What Happens To Your Website When You Retire?
It doesn’t have to Be Over
If your plan is to retire from your business, then read on. This article is for you!
When a business owner starts to lose interest in their business, they naturally just start winding things up. I call this, “Getting Jaded”. They stop investing in marketing, there’s no focus on growing the business, and their website is all but abandoned until they request for it to all be shut down… but there IS a better way.
Here is my list of what you need to consider before closing down your website when you retire.
- Can You Sell Your Website? Even if you do not intend to sell your business, your website could be worth anything from a few hundred to several thousand dollars. A website that has been around for a while and ranks well can actually be worth good money to the right buyer.
Just think, a competitor that your website outranks can take over your website and email, and immediately benefit from the leads it attracts. We often broker this transition between old and new owners ensuring all parties have access and legal ownership of everything as required and that ongoing payments are well-timed and managed.
HINT: If your website doesn’t currently rank well then getting in early and investing in a Search Engine Optimisation campaign can go a long way to increasing the value and appeal of your website. We have custom SEO Packages to suit every business.
- Have You Got A Mailing List? Easy to set-up and one of the most cost effective marketing strategies any business can leverage, a good mailing list can be worth $1000’s. Firstly, you want to formalise your digital database using dedicated email marketing software like ActiveCampaign, MailChimp or (my new favorite) Tekmatix. Then, you want to start emailing your database consistently to encourage readership and engagement with your content. The last thing you need is to ensure all online enquiries are automatically being added to your email marketing database. This step is often overlooked and the easiest strategy to grow your list fast.
If done well, not only will this strategy help boost your sales in the short term (making your business more profitable and therefore worth more) it will also increase the value of your business, website and digital footprint.
- Have You Separated Your Personal Life From Your Business? | From your business emails and Google Drive/Microsoft access, to online payment gateways, personal subscriptions and online banking/account access… if your plan is to sell or simply close your business, start to separate your personal life from your business one. This will make the transition of whatever you choose far more convenient. For example, once you sell your business, the email@example.com email address is no longer technically yours. Any personal communications, newsletter subscriptions, online shopping accounts, password reset requests and so on will effectively go to the new owners or will be forever lost if you choose to shut everything down. Planning how you will manage this process is best tackled sooner rather than later.
Have You Got Full Access? | As part of selling your business, be sure to collate all of the accounts and logins associated with your business’s day-to-day running. This includes any ongoing subscription fees. This will simplify the handover process and allow the new owners to get straight into managing things. Consider accounts like your emails and website, online booking calendars, and Google Business Profile (formally Google My Business). The last thing you want is messy emails going back and forth trying to approve access and resetting passwords, trying to track down credentials, weeks or months after you have walked away.
Need Help Planning For Your Business Success In 2023?
Let us know if you’re interested in selling your business and website or simply looking to retire. Not only can we assist you to implement the strategies above, but we may even be able to connect you with a prospective buyer.
Call Us to discuss your timing and we can help you plan your exit strategy.