Buying and Selling Online Businesses Themselves, and it is episode 41 of Q & A selling online

 

Hope this helps someone out there, and if it helped you, let me know

Thanks

QA