The biggest mistakes small business owners make:

Hank1234Hank1234 Posts: 1subscriber Member
The biggest mistakes small business owners make is putting the weight of their business on their personal credit shoulders.

I am in the financing industry; clients come to me looking for alternative loans. This is because their local bank or credit union rejects their loan applications due to less than stellar credit scores. Most of them tell me that when they started their business they had great credit, but over time, their score was lowered from trying to grow their business.
I get most of my clients the money they need however, it comes at a high price (higher interest rates). I explained to them how important true business credit really is in helping them grow and maintain their businesses; it also helps them protect their personal assets and personal credit. However, most seem to not understand or just do not believe that true business credit is a viable solution. Please let me know your thoughts, to learn more about true business credit visit www.biz-cap.com

Answers

  • Ryan O'BlenessRyan O'Bleness Birmingham, Mich. Posts: 654administrator Site Admin
    edited June 6
    Thanks for sharing, @Hank1234

    The financial side of things, and seeking and securing funding or being granted credit, is surely one of the hardest aspects of entrepreneurship. 

    Content marketing and finding the right connection with your audience is also an area where startups often fail to have the right strategy.  
    Ryan O'Bleness
    Community Moderator
    StartupNation, LLC
  • Gregory101Gregory101 JacksonvillePosts: 19subscriber Bronze Level Member

    Many small businesses make accounting mistakes that lead to big problems when tax season comes. That’s why it is important to know about these mistakes and make sure you as a small business owner won’t repeat them.

    One of the most common accounting mistakes is using your business account for personal purchases. It’s crucial to understand that business and personal finances are two different things and shouldn’t be mixed at all. It can cause problems with the reports when it comes to company’s finance distribution.

    Another common mistake that small business owners make is throwing away receipts. It mean not only actual sense of “throwing away”, but loosing them, etc. To avoid this mistake, it is better to keep track of your expenses and collect all the receipts and store them. You can do it online; for example, an online invoicing & billing software for small businesses and freelancers InvoiceBerry has a feature of uploading scans or pics of your receipts to make sure you won’t loose them.

  • gambitgambit Posts: 8subscriber Member
    Five important points to keep in mind when starting a campaign:

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    Tell a story that will become viral. Ask yourself - will users share this video, even if they did not invest in the project?
    Consider the marketing plan.
    Set the assessment of fees below the market price. Add as much value as possible at each level of investment.
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