Before you apply for a business loan to buy an existing business make sure you investigate the following documents.

real and personal property documents
bank accounts
customer lists
sales records
supplier/purchaser list
contracts
advertisement materials
inventory receipts/lists
organization charts
payroll, benefits, and employee pension/profit sharing info
list of employees
certification by federal, …

The advantages of buying into an existing business is the drastic reduction in start up costs of time, money and energy.  Plus you may find the business has a cash flow based on existing inventory and receivables.  If you research …

The balance sheet is your business’ new worth at a particular point in time. It includes data on your assests, liabilities, and equity.

Assets are tangible objects of financial value that are owned by the company.

A liability is a debt owed …

There are three parts of your cash flow projection.  cash revenue (estimated sales collectable in cash), cash disbursements (what you expect to pay in expenses each month) and the reconcilliation of cash revenues to cash disbursement.  So you start with …

Cash flow projections shows just that - how your cash flows in and out of your business.  The cash flow projection lets you see when your expenditures may be to high and you will need short term loans to see …

Your income statement shows your revenue, expenses and profit for a certain period of time.  It will show whether or not your business is profitable for that time period.

Basically it is a math question - revenue minus expenses equals your proft …

You can use short term loans for new and or an existing business.  Sometimes a short term loan for a new business is easier to obtaing because the loan is less risky for the buyer. 

The lender will review your cash …

Short Term Loans are good for when you need working capital and cover your accounts payable.   Short term loans can be 90 - 120 days or as long as 3 years. 

Your lender will expect a very specific plan for repayment of …

So what do you need to do?  Research your market, is the timing right for your product?  Know your market inside and out. Fill a need you competition can no.

Need employees? Build a quality team.

Keep to the plan. But be …

Once you have established that you want your own business and have researched your idea, you now have family and friends to contend with.  People will have all kinds of criticism and want to add or try to change your …