Creative Business Financing Options: Credit Cards

in Forum: Startup Funding

Source of this discusssion: /articles/1224/1/ AT_Creative-Business-Financing-Options.asp Page description: Credit cards can be a great way to creatively finance your startup business. Shop for a good interest rate, understand fees, manage your credit score and you could be on your way to entrepreneurial success.

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Sep. 10 2007 at 2:54 AM
Posted by: Ralph4 “Quote Reply
Boy do I wish I had read your bottom line before I got so deep in my situation. I am a frustrated established business owner trying desperately to keep pace with a competitive market. I'm currently sustaining my business expenses with my personal credit cards, and I have been doing so for quite some time. I have successfully maxed out each of my personal credit cards. Because of this situation, I am trying to get a loan in an effort to pay off all my personal credit cards and then, hopefully, be able to establish a business line of credit. However, I find that most banks view me as a considerable risk because of my maxed out credit cards, and each attempt I make to acquire a loan is denied. I am not quite ready to give up on my business. It is all I have. I believe that by paying off my personal credit card balances I will take the noose of the neck of my business. With a business line of credit, I will be able to allow my business an opportunity to stand on its own two feet. Any suggestions?
Sep. 10 2007 at 11:13 AM
Posted by: robertj “Quote Reply
ralph4, Assuming you didn't have the credit card payments - is the business generating enough revenue to sustain itself and provide for your personal needs? Business Growth Masters, LLC - Capital Catalysts for Entrepreneurs Home of the Scalable Business Plan and QuikStart Capital Programs http://www.bizgrowthmasters.com info@bizgrowthmasters.com
Sep. 13 2007 at 11:48 AM
Posted by: Roblue “Quote Reply
robertj wrote: ralph4, Assuming you didn't have the credit card payments - is the business generating enough revenue to sustain itself and provide for your personal needs? Hi Robertj, If I didn't have my personal credit cards, I would, in most months, need my personal credit cards to cover the monthly overheads and expenses. There has been a lull in business income for some time now that's why I was forced to use my personal credit cards to help move the business along. Unfortunately, I'm not sure if I am doing my business a favor by using this approach. That's why I started doing some research on my options.
Sep. 13 2007 at 11:54 AM
Posted by: Ralph4 “Quote Reply
Roblue wrote: Roblue wrote: [QUOTE=robertj] ralph4, Assuming you didn't have the credit card payments - is the business generating enough revenue to sustain itself and provide for your personal needs? robertj wrote: ralph4, Assuming you didn't have the credit card payments - is the business generating enough revenue to sustain itself and provide for your personal needs? Hi Robertj, If I didn't have my personal credit cards, I would, in most months, need my personal credit cards to cover the monthly overheads and expenses. There has been a lull in business income for some time now that's why I was forced to use my personal credit cards to help move the business along. Unfortunately, I'm not sure if I am doing my business a favor by using this approach. That's why I started doing some research on my options. Hi Robertj, If I didn't have my personal credit cards, I don't think I would have a business.
Sep. 13 2007 at 12:08 PM
Posted by: robertj “Quote Reply
ralph4, If you are using your personal credit cards to cover your own monthly expenses as well as those of the business - then your business is in the start up mode (regardless of how long you have been doing this). I would ask - 1. If you continue with the business, how will you change the results? Do you need more customers? Should you charge more? Will you reduce expenses? Etc. Business Growth Masters, LLC - Capital Catalysts for Entrepreneurs Home of the Scalable Business Plan and QuikStart Capital Programs http://www.bizgrowthmasters.com info@bizgrowthmasters.com
Sep. 14 2007 at 12:10 PM
Posted by: Ralph4 “Quote Reply
robertj wrote: ralph4, If you are using your personal credit cards to cover your own monthly expenses as well as those of the business - then your business is in the start up mode (regardless of how long you have been doing this). I would ask - 1. If you continue with the business, how will you change the results? Do you need more customers? Should you charge more? Will you reduce expenses? Etc. Hi Robertj I thing the bottom line of your suggestion is very practical, and I intend to put it under consideration. I can see where answering the questions you have listed as thoroughly as possible will help guide on in the process of identifying the strengths and weaknesses of a business. I will keep you posted with my progress. Thank you again for your suggestion.
Sep. 23 2007 at 8:58 PM
Posted by: Ralph4 “Quote Reply
Robert J I have done some thinking about the three questions you suggested. I find that two of the three need my attention. I do believe that I may need more customers, and I could certainly do with lower overheads. So, right now, I am working out the details as to how to achieve these two new goals. I said I would keep you posted. This is the point I am at now.
Sep. 24 2007 at 11:55 AM
Posted by: robertj “Quote Reply
Ralph4, Thanks for the information. I'll be looking forward to the next update. Business Growth Masters, LLC - Capital Catalysts for Entrepreneurs Home of the Scalable Business Plan and QuikStart Capital Programs http://www.bizgrowthmasters.com info@bizgrowthmasters.com
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