Buying a Shopify store can be an exciting venture, offering you a ready-made platform with a built-in customer base. But where do you start? 

From understanding the unique nature of Shopify stores to navigating the costs and finding the right business to purchase, this guide will walk you through everything you need to know. Let’s jump into the world of Shopify and explore how you can make a successful investment.

Related Article: Is Buying an Ecommerce Business Worth It?

Understanding Shopify Stores

One of the critical first steps in buying an ecommerce business is educating yourself about the industries, models, and platforms that interest you. If you’re unfamiliar with Shopify, here’s what you need to know to make an informed decision. 

What is Shopify?

Shopify is a prominent ecommerce platform that helps businesses build, maintain, and grow their online stores. Known for its sleek and user-friendly interface, Shopify provides a comprehensive suite of tools that includes:

• Customizable storefronts
• Secure payment processing
• Robust analytics

Shopify caters to both novice and experienced business owners, providing everything needed to run an online store efficiently. 

“Shopify caters to both novice and experienced business owners.”

What is a Shopify store?

A Shopify store is an online retail space powered by the Shopify platform. These stores can range from small niche shops to large-scale operations. Shopify stores are popular among businesses of all sizes due to their flexibility and ease of use. 

They allow entrepreneurs to sell products and services directly to customers, leveraging Shopify’s integrated tools and features to optimize their marketing and sales efforts.  

Alternatives to Shopify

While Shopify is a top choice for many, it’s not the only ecommerce platform available. Here are some popular alternatives you may encounter when considering an ecommerce business: 

• WooCommerce: An open-source plugin for WordPress, WooCommerce is ideal for those who already use WordPress and want a flexible, customizable solution.
• BigCommerce: Known for extensive customization options and scalability, it is suitable for businesses looking to grow without switching platforms. 
• Magento: Owned by Adobe, this platform offers high levels of customization and control, making it best for businesses with technical resources and a need for complex ecommerce solutions. 
• Squarespace: Squarespace provides visually focused design templates with ecommerce capabilities, which is great for brands that prioritize aesthetics and simplicity. 

Is Buying a Shopify Store Worth It?

Investing in a Shopify store is about more than just spending money—it’s about seeing growth potential. When you buy a Shopify business, you want to ensure there’s room to expand. Your goal might be to take a $15 million business and grow it to $250 million. To achieve this, look for a company with untapped potential. 

Untapped potential is not necessarily caused by the seller slacking; sometimes, they’re too focused on the day-to-day operations to see the bigger picture. As a new owner, you can bring fresh perspectives and identify growth opportunities. That’s your moment to excel and take the business to new heights. 

“Investing in a Shopify store is about more than just spending money—it’s about seeing growth potential.”

How Much Do Shopify Stores Cost?

The cost of Shopify stores can vary widely, depending on factors such as revenue, profit margins, and market potential. The key is to ensure the business is valued accurately.

Look beyond the price tag and take a comprehensive view of the business’s health and future prospects. A qualified business Advisor can help you navigate this process so you make a well-informed investment. 

Pros and Cons of Buying a Shopify Store

Buying a Shopify store has both advantages and potential challenges. Here’s a breakdown of each: 

Pros

• Established Customer Base: When you purchase an existing store, you acquire an established customer base, which means instant traffic and sales. 
• Existing Brand Recognition: An established Shopify store comes with brand recognition and customer loyalty, saving you the time and effort you would have to spend in building trust from scratch. 
• Proven Business Model: An existing store has a proven business model and operational processes, reducing the risks of starting a new business. 

Cons

• Competition with Amazon: If Amazon becomes interested in your products, they will be replicated quickly and cheaply. To compete, you might need to join Amazon to leverage its massive user base or find ways to make your products unique and defensible. 
• Higher Up-Front Costs: Buying an established business often requires significant up-front investment compared to starting from scratch. 

How to Buy a Shopify Store

Buying a Shopify store involves several key steps. Here’s a guide to assist you through the process: 

1. Find a Shopify business broker

If you want expert support throughout the buying process, start by finding a reputable online business broker specializing in ecommerce. While it is not mandatory to partner with a broker, doing so can streamline the buying process. Brokers can provide you with a curated list of available businesses, saving you time and effort in your search. They can also offer valuable insights and advice based on their experience in the industry. 

“While it is not mandatory to partner with a broker, doing so can streamline the buying process.”

2. Explore listings and run the numbers

Browse business listings and analyze the financials to identify stores that meet your criteria and budget. Pay attention to key metrics such as revenue, profit margins, and growth potential. It’s essential to understand a business’s financial health before making an offer. 

3. Meet sellers and build relationships

Talk with sellers to learn more about their businesses and establish a rapport. Building a relationship with the seller can lead to a smoother negotiation process and give you deeper insights into the business’s operations. This step is crucial for gaining trust and ensuring a successful transaction. 

4. Grow your knowledge

Continually educate yourself about the ecommerce industry, market trends, and best practices. Join forums, attend webinars, and read industry publications to stay informed. The more knowledge you gain, the better equipped you’ll be to make informed decisions and manage your new business effectively. 

5. Repeat Steps 3 and 4 as needed

Keep meeting sellers and refining your search until you find the perfect store. Patience and persistence are vital in finding a business that aligns with your goals and expectations. Don’t rush the process; take your time to make the right choice. 

“Patience and persistence are vital in finding a business that aligns with your goals and expectations.”

6. Buy an online business

Once you’ve identified the right store, finalize the purchase and transition into ownership. Work closely with your legal advisors and broker, if you choose to partner with one, to ensure all paperwork is in order and the transfer process is smooth. This step marks the beginning of your new venture as a business owner. 

7. Run a successful business

Implement your plans and strategies to successfully grow and manage your new Shopify store. Focus on optimizing operations, marketing effectively, and continually improving the customer experience. Your dedication and hard work will set the foundation for long-term success and profitability. 

“Your dedication and hard work will set the foundation for long-term success and profitability.”

Where Can I Buy a Shopify Store?

You have several avenues to explore when buying a Shopify store. Here’s a detailed guide to help you find the best opportunities. 

Use your network to buy directly from a seller 

You might find a seller you already know if you have an extensive network of Shopify owners. Reach out to your contacts and let them know you’re in the market to buy a store. The advantages here are avoiding broker fees and leveraging existing relationships for a smoother transaction. Ensure you thoroughly conduct due diligence, however, as these deals sometimes lack professional vetting. 

Shop an online business marketplace

Online marketplaces offer a wide range of Shopify stores for sale. These platforms provide detailed listings, including financials, traffic data, and seller information. While these marketplaces offer plenty of options, not all listings are vetted, so it’s crucial to perform thorough due diligence. Look for verified listings and seek out additional information directly from sellers to ensure you’re making a sound investment. 

Work with a qualified business Advisor

A business broker, or Advisor, can connect you with vetted businesses and sellers, helping you get the best value for your money. They can provide professional valuations, negotiate terms, and facilitate the buying process. 

Although working with a broker involves paying a commission, the benefits include access to high-quality listings, expert advice, and a more streamlined purchasing experience. Be sure to choose a broker with a stellar reputation and track record of successful transactions. 

Buy a Shopify Store with Quiet Light

At Quiet Light, we pride ourselves on being more than just brokers. We’re experienced entrepreneurs dedicated to helping you achieve your business goals on your timeline. Our team brings a wealth of expertise, having built, bought, and sold their own businesses. This firsthand experience allows us to provide nuanced, detailed valuations and tailored advice to match you with the best opportunities. 

When you choose Quiet Light, you benefit from our extensive networks and diverse areas of expertise. Our Advisors are committed to guiding you through every step of the buying process. From the initial search to the final purchase, we guide with our signature style of relentless honesty. 

“From the initial search to the final purchase, we guide with our signature style of relentless honesty.”

Ready to take the next step? Explore our current listings and find the Shopify store of your dreams. And if you’re considering selling your business down the road, don’t miss our Definitive Guide to Selling Your Shopify Store.