With the number of Shopify stores being bought and sold on Flippa growing rapidly, we’ve gone ahead and made it easier than ever to sell your Shopify store!
The demand for Shopify stores has increased drastically, so much so, that we’ve made it easier than ever for buyers to find the hottest Shopify stores for sale on Flippa with the launch of our Shopify marketplace. This new marketplace brings increased visibility for Shopify stores, allowing sellers to easily reach over 1 million Flippa users.
Why Sell Your Shopify Store?
There are plenty of reasons why people sell their online businesses, but the most common reasons are that owners don’t have the time to run their business, or are looking to sell the business to invest in a new business opportunity or help put a down payment on something big (like a house or car).
Setting Up Your Auction
Once you’re ready to sell your Shopify store, simply go to Flippa.com/sell and select “Website”. From here, choose “eCommerce” and then “Shopify”. Our listing builder will walk you through the rest!
How much does it cost?
For a limited time, Shopify stores are free to list on Flippa! Simply email firstname.lastname@example.org with a link to both your Shopify store and Flippa account and we will give you a free listing!
What information should I provide?
When creating your listing, it is important to provide as much information by being as thorough as possible. This includes going into detail on every aspect of the business, including operations, revenue, and traffic.
If you have Google Analytics installed on your site, verifying traffic is simple! During the process of creating your listing, you will be prompted to use our Google Analytics API to automatically verify your traffic. If Google Analytics is not installed, you will need to look at your Shopify Analytics and manually input the data. It is recommended you take screenshots of your analytics if you are using Shopify Analytics.
Beyond that, it is important to take screenshots of your revenue, and make sure to factor in all the operating costs of running the business. Once you have inputted this information into the listing, don’t forget to upload these screenshots as attachments, so users can see the revenue for themselves.
For operations, we recommend outlining each activity with the time requirements and how this can be done. For example, if you spend 3 hours a week posting on the business’ social media account and 2 hours per week placing orders, your operations may look like this:
Hours of work per week: 5
Task 1: Social Media Posting (3 hours)
I spend about 3 hours per week scheduling posts on Instagram and Facebook. These posts typically outline any promotions that are going on, or any new products that have been added to the store.
Task 2: Placing Orders (2 hours)
This is done once a day and typically takes 15-30 minutes per day, depending on how many total orders are placed. All orders are fulfilled by a third party, so you just need to place the orders with them directly.
Once your listing is ready for launch, we recommend reviewing your auction and looking to see if you’ve missed any details that a buyer might want to know. The more information you have on your listing, the less questions you’ll be answering during the auction!
How much can I sell my Shopify store for?
If you’re unsure how much you can sell your Shopify business for, we’ve written a blog post that will help with just that:
How much is my website worth? Website valuations explained
How long does the auction process take?
We recommend setting your auction time to last for 10-14 days. This gives enough buyers to perform their due diligence on your asset and gives you time to answer any questions they may have. Once the reserve price has been met and your auction ends, typically sellers receive their payments in about one week’s time. This is dependent on how quickly you (the seller) can transfer over the ownership of the asset.
Auction Process: What to Expect?
Now that your Shopify listing is live, what can you expect the process to be like?
For starters, it’s important to treat everyone as if they will be the person buying your Shopify store. As with the listing process, try to answer any question as throughly as possible. By doing so, not only are buyers knowing what your store is like, but you also establish an excellent connection with them, increasing the trust. Since it’s likely you and the buyer have never met, trust can play a big factor on whether a user decided to buy an asset or not.
One great tip is if anyone asks a great question that wasn’t covered in your listing description, is to copy the question, and the answer, and paste it into the comments section below your listing. This will help you avoid answering the same question again, and let potential buyers know that you’re willing to go the extra step, which again, helps build trust.
Don’t forget, if you have spent a lot of time building your listing, I can promise that the amount of questions you receive will be much lower than some other listings!
Transferring Assets & Getting Paid
Rather than transferring assets and setting the site up on a new cPanel like you would a WordPress or PHP site, Shopify makes the process very simple to transfer assets to a new owner.
Note: Before transferring any assets to the new owner, either make sure the funds are in the Flippa Escrow account or you have received the funds via PayPal. If you have not received the funds or the funds are not in escrow, do not transfer any assets.
After verifying payment, the first step is to add the buyer as a staff member for the Shopify store. From there, you’ll need to navigate to the account tab under settings and make the user the account owner. Verify with the buyer that they have control of the account.
Now that he owns the website, you must then transfer the domain to his name. If you bought the domain through Shopify, you can do this through OpenSRS.
For OpenSRS, navigate from the ‘Manage your Domain’ menu and click on any of the following: Organization Contact, Admin Contact, or Billing Contact. Once there, put in the new owner’s information and select YES for admin contact, technical contact, and billing contact, then save it.
If the domain was registered through GoDaddy or any other domain provider, you’ll need to check with them directly on how to transfer the domain.
Now that the domain and website have been transferred to the new owner, it is time to get paid! Just make sure all social media accounts relating to the site have been transferred over as well. From here, the new owner just has to verify they received the assets, and the money is yours!
Do you have any experience on transferring Shopify stores? Leave a comment below with any tips or tricks you may know!