Ways to Find an Online Business for Sale
by Arina Smith Business Planning 15 June 2018
Buying an already existing business is an attractive option compared to building a business from scratch. Its biggest advantage is that after purchase, you can focus on expanding the business and increasing profits. The tedious processes of having to figure out the monetization methods and the business model have already been done for you.
When finding a business to buy, it’s important to remain focused throughout the process. This focus will help you to eliminate businesses that do not match your interest and allow you to narrow down your choices from the very beginning.
Finding a business for sale can be a challenging task because you need to know exactly where to look. Below are some ways to help you find a business for sale:
1. Make calls to Local Businesses :
It is recommended to make direct calls to businesses that are similar to the ones that you are looking to buy. Ask them if they know of anyone who is selling their business or if they are selling theirs.
You might get lucky to find a business owner who has been contemplating selling their business but has not yet advertised it. Such potential sellers often sit back and wait for buyers to approach them, as they are only passively interested in selling their business.
2. Newspaper Classifieds :
Look through your local newspapers in the classifieds section. Here you might be lucky enough to find a business or two that is for sale. There are business owners who prefer advertising their businesses in the papers rather than on the internet so that customers and employees have a lower chance of seeing that it’s for sale.
3. Business Publications :
Sometimes you will find business publications that have lists of businesses for sale and other investment opportunities. Industry publications are often a pre-vetted way to find the right opportunities to buy a business that you are interested in.
4. Online Marketplaces :
This is where most people who are looking for businesses to buy start their search. There are a variety of online marketplaces that have listings of available businesses. Scanning through the listings and getting the seller’s contact information is quite straightforward. You can also often search these marketplaces for businesses located in specific areas, such as businesses for sale in Miami.
5. Auction sites :
In terms of functionality, auction sites are similar to business marketplaces. The difference between these two is that on an auction site, interested buyers can bid. Bidding on auction sites drives up the prices allowing the sellers to get the best deals.
However, it is not guaranteed that all the businesses on the auction sites have been vetted. So it is possible that some of the businesses may be misrepresented.
6. Business Brokers :
Get a broker from the area where you would prefer the business to be located. Find a broker who has some knowledge of the local market. It is likely that the broker has information about the businesses available for sale in their locality that is not officially advertised on the market yet.
The advantage of broker listings is that they are pre-vetted and are therefore legitimate businesses. Brokers make the whole process very easy for buyers. Also, they only get paid only after the deal is successful.
There are 3 main ways in which you can find a business broker to work with. They include:
This is a classic and always works when it comes to finding trustworthy brokers to do your dealings with.
These provide dependable leads on where you can find business brokers. To find brokers in your area, including the name of your city in the search.
Chamber of Commerce
Naturally, your local chamber of commerce should provide a list of names of the brokers in your area, together with their contacts. This method works better for those in a small locality where there are not many business brokers.
There are a variety of channels through which one can find businesses that are for sale. All these channels have their ups and downs; it is therefore up to you to find the best one that will give the most trusted results.
Basically, finding the ideal business to buy is all about using all the means at your disposal to establish as many connections as possible.
Lastly, keep your eyes and ears open so that opportunities do not pass you by.
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