When you have the idea of moving on from your startup, how much confidence do you place in your ability to sell it?
Yes, selling a small business can be quite a task. That said doing all the things needed to make the sale a reality are not so difficult if you put your mind to it.
With that thought, what ways will you go about getting your startup set up to sell?
Make a Sale a Reality
In your quest to sell your startup, here are three ways to increase the odds of it occurring:
- Have finances are in order – One of the things that can tank a potential sale would be when you are not prepared to sell. Yes, this often revolves around not having all your documents ready for buyers to see. It not only can hold up a potential sale, it makes you look unorganized and not ready for prime time. With that in mind, make sure you have your act together. Of most importance, know the ins and outs of your company’s finances like the back of your hand. Doing so makes you more prepared and looks more professional. That is to the buyers looking for a startup like you have to offer. If you run a Software as a Service (SaaS) business, you could have buyers valuing SaaS businesses. Make sure you put forth a worthwhile brand that will have many buyers coming to you and not the other way around.
- Set yourself apart – When buyers coming looking at what is out there, you want to be one of the startups standing out. This would be for all the right reasons. So, what in fact does set your company apart from your competitors? Failing to separate yourself from the competition can make it hard. That is to convince a buyer that your business is worth their time considering. From the products or services you have to offer to how you go out of your way to treat customers, stand out.
- Get the word out there – It also never hurts to spread the word on what you have to offer. You can do this via your website, social media, an app if you have one, an online store if you operate such a thing and more. The more people aware you have a small business for sale, the better chance you have to pull off a sale. You can also share the news with other small business owners you have good relations with. They may know of someone looking to buy a business much like the one you run. As such, it can make a sale more likely to go through.
What Comes Next for You?
In the event you are successful selling your startup; a logical question would be what comes next for you?
Do you have another small business in the works? Are you willing to take a corporate job in the event you get an offer? Might you be at a point in life where retirement is the next logical step?
Do your best to have the next chapter in your business life lined up and ready to unfurl.
As you look to sell, hope that everything aligns and it is smooth sailing.
That would be from the day you announce until the day it is no longer your startup.