Buying An Existing Businesses

Thinking about buying an established business?  As you begin your hunt for the perfect company, don’t forget to do you research. Ask business associates and friends for leads on similar businesses that may be on the market or coming on the market. Many of the best business opportunities surface by word of mouth and are snapped up before they are ever listed for sale.

According to the SBA, “To run a successful business, you need to learn about your customers, your competitors and your industry. Market research is the process of analyzing data to help you understand which products and services are in demand, and how to be competitive. Market research can also provide valuable insight to help you:

  • Reduce business risks
  • Spot current and upcoming problems in your industry
  • Identify sales opportunities

How to Conduct Market Research

Before you start your business, understand the basics of market research by following these steps:

  1. Identify Official Government Sources of Market and Industry Data

The government offers a wealth of data and information about businesses, industries and economic conditions that can aid in conducting market research. These sources provide valuable information about your customers and competitors:

  1. Identify Additional Sources of Analysis

Trade groups, business magazines, academic institutions and other third parties gather and analyze research data about business trends. Use Internet and database searches to find information related to your location and industry.

  1. Understand the International Marketplace

Today’s economy is a globalized marketplace, so it’s important to understand the international factors that influence your business. These resources will help you to research potential international markets for your products or services:

10 Steps to Starting a Business

10 Steps to Starting a Business

“Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business.” Visit the SBA website for more information.

Step 1: Write a Business Plan

Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.

Step 2: Get Business Assistance and Training

Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Step 3: Choose a Business Location

Get advice on how to select a customer-friendly location and comply with zoning laws.

Step 4: Finance Your Business

Find government backed loans, venture capital and research grants to help you get started.

Step 5: Determine the Legal Structure of Your Business

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Step 6: Register a Business Name (“Doing Business As”)

Register your business name with your state government.

Step 7: Get a Tax Identification Number

Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

Step 8: Register for State and Local Taxes

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.

Step 9: Obtain Business Licenses and Permits

Get a list of federal, state and local licenses and permits required for your business.

Step 10: Understand Employer Responsibilities

Learn the legal steps you need to take to hire employees.

Startup Resources

There are a number of available programs to assist startups, micro businesses, and underserved or disadvantaged groups. The following resources provide information to help specialized audiences start their own businesses.

•Environmentally-Friendly “Green” Business

•Home-Based Business

•Online Business

•Self Employment

•Minority Owned Business

•Veteran Owned Business

•Woman Owned Business

You can save money when starting or expanding your business by using government surplus. From commercial real estate and cars, to furniture, computers and office equipment, find what you need for your business in one place.

Article from SBA