Wednesday, March 17, 2010

Getting and keeping a small business

Millions of people dream of owning there own business. Being in control of your own future has great advantages but there are some factors you should consider first.

1. Find a business expert or group of experts that work with start-up and growing companies. They can provide you with education and counseling on the smallest of details when starting or gowing a business.

2. Ask your banker for advice on financing. If he can't help you he may refer you to other resources such as factoring companies or asset based lending firms to help you build your business or at least help with financing solutions.

3. Establish a sound track record with your business. A good credit history is as just as important in business as in personal finance. Make timely payments to suppliers and vendors and take advantage of trade discounts . Ultimately this will pay off when applying for future loans.

4. Be patient. It takes time to establish a solid business and get everything running smoothly.

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