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4 New Work from Home Tips To Get The Funding You Need - Accident Lawyer

4 New Work from Home Tips To Get The Funding You Need

There are tons of articles on the internet about how to make working from home work for you. How to run a business from home is a popular topic.  You don’t need me to give you more ways to organize your work space or keep yourself out of the fridge. No one needs more work from home tips on how to schedule your day and avoid distractions.  There are plenty of places to get those. 

I’m going to give you something you can’t in every internet search that includes “work from home” and “tips.”  I’m going to tell you how to get the funds you need to run your home based business now, and how to ensure you’re set up properly to get more funds in the future. 

Little Known Work from Home Tips To Get the Funding You Need for Your Home Based Business

You may think you can just go to the bank and get a home based business loan just like any other loan.  However, you may be wrong.  If your personal credit score is really high, it’s possible.  Yet, home based businesses do not traditionally bode well with lenders. These work from home tips can help your business appear fundable to lenders.  They can help you build your business credit score. Even better, they can point you in the direction of the best funding options for work at home businesses. 

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Work from Home Tips #1: Work With a Business Credit Expert

This tip comes before all the other tips because frankly, some of them are almost impossible to pull off without a business credit expert.  This is someone who can help you: 

Work from Home Tips #2: Work on Fundability

Working on fundability is essential.  This is a tip for any business, but fundability is something that many home based businesses struggle with. There are many factors that affect fundability.  Still, home based businesses struggle with a few specifically more than others.  

The thing is, a major aspect of fundability is to appear to lenders to be separate from the owner.  They want to see that a business is fundable on its own.  For this to happen, the first thing you have to do is set up your business to be separate from you the owner. 

The Home Based Business and Fundability Conundrum

What makes this an exceptional issue for home based businesses? Well, it’s no secret that one of the major benefits of working from home is not having to pay for an office space.  There is no lease, no extra utilities, you just use the space you already have.  

In fact, most home-based businesses are run as sole proprietorships with the same contact information as the owner. Many do not even open a separate business bank account at first.  Also, it’s quite common for sole proprietor’s to simply use their social security number rather than using an EIN from the IRS. 

While there is nothing wrong with any of this, it does not suit the purpose of separating your business from yourself for fundability.  To do that, you need a separate phone number and address for your business.  Do not think that means you have to have a separate location.  You do not.  There are ways to get a business home phone number and even a separate business address and still run your business from home.  You also need an EIN and business bank account.  

You also really need to incorporate as an S-corp, LLC, or corporation. For fundability purposes, it doesn’t matter which one you choose.  Discuss the options with your tax professional and attorney.  They can help you determine which one is best for your budget and needs for liability protection.

Work from Home Tips #3: Open Accounts that Report to Your Business Credit Profile

If you set your business up to be fundable, it will also be set up the way it needs to be to establish a business credit profile. This means you can start to build your business credit score separate from your personal credit score. 

Here is how it works. You have to open accounts in your business name, using your business contact information and your EIN, not your SSN.  The catch is, they need to be accounts that will report to the business credit reporting agencies.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

This is easier said than done, as most vendors do not make it easy for the general public to figure out whether they do this.  In fact, many do not report, which makes this particular tip harder. In the beginning, you have to find vendors that will extend credit and report payments without checking your credit.  That is, if your personal credit isn’t good. 

This is one tip where a business credit expert can be especially helpful.  These experts know many vendors that will report. They also know which ones you qualify for an account with right now.  Even better, they know how to position you so that you can be eligible for more accounts in the future. 

Work from Home Tips #4: Home Based Business Loans

With strong fundability you’ll be able to get pretty much any funding your business could ever need, even if it is  a home-based business. However, in the beginning, some loans are going to work better than others. Here are some examples. 

Credit Line Hybrid

With the Credit Line Hybrid, you can usually get a loan of 5x the amount of your highest revolving credit limit account, up to $150,000. Honestly, this is more than what you could get on your own when applying for credit cards. Furthermore, you can get cash out on this program.

Also, there is no impact on your personal credit with this type of financing. You need a 680+ credit score, but if you don’t meet that you can take on a credit partner who does. A lot of business owners use the good credit of friends or family to help them get the funding they need. 

It does not affect your personal credit score at all.  In fact, it can help build your business credit score if your business is set up properly as mentioned above.

401K Financing

Your existing 401(k) or IRA can help fund your business as well. The funds work as collateral for business financing. As a result, your personal credit score isn’t really an issue. This program uses IRS proven strategies. You will pay no tax penalties, and you still earn interest on your 401(k).  Even better, rates are low, and this option usually has a quick closing and funding process.  If you are currently struggling to fund your home-based business, this is an excellent way to get started.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

SBA 7 (a) Loan

The SBA offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions process these loans and disburse the funds.

Credit Suite business credit experts can help you with these types of funding and more!

A Business Credit Expert Can Help You With These Tips and So Much More

While there are plenty of work from home benefits, there are also some disadvantages of working from home. If you want to work from home, you have to find a way to overcome these work from home challenges. If you are running your business from home, one of the greatest of these challenges is funding your business. A Credit Suite business credit expert can help.

The post 4 New Work from Home Tips To Get The Funding You Need appeared first on Credit Suite.

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