Tips for new business owners
After you buy a business using Exchange Marketplace, you're almost ready to go. Here are a few next steps and some tips to get support, grow your business, and make sales.
When you buy a business, you can customize it however you want. Review the store and the settings, and make updates wherever needed. Here are some steps you can start with:
Log in to your account and choose a plan. The first time you log in as the new business owner, you're prompted to select a plan.
Set up payments and enter your banking information to get paid.
Review your staff to remove any unnecessary staff. If the seller has offered you support for this sale, then you might want to keep their staff login for now.
Update your policies.
Marketing your business
When you're happy with the look and feel of your online store, start thinking about growing the business. Develop a marketing plan to market your business effectively.
Since you've taken over an existing business, you can start by evaluating your current state:
- Review marketing reports, and other reports in Shopify for insights on how your store is performing. If previously enabled, then review the store’s Google Analytics, too.
- Engage in extra research, such as sending out a customer survey through Shopify Email. This can help you find out more about your current customer base.
Set goals so that you can analyze the impact of your marketing plan. A newly-purchased business might have goals like:
- Reduce abandoned carts by 15% in 4 months.
- Get 100 new email subscribers by next month.
- Increase your average order value by 20% in 8 months.
If you're having trouble coming up with goals, then consider signing up for the free Goal Setting with Daymond John course on Shopify Compass.
Support from the seller
Sellers might offer personal support, which is a valuable asset. If your purchase includes personal support from the seller, then take the opportunity to learn more about the business by asking questions like:
- What's the brand story, mission, and vision of this business?
- Can you tell me about your buyers?
- What were the biggest mistakes you made and learned from?
- Can you introduce me to your suppliers, and any other relevant contacts?
- What tools do you use to run the store? What apps do you recommend?
- What are your thoughts on how to grow and market the business?
Support from Shopify
You can contact Shopify Support anytime for help with setting up or growing your store. If you want more support with your business, then check out additional resources such as: