Why Business Credit Is A MUST For Every Business Owner
Entrepreneurs are hardwired to enjoy more risk than the average person. But are you willing to take on risk because you find business and investing so exciting
Having credit
tors pursue you
tors pursue you
Filing for bankruptcy
Receiving a mortgage denial
Paying more interest on your loans than is reasonable
Did you lose your home
This report might be the most significant one you've read in a while if "no" was your response to one or more of the above questions
You run the risk of encountering all of these terrible issues if you're like most business owners, investors, and entrepreneurs I've met over the past 28 years
And it's all thanks to your company
As you can see, businesspeople typically earn one or more When financing the start-up, running, and/or expansion of their businesses, people make financially disastrous mistakes. Most of the time, they are unaware that they are doing something incorrectly
And to be honest, even when they do realize they are doing the wrong thing, they deceive themselves into believing the consequences will only be a minor inconvenience
Until they one day lose their ability to obtain a mortgage. Or they are unable to secure the amazing financing that is being offered on the new car they are purchasing. They may also be harassed by creditors and eventually forced to file for bankruptcy
And it's all because they borrowed money from their accounts to start or grow their business. When it comes time to pay for business expenses, they use personal credit cards. If you run a business or are considering doing so, business credit is a requirement
Let me explain. The majority of business owners are unaware that they can build credit for their company, and even fewer are aware of how to do so. Owners would no longer need to use their funds for start-up capital or working capital if they took the time to educate themselves about establishing credit
Additionally, they would be able to use business credit cards, which don't affect their credit scores because they don't report to personal credit reports
However, obtaining unsecured business lines of credit—which is possible once the business credit profile is properly set up—is the main objective of establishing credit for businesses. Unsecured business lines of credit are obtained once a business, they will have the working capital it requires to launch a business or grow an existing one. The business owner is in charge of the checkbook and can use the business lines of credit however they see fit. The best part is that business credit lines don't appear on the owner's credit report
Many banks will lend money to newly formed businesses if you have correctly set up your business profile. Yes, a brand-new start-up company with zero prior experience. To provide them with the start-up capital they require to fund the enterprise of their dreams, banks will extend unsecured business lines of credit
Without a doubt, having business credit is essential. for every owner of a business. Don't finance or fund your business at the risk of your personal assets
