There are many factors to consider when buying or starting a business.

Firstly, you will need to establish whether business is for you. The Business Readiness quiz can help assess how 'business ready' you are and point you in the right direction.

Secondly you will need to assess whether the business or business idea is feasible. A range of tools are available to assist you in this process:

• The Business Resource Centre provides a wide variety of information tailored to your particular business/industry and location, and has reviewed a range of Australian business books that may be useful for new and existing businesses.
  
  
• The online Financial benchmarking tool is a useful service to assess the performance of a particular business by comparing financial performance data with results achieved by other businesses in the same industry.
  
  

• Go to Smart Skills for subjects and fact sheets on Business planning.
  
  

• Contact your local regional centre to find out about workshops and seminars and ask about the free 'Getting ready for business' CD to explore planning for success. By increasing your business knowledge, you will better positioned to assess whether this is the business for you.
  
  
• The Department provides a range of SmartGuides to assist businesses which are in the early stages of planning. These guides are simple to follow and provide information on licences, business planning, market research and government support services.
  

The Department also provides fact sheets on a range of small business issues, in particular Starting a business and Introduction to franchising.

The Retail Shop Leases Registry and Tribunal has information on regulations and resources available to lessees, lessors and other professionals involved in leasing retail shops.

If you are purchasing a business you will also need to check whether the business has the appropriate licences, permits and registrations it needs and whether they can be transferred. By going through the 'Starting a Business' option of SmartLicence Online you can self diagnose what is required. Alternatively, contact the Business Hotline for assistance on 1300 363 711 (interstate and overseas callers +61 7 3001 6359).

Additionally, the Department provides information on Codes of practice to assist business in complying with regulations. You may like to complete a short quiz to assess compliance on issues such as workplace health and safety, environmental management and privacy legislation.