Being an entrepreneur is hard work. Setting up your own business from scratch is fraught with hurdles of various sorts. But, buying one of the plethora of already-established Shopify stores for sale offers an opportunity to bypass the struggles and challenges of building a startup and directly get to the stage where you start earning returns on your investment.
In today’s booming eCommerce sector, it can be quite rewarding to take over a well-performing Shopify store for sale. Usually, all it takes is putting up the initial capital required to purchase it. There are very low costs of customer acquisition, market research, technology setup, web portal or mobile app development, hiring and training of new employees, establishing operational processes, and building a supply chain network. Why? Because, all of this is already there in place, ready to generate sales for you.
Why consider a Shopify store for sale?
A Shopify store for sale offers several potential benefits to buyers and investors, such as:
- Widely popular platform – With over USD 80 Bn in total order value and a presence in over 175 countries, Shopify allows you to reach a wide clientele conveniently.
- Established Business – By buying a Shopify store for sale with a proven track record you get a leg-up, and save time, effort, and money that would have been required to set something all the way from ground-up.
- Established Customer Base –The store’s existing customer base helps you save money which would have been spent on market research and identifying new customers. Instead, you can generate instant sales while focussing on growing the business and expanding the customer base.
- Established Infrastructure and Processes – Taking over a Shopify store for sale also gives you access to the technology infrastructure and established processes. You may choose to optimize or expand them later on, but it won’t be an immediate necessity.
- Established Suppliers and Employees – During the transfer of ownership you can choose to retain existing employees who are already well-trained and adept in handling the day-to-day operations. Moreover, you can also leverage the established relationships with suppliers and partners saving additional cost.
How to find the best shopify stores for sale?
If you’re exploring Shopify stores for sale, here are some useful tips and strategies you can use:
- Consider online marketplaces – Online marketplaces and similar digital platforms serve as a directory for finding Shopify stores for sale listed there. These platforms allow you to filter by niche, revenue, and other categories to find the best options for you. Most of these platforms are free to subscribe to but some may require paying a premium for accessing advanced features.
- Explore Shopify forums – There are several Shopify forums that are great places to connect with other Shopify store owners and learn about opportunities for purchasing existing stores. You can also post your interest in buying a store to see if any owners are looking to sell.
- Look for multi-inventory stores – Statistics show that most of the successful stores do not have an over-reliance on a single or a seasonal product. Search for stores that offer a variety of products that can attract a larger demographic of customers.
If you have a particular niche or industry in mind, try searching for stores that specialize in that area. These stores may have a loyal customer base and a strong brand presence that you can leverage.
- Check social media – Social media offers an inexpensive and convenient way of connecting with Shopify store owners, many of whom use platforms like Instagram, Facebook, and Pinterest to promote their stores. You can also join groups and communities related to your preference to connect with owners who may be interested in selling.
- Employ the services of a broker – A broker can really simplify the process of evaluating a Shopify store for sale by holding your hand throughout the process. Not only can a broker help you find the best option, he/she/they can also assist you to negotiate a fair price. These services do come at a cost though, so carefully evaluate your options and do a cost-benefit analysis beforehand. Try to identify brokers who specialize in Shopify stores for sale and have a proven track record of successful transactions.
Note – stores with a high brand recall, multi-channel availability, and a strong online presence are inherently more desirable and will be priced as such.
Wrapping it up
Of course, there are also risks and potential downsides to buying a Shopify store, so it’s important to do your due diligence and thoroughly research any potential acquisition before making a purchase decision. Once you’ve identified a potential Shopify store to purchase, analyze the store’s financials, traffic sources, and customer base before making an offer, to ensure it’s a viable investment. You may also want to consider working with a lawyer or accountant to ensure the transaction is legally and financially sound.
Know more about Shopify stores for sale here.