Disclaimer: Some links and discount codes in this article generate affiliate income. So if you use these codes or click and make a purchase, I will get some commission at no extra cost to you. Recommended products are of high quality. Some of them I use personally.
You need money to grow your business.
For instance, you may need funds to buy equipment, develop new products, hire more employees, or launch a marketing campaign.
Where does all this money come from?
Well, to help you, there are a variety of loan and credit opportunities available.
All you have to do is do some research into different options and then apply for business funding.
An important thing to note here is that every creditor has to make a call to decide whether it is safe to lend you money.
For this, they have their own set of parameters.
But the main ones they focus on are the company’s credit score and risk profile.
So to get finance quickly, make sure you have a good credit score and a low risk profile.
5 Tips for Better Business Credit Scores
1. Keep your personal and business credit scores separate.
Keeping them separate will reduce the negative effects that one might have on the other.
Making all your business payments from business bank accounts is a simple way to do this.
Make sure you do the same by making personal payments only from personal bank accounts.
2. Create an LLC
You should either form an LLC, an S-corporation, or a C-corporation.
They help to keep your business credit and assets separate from your personal ones.
Keeping the credit profiles separate provides you with a margin of safety and peace of mind.
If your company runs into financial difficulties, your personal assets will be safe.
You can also register an LLC with a virtual address.
3. Build a good business credit score.
Lenders check your business credit score before giving you access to funds.
They check your repayment history. That is, are you making timely payments on loans and credit cards?
They also check whether you are repaying vendors on time or not.
So make sure you always pay on time, every time.
If you’re having trouble making a payment, call the lender or vendor right away to work out a solution.
4. Choose suppliers that report to business credit bureaus.
Be specific with the suppliers you choose to work with.
Only work with suppliers who report your payments to business credit agencies.
As it will strengthen your business credit score.
5. Create a professional profile for your business.
Your business credit profile is not the only factor used to make lending decisions.
There are many more factors involved.
One of them is the perception of your business from the outside.
Your business should look professional and trustworthy.
And for this, your business needs to have an office, contact number, website and email address.
It’s all about credibility.
The more visible and active your company is, the more likely you are to gain your lenders trust and approval.
If you’re wondering how to get an office address without spending a fortune, we have a suggestion for you.
One of our affiliates, Alliance Virtual Offices, can provide a business address with a phone number for as little as $79 per month.
It has all the amenities of a traditional physical office like commercial address, mail processing, onsite receptionists, and meeting rooms.
The only difference is that you pay only for the address rather than the full-time office space.
That is what makes it a cost effective solution.
To the outside world, it looks like your main office.
But like many entrepreneurs, you can work remotely rather than in an office full-time.
As it is a much more flexible and affordable option.
For an hourly fee, you may use the onsite office space and meeting rooms whenever you need them.
This approach will assist you in building a good business credit score for future growth.
It will also help you save money, which you can invest in your business.
Do you want to learn more?
Learn more about how a business address and phone number can help your company grow.
All you need to do is visit the Alliance Virtual Offices website.
Chat online with a member of the team and search for virtual office spaces in your area.
You can always reach out to one of the senior advisors for a free consultation if you have any queries.
Also, if you want to know about the best options for your specific scenario.