Are you an entrepreneur? Then you endure more risk (or at least, did at some stage).
That is all very well but are you risking the following: -having creditors continually call you? -thinking of bankruptcy? - being turned down for a mortgage? -Paying more interest than you need? -Losing your home? If you are like many people then you are in danger of meeting all of these issues and more.
The fact is that entrepreneurs make financially devastating mistakes when they are conducting their business.
At first, they may not realise and even when they do, then they fall into a false sense of security - until it is too late.
The day comes that they cannot qualify for a mortgage.
Or that beautiful car they always wanted.
Or perhaps they are being hassled by creditors until funds are so scarce that bankruptcy is the only answer.
Many times, all this happens because people use their personal finances to fund the development of their business.
They might use credit cards to fund the business expenses and, worse, use money gleaned from somewhere or someone else.
In short, if you are thinking of being in business then business credit is a must.
But, the catch is that most people have no idea how to get business credit and therefore dip into their own personal funds.
Establishing a base of business credit means that not only do you not use your own funds but you can also use business credit cards which absolves you of any effect on your personal credit rating.
However the most striking reason to establish some business credit history is to obtain unsecured business lines of credit.
When set up according to stringent measures, this can easily be achieved.
This then gives you the working capital to conduct your business matters.
Even in more difficult times, with the right research and carefully constructed business plan, you should find financial institutions ready to fund your start up or growth.
You must always consider these options and remember not to put your personal finances and credit history at risk