Greg Elfrink lays out the blueprint for creating a streamlined business that will sell for the maximum price in the minimum time
This post is by Greg Elfrink, Content Manager at Empire Flippers, a broker specializing in online businesses. Empire Flippers has sold dozens of FBA businesses, and earlier this year completed its largest ever sale: a $1.7 million Amazon FBA business.
It can be an intense, stressful but rewarding process building up your ecommerce store to a level of profitability. However, the reward shouldn’t be focused on the profit you earn every month, as there is a much bigger reward waiting for you: your ecommerce store’s exit plan.
In other words, you could take all of the sweat equity you put into your business and sell it for a large lump sum of money. That capital can be leveraged into all kinds of new projects. You could choose to invest in new ecommerce businesses, buy physical real estate or even pay off debts.
But selling a business takes preparation. Buyers are looking for well-run, streamlined, predictable businesses. If yours is profitable, but chaotic, then it’s going to be much harder to sell.
In this article, you are going to learn exactly how to build your business so it can be sold quickly and at the best price possible. We are going to cover what you need set up right away, how your business should look six months out from being sold, and the final tweaks you need to make in the three months before you sell it.
Alex Knight explains software for soliciting feedback and reviews, customer support tools and customer outsourcing services
When you purchase an item from a bricks-and-mortar store for the first time, there’s plenty of things you might look out for. Is the shop busy? Do the other customers look happy? Do the products look authentic? Do the staff appear trustworthy?
On marketplaces, buyers can’t make those checks, as they can only see the information that the seller has provided. So, buying decisions are based largely on feedback and reviews. For sellers, this means getting feedback from buyers is crucial and reducing negative feedback is a must, if they are to establish the kind of reputation that buyers look for.
This can be achieved through soliciting more reviews from buyers, improving your customer support system or even outsourcing customer service to a third party, who you feel could handle it more efficiently.
In this post I will walk you through the Feedback & Reputation category of the Web Retailer software directory. It covers eBay and Amazon feedback software, message management tools and customer service outsourcing.
From hiring a virtual assistant to having a company wiki, Marcin Hashevsky explains the elements your business needs to run like clockwork
This post was by Marcin Hashevsky from Amazing Work System. Marcin helps sellers start systematizing their online selling business so they can spend less time in operations and more time on vision and growth, or simply spend more time with their families.
Recently I realized that whenever I am talking about online, ecommerce, or Amazon businesses, people always ask me three questions:
- How can they build a successful ecommerce business and sell it easily?
- How have I managed to make my business run so smoothly?
- And how do I pronounce my name?
Apart from pronouncing my name, which I know can be tough, the other two questions have pretty straightforward answers. I find it really easy now to run my business efficiently, thanks to my systemized mindset. But I get why people struggle, as I was in the same situation not very long ago.
So today, I am going to tell you about 10 key ingredients that you need to create a very organized and successful ecommerce business. Let’s begin!
Alex Knight looks at FBA prep: why it’s important, why sellers decide to outsource, and how to choose the right FBA prep service
Preparing your inventory for FBA can prove frustrating. You’re running low on stock at the Fulfillment Center, orders are pouring in but you’ve hit a bottleneck – you can’t prepare your inventory quick enough to meet demand.
At this point, you decide it’s time to outsource your FBA prep to a third party but there’s so many factors to consider that you’re a little lost. You’re essentially handing responsibility for part of your business over to a third party, so you want to be absolutely sure you’ve considered everything and made the right decision.
To help you decide, we’ve explained what FBA prep is, identified why many sellers choose to outsource it and explored some of the most important factors to consider when choosing an FBA prep service.