Did you know that your chances of obtaining business financing can increase by more than 250% if you have good business credit? The problem for many business owners is that they think that just because they're in business, they're automatically building the good business history required to get credit. Not necessarily so.
We invited EMyth business partner Trent Lee to join us for a discussion about financing your business. Lee's company, Corporate Credit Concepts, specializes in helping business owners and entrepreneurs smartly obtain lines of cash credit to launch, operate and grow their businesses.
Unlike personal credit that typically builds as we go about our normal lives—paying our credit card and other bills on time—business credit doesn't happen on its own. You may be in business, but that's no guarantee that you have a business credit history. Bottom line: you have to take an active role in establishing your business credit. The benefits are numerous—having a solid business credit history helps you obtain short and long-term financing and can help you turn your business into a valuable (and transferable) asset.
Listen to our conversation with Trent:
If you need help incorporating or building good business credit, check out our guide to Maximize Your Business Value.