Despite what all those instagram influencers would have you believe, running an online business is hard — but let’s face it, given that you are currently reading his article, you probably already know that.
I mean, running an online business takes a huge amount of time, effort, and dedication.
To keep your customers happy, you need to continually offer discount codes and sales, while frequently introducing new products. You need to pay close attention to social media and email marketing all the time.
Moreover, you constantly need to learn new skills so you can stay relevant in the fastest growing industry in the world.
Like I said, this business thing is hard.
And while some people relish the hustle lifestyle that comes with being an online business owner, some people simply don’t.
Which is why you should know the signs of when you should sell your online business.
1. You No Longer Enjoy It
While this first point seems like a no brainer, it is something that many people ignore.
When it comes to working in any industry, you want to enjoy it. Because you spend more than 70% of your waking hours at work, and it takes up so much time, effort, and mental energy, you should enjoy it.
In reality, I would argue that is why most people start an online business in the first place
They want to escape the 9-5 grind and start working for themselves. They want to pursue something that they are truly passionate about. In essence, they want to do work that they truly enjoy doing.
As a result, if you find yourself dreading the thought of doing anything work related, then it is time to change. Seriously, head straight over to Exchange Marketplace and put your business up for sale.
Your happiness is worth it.
2. Your Business has Grown Beyond Your Capabilities
When it comes to running a small online business, there is a sweet spot where you have a solid customer base and are turning a good profit, but the work does not exceed your individual capacity.
You can still do everything yourself.
Then, if it continues to grow, you need to make a decision — should you hire some more people and expand, or sell.
And I would seriously consider selling.
First and foremost, managing a team of people can be more effort than it is worth. You need to be able to hire people who match your needs. You then must ensure that they are actually worth their wages — something that isn’t always the case.
Secondly, once you have expanded and brought on more people, there is a good chance that you will not be making any more money on an individual level than you were before.
Which begs the question — what’s the point?
Which is exactly why selling is such a viable option.
Under normal circumstances investors are drawn to busy startups. So it should come as no surprise that having a profitable business that is still growing will attract a number of potential buyers.
In this manner you can use the successful position of your business to drive up interest and get an extremely good price (did someone say early retirement….)
3. Big Life Changes
As we have already discussed at length, running a profitable business takes time and effort. As a result, it normally sits at the top of your priority list.
However, sometimes things change.
You might get a girlfriend. You might want to move overseas and try something new. Hell, you might get married and have children. All of which means you end up in a situation where something else must come first — and your business needs to take a backseat.
In this circumstance it might be better to cut your losses and sell up — thus making sure your priorities remain in order.
4. You Get an Offer
Something you may not have realised is that certain people are on the lookout for profitable online business. These investors look at businesses they think they can scale up and make bigger.
And when they find one, they are happy to pay a premium for it.
If you find yourself in the situation where someone has made an offer out of the blue for your business, there is a very good chance it will be worth exploring. If they are interested in your business, you have the bargaining power — so push them up, and reap the rewards.
Making the decision to sell your online business will never be an easy one. However, it could be a good one. If you fall into any of the above categories, then there is a possibility that selling is the right decision.
If it means less stress and more joy, more money, or more time with finally, then really, it is a no brainer.