HOW-TO: KEEP YOUR CREDIT UP & GET FUNDED
An essential part of doing business today, is having good credit. Good credit says more than I can invest in a new business, it says that you have strong character, that you are reliable, that you make informed decisions, and more. It is very important to be mindful of your credit and we are going to give you a few tips on how to do it with the five C’s of credit.
Character: the first tip is to have a strong credit history; it is important for business to see your established history. Though you can’t go time travel to the past to extend your credit history, you can always start now!
Capital: It is imperative that you show you are confident in yourself and your ideas by investing your own money first, how could you sell something you’re not buying?
Capacity: to back up your willingness in investing in your own idea or business, you need to have sufficient cash flow, this is your income to debt ratio.
Collateral: you often need more than to just ‘put your money where your mouth is.’ Having assets is crucial to provide loan security.
Condition: knowing the demand for your business is always information you should have in your back pocket. The condition means being aware of the problems that your business or idea will be solving, and why you’re the best one to solve it.
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