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    4 Replies Latest reply on Feb 24, 2009 10:26 PM by massagefever

    Business Credit, couple questions

    massagefever Adventurer
      1. How important is it really to get it for a small one owner business?

      2. How long does it take to build up so that you can get financing from it?

      3. Does this mean you can no longer mean you can file the business info on your personal taxes?
        • Re: Business Credit, couple questions
          bmt2008 Adventurer
          Business credit can be good for many things - but it is not for everyone. Tell us more about you and your business? What is it you are hoping to achieve? Are you a sole proprietor or have you formed a business around your operations?

          There are some very good people on this forum that can help you with establishing business credit - see posts by creditbuilder - but, make sure it is right for you first (they will also tell you the good and bad to make sure you make the right decission).

          Let us know more.

          Business Money Today
          www.businessmoneytoday.com
            • Re: Business Credit, couple questions
              massagefever Adventurer
              I am a sole proprietor, a massage therapist. I have been in business for one year but out where about 3/4 of the population can't find me. I have found the perfect location. It is a high traffic location but the lease is lower than the rent on rooms in most office buildings. The owner has worked with me a lot and made a lot of concessions to help me get in. I will be renting at least two other rooms to massage therapists but that will not come right away. My problem is I do not have all the cash equity to get everything I need to get started and get all expenses.

              I know I am a good therapist. The clients I have now have told me they will follow me anywhere and they typically schedule their appointments in advance. I KNOW that I can make this work. I just need to be given a chance to get started.
                • Re: Business Credit, couple questions
                  bmt2008 Adventurer
                  How much are you seeking? How is your credit? Other than overhead expenses - what else do you need? I might know a few sources that can help you - but need a little more info.

                  Business Money Today
                  www.businessmoneytoday.com
                    • Re: Business Credit, couple questions
                      massagefever Adventurer
                      I have excellent credit. The biggest costs that will cause us issues in the beginning will be the
                      security deposit, 2 payments of $1000 each.
                      Lobby furnishing (as cheap as I can get and look stylish)
                      And a really nice looking sign outfront although I may be able to do some massage bartering for some of that.

                      And I am going to have to pay daycare each month of $620.

                      The one thing you should probably know is that I am not willing to do this as a personal loan with my home as collateral. My husband and I disagree on this opportunity.