Building a successful ecommerce business is no easy feat. It requires dedication, hard work, and a lot of time and effort. However, there may come a time when you decide to move on and sell your online business. Whether you’re looking to pursue new opportunities or simply want to cash out on your hard work, having a solid exit strategy is crucial. In this article, we’ll explore some effective exit strategies for selling your ecommerce business.
Evaluate Your Business
Before you start the process of selling your online business, it’s important to thoroughly evaluate its current state. This evaluation will give you a clear understanding of where your business stands and help you determine its value in the market.
1. Financial Evaluation
Start by reviewing your financial records and statements. Analyze your revenue, expenses, and profit margins over the past few years. Identify any patterns or trends that could impact the value of your business.
Consider engaging an accountant or financial advisor to conduct a thorough financial evaluation. They can help you identify areas for improvement and ensure your financial records are accurate and organized.
2. Growth Potential
Assess the growth potential of your business. Look at market trends, industry forecasts, and any unique factors that set your business apart from competitors. Determine if there are any untapped opportunities for expansion or diversification.
Highlighting the growth potential of your business will make it more attractive to potential buyers. They will see it as a viable investment that can continue to thrive under new ownership.
3. Customer Base
Evaluate the strength and loyalty of your customer base. Look at customer acquisition and retention rates, customer feedback, and any customer loyalty programs you have in place.
A strong and loyal customer base is an asset that potential buyers will find appealing. It indicates that your business has built a solid reputation and has the potential for continued success.
4. Competitive Analysis
Conduct a thorough analysis of your competitors. Identify their strengths, weaknesses, and market share. Determine how your business compares and what competitive advantages you have.
Highlighting your unique selling points and competitive advantages will give potential buyers a clear understanding of what sets your business apart. It will make them more likely to see the value in acquiring your business.
5. Intellectual Property and Assets
Assess the value of your intellectual property and assets. This includes trademarks, patents, copyrights, domain names, and any proprietary technology or software you have developed.
Intellectual property and assets can significantly impact the value of your business. Make sure you have all legal documentation in order and properly registered to protect these assets.
Seek Professional Help
Selling an ecommerce business can be a complex process. Consider seeking professional help from business brokers, consultants, or lawyers who specialize in ecommerce transactions. Their expertise and network can greatly simplify the selling process and help you find qualified buyers.
1. Business Brokers
Business brokers are experienced professionals who specialize in buying and selling businesses. They have a deep understanding of the market and can help you find potential buyers who are genuinely interested in acquiring your business.
A business broker will handle the entire selling process, from preparing marketing materials to negotiating with potential buyers. They will work closely with you to understand your goals and find the best match for your business.
2. Ecommerce Consultants
Ecommerce consultants can provide valuable insights and guidance throughout the selling process. They can help you assess the value of your business, develop a marketing strategy, and optimize your operations to make your business more appealing to potential buyers.
Consultants with industry-specific knowledge can also help you identify potential buyers who are actively looking to acquire businesses in your niche. Their expertise can significantly increase your chances of finding the right buyer.
3. Lawyers and Accountants
Engaging lawyers and accountants who specialize in business sales is crucial to ensure a smooth and legally compliant transaction. They will help you navigate complex legal and financial matters, review contracts, and ensure all necessary paperwork is in order.
Lawyers and accountants will also advise you on tax implications and help you optimize your financial position during the sale. Their expertise will protect your interests and minimize potential risks.
Clean Up Your Finances
Potential buyers will want to see clean and well-organized financial records. Proper financial management is crucial to instill confidence and attract serious buyers. Follow these steps to clean up your finances:
1. Organize Your Books
If your financial records are disorganized, now is the time to get them in order. Ensure that all transactions are accurately recorded, and categorize them appropriately. Use accounting software or hire an accountant to streamline the process.
Having organized and accurate financial records will demonstrate that your business is well-managed and make the due diligence process smoother for potential buyers.
2. Review Expenses
Review your expenses and identify any unnecessary or excessive costs. Look for areas where you can cut expenses without compromising the quality of your products or services.
Reducing unnecessary expenses will improve your profitability and make your business more attractive to potential buyers. They will see that there is room for increased profitability once they take over.
3. Settle Outstanding Debts
Before selling your business, make sure to settle any outstanding debts or liabilities. This includes loans, unpaid invoices, and any legal disputes.
Clearing your debts will give potential buyers confidence that they are acquiring a business with a clean financial slate. It will also prevent any future complications or legal issues.
4. Prepare Financial Statements
Prepare accurate and up-to-date financial statements for potential buyers to review. This includes income statements, balance sheets, and cash flow statements.
Financial statements provide a clear overview of your business’s financial health and performance. They give potential buyers insight into your revenue, expenses, and profitability.
Increase Your Business’s Value
If you want to maximize the value of your ecommerce business, focus on increasing its profitability and growth potential. Implement strategies to boost sales, improve margins, and enhance customer loyalty. This will make your business more attractive to potential buyers.
1. Optimize Marketing and Sales Strategies
Review your marketing and sales strategies to identify areas for improvement. Explore new channels and tactics to reach a wider audience and attract more customers.
Consider investing in search engine optimization (SEO), social media advertising, and email marketing to increase your online visibility and drive more traffic to your website.
2. Enhance Customer Experience
Focus on providing exceptional customer service and improving the overall customer experience. Respond promptly to customer inquiries and feedback, and ensure orders are processed efficiently and accurately.
Implement customer loyalty programs, personalized offers, and incentives to encourage repeat purchases and foster long-term customer relationships. A loyal customer base adds value to your business.
3. Streamline Operations
Review your operations and identify areas for optimization and cost reduction. Look for ways to streamline processes, improve efficiency, and reduce overhead expenses.
Implement inventory management systems, automate repetitive tasks, and negotiate better deals with suppliers to improve your profit margins.
4. Develop New Products or Services
Explore opportunities to diversify your product or service offerings. Conduct market research to identify gaps or emerging trends that align with your business’s capabilities and target audience.
Introducing new products or services can attract a wider customer base and generate additional revenue streams. Potential buyers will see the potential for future growth and be willing to pay a higher price.
5. Strengthen Branding and Reputation
Invest in building a strong brand and reputation within your industry. Develop a distinctive brand identity, create compelling brand messaging, and consistently deliver on your brand promise.
Positive brand recognition and reputation will make your business more desirable to potential buyers. They will see the value in acquiring a business with an established presence and loyal customer base.
Document Standard Operating Procedures
Having well-documented standard operating procedures (SOPs) in place shows that your business is well-organized and can operate smoothly without your direct involvement. This can increase buyer confidence and make your business more desirable.
1. Document Workflows
Document the step-by-step processes and workflows for key functions within your business. This includes order fulfillment, inventory management, customer service, and marketing.
Clearly outline the tasks, responsibilities, and expectations for each role. This documentation will provide potential buyers with a clear understanding of how your business operates and ensure a smooth transition once the business is sold.
2. Create Training Materials
Create training materials and manuals that can be used to onboard new employees or train existing staff. Include detailed instructions, best practices, and any important policies or guidelines.
Having comprehensive training materials will demonstrate that your business can continue running smoothly even after the transition of ownership. It will also minimize disruptions during the handover process.
3. Capture Intellectual Property
3. Capture Intellectual Property
Document and protect your intellectual property (IP) by creating a comprehensive IP portfolio. This includes trademarks, patents, copyrights, and any proprietary technology or software developed for your business.
Ensure that all IP registrations are up to date and properly assigned to your business. This will add value to your business and provide legal protection to the buyer.
4. Establish Quality Control Processes
Develop and document quality control processes to ensure consistent product or service quality. Outline guidelines for product testing, quality assurance, and customer feedback analysis.
A well-established quality control system demonstrates to potential buyers that your business is committed to delivering high-quality products or services. It also reduces the risk of customer dissatisfaction and potential legal issues.
5. Protect Confidential Information
Identify and protect confidential information that is critical to your business’s success. This includes customer data, supplier contracts, proprietary formulas, or any other sensitive information.
Implement strict confidentiality agreements and security measures to safeguard this information. This will build trust with potential buyers and protect your business’s competitive advantage.
Build a Strong Management Team
A strong management team can make your business more appealing to buyers. Train and empower your team to handle day-to-day operations, allowing you to step back and focus on the sale process. This will also demonstrate that your business is not solely reliant on you.
1. Delegate Responsibilities
Identify key team members and delegate responsibilities to them. Clearly define roles and empower your team to make decisions and solve problems independently.
This delegation of responsibilities will show potential buyers that your business can operate seamlessly without your direct involvement. It also demonstrates that you have built a capable team that can help drive the business’s continued success.
2. Develop Succession Plans
Create succession plans for key leadership positions within your business. Identify potential successors and provide them with the necessary training and development opportunities.
Having a clear succession plan in place assures potential buyers that there is a smooth transition of leadership and continuity of operations after the sale. It also reduces the risk of disruption during the ownership transfer.
3. Foster a Positive Company Culture
Create a positive and inclusive company culture that values teamwork, innovation, and employee growth. Encourage open communication, recognize and reward achievements, and provide opportunities for professional development.
A strong company culture fosters employee loyalty and engagement, which can be attractive to potential buyers. They will see the potential for a motivated and productive workforce, which is essential for business success.
4. Retain Key Employees
Take steps to retain key employees who are crucial to the success of your business. Offer competitive compensation packages, provide opportunities for career growth, and ensure a positive work environment.
Retaining key employees during the transition period is essential for maintaining business continuity and preserving valuable knowledge and expertise. It also reassures potential buyers that the business has a stable and committed workforce.
Determine Your Exit Timeline
Decide on a realistic timeline for selling your online business. Selling a business can take time, so be patient and plan accordingly. Rushing the process may result in a lower sale price or unfavorable terms.
1. Assess Market Conditions
Research and analyze the current market conditions for selling businesses in your industry. Consider factors such as demand, competition, and economic trends.
Understanding market conditions will help you determine the optimal time to sell your business. It may be advantageous to wait for a favorable market or industry-specific factors that can drive up the value of your business.
2. Set Realistic Expectations
Set realistic expectations for the selling process and the timeline it may take to find the right buyer. Selling a business can be a complex and lengthy process, so be prepared for potential delays and negotiations.
Consult with professionals experienced in business sales to gain insights into typical timelines and ensure your expectations are realistic. This will help you plan your exit strategy effectively.
3. Transition Period
Consider including a transition period in your exit plan. This period allows you to work closely with the buyer to ensure a smooth handover of operations, knowledge transfer, and customer relationships.
The length of the transition period will depend on the complexity of your business and the buyer’s needs. It is essential to clearly define the scope and responsibilities during this period to avoid any misunderstandings.
4. Personal Considerations
Take into account your personal circumstances and goals when determining your exit timeline. Consider factors such as retirement plans, financial obligations, and any other personal or professional commitments.
Aligning your exit timeline with your personal goals will help ensure a smooth transition and enable you to make informed decisions throughout the selling process.
Prepare an Information Memorandum
An information memorandum is a document that provides potential buyers with detailed information about your business. It serves as a marketing tool to generate interest and showcase the value of your business.
1. Business Overview
Provide an overview of your business, including its history, mission, and core values. Describe your products or services, target market, and any unique selling points that set your business apart.
Highlight your business’s strengths and achievements to create a positive first impression and capture the attention of potential buyers.
2. Financial Performance
Present detailed financial information, including historical financial statements, revenue breakdowns, and key performance indicators. Provide an analysis of your financial performance and growth potential.
Include forecasts and projections to demonstrate the future profitability and potential return on investment for potential buyers.
3. Operations and Processes
Outline your operational processes, including supply chain management, production, and customer service. Explain any unique or proprietary processes that give your business a competitive advantage.
Highlighting efficient and well-documented processes will assure potential buyers that your business can continue operating smoothly under their ownership.
4. Customer Base and Marketing Strategy
Describe your target audience and provide insights into your customer base. Include data on customer acquisition and retention rates, market research, and your marketing strategies.
Emphasize any successful marketing campaigns, branding initiatives, or customer loyalty programs that have contributed to your business’s growth and success.
5. Growth Potential and Opportunities
Outline potential growth opportunities for your business. This can include new markets, product diversification, expansion into different channels or geographies, or strategic partnerships.
Provide a clear roadmap of how potential buyers can capitalize on these growth opportunities and further enhance the value of your business.
6. Legal and Intellectual Property
Include details of any legal agreements, contracts, licenses, or permits that are essential to your business’s operations. Highlight your intellectual property portfolio and any protections in place.
Having a clear and well-documented legal and intellectual property landscape reassures potential buyers that they are acquiring a business with minimal legal risks.
7. Sale Terms and Conditions
Outline the terms and conditions of the sale, including the asking price, preferred payment structure, and any additional terms or conditions specific to your business.
Providing transparent and well-defined sale terms will attract serious buyers and streamline the negotiation process.
Market Your Business
To attract potential buyers, you’ll need to effectively market your ecommerce business. Creating a comprehensive marketing strategy will help generate interest and showcase the value of your business.
1. Online Presence
Optimize your online presence to attract potential buyers. Enhance your website’s design, user experience, and mobile responsiveness. Implement search engine optimization (SEO) strategies to improve your website’s visibility in search engine results.
Utilize social media platforms to promote your business and engage with your target audience. Share compelling content, customer testimonials, and updates about your business’s growth and achievements.
2. Industry Networks
Network within your industry to connect with potential buyers or professionals who can refer serious buyers. Attend industry conferences, join relevant associations, and participate in online forums or communities.
Building relationships within your industry will increase your visibility and credibility, making it more likely for potential buyers to consider your business.
3. Referrals and Recommendations
Ask satisfied customers, industry partners, or professional contacts for referrals and recommendations. Word-of-mouth marketing is powerful, and personal recommendations can carry significant weight.
Encourage satisfied customers to provide testimonials or reviews that highlight the positive experiences they have had with your business. This social proof will build trust with potential buyers.
4. Targeted Advertising
Consider targeted advertising to reach potential buyers more directly. Create online advertisements that specifically target individuals or companies interested in acquiring ecommerce businesses.
Utilize platforms such as Google Ads or social media advertising to reach your target audience with tailored messages that highlight the unique value of your business.
5. Engage with Business Brokers
Partner with business brokers who specialize in ecommerce transactions. They have access to a network of potential buyers and can actively market your businessto their client base. Provide them with all the necessary information about your business and work closely with them to develop a compelling sales pitch.
Business brokers can leverage their expertise and industry connections to attract serious buyers who are actively looking to acquire ecommerce businesses. Their marketing efforts can significantly increase the visibility and reach of your business.
6. Highlight Unique Selling Points
Identify and emphasize the unique selling points of your business. These can include factors such as a strong brand reputation, a loyal customer base, innovative technology, exclusive supplier relationships, or a competitive advantage in the market.
Highlighting these unique selling points will differentiate your business from competitors and make it more appealing to potential buyers. Clearly communicate the value and potential of your business to generate interest.
7. Provide Case Studies or Success Stories
Share case studies or success stories that showcase the achievements and growth of your business. Highlight specific milestones, successful campaigns, or notable customer success stories.
These case studies provide concrete evidence of your business’s capabilities and success, making it more attractive to potential buyers who can envision the potential for their own success after acquiring your business.
8. Leverage Online Marketplaces
Utilize online marketplaces that specialize in buying and selling businesses. These platforms attract a wide range of potential buyers who are actively seeking investment opportunities.
Create a compelling listing that includes all the necessary information about your business. Highlight its unique features, financial performance, growth potential, and any other factors that make it an attractive investment.
9. Engage in Direct Outreach
Take a proactive approach by directly reaching out to potential buyers who may have expressed interest in acquiring businesses in your industry or niche. This can include competitors, investors, or individuals with a track record of acquiring and growing businesses.
Craft personalized messages that clearly communicate the value and potential of your business. Highlight why your business would be a strategic fit for their portfolio or investment goals.
10. Confidentiality and Non-Disclosure Agreements
When marketing your business, it’s important to maintain confidentiality. Potential buyers should sign non-disclosure agreements (NDAs) before accessing detailed information about your business.
NDAs protect your business’s sensitive and proprietary information from being shared with competitors or unauthorized individuals. They provide legal recourse if a potential buyer breaches the confidentiality agreement.
Screen Potential Buyers
Not all buyers will be the right fit for your business. It’s essential to screen potential buyers carefully to ensure they have the necessary resources, experience, and vision to take your business forward.
1. Qualification Criteria
Establish clear qualification criteria for potential buyers. This can include financial capabilities, relevant industry experience, and a track record of successfully managing and growing businesses.
Having predefined qualification criteria will help you focus your efforts on engaging with serious buyers who are more likely to make a genuine offer and successfully transition the business.
2. Confidentiality and Trust
Build trust with potential buyers by maintaining confidentiality and professionalism throughout the screening process. Assure them that sensitive information will be handled with care and only disclosed to qualified individuals.
Establishing trust is crucial to fostering open and transparent communication. It creates a positive impression and increases the likelihood of successful negotiations.
3. Assess Compatibility and Fit
Assess the compatibility and fit between potential buyers and your business. Consider factors such as their strategic goals, management style, and compatibility with your company culture.
A compatible buyer who aligns with your business’s values and vision is more likely to ensure a smooth transition and drive the business’s continued success.
4. Financial Due Diligence
Conduct financial due diligence on potential buyers to ensure they have the necessary financial resources to complete the transaction. Verify their financial statements, funding sources, and creditworthiness.
Confirming the financial capabilities of potential buyers will minimize the risk of a deal falling through due to lack of funds or financing issues.
Negotiate with Multiple Buyers
To get the best deal for your ecommerce business, consider negotiating with multiple buyers. This creates competition and potentially drives up the sale price. However, be mindful of confidentiality and ensure potential buyers sign non-disclosure agreements.
1. Create a Competitive Environment
Engage with multiple potential buyers simultaneously to create a competitive environment. Share information about the level of interest from other buyers without revealing specific details.
Creating a sense of urgency and competition can motivate potential buyers to submit their best offers and terms.
2. Evaluate Offers Carefully
Evaluate offers based on their financial terms, proposed transition plans, and the buyer’s strategic fit. Look beyond the price alone and consider the overall value the buyer brings to your business.
Consider the buyer’s plans for the business, their experience in the industry, and their ability to support and grow the business in the long term.
3. Negotiate from a Position of Strength
When negotiating, leverage the strengths and unique aspects of your business to secure favorable terms. Highlight your business’s growth potential, strong customer base, or unique intellectual property.
Clearly communicate the value that your business brings to potential buyers and emphasize why it is a valuable investment.
4. Engage Professional Negotiators
If negotiating is not your strength, consider engaging professional negotiators who specialize in business sales. They can help you navigate the negotiation process, advocate for your interests, and secure the best possible deal.
Professional negotiators have experience in maximizing deal value and ensuring that your business’s best interests are represented throughout the negotiation process.
Conduct Due Diligence
Due diligence is a crucial step in the selling process. Buyers will scrutinize your business’s financials, operations, legal compliance, and other critical aspects. Be prepared to provide the necessary information and answer any questions they may have.
1. Financial Due Diligence
Prepare all financial documents requested by potential buyers. This may include tax returns, financial statements, cash flow projections, and any other relevant financial records.
Be prepared to explain any anomalies or fluctuations in your financial data and provide supporting documentation as needed.
2. Legal Due Diligence
Engage with legal professionals to conduct a thorough legal due diligence process. This involves reviewing contracts, agreements, permits, licenses, and any legal disputes or pending litigation.
Ensure that all legal documentation is in order, properly registered, and up to date. Address any legal matters or potential risks before entering into negotiations with potential buyers.
3. Operational Due Diligence
Provide potential buyers with access to operational data and documentation. This includes inventory records, supplier contracts, customer data, employee contracts, and any other operational information they may require.
Be transparent and forthcoming with information to establish trust and confidence. Address any operational concerns or areas for improvement that may arise during the due diligence process.
4. Intellectual Property Due Diligence
Conduct a thorough assessment of your intellectual property portfolio during the due diligence process. Provide potential buyers with documentation of patents, trademarks, copyrights, and any proprietary technology or software.
Verify that all intellectual property registrations and protections are in place and properly assigned to your business. Address any potential infringements or challenges that may affect the value of your intellectual property.
Consider Seller Financing
If you’re having trouble finding a buyer or want to attract more potential buyers, consider offering seller financing. This means you provide a portion of the purchase price as a loan to the buyer.
1. Advantages of Seller Financing
Seller financing can make your business more appealing to potential buyers, as it reduces their upfront costs and demonstrates your confidence in the future success of the business.
It can also attract buyers who may not have access to traditional financing options or who prefer to limit their reliance on external lenders.
2. Terms and Conditions
Establish clear terms and conditions for seller financing. Define the loan amount, interest rate, repayment schedule, and any collateral or guarantees required.
Work with legal and financial professionals to ensure that the terms and conditions are legally enforceable and protect your interests.
3. Risk Mitigation
To mitigate the risk of non-payment, perform a thorough credit and financial evaluation of potential buyers who express interest in seller financing. Assess their ability to repay the loan and their creditworthiness.
Consider incorporating safeguards such as personal guarantees or security interests in the assets of the business to protect your investment.
Seek Legal and Tax Advice
Selling a business involves legal and tax implications. Seek advice from professionals who specialize in business sales to ensure you comply with all legal requirements and optimize your tax position.
1. Legal Advice
Engage with a business lawyer who specializes in mergers and acquisitions. They will guide you through the legal aspects of the sale, review contracts, and ensure compliance with relevant laws and regulations.
2. Tax Advice
Consult with a tax advisor or accountant to understand the tax implications of selling your business. They will help you optimize your tax position and ensure compliance with tax laws.
Discuss tax strategies such as structuring the sale as an asset sale or stock sale, identifying potential tax deductions or exemptions, and planning for capital gains taxes.
3. Legal and Financial Documentation
Work closely with your legal and financial advisors to prepare all necessary legal and financial documentation. This includes sale agreements, transfer of ownership documents, and any required government filings.
Ensure that all documentation is accurate, complete, and legally binding. Review the documents thoroughly before signing to protect your interests and minimize the risk of future disputes.
4. Compliance with Regulatory Requirements
Consider any industry-specific regulatory requirements that may impact the sale of your business. This can include licenses, permits, or compliance with specific laws or regulations.
Ensure that your business is in full compliance with all applicable regulations to avoid any legal or regulatory issues during the sale process.
Close the Deal
Once you’ve found the right buyer and negotiated favorable terms, it’s time to close the deal. Work with your legal and financial advisors to finalize the sale agreement, transfer assets, settle any outstanding liabilities, and complete the necessary paperwork.
1. Sale Agreement
The sale agreement is a legally binding document that outlines the terms and conditions of the sale. It includes details such as the purchase price, payment terms, assets being transferred, and any warranties or representations.
Review the sale agreement with your legal advisor to ensure that it accurately reflects the agreed-upon terms and protects your interests.
2. Asset Transfer and Liabilities
Transfer ownership of assets and settle any outstanding liabilities as specified in the sale agreement. This may involve transferring domain names, transferring contracts or leases, or addressing any legal or financial obligations.
Work closely with your legal and financial advisors to ensure a smooth and legally compliant transfer of assets and settlement of liabilities.
3. Required Government Filings
Complete any required government filings or registrations related to the sale of your business. This may include notifying government agencies, updating business registrations, or filing tax-related documents.
Complying with all necessary government requirements will ensure that the sale is legally recognized and minimize any potential future legal or regulatory issues.
4. Handover and Transition
Facilitate a smooth handover and transition period to the new owner. This can involve providing training, assistance, and support for a specified period as outlined in the sale agreement.
Ensure that all necessary information, documentation, and access to systems or suppliers are transferred to the new owner. This will help maintain business continuity and customer satisfaction during the transition.
5. Post-Sale Considerations
Consider any post-sale considerations as outlined in the sale agreement. This may include non-compete agreements, consulting arrangements, or ongoing support for a specified period after the sale.
Ensure that both parties understand and fulfill their respective obligations as agreed upon in the sale agreement.
6. Celebrate and Reflect
Take some time to celebrate the successful sale of your business and reflect on your journey as an ecommerce entrepreneur. Selling a business can be an emotional process, and it’s important to acknowledge and appreciate your accomplishments.
Consider celebrating with your team, friends, and family who have supported you throughout your entrepreneurial journey. Take this opportunity to recharge, explore new opportunities, or embark on a well-deserved break.
Conclusion
Selling your ecommerce business is a major decision, but with the right exit strategy, it can be a rewarding and profitable endeavor. Thoroughly evaluate your business, seek professional help, clean up your finances, and increase its value to attract potential buyers.
Document standard operating procedures, build a strong management team, and determine a realistic timeline. Prepare an information memorandum, market your business, and screen potential buyers carefully.
Negotiate with multiple buyers, conduct due diligence, and consider seller financing if needed. Seek legal and tax advice, and once you’ve found the right buyer, close the deal confidently.
With careful planning, effective marketing, and professional guidance, you can successfully sell your online business and move on to the next chapter of your entrepreneurial journey.