Buying a business that is already up and running is, if you have the financial wherewithal to do it, a great way to expand your existing business, or if you are looking for a quick route into the business world, it can be a short-cut worth taking.

It is not however without effort or risk, and the purchasing of a going concern should only be undertaken after much due diligence and sensible forethought. Before jumping in with both feet it is wise to stop and consider whether business acquisition is actually the right route for you.

1. Take advice. It probably goes without saying that major financial actions such as buying a company should not be undertaken without the advice of an accountant; if you already have one he will be in the best position to know how the acquisition will affect your business. If you are just entering the business world, do your homework before choosing; some accountants specialise in business acquisition so look for someone who can offer the best help.
2. Cost it out. Although a fast track into business, acquisition is often a more costly route; do remember that you are paying for all of the hard work of those who established the business, as well as the firm's brand, reputation and customer base. It is however very easy for those selling to you to price their hard work too highly, so get your accountant to take a calculated, unsentimental look and things and to value the business appropriately.
3. Check the rep. The reputation, brand and client base that attaches a higher price tag to an existing business also has a possible dark side to it; accountants often talk about 'goodwill' when discussing business acquisition, by which they mean the intangible and yet potentially very valuable good reputation that a business may have built up over its time trading. While it is true that positive brand image is a valuable asset, it is worth remembering that any negative associations with the existing business or brand could be extremely hard to shake.
4. Ask the question. Don't make assumptions about why a business is being sold; ask. The business may have hidden difficulties or financial problems that are not immediately apparent.
5. Inspect the figures. All businesses will have forecasts as well as a trading history for you to view; look at profit trendsand projections as well asthe business operations, sales, costs and assets. It is vital that your accountants perform due diligence before you commit.
6. Prepare to adapt. You will of course be stepping into someone else's shoes if you opt to buy a going concern, so do remember that as well as an existing customer base there will probably also be staff already in place, both existing customers and staff will be used to things a certain way and you may be forced to fit in with them rather than do things completely as you'd like; there are also legalities to consider, so read up on regulations such as TUPE before making any decisions.

Taking on someone else's established firm is not the short-cut it may at first seem, it is a good way to add to your empire or jump start your business life, but it is not without its own special set of hurdles and trials. The best way to ensure that it works as an option for you is to be as well prepared as possible.

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Getting a customer is not a big deal to a business owner. It seems like they just come naturally to many with good locations or well known reputations. You may get a customer really quick and easy but it may also cost you a lot of money. The hard part is the aftermath, and this has everything to do with the ultimate fate of most businesses out there. You have your customer but keeping him loyal is a hard thing to do. The vast majority of business owners fail to consider this critical point and it results in some serious upside that most of us forfeit.

As a result of this, Peter Drucker a well known management expert continues to propose the viewpoint that a business will only thrive if it focuses on delivering customer satisfaction and not to make gains. This automatically spells that if a business only focuses its energy on getting the customers who are out there and thereby downplaying the potential of the existing customers, there will be a downfall.

The most expensive phases of doing the business are those parts where you have to go and attract a customer to walk into your shop. This said, you could only look at retaining the customer as the part that would be more cost effective if you compare the two. If you want to reduce the costs incurred during customer acquisition, follow the following guide.

1. You should build a good relationship with your customers always. Stop looking at your customers as an opportunity to mint money. You should show that you care for their wellbeing.

You can do that by first being inquisitive to find out if there is something you can do to make your customer more satisfied with your services. This way you will be able to build some trust with your customer and the more referrals you will get.

The nice thing about having this approach is that once one customer is satisfied, he will get others knocking.

2. Make sure that the services or products you offer are high quality. It is not a big issue if you think of it. It can save you the disappointment of a customer ending relations.

3. Conduct surveys. Do occasional surveys that will get you the information you need about how well customers feel satisfied with your services and get to know what they would like improved or maintained. That way you will gauge the level of happiness.

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