by Michael Germanovsky
When people think of starting a business, one of the first things they might consider is writing a business plan. Identifying a source of funding is a large part of it. A successful business takes cash flow to sustain it and investment to grow it. We all know investors are hard to come by. So there are two basic ways to fund the start-up costs for a small business. One way is a traditional business loan and the other is a line of credit.
If you have an entrepreneurial spirit, then be kind to your credit and it will be there for you when you need it. Your credit does not have to be perfect to get a loan or credit extension to start a business, but the better your credit history the better your chances to obtain start-up financing.
About half of small businesses fail within the first five years, according to the Small Business Administration (SBA). Even with low start-up costs and low overhead there are still going to be those times when credit is needed in theRead More »from The Role Your Personal Credit Score Plays in Start-Up Financing