One of the most important aspects of financing a business is the ability to have a good credit score. Your personal credit score determines whether you will qualify for a business loan. According to Consumerfinance.gov, a credit score is based on credit reporting companies, such as Equifax, Experian and TransUnion.
As an entrepreneur, your monthly income may vary and this will make if difficult to forecast projections and expenses each month. Having a financial action plan is key to reaching your goals. You can create monthly goals for planning purposes. Establishing relationships with lenders will also help with learning more about financing options and solutions.
Our new CE course - Financial Management Basics is an introduction to understanding business finances.