Entrepreneurs often have great business ideas that just take some financing to get off the ground. Unfortunately, a credit score can keep some people from believing they can find funding. If your credit score is keeping you from setting out in a business venture, take some steps to work toward your goals.
Write a Business Plan
Your business plan may require funding, but you can certainly put your ideas on paper without a good credit score. A well-thought-out business plan may draw investors. It can also help you solidify your ideas to know where to put your attention. As you develop your thoughts and do research, you may find alternative methods for funding and options that you haven’t considered.
Use Mentors to Help You Find Ways to Fund Your Business
Even if you don’t qualify for an SBA loan, that doesn’t mean you can’t use the other resources offered. Learn about business funding. Ask for a mentor. Find a financial counselor who helps startups. Ask experts in your industry for advice, if you have access to them. Read the stories of other entrepreneurs.
Fix Your Credit
Get your credit score and start to fix it. Yes, it will take time. The longer you wait to get started on it, the longer it will take. Go through your credit report and check for errors. Pay off accounts. Pay current credit cards and other accounts on time.
Review Your Assets
Go through your own resources and see what you can sell to have funding to start your business. Look for avenues to tap into, home equity or a retirement account. Make sure to weigh the pros and cons. You don’t want to have a business fail and lose your home.
Get Your Credit Score
Avery James has financing options for entrepreneurs. Contact us today and see how you can get started.