What Is The Exchange Marketplace?
It’s an undeniable fact that starting your own online store is quite overwhelming and tough.
Now,don’t you think it’ll be a lot easier and better if you could just buy an already existing online store that’s quite successful too? If yes, then this is where you have to enter the exchange marketplace. For those who don’t know, the Exchange is the place where you can buy or sell your online Shopify store without any hassle.
Especially in the beginning, you’ll have a lot on your plate, like thinking of a good business name, designing the store, finding the products, and marketing or opting for a ecommerce accelerator. In a nutshell, getting started in the eCommerce space is quite daunting.
The platform has thousands of successful eCommerce businesses listed, and the best part is that you can find literally any niche you want here. The reason why the Exchange Marketplace is so successful nowadays is that it allows entrepreneurs to skip the hard part and the building stages of a business. Here, it’s very easy to just pass down your existing business to another entrepreneur or buy the one that you are looking for.
How Does Exchange Work?
Exchange is one massive marketplace where entrepreneurs of all levels can buy, find or sell their online Shopify business. Now you might have heard or seen some other similar marketplace, but Exchange still stands out from the crowd because it offers reliable insights to businesses where you can monitor everything. From how much traffic a business has been getting to how many sales the business has made so far, you can get all the information before making any final purchase decision.
The best part about these insights is that all the data you see is true and verified. Exchange uses whitelisted sources to verify the data before listing a business. What’s even more impressive is that all the listed stores on Exchange will be active and running. The owner might not be running any marketing campaigns on his business, but the store will definitely be active when you decide to buy it.
Another reason why the Exchange Marketplace is doing so well is that it has stores of all sizes and shapes. If you want a starter store, you can easily get one on Exchange for almost a hundred bucks. You can check the platform every day for new listings, study the data and then make a final decision. For those who think of amazon business broker and this marketplace as the same, they should know that it’s not, and they both are two different terms.
Things You Must Consider Before Buying A Business
Now the entire idea of buying an already established business is quite attractive, but it still is one major investment decision that you must take wisely. Before pulling the trigger, here’s a list of the things that you first have to consider;
The first consideration you need to make is your budget. Even if a business attracts you a lot on the Exchange Marketplace, you still need to check if it fits your budget or not. Most importantly, you should manage your budget in a way that even after buying the business, you still have some cash to manage the marketing campaigns and product sourcing, etc.
2-Is The Price Of The Store Justified?
If you are new to “Exchange,” it can be quite difficult to assess if the price is fair. The best solution to this problem is that you first compare different listings and then match up the prices. Moreover, you should know that the price listed on “Exchange” is only the initial asking price. If you want, you can settle the price and negotiate a bit with the other party. Especially if you are looking for a dropshipping business for sale, you should negotiate and put up your own price.
3-Why Are They Selling?
One main confusion people often have is that if the business really is successful and profitable, then why is the owner selling it in the first place? Well, it’s a justified question so before you make any final decisions, make sure to determine why they are selling? Is it that their niche became too saturated? Or is the owner just tired of running the business himself? It’s true that you really can’t tell what the owner is thinking, but a lot of sellers often list the reason why they are selling their business on Exchange. The best thing to do here is to make a wise decision and do some research not just on Exchange but on other external channels too. Once you are sure that there aren’t any red flags, you can then buy the business as you please.
4-Why Do You Want To Buy The Store?
It’s not just that you need to figure out why the seller is selling the store. In fact, you also need to understand why you are buying it in the first place. Do you just want to jumpstart your journey as an entrepreneur without any hassle? Or are you hoping to find a dropshipping business that brings you success? You first need to figure out the reason, and at the same time, you shouldn’t forget that even after buying a store from the Exchange Marketplace, you’ll still have to do a lot of work, and you’ll have to make some improvements to run the store on your terms.
Also, remember that it’s not just the website that you are buying; in fact, it's everything, from the mailing list of the business to its physical inventory, its domain name, and even the social media accounts. In simpler words, this is the kind of decision you can’t make in a rush so take your time, and once you are sure about what you want, you should then take action.
Consider these factors before making any decision on Exchange, and you sure won’t regret anything later.