Financing is one of the biggest aspects of any business, especially if it is a new startup. There is no denying that for young entrepreneurs, self-financing their business can be a real challenge. From production costs to marketing expenses, all such factors need a strong financial business plan, which not just covers the initial stages of business but also has the potential to help the company in any struggling stages. Devin Parks, a renowned financial advisor and credit consultant, has shared three most important advices for entrepreneurs and business owners struggling with their company’s financial situation.
Devin is the co-founder of many startups, including Clean Slate Consulting. With his incredible credit strategy, he was not just able to finance his multiple businesses but was also able to take his company’s value to six figures, that too, in just six months. He has been known to provide a successful credit strategy that helps entrepreneurs, and other people struggling to get approved for an efficient loan. According to him, he always excelled in the world of credit cards and that understood all the loopholes that are beneficial for cardholders. Even though he used this knowledge in establishing his companies, he didn’t want to restrict all this important information to himself. In fact, he wanted to share his insight with upcoming young entrepreneurs so that they don’t have any problems when it comes to credit scores and loans. He stated, “Almost half of the US credit card holders are struggling with a bad credit score. Sadly, the majority of them don’t even know that it is affecting their interest rate and reputation as credit borrowers, which is why I have listed the following tips to help everyone access a better financing plan for their businesses.”
A business credit card is still one of the most efficient financing tools to get an approved loan required to run your company more efficiently. That’s not all! With it, you can also gain cash back, points, and other key benefits in order to help you and your business grow exponentially. In fact, freelancers, startups, and young entrepreneurs are good candidates for a small company credit card. Moreover, business credit cards aren’t just for big businesses. A business credit card’s competitive cash-back rates and benefits are intended to streamline and reward regular business operations and help small business owners save thousands of dollars annually.
Almost everyone is familiar with financing shows like Shark Tank or Dragons’ Den. While such shows can be intriguing, for many of us it is a dream to pitch our ideas and get financing support from investors like them. Though it is possible to get famous, wealthy investors to invest in your idea, keep in mind that they aren’t the only ones. There are many kick-start platforms that are full of investors. Through such platforms, you won’t just get multiple offers, but you can also choose people familiar with your industry.
According to Devin Parks, finding an investor takes more than just a business idea. It is advised to work on your communication and presentation skills to get the best deal out there. “Many ideas are usually ruined because they are not explained or presented well. It is important to ensure your business showcases confidence in its services or products,” Devin shared.
Manage all cards and credit scores responsibly
Once you’ve been approved for business credit cards, you must appropriately manage them. Avoid falling into a cycle of overcharging for unnecessary items that you cannot afford. Make sure you pay your debt on time along with streamlining your business efficiently. Also, it is important to ensure that you have enough money each month to pay your credit card debt – even though you are not required to pay the entire debt monthly. However, carrying a load on your credit report can actually help your credit overall. The interest you’ll pay is a significant factor in determining your credit score, and it represents your ability to manage debt over the long term, not just from week to week or month to month. It’s acceptable to have several inquiries for credit as a young entrepreneur. Just make sure you find out the answers before you begin making several credit card and loan applications.
Devin Parks started working as a credit consultant “to help financially struggling people elevate their status and become more independent through smart credit choices.” And that is exactly what he has been doing. “I love the ability to help so many families and business owners struggling with financial problems. Credit is the number one most important factor when it comes to your financial situation, and almost half of America has issues with it because there has been a lack of education on the topic. My goal is to spread awareness about credit reports and scores. The above-mentioned advice can surely help you and your business push the boundaries to new heights,” he concluded.