In Business Since 2001 We accept Paypal
Home for Writers for Publishers Article Directory Article Search
Guides
Article Marketing Secrets
20-Min Article Writing
Author Resource Box
35 Traffic Strategies
Kindle Uploads 101
Fantastic Fiction Decoded


Click Here to
see on Amazon


Site Navigation
Home

Writing Services
+ FAQ

FAQ

+ About Us
+ Blogs
Search Tools
+ Search Our Articles
Article Directory
+ Authors
+ Articles
Other Sites We Own
Writing Puzzle

Professional Book Marketing

Platt Publishing

Marketing Help


 
Article Teaser: Bad personal credit is a common stumbling block for entrepreneurs. Working for your self is the best opportunity for building wealth. While bad personal credit can make the startup process slightly more challenging, it is not a total barrier to business ownership and business success.

Keep reading below...

Business Startups with Bad Credit

Copyright (c) 2010-2017
(See This Article in its Original Format.)

Bad personal credit is a common stumbling block for first-time entrepreneurs. Often, the motivation for going into business is to make more money, indicating that they are not making enough money working for others, thus, bad credit. Working for yourself is the best opportunity for building wealth, and the sooner you get started, the better. Bad credit among entrepreneurs is more common than you think and can make the startup process slightly more difficult, but is not a total barrier in itself.

If your credit is pretty good but with some negative entries, it may be worth the effort to dispute inaccurate information and negotiate with creditors about removing negative entries. If you have several delinquent accounts or other derogatory information on your credit report, it takes months (at least) to bring your score up, even if you do everything right. Do not even consider the "credit repair" services -- the FTC has yet to find a single legitimate firm. The trickery they attempt to clean your credit report is bogus and at most will remove negative entries temporarily. If the information on your credit report is accurate, it is probably going to stay there for the seven years the law allows. You are better served spending your time finding creative ways to get your business off the ground than trying to "fix" the unfixable.

The primary complication of launching a startup with bad personal credit is funding the business. Banks rarely finance startups anyway, but bad credit will make it impossible to obtain a bank loan for your business. Same with the SBA loan guarantees -- because the SBA programs ultimately rely on you qualifying for a bank loan, excellent credit is required to get in the door. Even local economic development not-for-profits generally include credit score limits to qualify for government funded microloans. Generally, your credit score must be over 680 to even be considered, and anything below 620 will likely torpedo your chances. Not to worry, most businesses are launched without bank loans, and if you are driven to open the doors, you will find a way to finance your idea.

The other downside of starting up with bad credit is that some things will be more expensive and some necessities may be more difficult to secure. First, most businesses will need merchant services, the ability to take payments from credit and ATM cards. Your personal credit is a major factor in securing these services, and the regular banks are quite strict about who they approve. Fortunately, there are alternative merchant services firms that specialize in "high-risk" applicants. You will pay higher per transaction and percentage of sales rates, but you will at least have the ability to accept credit cards. If your business can be conducted over the internet, you can also obtain a Paypal account without a credit check...they accept both major credit cards and checking account drafts and their rates are usually better than the high-risk merchant services. Being flexible can overcome many of the issues associated with less than perfect credit.

Some suppliers request a personal guarantee and credit check before providing terms. If you don't qualify, you may be required to pre-pay your business's orders or pay more for terms. In most cases, you will have multiple vendors to choose from and there may be some who do not require a credit check. If you don't need to purchase on credit, making your first few orders prepaid can avoid the personal credit issue completely. Shop around for the best deals, but avoid having multiple vendors run a credit check -- believe it or not, inquiries lower your score even more.

Register your business with Dun and Bradstreet (under the EIN) as soon as possible to begin building business credit, and use the EIN on contracts and to apply for terms whenever possible. It takes time to build business credit, but eventually you want to be sure that the business liabilities are completely independent of your personal assets.

Don't let negative credit stop you from pursuing your dream of owning a business. While some things may be more difficult, there is no hard and fast rule that bad credit means you can't succeed in your own business. If anything, it will force you to be more conscientious about how you spend your startup capital and keep you focused on building your business with an eye on profitability.


About The Author: Shop Amazon - Top Gift Ideas
K. MacKillop, a serial entrepreneur with a J.D. from Duke University, is founder of LaunchX and authors a blog focused on starting a business. The LaunchX System's comprehensive, step-by-step approach to starting a business will help you develop the knowledge and skills you need to make your business startup a success. Visit http://www.LaunchX.com/ and take our Business Readiness Assessment and learn what to do next for your business startup.

Follow "The Phantom Writers" on Twitter (@phantomwriters)
to be notified when new articles are made available.


VOTE ON THIS ARTICLE
Needs Work >> 0 - 1 - 2 - 3 - 4 - 5 << Excellent Article

Tell our authors what you think about their article.



Top-Level Category: Business Online Articles || Related Categories: Business Offline Articles and Finance Articles

10 Most Recent Articles Written by K. MacKillop

The Art of Working A Room -- Networking Skills for Small Business
Written by: K. MacKillop | Distributed: 2010-02-04 | Word Count: 1115 | Page Views: 1525 | Votes: 2 | Rating: 3.00
Mastering the art of effective networking marks the difference between merely successful entrepreneurs and captains of industry - the better you are at networking, the more power you wield. There are a few simple rules to follow to be successful working the room, and anyone with a little willingness can learn to be a master of networking.

Women and Social Entrepreneurship -- A Growing Trend
Written by: K. MacKillop | Distributed: 2010-02-02 | Word Count: 533 | Page Views: 1893 | Votes: 3 | Rating: 3.00
Many women are finding that the power and privilege that comes with successful entrepreneurship make it easier to make a difference, both financially and by promoting new ideas. Combining a for-profit business with social activism provides the best of both worlds. Women who are thinking about launching a nonprofit should consider the alternative -- Social Entrepreneurship.

Top Ten Startup Mistakes That Almost Always Lead to Business Failure
Written by: K. MacKillop | Distributed: 2010-01-28 | Word Count: 1188 | Page Views: 2463 | Votes: 3 | Rating: 3.33
Over two-thirds of new businesses fail within the first few years. Protect your business startup against these ten common startup mistakes and get on the road to a successful company.

Hiring Well When Starting a Business Can Be Critical to Success
Written by: K. MacKillop | Distributed: 2010-01-21 | Word Count: 912 | Page Views: 1405 | Votes: 2 | Rating: 2.50
Finding the right employees for your startup is critical. They will not only be representing your business, but they will also be representing YOU. Do your homework before you start hiring, and then hire the best people you can find.

Starting a Business? Should You Choose a Full-Time or Part-Time Startup
Written by: K. MacKillop | Distributed: 2010-01-19 | Word Count: 1150 | Page Views: 1375 | Votes: 1 | Rating: 2.00
Starting your own business is a huge endeavor that takes quite a bit of time and energy. Many potential entrepreneurs have a hard time deciding whether starting a business part-time or full-time makes the most sense for them. Whatever you choose to do, be sure to develop and use a time-management system that works for you and ensure that the time you spend working on your idea is productive. If you are serious about asserting your independence, you will find the time to make your idea into reality!

Take Advantage of Federal Contracts for Your Business Startup
Written by: K. MacKillop | Distributed: 2010-01-14 | Word Count: 653 | Page Views: 1887 | Votes: 3 | Rating: 2.33
Getting on board with federal, state or local government contracts can be a boon to your venture's bottom line. Spend a little time and effort and open up a new target market -- the government.

Cash or Accrual Basis of Accounting? Which Should You Select When Starting a Business?
Written by: K. MacKillop | Distributed: 2010-01-13 | Word Count: 830 | Page Views: 7680 | Votes: 11 | Rating: 1.55
One startup decision that seems to cause entrepreneurs heartburn is whether to set up their accounting system on a cash basis or on an accrual basis. Although this sounds like secret accounting code, the implications are straightforward, and, for most businesses, the right method is easy to see.

Starting Your Business Smaller Can Make Your Success Bigger
Written by: K. MacKillop | Distributed: 2009-12-03 | Word Count: 782 | Page Views: 1407 | Votes: 1 | Rating: 5.00
Does your business idea seem too big to take on? Will it require more startup capital than you can obtain? Don't give up on owning your own company -- there are ways to modify almost any business idea into something that can be started part-time and with less capital than the original plan. The most successful entrepreneurs tend to be very flexible and creative in getting where they want to go. Whatever you decide to do, get started on your planning as soon as possible!

Every Business Startup is a Series of Unexpected Events - Will You Be Ready?
Written by: K. MacKillop | Distributed: 2009-12-01 | Word Count: 847 | Page Views: 2036 | Votes: 1 | Rating: 4.00
No matter how seasoned an entrepreneur, every business startup has its share of surprises. Certain personality traits are advantageous in dealing with rapid changes, and developing these traits will help ensure the success of your business when faced with change.

All of Author's Articles on this site:

Most Recent "Business Online" Articles

Four Tips For Creating An Effective Authors' Resource Box
Written by: Bill Platt | Distributed: 2013-08-27 | Word Count: 1669 | Page Views: 3763 | Votes: 8 | Rating: 2.38
In article marketing, there are many factors that will affect your articles' ability to promote your website in the most effective manner. In this article, we will briefly discuss a couple those factors, before we dive into how to create an effective Authors' Resource Box, also known as the About The Author Information.

Website Traffic Generation: Winning the Love of the Traffic Fairy
Written by: Bill Platt | Distributed: 2013-08-24 | Word Count: 1149 | Page Views: 4257 | Votes: 6 | Rating: 1.83
Some people still believe that all they have to do is build a website and customers will magically appear on their site... Once they have built their websites, they wait anxiously for the "Traffic Fairy" to come and sprinkle its magic dust on their website too, so that they can make lots of money like other success website owners.

What Kind Of Backlinks Are Best At Helping Your Website In Google?
Written by: Bill Platt | Distributed: 2013-08-21 | Word Count: 439 | Page Views: 5396 | Votes: 8 | Rating: 3.63
I was in the Warrior Forum, and someone asked what kinds of Backlinks are worth pursuing. This is my answer to that query.

Understanding the Mechanics of Effective Article Marketing and Article Syndication
Written by: Bill Platt | Distributed: 2013-08-01 | Word Count: 1399 | Page Views: 2333 | Votes: 3 | Rating: 1.33
Visit several marketing blogs or marketing forums, and you will find dozens of people proclaiming the death of article marketing as an effective marketing tool. Before we start agreeing with them, consider this...

Top 10 Reasons Why Online Marketers Fail With Article Marketing
Written by: Bill Platt | Distributed: 2013-07-31 | Word Count: 1025 | Page Views: 3522 | Votes: 6 | Rating: 2.67
If you've been marketing products online for any length of time, you've likely heard people talk about the power and promise of article marketing for the promotion of your online business. Unfortunately, many online marketers have tried to utilize article marketing to benefit their online business and failed. In this article, I document the top ten reasons why people fail to find success with article marketing... And how to fix your article marketing campaigns...

Article Marketing Tip: Stop Trying To Sell From Within Your Articles
Written by: Bill Platt | Distributed: 2013-07-30 | Word Count: 1229 | Page Views: 2167 | Votes: 3 | Rating: 0.67
The basic premise of article marketing is to present people information that will be important to them, then at the end of the article, present information "about the author" and offer to the reader a means to see how the author can help the reader further. When done well, article marketing continues to be one of the most effective methods of promotion that one could employ online.

The Six Degrees of Internet Marketing
Written by: Bill Platt | Distributed: 2013-07-30 | Word Count: 991 | Page Views: 4173 | Votes: 6 | Rating: 2.33
The theory behind the Six Degrees of Separation is that all people on earth can be connected together in as little as six steps. Now, I know what you might be thinking at this juncture... That sounds fun and interesting, but what does that have to do with Internet Marketing? That is a great question that I am going to answer for you in this article...

How To Win More Eyeballs for Your Offers and Websites
Written by: Bruce Lansing | Distributed: 2013-07-29 | Word Count: 1373 | Page Views: 1979 | Votes: 3 | Rating: 0.33
Most people using search engines on the Internet are looking for answers to questions and solutions to problems. If you can give people what the answers they want, you will be able to position your business as one worth hiring today or tomorrow.

How To Increase Your Rates and Earnings As a Freelance Writer
Written by: Bill Platt | Distributed: 2013-07-29 | Word Count: 1191 | Page Views: 2208 | Votes: 3 | Rating: 0.33
Freelance writers fill a very important role in today's business marketplace. They create the on-demand, customized content that business owners everywhere need to push their businesses forward. In this article, the author explains what freelance writers should do to ensure that employers will pay them well for their services.

Promoting Your Business With Content:: Defining Your Writing Strategy
Written by: Bruce Lansing | Distributed: 2013-07-25 | Word Count: 677 | Page Views: 1905 | Votes: 3 | Rating: 2.00
Many people suggest that you should write articles on the basis of the benefits that people will get from reading your articles. I'd like to suggest that there is a better reason, and that is to write your articles on the basis of what problem people will be able to solve, as a result of reading your articles.

Most Viewed "Business Online" Articles

Attracting Readers to your Book
Written by: Alastair Hall | Distributed: 2006-05-18 | Word Count: 708 | Page Views: 44697 | Votes: 9 | Rating: 2.11
One of the common and obvious ways to market a self-published book is having your own website. The harder part is how to attract your target audience and then convert the sale.

How To Make Visitors Bookmark Your Site
Written by: Cheryl Miller | Distributed: 2006-10-10 | Word Count: 536 | Page Views: 37228 | Votes: 13 | Rating: 2.38
When visitors bookmark your site it is a sign that you have built a great website and are pleasing them. Visitors think highly enough of your site to want to return and possibly tell others about it. You are not only increasing traffic from your existing clientele you are encouraging new traffic by means of viral marketing.

Treat Online 'Guests' With Respect
Written by: Rick Sloboda | Distributed: 2007-07-27 | Word Count: 472 | Page Views: 28693 | Votes: 25 | Rating: 3.76
Does your website show your customers lack of respect? Review the following checklist to find out.

How I Got 70,000 Useless Visitors To My Site In One Day! (One Internet Marketer's Analysis of Social Bookmark Traffic)
Written by: Titus Hoskins | Distributed: 2007-11-06 | Word Count: 1545 | Page Views: 25911 | Votes: 8 | Rating: 2.13
Is social bookmark traffic useless? Is it even worth cultivating for your site? Can it be used from an online marketing perspective? Read to discover one Internet Marketer's analysis of social bookmark/media traffic...

Successful Article Marketers Help Readers Solve Problems
Written by: Bill Platt | Distributed: 2013-07-24 | Word Count: 816 | Page Views: 22046 | Votes: 26 | Rating: 3.04
Every week, I have the opportunity to speak with people about the benefits and challenges of using article marketing to promote an online business. Article marketing is about getting your sales message in front of potential customers and to get links to your website. Many interpret this to mean that an article should directly promote a website within the article, but that approach is wrong and will reduce one's success using this methodology.

Tips For Building Your First Website
Written by: Benny Tsabba | Distributed: 2007-05-30 | Word Count: 1511 | Page Views: 17987 | Votes: 10 | Rating: 2.30
New people are coming online everyday. And many of those people desire to turn their spare time into spare cash. So begins their journey.

The Importance Of Effective Follow-up
Written by: Kate Smalley | Distributed: 2007-01-15 | Word Count: 493 | Page Views: 12343 | Votes: 10 | Rating: 3.20
Marketing experts say that following up with clients is crucial to successful selling because most prospects do not buy the first time, according to Aweber, a leading autoresponder company. People must encounter a marketing message multiple times before making a purchasing decision.

Today's Google Bots and What They Do
Written by: Kim Roach | Distributed: 2006-08-02 | Word Count: 1061 | Page Views: 12266 | Votes: 8 | Rating: 3.25
Google currently indexes over 8 billion web pages. However, before these pages were placed in the index, they were each crawled by a special spider known as the GoogleBot. Unfortunately, many web masters do not know about the internal workings of this virtual robot. This article will attempt to reveal some of the most important Google spiders, their function, and how they affect you as a web master. We'll start with the well-known GoogleBot.

Successful Forum JVs and How To Get Them
Written by: Diana Barnum | Distributed: 2006-06-15 | Word Count: 648 | Page Views: 8955 | Votes: 11 | Rating: 2.18
The forming of common alliances, also referred to as a joint venture (JV), happens nearly every day in the business world. One of the most popular means of linking people up online of so that they can work together on their projects is via forums, where people of all levels of business and expertise post in common threads.

Changing Your Company Name: The Good, The Bad and The Unnecessary
Written by: Marcia Yudkin | Distributed: 2009-07-16 | Word Count: 520 | Page Views: 8819 | Votes: 22 | Rating: 1.91
Wondering whether or not to change your company name? Several reasons for doing this are legitimate. Other reasons should make you stop and reconsider.

Highest Ranked "Business Online" Articles

How to Keep Your Article Content Fresh and Interesting
Written by: Craig Ritsema | Distributed: 2006-08-29 | Word Count: 699 | Page Views: 3685 | Votes: 17 | Rating: 4.18
Webmasters everywhere are constantly on the lookout for fresh and interesting content for their website. Along with these content qualities is the requirement that it be unique. Everyone wants their website to stand out above the others in the search engine results. So what is the trick for you to keep a steady supply of this quality content coming your way?

Is Your Business 'Out Of Site'? Employ The Ultimate Marketing Tool
Written by: Rick Sloboda | Distributed: 2007-01-09 | Word Count: 445 | Page Views: 3750 | Votes: 19 | Rating: 4.16
With the rapid expansion of the digital economy, the web site is conceivably the most powerful marketing and sales tool you can employ. Find out what a web site can do for you.

How To Use Your Race To Get Rich
Written by: Herbert Harris | Distributed: 2009-07-07 | Word Count: 1407 | Page Views: 4386 | Votes: 40 | Rating: 4.05
Amid recent news reports that there continues to be an ongoing and substantial gap between the net worth of Whites and other racial groups, it is easy to be distracted and overwhelmed by the raw data. However, I am immediately reminded of a quote offered by an economic expert from the past... "There are lies, damned lies, and statistics!"

Secrets of Domain Parking - An Innovative and Easier Way to Make Money
Written by: John Khu | Distributed: 2009-02-27 | Word Count: 484 | Page Views: 3764 | Votes: 7 | Rating: 4.00
Using a good domain parking services to monetize expired domain names seems to be a neglected aspect with a number of domain names traders. Domain parking is also an unfamiliar concept to many inexperienced domain name traders. Read this article to better understand domain parking and how it can be of benefit to you.

The Most Important Ingredient for Info Product Success (is You)
Written by: Judy Murdoch | Distributed: 2008-04-15 | Word Count: 981 | Page Views: 3909 | Votes: 13 | Rating: 3.92
Last week I was attending a conference and mentioned to someone I help small business owners create information products. The other person was very friendly until I said "information products." Then the temperature in the room dropped about 10-degrees

How To Build A Website That Will Rank Well In The Search Engines?
Written by: Fred Schebesta | Distributed: 2007-04-23 | Word Count: 1064 | Page Views: 6916 | Votes: 9 | Rating: 3.89
Redeveloping your website can be a real challenge when you assume your web designers and developers understand search engine marketing. Unfortunately this is not usually the case. Most designers are great at making pretty pictures and developers are great at making great technology. But pretty pictures and great technology don't necessarily give you great search engine results.

How to Prosper Beyond Virtual Real Estate
Written by: Kamau Austin | Distributed: 2006-10-17 | Word Count: 1263 | Page Views: 4430 | Votes: 7 | Rating: 3.86
We explore virtual real estate (VRE) sites as sites primarily embedded with Google Adsense(tm) or Yahoo Publisher's Network (YPN) ads.

Why I'm A 'B-Level Marketer!'
Written by: Willie Crawford | Distributed: 2007-07-16 | Word Count: 917 | Page Views: 4313 | Votes: 24 | Rating: 3.83
At a recent Internet marketing seminar, I was sitting around the hotel lobby with approximately 20 other seminar attendees and speakers. The seminar's host was in attendance, and the conversation covered a range of internet marketing topics with extreme frankness. Our proximity to the hotel bar certainly contributed to our 'conviviality.'

The Role of Hunger in Your Business
Written by: Mark Silver | Distributed: 2009-01-21 | Word Count: 1016 | Page Views: 1852 | Votes: 5 | Rating: 3.80
Hunger and fear are good for your business. Not abject hunger and despairing panic, mind you. That's too much. But a little touch of hunger and fear is very useful. I know there are many people out there who would prefer that not to be the case. And I'm one of them. I wish inspiration and love were big enough motivators for action. But for us humans who aren't yet enlightened, they don't seem to work so well.

The Importance Of Creating Resistance In Your Copy
Written by: Bill Platt | Distributed: 2009-09-10 | Word Count: 2009 | Page Views: 2458 | Votes: 5 | Rating: 3.80
"Creating Resistance in Your Copy" is an idea that is alien to most online marketers. After all, online marketers want to believe that everyone should buy their products and services, because the more people buying what is being sold, the more money the marketer will inevitably earn.












Download an eBook today
 
Directory Navigation
Locate By Author

Locate By Category:
ALL Categories
Arts & Crafts
Arts & Entertainment
Automotive
Business - Offline
Business - Online
Career
Computers
Education
Family
Finance
Food & Drink
Health & Wellness
Home & Garden
Humor
Internet
Nature & Pets
Real Estate
Religion
Self Improvement
Shopping
Society
Sports & Recreation
Technology
Travel & Leisure
Uncategorized
World Events
Writing & Speaking

Change Number of Results:
50 - 100 - 200 - 500
Article Reprint Rights
Creative Commons License

This work is
licensed under a
Creative Commons
License


You are not required to show the creative commons license notice when you reprint this work.
Article Publishing Tools
Print Article
Email-to-Blog
HTML Source Code
Text Newsletter Format
Link Back HTML

Blog Publishing Tools

Internal ID: #7286
Article Statistics
Word Count: 734

Total Views: 2025

Article Rating: 3.50 of 5
Votes Cast: 2

More Articles By Author:




Article Title Search:

Widow Search
Right Blinker
Google
Yahoo!
Zuula
Bing
Cuil

Last Distribution Date:
2010-01-26 12:15:00






All Articles are Copyright © 2001-2017 of the Defined Authors.

All other material and images on this site are:
Copyright © 2001-2017, ThePhantomWriters.com