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Why every Business Owner Must Own A Credit Card
So many challenges face an entrepreneur and as well face a much higher risk than a regular person. There are a few questions you need to answer if you think of yourself as an entrepreneur. Are you ready to:
Be harassed by creditors?
convey (a property) to a creditor as security on a loan?
Paying more than your fair share of interest over your loans?
Losing your house?
If you answered “no” in accordance with one or more of these questions, then this may be the most important report you’ve read in a long time.
Because, if you’re like most entrepreneurs, investors, and business owners I’ve met over the previous years, you’re in danger of facing all of these horrific problems.
And it’s all because of your business.
You see, entrepreneurs typically make one or more financially devastating mistakes when financing the launch, operation, and/or growth of their businesses. In most cases, they don’t understand that they’re making a big mistake.
And to tell the truth, even when they do realize they’re making an error … they settle upon themselves into thinking that the consequences will remain a minor annoyance.
Until, one day, they can’t qualify for a mortgage. Or they can’t get the to-die-for financing offered on the new car they’re buying. Or they’re hounded by creditors and eventually have to declare bankruptcy.
And that is all due to the fact they use their personal finances to fund the launch or growth of their business. They then use personal credit cards to pay for business expenses. If you are into business or thinking about beginning a business, business credit is a must.
Let me explain, most business owners have no idea that they can set up business credit, and even fewer know how to or to establish business credit. If owners would take the time necessary to teach themselves about establishing credit they would no longer have to use their personal funds to start-up capital or working capital.
They would also be able to use business credit cards that don’t report to their personal savings reports, therefore, not lowering the personal credit scores.
The most essential goal of business credit though is to gain unsecured business lines of credit, as can be done once the business credit profile is set up properly. Once a business obtains unsecured business lines of credit, they then have the working capital they need to start a business or expand their business. The business owner has checkbook control to utilize the business lines of credit as they wish. And best of all, the business lines of credit don’t report to the business owner’s personal credit report.
If you have set up your business profile correctly there are a number of banks that will lend to brand new start-up businesses. That is right, brand new start-up business together with no track record whatsoever. The banks will extend unsecured business lines of credit so they can have the start-up capital they need to finance the business of their dreams.
Make no error about it; business credit is a MUST for every business owner. Don’t put your personal assets at risk finance or fund your business!