If you answered “no” to one or more of these questions, this could be a really important report for you to check out!
Many entrepreneurs, investors, and business owners I've encountered over the past 28 years often find themselves at risk of encountering these challenging issues.
And it’s all thanks to your business.
Entrepreneurs often encounter one or more financially challenging mistakes when it comes to financing the launch, operation, and growth of their businesses. Often, they might not see that they're making a mistake.
Honestly, even when they see they’re making a mistake, they tend to convince themselves that the consequences will just be a little hassle.
Then, one day, they find themselves unable to qualify for a mortgage. Or they might miss out on the amazing financing available for the new car they’re purchasing. Or they face persistent pressure from creditors and may ultimately need to declare bankruptcy.
It's all thanks to them using their personal finances to support the launch or growth of their business. They use their personal credit cards to cover business expenses. If you're in business or considering starting one, having business credit is essential!
Let me share something interesting: many business owners are unaware that they can build business credit, and even fewer know the steps to do so. If owners took a little time to learn about building credit, they could avoid using their personal funds for startup or working capital.
They can also use business credit cards that don’t show up on their personal credit reports, so their personal credit scores won’t be affected.
The key aim of business credit is to secure unsecured business lines of credit, achievable once the business credit profile is established correctly. When a business secures unsecured business lines of credit, they gain the working capital necessary to kick off or grow their operations. The business owner has the freedom to manage the checkbook and utilize the business lines of credit as they see fit. And the great news is that the business lines of credit won’t show up on the business owner’s personal credit report.
If you've set up your business profile the right way, there are several banks that are happy to lend to brand new startups. That's correct, a completely new startup with no history at all. The banks will offer unsecured business lines of credit to help entrepreneurs access the startup capital they need to bring their dream business to life.
It's important to remember that business credit is essential for every business owner. Keep your personal assets safe and secure while you finance or fund your business!
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