how does bad credit effect opening up a small business?

No one wants to give you credit or they charge a LOT for it

Bad credit shows a pattern of poor financial management

Pull a free credit report and contest any errors

Pay every thing in full, on time

Pay down credit cards, paying 3-5 times minimums; pay off highest interest one

Stop using credit cards except what you pay off in full every month

It really depends on the type of business. If you will need a store-front, you could have trouble getting a lease. The owner of the building will want to know how you intend to pay if times are tight and your record will hurt you.

However, if you deliver the goods or services and can do something from home, no one will care. Well, any vendors will care and will expect payment in full, up front, but that would happen in the store too.

You can get all licenses without worrying about credit, so the inventory and lease issues are your only biggies.

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