You have been working hard on your business, and now it is time to sell it. Perhaps you are retiring, or you just want to do something else. All the work you put into building your business will still pay off when you sell it to someone else. What can you do to drastically boost the value of your business before selling it? Here are five ways to boost the price of your business.
Stand Out from the Competition
With so many businesses crowding so many markets, there is plenty of competition out there. The value of your business increases substantially when you are able to provide evidence that your business stands out from the crowd. One way to do this is to encourage positive reviews from your buyers. You can count on long-term clients to write positive testimonials about why your business keeps bringing them back. It is also important to present your products in a way that differentiates them from the rest.
Establish Revenue Agreements
Sales are the foundation of any small business. When making the transition to selling your business, think of ways that you can increase sales and revenue. Place your focus on recurring revenue sources that can generate income for the new owner from the very beginning. When you have revenue agreements with customers, the buyer will be confident that your business will be able to provide income.
Update Your Business Image
Looks are important, and the first impression of buyers will sway their opinion about the value of your business and how much they are willing to invest. If there is a physical structure to your business, make sure that the facility is up to date. Any new purchases on equipment, furniture, or renovations of the facility will help boost the asking price of your business. If you are running an online business, make sure that the site and information on it are up-to-date, and ensure that it looks aesthetically pleasing to customers.
Boost Your SEO Visibility
Every business depends on good marketing to drive traffic and make sales. Today, the greatest marketing agent is Google and other major search engines. Because SEO is constantly improving its ranking methods, you will need to keep track of the requirements for your page to pop up in the first few search results for maximum visibility. With new changes in SEO, you should be focused on creating satisfying content for your readers. It is best to keep content brief with concise information and readability. To remain visible on various internet platforms, build your presence on popular social platforms such as Instagram or Twitter to post information that will keep your audience engaged.
Keep Your Business Separate from Your Personal Life
On one hand, this advice may concern your finances. Although it may be tempting to use your business assets for personal purchases or your personal money for your business, mixing business and personal finances does not look good for potential buyers. Banks and buyers want to see that the business is making a profit. There are some business owners who are committed to their businesses 24/7. However, potential buyers may not be so passionate about your business and only want to leverage an already created business model that can stand on its own feet. If you are doing all the work and are 100 percent committed to your business, a buyer may feel that your business is incapable of working on its own and that they will not be able to fill your shoes. Let employees take their own share of the work as well to make the business less dependent on you.
Remember to take these steps as soon as you begin thinking about selling your business. You will want to have a stable business that looks good to banks, maintains profitability, pays its taxes, and is able to stand on its feet without you.
If you’re selling your sign or printing business, consider selling it to us! Contact us for more information.