You have a small business. Okay, so it’s a really small business. In fact, it’s really just you working out of your home office, trying to get what you’re doing off of the ground. If you’re like most people in this position, you’re using credit cards to get by while you get settled. Stop! There’s a better option out there for you.

You can get a small business loan to assist you in developing your home business. This will have better rates and more security than the credit cards and ultimately will help your business. Here’s what you need to do:

o Register your business. Pick a name, go to your state capital and file the legal paperwork.
o Create a business plan. The better your financial plan, the easier it is to get small business loans.
o Shop around. Check out the terms, rates and lending credibility of a number of small business loans before you choose.
o Create a repayment plan. Treat your home business professionally and you’ll succeed.

Once you have obtained your small business loan, make sure you use it wisely. For example, use equipment lease instead of the loan to get new office equipment so that the loan can be used for other expenses. By limiting the amount you spend, you reduce your dependence on the loan and increase the viability of your home business.

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