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6 things to consider before buying a business If you are looking at buying an existing business as an alternative to starting your own, it is important that you carry out extensive research and get to know the company and its industry to ensure that it is the right fit for you. You should look at important details such as the existing reputation of the business, its staff and its assets and liabilities that you would be taking on. Make sure that you have as much information as possible before proceeding with the purchase. Allow us to talk you through all the important things you should consider… Industry knowledge You will want to make sure that you have a good understanding of the industry in which the business operates. Research should be one of the first things on your agenda before considering buying a business, to make sure that you are familiar with the market you are entering. This involves identifying business competitors and what has helped those competitors become successful. Analyse current and past trends within the industry to see you your business could align and how you would build them into your business plan.