Starting Your Dreams Without Assistance: My Journey to Self-Investment (Part 2: Credit!)

Starting Your Dreams Without Assistance: My Journey to Self-Investment (Part 2: Credit!)

Let me tell you something: I never expected to be on this entrepreneurial journey. My husband is the dreamer in our relationship, while I was the corporate type, focused on stability. He was the one who came to me and said, “Let’s start an Amazon FBA store!” I agreed, thinking I knew everything I needed to know. Well, that’s where the learning really began.

At first, I dove into drop shipping, which seemed like the easiest way to start. I loved it—it felt like the perfect solution. What I didn’t realize was that scaling a store takes more than just a good idea. You need funding for apps and products, automation to keep things running smoothly, and—surprise—marketing is a beast! As a first-time entrepreneur, I had no idea what I was walking into. I was starting from scratch, and without proper funding, things got challenging fast.

I thought I could just apply for business credit by getting an EIN. Boy, was I wrong? Yes, having an EIN is important, but your personal credit plays a huge role in getting that initial funding. Banks see you as just starting out, so they rely heavily on your personal credit profile to determine your worthiness. If it’s not up to par, you’ll struggle to get the support you need.

Here’s something else I learned the hard way: You can’t use your personal bank account to apply for business funding. Sure, there are a few services that will fund you with a personal account, but if you’re serious about building and scaling your business, you need to keep things separate. And it’s not just about having a high credit score—you need a solid credit mix, especially when using personal credit for business.

There’s a lot more to learn on this journey, so stick around! Here are some key lessons I’ve picked up along the way:

- Always complete a reference check before hiring anyone or partnering with another company. 

- Remember when I mentioned our Amazon FBA store? We hired a management company to handle it, and not only did they fail to manage it, but they also ran off with our money. Lesson learned the hard way!

- When you find your niche, patent it immediately, either at the state level or go global, depending on your vision.

- Research your competitors and understand your demographic.

- Most importantly, ask for help! You don’t have to do it alone.

Starting your own business is hard, especially when you don’t have the right financial tools in place. But with a solid plan, support, and a strong credit profile, you can navigate these challenges. Keep reading for more tips, and if you need a little extra guidance, visit creditavengersservices.godaddysites.com (creditavengersserivces.godaddysites.com) to book a free consultation.

You’ve got this! Just remember to believe in yourself and be ready to learn as you go.