If you’re considering selling your blog, then you’re probably well past the point of just blogging for the fun of it. You’ve heard plenty of blogging success stories, and now it’s your turn to succeed!
But selling your blog is more than just a simple exchange of money and product: it’s an entire process. Throughout the course of this selling process, there are some specific steps that you can take to ensure that your blog sells for the highest possible price. You’ll have to be able to pay adamant attention to just the right details at just the right times. Furthermore, you’ll have to pay attention to every little step in the process. In this article, we’ll look at the process of selling your blog and it’s final valuation. Then, we’ll explore several different ways that you can bump up the final sales price of your blog in order to make sure that you get the best deal that you can in the process of selling your blog.
What’s the Process?
The first step to selling your blog is to get all of your documentation in order. While this isn’t a very glamourous first step, it is crucial to the rest of the process. This documentation includes everything from your annual tax records to the itemized records from all of your advertisers, as well as any and all profit and expense reports.
The next step is to find prospective buyers for your blog. At this point in the sales process, it’s okay to be talking to several prospective buyers at the same time. Some examples of places to find buyers include your network of family and friends, your business associates, “for sale” classified sites that specialize in business sales, brokers, or even a simple internet search.
After you’ve located some prospective buyers, it’s time to start hearing offers! Buyers will come to you with plenty of questions at this stage in the process: be sure to have all of your answers in order before they approach you. Then, after all of their questions are answered, prospective buyers will put a price on your blog.
The final step to selling your blog is closing the sale. This is the part where you get paid and then transfer the ownership and management of the blog to the buyer. Usually, you’ll take some time to show the buyer how to run the blog and take care of it on a day-to-day level. Then, once all of that is squared away, you’ve successfully sold your blog!
The length of this whole process varies from sale to sale, but as you can see in the graph below, more than half of all sales are completed within a mere three months. This is a quick turnaround in terms of selling a business, so be prepare to work quickly!
Making the Most of the Process
Now that you have a general understanding of the process of selling your blog, let’s take a deeper look at how to apply this newfound knowledge. Throughout the entire process of selling your blog, there are plenty of opportunities for you to maximize the final sales price of your blog.
- Preparing to Sell
Before you even approach a prospective buyer, there are some steps that you can take to boost the value of your blog. The most important thing that you can do before you even being the official sales process is research. You should try to get a good estimate of the value of your blog, and you should do this as soon as you possibly can. You really shouldn’t even approach a buyer until you have a pretty good idea of what your blog is worth.
A good way to get an idea of what your blog is worth is to look at valuation reports, which look at data from hundreds, sometimes thousands, of blog sales. From there, you can check out blogs that are similar to yours in terms of size, sales, niche, and history to get a good idea as to how much blogs like yours have sold for recently. Make sure to pay careful attention to the sales multiple associated with each blog in the valuation report, as this will be a strong determining factor for the final sales price of your blog.
When assigning a value to your blog, the most important thing to remember is that buyers are most interested in the profits and the profitability of your blog. This means that before you are even approached by a buyer, you need to have all of your records in order. These records will prove to any prospective buyer not only that your blog is making money, but also that there is little risk in investing in the blog. Your records should reflect steady growth; buyers love to see accurate annual profits, steadily increasing sales, growing traffic and readership, and likelihood that the blog will continue growing. Having this information readily available in your records before you even start the selling process will make it easier down the line to get a buyer to say “yes” to your blog.
- During the Sales Process
It’s crucial to remember that the entire sales process hinges entirely on your ability to negotiate the give-and-take between yourself and the prospective buyer. The best way to maximize the value of your blog during these negotiations is to keep an open and friendly attitude throughout the entire sales process. This positive attitude is especially helpful when it comes to the asking price, which is the biggest negotiation point that you’ll encounter throughout the entire sales process. The anchoring technique, which has been tried and proven time and time again, is a great place to start with negotiations. In the anchoring technique, your first asking price is really high on purpose. Then, from that first ask, you negotiate the price down with the buyer until you reach a price that you are both happy with.
Also, don’t forget that graph that we looked at earlier. Selling a blog doesn’t usually take too long compared to other business transactions; the overwhelming majority of the sales are finished in just four months or less! This is convenient in some aspects, because it means that you won’t have to wait long to transfer the blog and collect your cash. However, this also means that you have to work quickly and patiently throughout the entire process. If you are too pushy or brash, there’s a strong possibility that a prospective buyer will walk away from your blog altogether. Patience and professionalism are definitely keys to success during the sales process!
- After the Sale is Finalized
This is the fun part, where you get to collect the money for your blog! However, this means that you still have to arrange a way to transfer the assets of your blog to the buyer and choose a way to collect the money from the buyer. There are so many ways that you can do this: you can get help from a broker, or use a popular web-based payment system. Be selective, because the payment method can affect your profit from the sale. Some payment options may end up costing you a good bit of money, while others may take more time and effort than you’re willing to spend. Again, it is research that will help you make the most profitable decision in this case. Do the research before it comes time to finalize the sale!
Even after you’ve signed all of the papers and transferred all of the assets, there are still ways to boost the value of your blog. Now that the buyer is assuming control of your blog, it’s your job to train the buyer how to run the blog efficiently and profitably. This is especially important if you are the primary content contributor, or the main writer, for the blog. You need to decide if you will continue to be the main writer, and if so, how you will be compensated for your content. All of these post-sale decisions should be considered and discussed well before the final sales papers are signed.
Recap: Tips for Fetching Millions in the Process of Selling Your Blog
- Before you Sell
- Have all of your documents in order before you approach a buyer.
- Make sure that all of your records are clear and complete.
- Have a good understanding of what your blog is worth before you approach a buyer.
- During the Sales Process
- Be patient and have a positive attitude: buyers are people, too!
- Use tried and true methods of negotiation; the anchor technique is a great example.
- Maintain professionalism throughout the process; don’t scare the buyer away!
- After the Sale is Closed
- Transfer assets in the most efficient way possible.
- Train the buyer to continue running the blog efficiently and to the standards that your readers have come to know and love.
- Maintain quality content through continued collaboration with the blog writers.
The best thing that you can do throughout the sales process is to think ahead to the next step, always anticipating any difficulties or bumps that you might have along the way. And, if you ever get stuck in the process, rest assured that there are professional online brokers who can help you along the way! Now that you’re equipped with a deeper understanding of the process of selling your blog, you’re one step closer to selling your blog for millions!