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Bobby can


Bobby can

Signed up August 23, 2022

For funding startup costs, use your startup cost calculation

It's a good idea to prepare a formal account of your expected startup costs.

It should be clear and simple to understand. Investors and lenders evaluate expected costs to projected revenue to determine the likelihood of your business's make a profit.

Establish business credit

When you're analyzing your startup costs and expenses, it is important to make sure that your credit score is in good shape. Small business loan applications are frequently rejected due to credit issues. Poor credit history can also affect insurance rates as well as your business's appeal to potential partners, suppliers and suppliers.

Therefore, it is crucial to keep and maintain excellent credit scores for both your personal and business credit lines.

Maintain a good business and personal credit score

Existing businesses enjoy the benefit of a proven financial history. However, the eligibility of loans for a brand new business is generally determined by the owner's credit score.

While not all small-business owners have good credit however, some may be successful in establishing credit in the initial stages. The Consumer Financial Protection Bureau (CFPB) provides tips to help those with weak credit histories to get started.

The CFPB's Credit Reports and Scores webpage is an excellent place to go for most people looking to burnish their credit score and increase their scores. If your credit score needs help you can contact the Federal Trade Commission has recommendations for improving your credit.


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