Madison Heights, MI (PressExposure) April 10, 2009 -- Susan Carter met with one of Detroitâs Wayne County Community College instructors to discuss how and why new business owners make these serious mistakes. Susan began by talking about how every day business owners wish that they had known how to avoid the mistakes that were going to cost them money. They experience frustration because they canât get business credit lines, they canât get vendor credit, they canât get startup capital, and they canât continue to carry their business expenses on their personal credit cards because their FICO scores are dropping so badly their personal credit is now at risk of destroying their personal financial life. Some of the question Mark asked Susan had been asked of him during many of his classes he has taught at WCCC in Detroit. They were: how do get unsecured business loans; how do you get a small business credit card, or a vendor card like Home Depot? The students and entrepreneurs in the classes are frustrated and getting nowhere. They need help. Susan provided some of the answers they needed during this meeting. Susan stated that there are several specific steps required to build your business credit so that you can become creditworthy enough to apply to lending and financial institutions. There are many points you need to understand about business credit. When it comes to your established business or your new startup business, there are many mistakes that can be extremely costly. Susanâs goal is to help people avoid the important ones so that they stay on track to improving their business income. Susan chose three of the worst mistakes made by new entrepreneurs and business owners. #1 Not legally setting up a business properly. Some startup business owners donât think they need to set up their company as a legal business entity (i.e., LLC, corporation) since it's only them working the business. They combine their business accounts with their personal accounts and this can have a huge consequence when it comes to the IRS. #2 Not presenting a business as âestablishedâ. This means that your business must have its own address and separate phone number. The address listed in the â411â directory must match the address listed with the State because the financial institutions will go online and verify the business information with the State. #3 Not checking personal and credit reports. You know how important it is to regularly check your personal credit reports to make sure there are no mistakes on them, but it is also important that you check your business credit report as well. Susanâs final comments during this discussion with Mark were centered on the fact that businesses in every state have to follow the same general rules of business credit. It doesnât matter if you are doing business in Madison Heights, Michigan, or the State of New York, Florida, Texas, Colorado, Nevada, or California. Lenders ask for the same type of information and expect to get the same results â an established, legally structured business entity that presents itself well. Susan recognizes there are thousands of individuals that want to find out more about setting up a business structure correctly. They are in search of a resource where they can learn the âsecretsâ of presenting their company as established so they too can obtain lines of credit without risking their personal FICO scores. Susan has written a new e-Book called âBasics of Business Creditâ that is a complete resource to answers all of these questions, and many more. Her website is: http://www.SusansBooks.com. As an added bonus, Susan is also giving away to the first 500 people who purchase her e-Book a Free Credit Restoration Guide to assist individuals in cleaning up their personal credit. This e-Book normally sells for $39.97 each.
This article was submitted by: Start With The Basics, LLC P.O. Box 71481 Madison Heights, MI 48071 Email: email@example.com