It's never been easy for a business start up to make it, and now the odds of success in the business world are even slimmer as the world responds to economic down-turn in nearly every facet of the Global Economy. Business credit can by extremely difficult to acquire for a new business start up limiting capital and often limiting the potential for new businesses. The good news is that this is a fantastic market for new start ups that are innovative, flexible, and truly meet consumer demand. For start ups with these traits, applying these same virtues to looking for business credit will give them a major advantage in the market.
Adversity can provide a new business start up with opportunity:
It's really all about perspective and careful planning. Creating a business model that carefully defines how you will navigate the new market and capitalize off situations others might perceive as disadvantages will allow you to make a much better argument when looking for business credit. Having a well developed business model will set you apart from other businesses and certainly give you a head start in acquiring adequate business credit opportunities.
Setting your business up for success:
Beyond developing a carefully considered strategic plan for your business, you must be just as careful in establishing your business credit. A primary consideration is that you do not use your personal credit profile to gain business credit. A new start up should find a lender that will provide them credit without requiring a personal credit profile. Once you've found an initial lender, perhaps for a small amount to provide some seed money, you must actively build your business credit profile.