Credit Repair Houston expert and small business owner Vanessa Perry answers common misconceptions of small businesses in the latest episode of Ask Impeccable below.
The Truth Behind A Small Business
Many times people think it is glamorous having a small business. In fact many small business owners risk their personal lines of credit along with savings just to be open. Risk does not always equal credit in small businesses. Within the first year at least 20% of small businesses fail, and by year five 50% fail. Within 10 years on average there is only a 35% survival rate. Many times small business owners will take out loans or go through a hard money lender to keep the business afloat.
Small Business with Big Problems
It is common for a small business owner to have credit problems from having a small business. The credit problems can come from many things, debt from using personal credit to fund the business rather than business credit is a main factor. With all of the risk it does take time to become profitable and worth all the hard work and long hours.
How To Solve The Problems
When establishing a small business it is smart to build the business credit first and foremost after having Impeccable personal credit. By building business credit it elevates stress on your personal credit and puts the liability on the business itself. When you start getting into larger lending amounts you do have to sign as a personal guarantor.
Credit Repair Houston
For all of your credit restoration needs contact Impeccable Credit Services . With 16+ years of experience Impeccable Credit Services is able to prepare any small usiness owner towards success. Impeccable Credit Services has services that assist with personal and buisness credit.