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What to Do with Your Shopify Store when You No Longer Have Time for It?
Last modified: December 22, 2023
When you’ve been running a Shopify store for a long time, and now you want to move on to a new project, you might want to consider what you would like to do with your Shopify store. There are lots of options that can be done with this. Here are some of the options for you and some tips to help you.
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Seal Subscriptions
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Bold Subscriptions
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Loop Subscriptions
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PayWhirl Recurring Payments
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Utterbond Subscriptions
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Recurring Order & Subscription
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Recurpay: Subscriptions App
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AAA Membership + Subscription
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Ultimate Upsell & Cross Sell
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Rebuy Personalization Engine
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Reorderify
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Elevar Subscription Analytics - Inactive
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TORO Recurring & Subscription - Inactive
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Option One: Sell the Business
The first option is to sell your business to another person who will take over the business. This can be a great option because selling the business allows you to have some extra money while you establish yourself with the new project. If there are debts that are on the business, you can use the money raised from the business sell to pay these off.
If you’re looking to sell the business, then you need to make it look as profitable as possible. This can include ensuring that you check that the app subscriptions are as low as you can have them without compromising your website. You also need to maximize revenues to show that you can earn money with the business.
There are features within Shopify that allow you to sell a business with ease.
Option Two: Close Down
Another option is to completely close down your Shopify account and the website. This can be upsetting as you’ve put in a lot of work and the branding that you’ve completed will be wasted if you don’t do anything new with the project. However, if there are limited or no sales, and the inventory you have is limited, then this might be the best option.
There are two ways that you can close down your business, you can close down immediately or close down when the domain name registration runs out. Either option is suitable, but it depends on how long you have the domain for and whether sales until that point will cover costs. It might be best to end all services immediately.
Option Three: Scale Down
Another option is to keep your Shopify store but to scale it down. This could mean that you’re looking to have a new project but want to keep the old project as a sideline because it does offer some income every month. If you have a dropshipping or print on demand based business, this can be a good option.
You might not need to scale down at all, either. You might be able to automate a lot of the functions and outsource some functions to keep the business going while you take a less active role within the business.
If you’re looking to scale down, consider how much you would like to scale down the project to. If it goes down too far, then you might need to sell or stop the project altogether.
Conclusion: What to Do with Your Shopify Store when You No Longer Have Time for It?
If you’ve got a new project, and you’re wondering when to do with your Shopify store, then you need to consider the above three options. One will offer you a good short term increase in money and another can help you have a steady income but with less time needed to manage it.
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Can I temporarily pause my Shopify store instead of closing it?
Yes, Shopify allows store owners to pause their store temporarily. This option maintains your store’s data and settings while you take a break, but it may have certain limitations and costs.
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How can I value my Shopify store for sale?
Valuing a Shopify store requires considering multiple factors, including revenue, profits, customer base, and brand value. It’s often recommended to seek professional advice to accurately assess your store’s market value.
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How can I maintain customer relationships if I scale down my Shopify store?
Maintain customer relationships by communicating changes, ensuring quality service, and possibly offering exclusive deals. Keeping customers informed and engaged is key during the scaling down process.
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