These changes mean that you should sit down and reflect on your current business and marketing strategies. Are you seeing slumping sales? Having trouble reaching your target audience? You may want to try unusual avenues for marketing. Rather than traditional advertising, for example, you may want to invest more time in money in online marketing, social media or public relations. All are unique avenues in order to reach your audience and convey to them that you are a company with expertise in your industry.

Because information regarding its performance is readily accessible, an established business is easier to finance. Lenders are more open to a buyout since they can quickly examine its track record. Still, there are a number of things to consider before purchasing a business. After all, there are good and bad businesses for sale and you have to choose the right one.

If you know an accountant, now is the time to get his services. Let him check the figures of the business you’re buying. That way, you can tell if there are any problems. Next inspect the trading hours to see if the company is making a profit. Nothing can be more frustrating than buying a business only to find out later that it has a lot of problems and you have to work longer to fix them. If stock is involved, ensure that its not outdated or damaged.

Ask yourself the following questions:

• Is the business right for you?
• Does it interest you?
• Will it enable you to use your skills and knowledge to make further improvements?
• Does it suit your personality?
• Will you be able to deal with the kind of customers and employees that the business has?
• Are you aware of the existing and potential problems you may face with this kind of business? Do you know the current assets and liabilities of the company?
• Do you know why the business is being sold?
• Do you think the business is profitable and has the potential to grow?

Knowing the answers to these important questions can tell you whether buying a business is right for you.

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.

Starting a Small Business 101: The Essential Steps to Starting a Small Business

This guide by About.com covers the basics, from identifying business opportunities and creating a business plan to setting up an accounting system. A great place to start for someone just beginning to consider starting their own business.

Small Business Planner

The U.S. Small Business Administration provides a Small Business Planner with information and resources that will help you at any stage of the business lifecycle.

Starting a Small Business

Entrepreneur.com offers a wealth of information for business owners, from the business ideas and basic planning to going green, marketing, and more. You can also find special categories devoted to young entrepreneurs and Mompreneurs, success stories, and much more.

Starting a Business

As much as some would like to, you cannot forget the tax liabilities that come with owning a business. The IRS gives you a guide to what types of liabilities come with each type of business establishment.

Starting Your Business

Business Owner’s Toolkit provides a collection of articles on starting your own business, including an analysis if you have what it takes, finding the right business for your, and helping you foresee your ability to succeed.

Free Sample Business Plans

Bplans.com has over 500 free sample business plans for you to use as a base example for your own, plus many articles on how to start your business, getting funded, growing your business, online business and more.

Small Business Marketing

The Wall Street Journal has the latest news on small businesses. You can even find businesses for sale by location and by type.

Small Business Information for the Entrepreneur

Inc.com provides entrepreneurs help with small business resources, advice and ideas for starting a business, writing a business plan, management, home office, franchises, incorporate, angel investors, venture capital, and more.

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