If you choose to carry out fixes for your Honda CB 550 K 3 then it is usually a good idea to own a Workshop Manual for a guide in case you want to know the right way to remove a particular component including Exhaust and install it again the right way.
Honda CB 550 K 3 Workshop Manuals will give specific diagnostic guidelines on your car so if something is wrong it can help you determine what the issue is and how to repair it. After that you can analyse if this can be achieved yourself or in case the job is too big you could make a booking for your CB 550 K 3 in with a decent friendly mechanic.
Honda CB 550 K 3 manual