Are you a successful entrepreneur and wonder if it’s time to sell your online business? How would you know the time is now or not? All entrepreneurs are excited to start their online business, but they don’t know when the right time is to get out. After all, it’s a personal decision that is often influenced by several mitigating factors.
How do you know if you should sell your online company now or wait? Consider the following four situations to help you make that gut-wrenching determination.
Four Key Signs It Is Time You Should Sell Your Online Business
There are several key indicators (signs) to look for – some personal, some business. They include the following:
- Online Business has grown beyond your skill set
- You’re presented with a profitable opportunity
- You’re excited about a new project
- You lack motivation to continue the same job
Business Is Growing Beyond Your Capable Skill Set
As the company’s founder and owner, you may think you know everything there is to know about your online company and its daily running’s. However, as the online business begins to expand, you may notice that you don’t know as much as you thought you did. This is where you need to be completely honest with yourself.
You have two options here that can be lucrative either way:
- First, you can expand your own skill set to help your business continue to move forward. This means admitting to yourself that you don’t know everything about the business and need to learn new skills to help it move forward under your leadership.
- Second, you can sell the online business to another entity – individual or company – that has the skill set to take the business to where you wish it could go. Many times, this is the better option, as it allows you to focus on other things in your life and make a good profit from the sale.
Remember, a business model can change as the company gets bigger. Your leadership may not be what the company needs to go further. When you realize this and do something about it, your business can continue to thrive… even if that means selling it and handing control over to someone else.
Special Note: Keep in mind that technological advances can have a huge impact on the success and failure of your business. It can also influence your skill set – learning something new or not. If you don’t have the desire to learn new technology, this may be a good time for you to sell your online business.
You’re Presented With A Profitable Opportunity
Have you ever heard of the phrase, “when one door closes, another presents itself?” And, this may be the case for you. Selling your current online company to another entity can be a good thing. Therefore, if you notice a profitable opportunity present itself to you, be sure to really consider it.
For instance, if the market is turning against you, but a bigger company wants to acquire your business, this is a chance you should certainly take. This type of scenario is usually seen in the social media world. Think Facebook’s acquirement of WhatsApp, Instagram, FriendFeed, etc. The owners of those companies were presented with a lucrative opportunity and opted to sell their business.
You’re Excited About A New Project
The majority of novice business owners have a plethora of ideas running through their head. Sometimes, it can be hard for them to settle on just one! With so many ideas, they may be too scattered brained to focus on one particular job. In fact, they may focus on one for a time, do well with it and then turn their attention to something else entirely.
Excitement about running an online business is all good and dandy. However, you can’t do it all, and you shouldn’t be. Most entrepreneurs are under the impression that they can run two business at a time without sacrificing one or the other. Not true!
So, if your current online company is doing well and you have another one in your head that you’d like to begin, sell the older company first before you get started on the next opportunity. This will help you to eliminate the headaches of one, with more funds to throw at your next business venture.
You Lack Motivation To Continue The Same Job
This isn’t necessarily a bad reason to sell your online business. It all depends on how you look at it. You may just be thinking about bigger and better things (as noted above). Sure, you may feel the burnout like any employee, especially if you’re constantly carrying out the same task. But, your mind may be elsewhere – thinking about other ventures you’d like to dabble in.
For some people, it’s not a burnout that gets to them; it’s the lack of nothing ever new coming their way. For them, the lack of motivation is the result of constantly repeating the same thing every day. They crave something new; something that can be just as lucrative, if not even more so.
It goes without saying that money isn’t always what it’s cracked up to be when running a business. In the beginning, it may play a huge factor in the excitement of being an entrepreneur. However, in the grand scheme of things, it’s not a real motivator. The motivator – the excitement – stems from new ideas blooming and taking off.
If you’re in the process of thinking of selling your online business, an online business broker can streamline the process to ensure you get the best price for your company. Remember, the decision to sell your online company is a personal one, but you should also look at it from a professional stance.
This is where a professional online broker can help you. He/she will give you insight into whether or not the time is right, and if it is, help find highly-qualified buyers interested in buying your company. Give us a call today to learn how we can help you sell your online business and earn top dollar for it.