Quick, here's a quiz for you. When is the best time for you to think about the ability of your company to acquire a business loan?

Give up? Before you get a business license. Before you incorporate. Even before you open your doors (figuratively or literally.)

That's right Don't think of a business loan as an "if" in the life of your business. Consider from the moment that you start putting your pen to paper to create your business plan, that a loan is only a matter of when. You don't need to know what specifically you're going to use it for yet. That's not the point.

The point in thinking ahead about a business loan is that it gives new meaning to every step of your start-up venture. And when every step has greater meaning, you'll undoubtedly be stepping out on the right foot, with business credit in mind.

It just can't be emphasized enough. If you don't think about business credit and the loan you need until two weeks before you really need it, you'll no doubt be in store for a rude awakening. But more than that, you may be jeopardizing your entire operations - say goodbye to your dreams.

And when I say every step, that's exactly what I mean - each and every step. For example, as a business owner you need to know that financing is extended to legal entities that are established and stable. When you make a decision on structuring your business, keep in mind that many times a bank or other provider will be more apt to loan money to a corporation than a sole proprietorship. While that's not written in stone . . . it's most often the case.

But there are other considerations that go into the granting of a loan, not the least of which is just how long you've been at your location. If you've been in the same office space for a while, it speaks volumes for you. It means you're stable and you've been paying your rent on time . . . your landlord has no reason to throw you out.

That doesn't mean that if your business has moved recently because of expansion you can't obtain a loan. But, movement may make a loan officer nervous. The solution? Make sure you rent an office or suite that you can "grow into." It doesn't have to be much larger than what you currently need. And it certainly shouldn't cost more than what you can afford.
When you go to view offices, evaluate the location with an eye to potential growth. Factor in an extra desk or two. In other words, think "success." Besides, once you move your equipment and furniture in, you really don't want to go through another move too soon. Not only is it expensive in moving costs alone, but it's time-consuming and it can easily take the focus off of the most important mission of your business: making money.

In fact, "think success" is a great mantra for all areas of your new business. If every step of your business is taken with success in mind, you'll naturally think growth and therefore getting business credit will only be that much easier. Do this and you'll be amazed at when you do go to apply for that loan down the road, how quickly it'll be approved.