Page 49 - 597 Business Ideas You can Start from Home - doing what you LOVE! (Beginner Internet Marketing Series)

38 Your Idea, I nc.

Look to the Future

If you are willing and able to take the risk of debt, it could be
the beginning of financial success and independence. As your prod­
uct becomes profitable, you can pay off debt and build real savings.
Accept debt, and use your funds intelligently to get the most "bang
for the buck." You'll learn to manage your debt and your eventual
cash flow to keep yourself afloat. It's important to prioritize your
expenses . You can't do everything you will want to do, so make "wish
lists" and spend your money on things in order of importance.

U sing Credit Cards

You may have imagined walking into your local bank, telling the
loan officer all about your great idea, and having him happily hand
over every cent you'll need to finance your venture. Well, sorry to
burst your bubble, but that's usually not how it goes. Most boot­
strapping entrepreneurs turn to credit cards to get their businesses
off the ground. You're no doubt familiar with how credit cards work;
for your business, the risks and benefits are no different.

How to Get Credit Cards in a Tough Economy

When the economy is slow, the credit card industry suffers along
with everyone else. The economic crisis of 2008 had a particularly
Significant impact on lines of credit. With the precarious situation of
credit card companies, you may be given a smaller credit limit than
in previous years and the interest rate may be higher. Also, keep in
mind that your interest rate can change at any time ("at the bank's
sole discretion," as the fine print reads) so keep a close eye on your
monthly statements. In years past, if you maxed out one credit card,
you waited until you received another credit card offer in the mail
and opened another account. Today, forget about it-those mailers
are not coming. Banks are not offering that same credit line. No mat­
ter what the economy, your best bet for a good deal is to keep your
credit rating as high as possible by paying all your bills on time.