QUESTION.
I want to buy an online business. What do I need to do to buy one?
ANSWER.
I assume you want to run the business you buy. I suggest you you surf the Net for online businesses that you would like to buy. Visit those sites and get knowledgeable about them. Then contact the owners and see if they are willing to sell. They probably won't be willing to sell, but you can ask them if they know of any of their competitors who might want to sell. Eventually you will be able to find an online business to purchase.
Things to consider when you approach business owners to buy their business is how well the business is doing. It's generally a good idea to buy a business that is being run poorly so you can fix what is wrong and make considerable profits on a minimal investment. If the business is already being run very well, then you will pay a premium dollar for it.
Buying a business is kind of like buying a house. If you buy a house that is in great shape, then you will pay a lot for it. If the house is in extreme disrepair, then you can get it for a song. But you will have to fix it up for it to be lived in or sold for a nice profit.
You can also seek out business brokers that specialize in helping online business owners sell their ecommerce sites. I don't have a list of such brokers to give you. But you can find their names online using Google.
You will want to do some "due diligence" before you actually make an offer to buy a business. Google the term "due diligence" to learn more about what it involves.
I hope my comments have been helpful to you. Good luck! Regards, -Jeff
Jeff Lippncott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
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