Founder Says There's Never Been A Better Time To Start A Small Business - If You Start It Right
LAS VEGAS, NV / ACCESSWIRE / April 4, 2022 / The U.S. Census Bureau says that small business owners in the United States filed 5.4 million new business applications in 2021, a new record. Unfortunately, according to the Small Business Administration (SBA), only two-thirds of those businesses will survive at least two years.
Score.org, the nation's largest network of volunteer, expert business mentors, says 82% of small businesses fail because of cash flow issues, which leads to credit issues and can eventually cause problems in getting approved for a loan.
Scheli Jones, CEO and founder of Biz Credit Talks understands this problem firsthand. Jones ran a highly successful hair salon for over 20 years and was shocked when denied a loan because her business lacked a credit history. Biz Credit Talks urges small businesses to establish a credit history and create a track record for success and sustained growth.
Jones says, "many small business owners rely on profits to sustain their business. Others get cash advance loans against their daily or weekly receipts." Instead, small business owners need to build up long-lasting business credit. Jones says, "by increasing your business's credit scores, you will open doors for larger lending institutions to lend you money at a better rate."
Biz Credit Talks says small business owners frequently make mistakes when setting up their business, starting with establishing the correct business entity. Jones says, "When you choose a business entity, you decide how to protect your personal assets from the legal liabilities of doing business. You must learn the difference between the various business entity options. The SBA has a great resource that outlines the different types of business entities. Make sure you check it out." (https://www.sba.gov/business-guide/launch-your-business/choose-business-structure)
Small business owners also need to have a credible business address, even if it's a home address. Biz Credit Talks advises, "you need to update your address with the IRS, your secretary of state, city and county, financial accounts, business credit accounts, and more. Having an incorrect address is a surefire way to get denied a loan."
Lastly, businesses need a credible business phone number, not a cell phone number. Biz Credit Talks says, "you should designate a separate line for your business: either a landline or a credible VOIP. Using an 800-number is also acceptable."
Biz Credit Talks wants struggling business owners to know they are not alone. Jones says, "If you are in the thick of challenges, you may feel like a failure. However, by taking simple steps, you will be able to put your business in a position to get the capital you need to succeed." As someone who has overcome hurdles, she offers hope. "At the end of the day, you know in your heart that you started your small business for all the right reasons. Keep pushing forward."
ABOUT BIZ CREDIT TALKS
Biz Credit Talks offers a variety of strategies to help entrepreneurs sustain or grow their business by establishing a solid foundation. Scheli Jones, Owner and founder of Hair Works International and Biz Credit Talks, learned her 20-year thriving hair salon wasn't creditable and took charge to build business credit. She helps entrepreneurs avoid the pitfalls of building a business and sets them up for long-term success. For more information, visit bizcredittalks.com. For additional information, visit Biz Credit Talks on Facebook.
SOURCE: Biz Credit Talks
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