The same as you sell your car or apartement you should prepare your startup to be sold.
To sell your side project successfully you should know a few things. In this blog post we'll discuss how to:
Before even listing your project, you should prepare it for selling. The same analogy with a car where you clean it and fix everything up to sell it for a reasonable price quickly.
The same works here. You should fix minor bugs and design tweaks, go through the flow of the product from login to the finish and understand if everything works as expected. Again, it's crucial to test the app because your app should work well when you present it to the buyer.
The next important step after bug fixing is writing onboarding documentation. This documentation will help your future buyer run and maintain the project further.
You can create a doc where you describe the tech stack, features, use cases, and how to run the project from coding to marketing. You should put anything you think the buyer should know in the doc. This way, you can easily establish trust with the buyer.
Submit the form on the Microns website and fill out all fields with as much detail as possible.
You should describe your expenses, growth channels, revenue, and customers. Also, to raise your chances, attach revenue and traffic metrics. It'll help a lot for buyers to make a decision about your project.
We recommend you start with an asking price equal to 2-2.5x annual net profit. Listing your online asset for sale at a realistic, achievable price will give it the best chance of a deal.
After you submit the form, we'll notify you by email when we publish your project. Typically it takes up to three days to verify and post your listing.
Each time the new buyer sends a contact request, we'll send you a relevant email with buyer details. After you get a notification, you should contact a buyer directly and discuss further steps. Be kind and polite with buyers.
At Microns, we recommend that you carefully consider every offer presented to you. Try to be proactive and communicate your desires upfront.
If you choose a suitable buyer for your project, you should sign an asset purchase agreement with the buyer. It's a contract specifying the terms and conditions of a transaction before the transfer of your side project.
After this, use an escrow service like Tazapay or Escrow.com to receive money and send your assets.
Finally, I recommend you create a password manager account and save the login/passwords of your project. This way, you just need to transfer access to your password manager. Check out Bitwarden or 1Password for this.
Don't forget to reach out to us and notify us that you have sold the project. Then, we can remove your listing from the site and ask for your feedback. It's essential to improve our service.
Thank you for reading. Let me know if you have any questions.
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