Buying an established business has its own perks. For one, you can easily acquire capital from lenders who may be reluctant to give you money if you start from scratch. That’s understandable since 60 percent of start-up businesses fail within the first three years and it generally takes two years for start-ups to make money.

With an existing business, you reduce the financial risk you and your partners face since the company already has proven track record. All the unknown details have been ironed out by the previous owner and are ready for you to use. What’s more, an established business has a good customer base and an experienced management team at your command. Even if the company didn’t make a lot of money previously, your expertise and marketing skills may turn it into a profitable venture.

You can easily discover what the company did in the past and correct any mistakes. You can consult employees who know the business and get suggestions to improve it. Best of all, you’ll have peace of mind knowing that the business you purchased has a bigger chance of success.

However, the biggest obstacle in purchasing a business is the cost. This is because you’re buying the business concept, customer base, brands, and other components that have already been worked out. That’s why it’s normal for an existing business to cost more than a new one. To avoid trouble, take time to know what you’re getting. Research the company you are considering. Know if the business has any hidden problems. Check if receivables are collectable. This will prevent you from buying something that will give you problems later.

1) Get your records straight. The moment your W-2s, investment statements and other related documents appear, put them in a safe place that you’ll remember later. You can use a folder or an envelope for this purpose. Nothing is more frustrating that discovering that your records are incomplete when its time to file your taxes.  

2) Plan how you want to prepare your taxes. If you have the correct tax forms, decide how to complete your return. Which is more convenient and less stressful for you – doing the whole thing yourself or getting a pro to do the job? Whats more comfortable to you – using a pen and paper or a computer? By answering these questions, you can decide early and will have lots of time to do the paperwork yourself, select a good tax preparer or use the right tax preparation software.

3) You can minimize the amount of taxes you pay by joining a professional business group. Remember that business association dues are tax deductible so if you’re a member of a local, statewide or national professional organization, you’re in good hands. You’ll be able to deduct the expenses you incurred for joining such a group. 

4) Use electronic filing. If you use your computer to calculate your taxes, you might as well file the forms electronically. E-filed returns are processed faster, quickly correct math problems and tell you instantly whether your return has been received.

Prioritize your time. As a business owner, you obviously have many things to do but sticking your nose in every aspect of your business could eat up a lot of your time and leave you with no time at all for other important things. To avoid this, learn to distinguish whats important and whats not. The not so important jobs can always be delegated to other people. That way, you can do the things you’re supposed to do.

Create a general work schedule and stick to it. That work schedule should include time for yourself and time to effectively run your business. After you’ve defined the major components of your workload, prioritize them by taking note of crucial deadlines, routine jobs, and relaxation time. Know what has to be done now and what can wait. Your priorities depend on deadlines, how many people you have to see to do the job, and whether you can assign that job to someone else.

For example, start by identifying the best way you can increase profits by using your time; the second best way, and so on. This will help you come up with a list of workable priorities. Once you know your priorities, examine the ways to achieve them. Evaluate and do the things that are the most useful for you. The only time to consider changing what to do is when you realize that change will save time.

How important is health insurance? It really depends on how healthy you are. If youre healthy and covered, health insurance provides peace of mind. For those with serious medical conditions, however, health insurance is essential. In many cases, its better to have some insurance than none at all.

There are two options when considering health insurance for your small business. If you only need coverage for you and your family, its best to get an individual or family health care plan. If you require medical insurance for workers who arent related to you, go for a group health insurance policy.

Admittedly, locating the best health insurance provider can eat up a lot of your time and can sometimes be frustrating. Luckily, you can lessen your ordeal by working online. The Internet is a good place to search for reliable providers. It allows you to get small business group health insurance quotes from several providers to see which plan is the best for your situation.

Keep in mind that group health insurance can be reasonable or costly. The cost depends on the number of employees, their age and health. Many employees consider this an important benefit in such a way that they will stick to a job with health coverage even if it has a lower salary and less job satisfaction. Its definitely better than a high paying dream job without health benefits.

However, to do this, you will have to be accepted and enrolled in a good school since many companies prefer knowledgeable accountants with an accredited degree. The right university is your doorway to a fulfilling career. A bachelor’s or master’s degree in accounting can do a lot of things for you. But if you want to expand your opportunities, it is recommended that you seek more advanced learning.

Accounting graduates usually pursue careers in public accounting, government industry, private industry or accounting education. Whatever path you choose, remember that the road to success begins with a good education.

To help you in this important endeavor, here is a list of the Top 10 accounting schools taken from US News & World Report:

1. University of Texas
2. University of Pennsylvania
3. University of Illinois
4. University of Chicago
5. University of Michigan
6. University of Southern California
7. Stanford University
8. Brigham Young University
9. New York University
10. Northwestern University

Getting small business loans is similar to any other business partnership. This means that your partners want to be assured that you have researched your options carefully and you know exactly what you need before approaching them for a loan.

There are several government loans available for small businesses. Each loan program has specific application and eligibility requirements but most lenders often ask for the same information from you. Before you apply for one, put together some basic documentation that you can use for any loan package.

Government agencies dont normally give loans directly to business owners. It merely provides a guaranty to banks and lenders for money lent to small businesses. This guaranty is a promise to pay a portion of the loan back to the bank in case a business owner fails to do so. A guaranty lowers the lender’s risk and allows that person to make loans to business owners who dont qualify for conventional loans.

So where do you go? The first step to get a loan is to visit your local commercial bank or lending institution. Get all the forms you need and fill them up correctly. To qualify for a loan, you should have a good credit history and a complete business plan. Borrowers also have to contribute anywhere between 25 percent and 33 percent of the overall costs.

Start with Score (http://www.score.org/index.html) that offers free and confidential advice to small businesses, face-to-face counseling, online counseling and a whole lot more. Score’s goal is to help you succeed with its team of volunteers – mainly successful entrepreneurs who are willing to share their knowledge with you. This non-profit group currently has over 12,000 volunteers across the country so take advantage of their expertise today.

To access Score’s services. simply visit the site and input keywords to locate a counselor that suits your business needs. The good part is that there’s no limit to the number of you can consult Score. Thus, you get all the help you need to start a great business.

My Own Business Inc. (http://www.myownbusiness.org/) is another non-profit organization that helps people succeed in business. It has a 16-session Internet course presided by successful business owners who tell you of common, avoidable mistakes. The site has over 15 million visitors have made use of this vital information. The World Bank said that the high-quality interactive content from My Own Business Inc. has been instrumental to the success of the SME Toolkit across five continents.”

The course covers vital topics for anyone starting or operating a business. This will benefit the entrepreneur who wants to start his or her own business and the person who wishes to expand an established business.

Make yourself different. You probably got into your own business since you discovered that you could do something better than anyone else. Capitalize on your abilities and make a name for yourself. Maybe you can build a Web site faster than other people or you can type so fast that data entry becomes an easy task for you. This becomes your unique selling point (USP) that makes you different from other individuals and businesses with the same product or service.

Develop your own brand. Personal branding is essential for any entrepreneur whether you are operating alone or you with a large staff. Branding is the image you project to the world about your business. Donald Trump is one of the well-known brands who is known worldwide because he successfully marketed himself. Many other industry leaders are also recognized and have become a part of their products. Develop your personal brand and sell yourself to make your business big.

Have business cards printed and carry them wherever you go. These are effective client magnets. At the very least, they give you something on which to write the contact details of potential clients. If you bump into anyone who might need your goods or services, let that person know what you do and give him a card. Some people won’t take you seriously unless you have a business card.

There are no hard and fast rules regarding this problem. It all depends on how much money you have and the number of deductions you have to make. One thing to remember is that deductions are more important than your income. You read it right. How come?

Well, you don’t have to be a genius to figure out how much money you’re making as long as you can count. You don’t need a degree in physics to add up your Clickbank or PayPal receipts. But deductions are a different matter. Do you have any idea what to deduct? If you don’t, that can be bad for your business and getting an accountant makes perfect sense.

As you know. accountants have a wide range of services. A good accountant can advise you what records to keep for your business, how much you should set aside for income tax and national insurance, and whether you have to register for VAT among others.

An accountant can also help you in raising money, making a business plan, telling you what accounting software to use, and in payroll preparation if you’re hiring people. As your business grows, that person can advise you on personal financial planning, tax planning and other business matters.

As you gain more experience, you may find that your accountant and attorney may overlap in the services the provide. But don’t worry. In most cases, the two work together to help you succeed in your business.

In business, however, it’s difficult to take chances. You should get a lawyer when dealing with a serious legal problem. Obviously, this holds true if you’re being investigated for securities fraud by the Securities and Exchange Commission or a client has been seriously injured by one of your products.

Starting a business without any legal counsel can be a huge mistake. If you don’t have a lawyer representing your interests, you should hire a business lawyer experienced on corporate matters and start-up ventures. One good place to start your search is the Internet. Your search will give you plenty of choices to make a good decision.

There are two kinds of business lawyers: those that handle lawsuits or business litigators and those that handle corporate and contract matters or transactional lawyers. Some lawyers can do both but most concentrate in one area or another. If you’re starting a new business, a lawyer who handles business transactions is a good choice.

Anticipate your future needs as your business grows. For instance, retain a lawyer or a law firm that specializes in areas that affect your anticipated business needs. It may be wise to get a “full service” firm that does both transactions and litigation. It’s also good to have access to lawyers experienced in other legal areas affecting your business like labor or employment law, tax law, real estate law, banking and finance or intellectual property.