SHAUN STENNING BLOG
The real road of compassion, that is, giving, helping, assistance and community service, is a road that can be set and declared as your life's purpose
According to Shaun Stenning, Don't let bad credit prevent you from starting your business. First, let me assure you you're not alone. Tens of thousands of Americans have damaged credit ratings. Many people become buried in debt through a spendthrift lifestyle, miscalculated risks, divorce, emergencies, unemployment or prolonged periods of illness and find themselves in financial distress.
Whatever the reason you suffer from bad credit, your credit history can be rehabilitated. It won't be easy. You'll need to be persistent, creative and persuasive in getting others to take a chance on you. Here are a few ideas on how to work through your situation. Face up to your debt. Shaun Stenning said, Most creditors use credit report information to determine your creditworthiness. A potential creditor may be more responsive to a person who is working to pay off debts. So deal with your impending debt head on. Try finding grace with smaller vendors. First establish cash-and-carry relationships with small, local suppliers. Once you've become a regular, inquire about its credit policy. The supplier may now be willing to work with you on a limited basis to start. Seek out character-based loans. Most business loans require that you have good personal and business credit. However, you may still be eligible for a micro-lending program. Consider contractor alternatives. You could join a bartering exchange of organized professionals who trade or exchange products and services in lieu of cash. Lastly, grow your business on cash flow while managing moderate debt. It may take you longer to build, but your business may last longer, too. Shaun Stenning is an entrepreneur and businessman in Phuket. Hehas a knack for turning his desires into reality with little or no money and helps others do the same.
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AuthorAs an investor, Shaun Stenning makes sure he invests in companies and people who are truly passionate about every day, and making every day an amazing day. Archives
May 2024
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