If you’re a small business owner, you know that the challenges associated with being your own boss are plentiful. But you keep at it because you believe in the company and believe that your hard work will pay off in the long run.
One of the biggest roadblocks when you’re trying to start your own business is securing credit — Congress is banking on the Small Business Jobs Act of 2010 to offer some relief, but it is still a challenge.
Fast Company expert blogger Glenn Croston recently shared with his readers a company called Corporate Cash, started by La Manch Sims, which helps small business and start-ups build credit. According to the article, Sims is a person who has learned from experience how to avoid common mistakes and save people a great deal of time.
“When people come to him for help they have often tried and failed to develop their credit profile on their own, and he finds they have made the same common mistakes.”
The first step, according to Sims, is to build a business credit profile.
“Every business starts out its life with no credit, and no credit history. But it can’t stay that way if it wants to grow and prosper. ‘Starting a business credit profile is the foundation,’ said Sims. ‘Your business should get credit from a few different places to start building your business credit profile. As your company grows and has been around longer, approvals get easier.’ If you don’t establish your credit profile the right way the first time, you will end up paying more later.”
To read the rest of Sims’ tips for small business owners, check out the Fast Company article.
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