What an interesting question, which raises more questions to that of the original question. To be honest, I am going to make a few assumptions. These being:
- You already know the nice (sector) you want to have an online business in.
- You have already developed a strategic and financial plan in order to maintain and further grow this business.
- You have undertaken your full due diligence re the sector, who your competitors will be; and the reputation of this business you are considering purchasing; what value does this business give to their customers (including potential customers) and who their target market is.
If you have not undertaken all 3 above. Then these are your first steps!!!
If you have undertaken all 3 of the above, then the first step will be is to contact the business owner and have a discussion. For example:
- Exactly what comes with the business i.e. email list, customer base contacts and other infrastructure questions, i.e. is the website included.
- What is the ROI or potential ROI (return on investment) they are experiencing or potentially envisage can be received.
Then once you have this information, go back to your strategic and financial plan and ascertain whether this business will meet your online business goals.
If it does: negotiate a reasonable and I say again: reasonable price to purchase the business.
If it does not then move on. There are plenty of online businesses for sale.
Just like a physical business the numbers do have to stack up.
To Your Continued Success
PS: If you want to start an online business from the ground up then my recommendation is to watch this free webinar and you will be pleasantly surprised. Webinar With John