The problem with using existing personal credit cards is that you will never establish business credit with them. On top of that, you load up your personal debt-to-income ratio with expenses of a business nature. Then, if you need a personal loan for a home, automobile, or other emergencies, you may not be able to get it. Another problem is that using personal credit in the … [Read more...] about How to Use Business Credit Cards to Build Business Credit
How to Avoid Destroying Your Personal Credit While Starting a New Business
Most new business owners blindly leverage their personal credit to finance their business. The typical start up small business is capitalized with savings, retirement accounts, friends and family loans and personal guaranteed loans. This financing strategy creates a number of large risks for the new business owner which drives the enormous number of US business failures that … [Read more...] about How to Avoid Destroying Your Personal Credit While Starting a New Business
Four Key Secrets to Funding Your Small Business
Each year, over one million new businesses incorporate, yet 9 out of 10 of these businesses will fail in the first five years. The leading cause of this business failure is the lack of preparation and timely access to adequate funding and credit. You can change the odds in your favor. Here are four key funding secrets that every business owner should know: Secret #1 -- If … [Read more...] about Four Key Secrets to Funding Your Small Business