The most popular way to become an online entrepreneur is to start something from scratch.
Whether it’s an affiliate niche site, a dropshipping business built with Shopify, or something else entirely,
Most people create their online business from the ground up.
But this isn’t the only option.
You can also consider buying an existing online business.
It’s not uncommon for people to “flip” websites — create them, flesh them out, monetize them, then sell them off to someone else.
Sites like Flippa and EmpireFlippers provide online marketplaces for these sites, where you can bid on them.
Prices range from as low as $1, to over $50,000, depending on how profitable a site is.
Whether you keep the site and continue making it more profitable, or you flip it yourself later on, buying an existing online business is a strategy worth considering.
In a recent article in Entrepreneur, marketing agency founder Jonathan Long explains how you can buy and expand a business that’s already been created by someone else.
Now, not every entrepreneur wants to start building an online business from ground zero like I did with my company’s brand, which sells teeth whitening pens and kits.
Instead, some prefer to buy an established website.
This option eliminates the brand conception, monetization strategy and business model development, allowing you to jump right into business development and growth.
While buying an established online business eliminates a lot of the early-stage foundational work, its success is still contingent on your ability to run and manage the business.
The most popular option is using an online marketplace to buy an online store.
It’s a great place to search for available opportunities, as you are able to see what is available in the industry or niche of your choice.
It’s important that you find a business that you are truly passionate about.
Even though it’s already established, it’s going to take immense work to operate and grow the business, which is a much less daunting task when it’s something you truly love.
Your new business is going to be a marriage, so you better love what you are jumping into.
When you use an online marketplace, you also get accurate data to analyze.
For example, Exchange by Shopify pulls the listing information straight from their data so you know, without a doubt, that the revenue and traffic data being presented is 100 percent accurate.
You can read more about how to buy an established online business over at Entrepreneur.