Business Opportunities Weblog

It Makes Biz Sense To Improve Your Credit

By on July 23, 2010 in Ideas

No one likes discussing credit, but, now more than ever, it’s critical to improve your credit as part of running your small business. According to Rhonda Abrams over at USA TODAY, there are ways to improve your credit even if your credit is lousy now.

• Get help! The single most important thing I did was I outsourced my financial management. I realized I was terrible at taking care of my bills. Entrepreneurs want to handle everything themselves, especially their money, but, like me, they’re not always good at it.

• Check your credit score. When you own a small business or are self-employed, your personal credit score and your business credit are entwined. Typically, you’re going to have to give a personal guarantee for business loans, to your vendors, to sign a lease or buy a van. Business creditors are going to check your personal credit score. So pay attention!

• Use different types of credit. Most entrepreneurs rely on personal credit cards to help finance their business expenses. I did too, and sometimes still do. Credit cards are easy to use, and if you pay them off, convenient and cheap.

More than ever, managing your credit is part of running a good business.

Photo by savvyshopper.

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Rich Whittle has added 6,226 posts to Business Opportunities Weblog.

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  • Jaclyn Wells

    I couldn’t agree more…it is so very important to have the best credit possible, and if you don’t already have great credit, then you do definitely want to take all the necessary steps in order to improve your credit as much as you can and as fast as you can. Having great credit just makes everything in life business or personal so much easier to obtain.

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