Building Business Credit for Small Business
How would you know if a key supplier of yours is planning to go out of business?
What steps are you taking for minimizing business risk?
Are you having trouble deciding whether to do business with a company?
These are all important questions that I would like to address and offer you a solution that will help you make better-informed financial decisions in the future.
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Tired of putting your personal guarantee on those credit applications?
I’m sure you realize the whole purpose behind the PG is to ensure that if your business fails to repay the debt then you as an owner assumes personal responsibility.
While the majority of creditors add this extra level of protection to minimize the risk of loan defaults not all types of commercial credit sources require it.
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So why do you need a Dun and Bradstreet ID number?
It’s basically the starting point for establishing a business credit profile. You’ll soon realize that your DUNs Number is required on the majority of your corporate credit applications because it’s the most widely used identifying number for businesses in the United States.
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Startup businesses are often not afforded the luxury of a gracious venture capitalist. Thus comes the term bootstrapping a business, which refers to a business pulling itself up by its bootstraps. Often, the conditions of financing and lack of control is why many businesses choose to bootstrap. But the bigger question than why, is how your business bootstraps, and if is it right for you.
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One of the most important steps you’ll take when you start a new business is picking a business name. While the majority of us tend
to focus more on choosing a catchy name to give us that edge in marketing there’s much more to it that you should pay careful attention to.
When you choose a name for your business, avoid these three mistakes:
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