The ultimate dream of many online entrepreneurs is to build a successful web site and then sell it for thousands, perhaps millions of dollars. Example: Sergey Brin and Larry Page, the original creators of google.com probably had no idea they would become so rich by creating a search engine web site. Hey, stuff happens right?
Selling a domain name is easy. Selling a site that you have poured months or years of your life into building, promoting and nurturing, is a bit more difficult. If you care about what you've built and want to see it continue to succeed and grow, it can be as difficult as selling one of your own children.
Scenario: You are approached by someone who is interested in purchasing your web site. Your first thought is that it's some joke but you find it to be a genuine proposal. An offer is made and negotiations begin.
Stop! If the sale involves more than a couple thousand dollars, it is in your best interest to get an attorney. Do this before any contracts are signed or any money changes hands or you could lose the proverbial "shirt off your back" AND the web site you built so carefully.
In most cases, the sale will include all intellectual and virtual property. This means everything; the software, the domain name, the page copy, the clients/customers and the traffic. All rights to any of the material on the web site will transfer to the new owner as well as the responsibility for the future success or failure of that web site.
During negotiations, a contract (should) be drawn up which contains every detail of the sale. This contract may include: * A non-compete clause, meaning you can not go out and build the same type of web site within a specified period of time; * Final sale price including fees and expenses; how they will be paid and by whom; * Terms of transfer: when the transfer is to be completed, how the transfer will be handled etc.; * Inclusions/Exclusions: this will state exactly what is and what is not included in the sale; * Rights of the buyer and rights of the seller during and after the sale process.
If you are not an attorney, I advise you to get one because if you sign a binding agreement, you're stuck with it. Make sure you know what the contract says; I mean really understand it from a legal point of view. Make sure there are no "loopholes" which could cause problems down the road and that your rights are protected and clearly specified. Make sure you completely understand each and every paragraph, including the small print!
Being presented with a considerable chunk of change in exchange for selling all rights to your web site could be a dream come true. Don't let those dollar signs in your eyes cloud your vision. Think clearly about what the site means to you and how you will feel about it after you no longer own it. If you're sure you still want to sell it, get an attorney to preview any contracts or forms BEFORE you sign them.
Always keep in mind that most consumers are understandably wary. They won't hesitate to abandon an intended purchase if they encounter doubts or inconvenient snags in the process.
I invite you to do a bit of honest self-examination when considering the following tips, since problems in this area may be costing you dearly in lost sales, right this very minute.
Acting to improve on what you discover could very well help boost your sales immediately.
1) How Easy Is It for Your Customers to Access Information Needed to Buy From You?
a) For example, does the design of your web site make it hard to navigate, or is the information needed to complete a transaction within easy access to your customers, with minimal mouse clicks?
Poor navigation is but one of many, many different snags that hinder web site sales. Problem is, most site owners, designers, and webmasters don't realize how much more a site could sell, if it were only more user-friendly.
b) While you may wisely reduce the amount of repetitive customer service issues by answering questions through a F.A.Q., (an acronym for Frequently Asked Questions) etc., some prospects may yet have additional questions not covered in it.
Do your prospects have a way to contact you to have such questions answered, and do you have an efficient system in place for answering them, promptly and efficiently?
Is the form of contact convenient to your prospects?
2) What Forms of Payment Do You Offer Your Customers?
a) Do you require your customers to send payment to you by check, cash or money order only via regular postal mail? If you're selling online and not accepting credit cards, you're likely losing many sales.
b) What types of credit cards do you accept? Virtually any type of business can increase sales by accepting payment by Visa and MasterCard.
But even businesses already accepting Visa and MasterCard may still be losing sales by not also accepting Discover and American Express (especially in the U.S.), as well as PayPal.
True, Visa and MasterCard encompass the vast majority of all credit card transactions. But there are many consumers who instead prefer to use Discover or American Express.
Do you want their business? If so, your existing merchant account provider is most likely equipped to easily get you set up to accept them.
3) How Easy Do You Make It for Customers to Submit Payment?
a) Suppose that you do accept credit cards. Even though the risk of online credit card fraud has been greatly exaggerated, and isn't necessarily more risky than offline transactions, many consumers are concerned about submitting their credit card data online.
With this in mind, in addition to being equipped to accept online credit card orders through a secure server, do you provide alternate ordering options for those who hesitate (or refuse) to order online by credit card?
What about options to order with check, money order, or credit card, by phone, fax, or postal mail?
b) Is your online order system simple to understand and use, even for the most inexperienced users, or are they inconvenient and confusing? How do you know?
"Shopping cart abandonment" is a term used to describe when a would-be online customer abandons, or bails out of, an online order form or shopping cart, before completing an intended purchase.
Beware that this commonly overlooked problem robs Internet merchants of billions of dollars in lost sales each year, and that the selection and design of your online order system has a major impact on your profits - for good or bad!
c) Do you work hard to eliminate guesswork for customers, provide complete order details, and guide them simply and gently through the ordering process?
Remember: Any extra hoop you require prospects and customers to jump through is an extra obstacle in the way of a sale; another potential reason to change their minds about buying from you.
If there's one thing I've learned, it's that there's always room for improvement - in every business in existence. So don't feel bad when you find them in your own business. I guarantee you they exist; you just may not be aware of them yet.
Unfortunately, there's not enough room in this article to cover all the obstacles possibly hindering your online sales, of which there are at least hundreds!
But the basic lesson behind the above tips is this: Make it as easy as possible for customers to do business with you. The easier you make it, the more likely they will.
Both Kim Haas & Marty Foley are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Kim Haas has sinced written about articles on various topics from Small Business, Public Relations and Writing. Kim Haas has been working online since the Internet was a series of BBS systems. She is a successful writer, work at home mom and owner ofCopyri. Kim Haas's top article generates over 480 views. to your Favourites.
Marty Foley has sinced written about articles on various topics from Small Business, Computers and The Internet and Marketing. Marty Foley's site at helps web sites generate more traffic and turn more of it into buyers, leads, and higher profit! Check out Marty's free e-. Marty Foley's top article generates over 880 views. to your Favourites.