Business Credit Counseling Orangeville ON

Melanie Benson Strick is now a million dollar lifestyle success coach. But when she started her coaching and info marketing business, SuccessConnections , it never even occurred to her to build business credit. “The first two years of my business I had no idea how much money it would take to become profitable. Flying by the seat of my pants I used two strategies: borrow from my credit cards and borrow from my father. Unfortunately it wasn’t until I was up to my ears in debt that I knew about other forms of capital, and by then it was too late.”

Benson Strick says there is an upside to learning from the school of hard knocks: “The positive by-product of looking for a capital infusion was that I became proactive about revenue projections. I learned how to identify what was going out, what was projected to come in, and create strong strategies to payoff the debt, including using low-interest credit cards. There is no way you can stick your head in the sand and become financially profitable,” she advises.

According to the Small Business Administration more than three out of five small enterprises will borrow to start or grow their ventures, frequently using credit cards, home equity loans and loans from friends and family to get started.

Like Benson Strick, many entrepreneurs wait until their business is already up and running to start building business credit. But if you start earlier – the very moment you launch your enterprise – you’ll increase your chances for success.

Author: Gerri Detweiler

Copyright 2009 StartupNation, LLC

Click here to read more from StartupNation