What if you had a group of like-minded individuals that you could consult and bounce ideas off of? Get tips on launching your business, boost your business credit, and find creative options for business funding. KAB Credit Services is launching the Best Business Credit Facebook Group. At KAB Credit Services, our mission is to help entrepreneurs obtain the capital and credit that they need to fuel their funding solutions.
Why Business Credit Is Important For Your Business
If you are a startup, new business or small business, there are many elements that you need to take into consideration. You will need everything from marketing materials to hiring employees, purchasing office products or any equipment. To get all this, your business is going to need funding. One of the fastest ways to get funding is by establishing good business credit.
Good business credit is also a safety net for your business if there is an emergency for your business. Maybe your business is doing well now but what about in a month? Next year? Two years from now? If another catastrophe happens (like a pandemic) do you have enough money to cover your employee’s payroll? Can you pay your rent? If you already have good business credit, you will have no troubles with getting a loan or borrowing money.
What Is Business Credit?
Your business has a business credit score, much like a personal one. Credit score reveals the trustworthiness of your business. Your business score gauges the reputation of your company. It reveals a lot about your business’s delinquent payments or bankruptcy. This could affect your chances of landing future business relationships. A poor business credit history could sever opportunities with potential lenders and investors. A lower credit score makes you a high-risk endeavor and makes your business look unreliable.
Myths About Building Business Credit
Managing your business finances includes understanding the ins and outs of business credit and business credit scores. There are a lot of myths and misconceptions surrounding how business credit works. Unfortunately, making misjudgments and mistakes about business credit can hurt your business in the long run. Avoid costly errors by understanding your business’s financial profile and health.
Myth #1 Business and Personal Credit Is Reported On the Same Report
This is one of the most pervasive myths about business credit is that it is reported the same as personal credit score. Business credit is reported on three major personal credit bureaus and three major business credit bureaus. Personal credit is reported on TransUnion, Experian, & Equifax. Business credit is reported on Dun & Bradstreet, Experian, & Equifax.
Although business and consumer data is housed in the same bureaus, these reports are completely separate. Business credit reporting agencies use separate algorithms, score ranges, and data rules. Another major difference is that commercial scores are not regulated and company reports can be purchased by anybody.
Myth #2 Hard Inquiries Do Not Hurt Business Credit Scores
There is some debate about the amount of inquires that will hurt a personal credit score. However, for businesses, too many inquiries WILL hurt a business’s credit score. When there is an extreme number of hard inquiries on business credit, it will factor into your score. Additionally, if there is an excessive amount of inquiries, it will raise a red flag on your business.
Myth #3 You Do Not Need Business Credit
When you are starting a business, business credit would be the last thing on your mind. You might even think you don’t need to worry about it at the moment. However, the truth is, non-existent or poor credit presents a higher risk to banks and lenders. It will make you appear as if you can’t handle the account or a high risk of business failure.
Additionally, if you are in the process of working with a partner, lender or bank, they may choose to no longer work with you, and they are not obliged to tell you why. It is also not a good idea to use personal credit for business loans or expenses. This can become a problem when you need to use your personal credit for personal expenses. Be mindful of your business credit and monitor regular credit reports.
Join Our Business Credit Facebook Group
KAB Credit Services has created “Dominate In Your Business And Leverage Business Credit Like A Boss”. This Facebook group is for business women who want to build business credit and prosper in business. Share your successes, lift each other up, and offer your advice and expertise. My goal is to provide business owners with the resources, tools and skills that you need to take control of your businesses and personal finances. The group is focused on how to leverage business credit to prosper and succeed in business. Join our Facebook group to dominate your business with business credit today!
As a member, you will have access to:
- LIVE Trainings here for FREE to help you with Business Finances, Quickbooks, Taxes, social media marketing, branding, and marketing
- Building your network and building relationships – the BEST way to do business is to get to know each other.
- Opportunities to promote yourself and your business
- Knowledge and expertise from other business owners
- Early access to KAB Credit Services courses, special promotions, and events
Using Facebook Groups to Grow Your Business
Facebook groups are a powerful marketing tool. IT can help you attract new customers, engage with current ones with exclusive content, community and support. Joining a Facebook group allows you to use it for learning and engagement, for feedback, as well as a place to find insights. When you join “Dominate In Your Business And Leverage Business Credit Like A Boss”, you will gain invaluable knowledge that you need for your business. This is just the beginning, as KAB Credit Services has a lot more to offer your business.
We Can Help You Build or Repair Your Credit Score
KAB Credit Services has the knowledge you need to raise your business credit score, get loans and funding. You could be eligible for a credit line will have low interests and long-term loans. We can even get you funding in seventy-two hours or less. What are you waiting for? Get your started today! Call us today at (321) 267-2111 or send us a message.