A Business Credit Card is Essential
If you are running a business out of your home, then there are many details that you need to keep in mind. You should probably be reading up on as much information that you can get ahold of on having a business at home. One of the most essential pieces of running a bussiness from home that you absolutely need to know from the start is to get a business credit card to use for everything related to your business.
Unfortunately, as a business consultant, I have talked with far too many business owners that come to me after failing at running a home based business. Why? Poor management of finances. Far too many people use their personal savings, retirement, home equity, and credit and that is a very dangerous thing to do.
I thought that the importance of seperating your business credit and personal credit was obvious, but maybe it is not. Registering your company with the business credit bureaus and getting business credit cards that don’t show up on your personal credit ultimately allows the home based business owner or Entrepreneur to have the freedom to truly keep their personal finances and their business finances separate. This is essential throughout the year and obviously when it comes to tax season as well.
There is no reason why the finances of a home should be mixed up with the finances of a business. Keeping the credit profiles, credit cards, bank accounts completely seperate will set you up for more funding options in the long run.
Here’s the bottom line: Entrepreneurs and home based business owners need to separate their business and more so because they usual operate from virtual office spaces or from home. This will be impossible without registering your company with the business credit bureaus and establishing business credit cards that do not report to the personal credit bureas. So apply If you want a widly succcessful enterprise you must do what widly succcessful business tycoons do. It will make a huge difference to the organization and success of your company and ability to raise capital.
Posted on July 22, 2011, in Business Credit, Business Finance, Business Management, finance, Money Moxie & Financial Mojo and tagged business credit, business line of credit, california credit expert, commercial credit builder, corporate credit, credit savvy CEO, Entrepreneurs Find New Way To Finance Dream, shameca tankerson, success, unsecured business line of credit, women owned loans. Bookmark the permalink. 1 Comment.