How To Get Funding For Your Business
I started my online business so that I could help others and be more present for my children....what I wasn't prepared for was the expenses that are associated with running a business. It's something most people don't talk about, and from the outside looking in business seems super glamourous. But, what people don't tell you is that it can get super expensive. Even with online businesses, it's important to have access to funding to keep your cash flow consistent.
In 2017 I considered shutting down my business because it was becoming too expensive to run it. But, I refused to fold under pressure so I worked hard to come up with a workable solution.
One thing I did was focus heavily on building by business credit. Business credit is very similar to personal credit, it just focuses on how well your business manages and pays its bills.
Having consistent cash flow in your business can make a huge difference. Being able to access additional funds has completely changed my business.
Over 70% of businesses shut down due to lack of funding.
As a mompreneur, I have to have consistent cash flow and access to capital. I don't have a 9-5 to fall back so I work hard to ensure I have all my bases covered.
Building Business Credit
1. To build business credit start by getting a Duns Number for your business.
2. Make sure your business has an EIN. Click here to get your EIN
3. Get a business bank account
Once you have the basics established for your business you can start seeking funding. Here are a few places to start with building your file:
If you are looking for cash funding sources you can apply with a company like Kabbage.
Kabbage can deposit funds into your business bank account or they will provide you with a debit card. Click here to check your cabbage eligibility
These are just a few of the strategies I have used to build business credit & access working capital in my online business. It is not by any means the end-all-be-all of getting funding for your business.
Drop a comment below if you have additional questions on building business credit.