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I have a relatively successful business that grosses 1-1.5 million a year but I can't seem to grow it past that. The niche is super competitve which I think is part of the reason I can't get it much past that point. I have been trying to decide on what new business to start to run along side this one but hadn't come to a decision... then I read a thread on the inside about how they bought a business! Duh, why haven't I done that before?
So I decided to buy a business! I checked out a few different sites but really liked Shopify exchange since the data they pulled was direct from the shopify back end. I spent a few hours (more than i needed to tbh) and found two great sites. Both of them have been open for 3-4 years and have been doing decent up until recently. Both people had stopped running ads entirely one since June and one since November. Both sites had showed decent revenue before ads being stopped.
Now here is where the "risk" comes into the equation. Both of the people could have a reason they stopped ads. Maybe their suppliers doubled in price so they couldn't run ads profitably. Maybe they actually don't have the time to run the sites (as they say). Maybe I'm getting scammed!!! I decided the risk vs reward is certainly there after talking with both parties.
I wanted to just buy one site... but I ended up buying both!!!
Site #1 cost was $3,400
Site #2 cost was $3,100
So my thought process for buying the sites.
1. How long were the sites open and what did the data look like over that time?
I wanted sites that had a decent track record of sales flucuating monthy and not just one huge spike and then back to nothing.
2. The price had to be a no brainer based off of what past revenue/profit was. Both sites were obviously a deal based on their numbers but even if the numbers are off by 75% both are still a decent buy.
3. The amount of money I'm spending has to be an amount that I am comfortable losing entirely. I don't expect that to happen but being that this is the first time I've bought a site I didn't want to drop 500k on my first one lol.
What am I going to do to start bringing sales back in?
1. Start advertsing both sites again.
2. Completely revamp both sites themes so they convert at a higher rate and are more trustworthy.
3. Set up abandoned cart sequences. Neither store used any sort of software to address abandoned carts and one of them wasn't even using the shopify abandoned cart emails.
What is my goal for both of these sites?
I'm planning on selling one or both of them in the next 1-2 years. Store #2 looks the most promising to be able to increase revenue quickly if the seller isn't straight up lying to me. My plan is to just get that one to what it was doing prior to stopping ads and sell it. Store #1 I would like to make a long term business with as I like the niche and the opportunity it presents.
So I decided to buy a business! I checked out a few different sites but really liked Shopify exchange since the data they pulled was direct from the shopify back end. I spent a few hours (more than i needed to tbh) and found two great sites. Both of them have been open for 3-4 years and have been doing decent up until recently. Both people had stopped running ads entirely one since June and one since November. Both sites had showed decent revenue before ads being stopped.
Now here is where the "risk" comes into the equation. Both of the people could have a reason they stopped ads. Maybe their suppliers doubled in price so they couldn't run ads profitably. Maybe they actually don't have the time to run the sites (as they say). Maybe I'm getting scammed!!! I decided the risk vs reward is certainly there after talking with both parties.
I wanted to just buy one site... but I ended up buying both!!!
Site #1 cost was $3,400
Site #2 cost was $3,100
So my thought process for buying the sites.
1. How long were the sites open and what did the data look like over that time?
I wanted sites that had a decent track record of sales flucuating monthy and not just one huge spike and then back to nothing.
2. The price had to be a no brainer based off of what past revenue/profit was. Both sites were obviously a deal based on their numbers but even if the numbers are off by 75% both are still a decent buy.
3. The amount of money I'm spending has to be an amount that I am comfortable losing entirely. I don't expect that to happen but being that this is the first time I've bought a site I didn't want to drop 500k on my first one lol.
What am I going to do to start bringing sales back in?
1. Start advertsing both sites again.
2. Completely revamp both sites themes so they convert at a higher rate and are more trustworthy.
3. Set up abandoned cart sequences. Neither store used any sort of software to address abandoned carts and one of them wasn't even using the shopify abandoned cart emails.
What is my goal for both of these sites?
I'm planning on selling one or both of them in the next 1-2 years. Store #2 looks the most promising to be able to increase revenue quickly if the seller isn't straight up lying to me. My plan is to just get that one to what it was doing prior to stopping ads and sell it. Store #1 I would like to make a long term business with as I like the niche and the opportunity it presents.
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