5 Reasons Business Credit Is A Must
Entrepreneurs typically make one or more financially devastating mistakes when financing the launch, operation and/or growth of their businesses. I know I have made huge mistakes in financing and running my business. In most cases, Entrepreneurs and Business Owners don’t even realize that they’re making a mistake. You see, as an entrepreneur, you’re hardwired to enjoy a greater level of risk than the average person. But do you enjoy the thrill of business so much that you’re willing to risk:
-Being hounded by creditors?
-Being denied a mortgage or business loan?
-Draining your savings and retirement accounts?
-Losing your house?
If you’re like most entrepreneurs, coaches, consultants, and service based business owners I’ve met over the past 11 years, you’re in danger of facing all of these horrific problems.
And it’s all because of your business.
You see, entrepreneurs typically make one or more financially devastating mistakes when financing the launch, operation and/or growth of their businesses. In most cases, they don’t realize that they’re making a mistake.
And to tell the truth, even when they do realize they’re making a mistake … they lull themselves into thinking that the consequences will be a minor annoyance.
Until, one day, they can’t qualify for a mortgage. Or they can’t get the to-die-for financing offered on the new car they’re buying. Or the bank turns them down for that much needed business loan. Or they’re hounded by creditors and eventually have to declare bankruptcy.
And it is all because they use their personal finances to fund the launch or expansion of their business. They then use personal credit cards to pay for business expenses. If you are in business or thinking about starting a business, business credit is a must.
Let me explain, most business owners have no idea that they can establish business credit and even fewer know how to how to establish business credit. If owners would take the time necessary to educate themselves about establishing credit they would no longer have to use their personal funds for start up capital or working capital.
If you have set up your business profile correctly there are a number of banks that will lend to brand new start up business. That is right, brand new start up business with no track record whatsoever. The banks will extend unsecured business lines of credit so they can have the start up capital they need to finance the business of their dreams.
Make no mistake about it; business credit is a MUST for every business owner. Don’t put your personal assets at risk; finance or fund your business the right way!
Posted on July 1, 2011, in Business Credit and tagged business credit, business line of credit, corporate credit, credit savvy CEO, shameca tankerson, start up capital, unsecured business line of credit. Bookmark the permalink. Leave a comment.