Do you wish to own a Shopify store but feel overwhelmed by the thought of building one? If yes, I have some exciting news for you. You can buy a Shopify account.
With this, you don’t have to worry about the tedious process of building one. You can just purchase an existing account and jump right into business.
But of course, there are things you must understand and put in place for you to succeed in this quest. In this guide, we will address some vital questions and take you through the process of buying Shopify stores.
So, sit still as we dive right in.
Why Would You Want to Buy a Shopify Store?
For several reasons, anyone would want to buy a Shopify store, yet almost every reason is largely hinged on convenience.
Save Time and Energy
Typically, starting an online business takes time and effort. First, you must decide what niche to focus on, the platform to use, your target audience, how to reach them, and whatnot.
But, if you simply purchase an online store, you escape these hassles. Buying a Shopify gives you a headstart, with an existing customer base, and brand identity.
In addition, since Shopify requires a specific structure (payment gateways, a user-friendly website, an efficient customer support system, and more) for stores and businesses to function effectively, buying one with an established structure saves you from doing it yourself.
Reduced Risk
As with everything else, starting a new business includes some inherent risks. You could invest so much time and resources in creating a store and getting your business out there yet fail to reach your target audience or make tangible sales.
However, buying an established Shopify store can reduce this risk. This is because you get access to vital data and performance metrics, which points you in the right direction.
You can trust that with proper management of the store you just purchased, you have a better chance of achieving your business goals without overspending.
Leverage Existing Traffic
Since Shopify is an e-commerce platform for creating online stores and not a marketplace, you need to drive steady traffic to your website to make sales.
For new businesses, this is often a challenge. It could take a long time and a lot of marketing resources to generate quality traffic. Fortunately, you can cut to the chase when you buy a Shopify store.
These stores typically already have an established customer base and quality traffic to build on. With that, you can dive right into selling your products without struggles.
What to Watch for Before Buying a Shopify Store
If you must buy a Shopify store, here are some things to look out for before taking the big step;
Financial Performance
Review the financial performance of the store you want to buy while paying attention to expenses, profit margin, cash flow, revenue, etc. Ensure the store has a healthy profit margin and a consistent revenue trend.
Conducting a thorough check on the store’s financial record will help you identify any discrepancies or underlying issues that could pose a threat to your business in the future.
In addition, you should also ensure that the seller is tax-compliant with no outstanding tax at the time of purchase.
Traffic Source
Understanding the store’s source of traffic is crucial when it comes to conducting a Shopify store purchase.
You need to find out if the traffic is organic or generated through paid advertising. This will help you estimate a realistic running cost for the business.
Though paid and organically generated traffic are equally valuable, the former costs more money to acquire. However, generating organic traffic doesn’t come easy.
You can utilize Google Analytics and the Shopify dashboard reports to verify the traffic source, and tools like Semrush and Ahrefs to analyze the overall quality of the store.
Legal Compliance
Does the store you want to buy comply with regulations? Anything short of a positive response is a no-go.
That said, it is vital to conduct a thorough review of the store’s legal documents, including business permits, licenses, copyrights, trademarks, and so on. Make sure the store has the necessary permissions to operate.
In addition, you need to ensure that the store is compliant with regulations binding on the zone/region where it operates. Even after the purchase, you must stay up to date with the regulations, as they could change at any time.
Also, do not forget to evaluate the store’s privacy policy, terms of service, and return/refund policies to ensure it is compliant with consumer protection laws.
Types of Products and the Relationship with Suppliers
This is another important factor to consider when searching for Shopify stores for sale. Find out the quality and uniqueness of the store’s offerings. A store with quality and diverse products gives you a better competitive advantage.
Evaluate the potential and growth opportunity each product holds as your business continues to expand.
Furthermore, while evaluating the store’s product offerings, pay attention to the relationship between the store and suppliers. Ensure suppliers are reliable with an efficient supply chain, including inventory management and order fulfillment.
Where to Buy a Shopify Store
While there are several ways and places where you can buy a Shopify, the safest way is to go through a reliable broker. These brokerage platforms serve as a middleman between you and the seller. And they protect all parties involved from getting scammed.
Below are some of the prominent brokerage service providers;
Flippa
Flippa is one of the largest marketplaces for trading Shopify stores. You can discover as many verified Shopify stores as possible on the platform.
Each store displays vital information such as price, industry, site age, monthly revenue, traffic, etc. These details help you make quick, informed decisions.
To buy a store on Flippa, you need to sign up as a member at no cost. Then you can access the many available stores along with their details. Once you find a store you would like to buy and initiate the buying process, Flippa provides a secure escrow service to manage payment.
Empire Flippers
Empire Flippers is another impressive marketplace where you can find several profitable online businesses to buy. They specialize in listing businesses from across various niches vetted by experts.
Empire provides detailed information about each listing, including traffic and financial data to influence your decision-making. Keep in mind that the marketplace publishes new businesses every Monday.
Acquire
Like Flippa and Empire, Acquire is a platform that offers a curated list of vetted online businesses, including Shopify stores. However, it focuses on startup businesses, unlike other marketplaces that list older, well-established stores.
In addition, Acquire provides the tools and necessary support to help business creators and buyers achieve their desired results.
So, if you would rather buy a startup Shopify store than one that has existed for seven years, then Aquires should be your next stop.
How to Buy a Shopify Store
Below is a step-by-step process of how you can purchase a Shopify store;
Define your Goal
Before diving into the marketplace, it’s essential to have a clear understanding of your goals and budget for purchasing a Shopify store.
Consider factors such as your expertise in running an online business, your financial capabilities, and the type of Shopify store you want to acquire.
Browse Through Listings on Marketplaces
We have reviewed three reliable marketplaces where you can buy or sell a Shopify store. There are several others out there. You can conduct a little research to find other options.
Once you’ve chosen a marketplace, start browsing through the listings to find Shopify stores that align with your goals and budget. Pay attention to key metrics such as revenue, traffic, niche, industry, asking price, business history, and so on.
Conduct Due Diligence
After selecting the stores that align with your goals and preferences, it is crucial to perform due diligence before making an offer.
Basically, you have to look out for transparency in financial records, traffic sources, customer demographics, product offerings, and any potential legal or operational issues.
Initiate Negotiation
Once you’ve conducted thorough due diligence and are satisfied with the listing, it’s time to negotiate terms with the seller.
If you are shopping through a marketplace like Flippa, you can contact the seller to begin negotiation or make a direct offer. Flippa offers escrow services to protect your fund.
Consider including clauses in the purchase agreement to protect your interests, such as warranties, indemnities, and non-compete agreements.
Transfer of Ownership
After the purchase is complete, work closely with the seller to facilitate a smooth transition of ownership and integrate the Shopify store into your existing business operations.
Then familiarize yourself with the store’s backend systems, processes, and workflows to ensure a seamless transition.
In addition, communicate with the existing customers and suppliers to inform them of the ownership change and reassure them of continued support and service.
Conclusion
Yes, you can buy a Shopify store. Several marketplaces offer a myriad of Shopify businesses available for sale. Buying an existing one shortens your growth curve. It ensures you acquire an existing customer base and leverage a working business model.
This guide will help you successfully buy a Shopify store and get into the business without delay.
Once you have your store set up, explore how Adoric handles conversion processes – and triples sales – for Shopify sellers.
