There is nothing more exciting then going into business for yourself. The opportunity that America provides its citizens is unique to the rest of the world. As you map your adventure there is one area that you should be sure to include in your plans, and that is the issue of CREDIT.
Money is the grease that makes your business run smoothly. Lack of funds is the largest reason that businesses fail in America today. Many a good idea that could have been successful did not have the cash to survive the growth curve, all due to poor cash management planning.
If you have the cash to start your business and survive the start up period, then the more power to you. If however you are like most of us, the only way you can start your business is to use other people's money. Timing and good planning on the approach to your new business credit is the most important step you will take.
Many a book has been written about where to get money, and all avenues should be considered. But there are steps that should be taken to position yourself for the four critical phases of your business: Pre-opening, the first six months, inside the first two years and after five years.
"Other People's Money," other than a rich uncle, is going to take some careful planning on asking when, where, and how to apply. Some key areas to consider are:
- Your personal credit report
- Protecting your personal credit
- A good Business Plan
- Business Structure
- Cash flow - Cash flow - Cash flow...
- When do I start my Banking relationship?
- Ho do I use Credit Cards to supply cash for my business?
- Dunn & Bradstreet Report and how they can help
- Personal Exposure vs. Corporate
Kingswood Leasing's assistance in obtaining credit for the equipment you need is just one part of the plan, but with some input from us, we hope to help you with your needs.
Kingswood Leasing Inc., 35 Center Street, PO Box 265, Wolfeboro Falls, NH 03896. Tel: 603-569-8980; Fax: 603-569-8952.