Owning Your Own Business!
I have been asked in the past on advice on owning my own business. My answer starts the same as always – do your research on what you’re getting into. You might want to consider a hobby of yours. Some of the best businesses out there started out as a hobby. You might also want to consider coming up with a business plan – this could be important. I could go on and on here, but the most important thing is – Money! If you’re planning on getting loans, you should borrow as little as possible. Last, have at lease 6 months of funds to cover all your personal and business bills. Again, do your research – Best Practice…..
Cleaning Your Business Credit
In brief – Fix-it! This may be easier than you expect, given that there are - for the most part, wrong information all credit reports. First things first, pull all three of your personal credit reports from Equifax, Experian, and TransUnion. If you are already in business for yourself, pull your Dun and Bradstreet reports. Make sure that every single line on the report applies to you, and not someone else with the same name. Now you will start a letter-writing campaign. You will need to ask the credit bureaus to delete older items, such as those real old late payments. Writing and being persistent, and asking to remove those, make no-since lines will help your score come back up.
Selling Your Small Business?
Most “experts” think before you sell your small business you should maybe try to acquire another company. You should maybe also think about taking on investors. Also, you need to know how much your business is worth. Think you already know that number? Most of you already think you know - but you could be wrong. Most of the entrepreneurs out there just take a wild guess at it. So, before you sell, know your businesses true value. Last, don’t forget to do your research.
