Need prestige for Your Business? Some Tips on Getting Started

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One of the most important problems that small and home-based company entrepreneurs face is getting capital to finance the growth of your business.

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How is Need prestige for Your Business? Some Tips on Getting Started

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If you're like most small company owners, you often charge expenses to your personal prestige card(s). This will work for a while, but there are 4 reasons that your company must develop its own prestige lines as soon as possible.

The greater the separation in the middle of you and your business, the better. Having a separate prestige card in the name of your company establishes clearly that your company is a separate entity. You are personally liable for charges that you make for your company on your personal prestige cards, because they were made in your name and not in that of the Llc or corporation. Your company will build credibility that will make it easier for you to borrow larger and larger sums as you expand. Not seeking prestige in the name of the company conveys the impression that you don't expect your company to be around for long. You can more legitimately delegate bookkeeping and accounting responsibilities. A bookkeeper can readily recognize and record the charges that are for your company without your having to expose your personal prestige card information.

Here's how your company can begin to develop credit:

Open two or three prestige accounts with major suppliers, such as Office Depot or Staples. Be sure not to pay off your balances in full each month--the catalogue needs to vocalize some sort of balance for at least 12 to 18 months to build a prestige history. Open an catalogue with a major prestige card company, such as a MasterCard/Visa or American Express. American Express will typically want to open an catalogue linked to the catalogue of the majority partner (or the cardmember partner with the stronger prestige rating) if your company is new. For MasterCard or Visa, the best, recommended by "Smart Money" magazine, is Advanta's Platinum company Card. You will have to rely on the prestige record of one of the private owners of your business, but you can use your own discretion in transferring company charges from a personal prestige card to your Advanta card. (This is not inherent with American Express). Advanta's best offer is a card with 0% Apr for 15 months on balance transfers and a 5% rebate on inescapable purchases. You can find a link to this offer on the reserved supply page of our website. Let your banker know that you are planning to open a prestige line with them. She will confirm that when the time comes, it will be to your benefit if the majority partner or shareholder is female. Meanwhile, if you must use a personal prestige card, designate a particular card to use for your company expenses. This will make it clear that in your own mind, your company is separate from you--and it will save important time in determining which expenditures were for company purposes. Then, as soon as you can, replacement charges from your personal card to a new company card such as the Advanta Platinum card and save yourself some interest.

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