If you are a business loan applicant, you must show you know your business. This may seem like a silly statement, but sometimes we don’t realize our passion means real business. I say this in particular for my writer friends. You need to know you are a professional, and your loan application should reflect it. Prove you know your business on paper. How?
- Choose a professional name for your business, and set up an appropriate entity. I suggest seeing a tax professional or attorney to determine whether you should work as a sole proprietor, LLC, partnership, or corporation. Each business is as unique as the person(s) driving it, so make sure you seek expertise, and don’t simply follow the advice of an acquaintance.
- Go to www.irs.gov and see if your desired business name is available under the entity you and your professional expert deem appropriate. Complete the paperwork to get your free federal tax identification number.
- Invest in a website to support your business. There are many affordable alternatives on the internet, enabling you to manage the content yourself. Save money and ensure you control your site. If this is an overwhelming task, and you can afford to pay someone else, make sure you receive all username and passwords to access the site content. Then, check them periodically to see if they still work. I’ve heard horror stories of folks losing access to their own websites because the webmaster died, became seriously ill, or a conflict arose. The business owners lost all ability to keep the website working.
- Purchase inexpensive, but nice business cards in a modest quantity. I use Vista Print, because they are fast, easy to use, and the results are amazing. But there are many choices out there.
- Write a professional business proposal. (See yesterday’s blog). Much like writing a solid book proposal, a business proposal provides an easy read that points out the most beneficial parts of your project. Putting this information on paper will force you to know your business inside and out. What do you represent?
You can improve your chances of loan approval in tough economic times. It is harder to obtain financing today, but it isn’t impossible. A few simple steps, can definitely increase your odds.
Anita FreshFaith @ Work
2 Corinthians 8:11
New International Version (NIV)
Now finish the work, so that your eager willingness to do it may be matched by your completion of it, according to your means.
Anita Agers-Brooks is a Business Expert, Certified Personality Trainer, Communications Specialist, speaker, and writer. She lives in Missouri.