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“How Do I Grow From Here?”
We’re here to help you reach your goals—by giving you the knowledge, tools, and support you need to thrive.
Starting a Business: More Than Just Skill—It’s About Strategy
Many new entrepreneurs enter the business world with a strong skill set in their trade or profession—whether it’s automotive repair, construction, hospitality, service, or healthcare. But being great at what you do doesn’t automatically translate into being a successful business owner.
At MintFi, we’ve seen this story unfold countless times: a talented professional opens their own shop, only to realize that running a business requires a completely different toolkit. Success in business demands more than technical know-how—it takes leadership, financial planning, marketing insight, and the ability to adapt quickly in a competitive environment.
5 Key Steps to Starting a Business
At MintFi, we believe that the right financial education is a key ingredient in building a successful business. Whether you’re starting from scratch or refining your launch strategy, these five foundational steps will help set your business up for long-term success.
1
Validate Your Business Idea
Structure Your Business Smartly
Create a Strategic Business Plan
Build Business Credit Early
Secure Smart Capital
Need help getting started?
Connect with a MintFi advisor to discuss your goals and explore funding solutions that grow with your business.
Preparing Your Business for Future Success
As a small business owner, securing the right financing is key to growth. Explore these financial tools to support your expansion plans:
Loans
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Loans can provide the funding your business needs for large purchases or financial support. However, they must be repaid according to specific terms and conditions.
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It’s important to understand how interest is charged. A fixed interest rate stays the same throughout the loan term, while a variable interest rate can change over time, affecting your payments.
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You should also be familiar with the repayment period—which could range from a few months to several years—and what assets the lender may require as collateral if the loan isn’t repaid on time.
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At MintFi, we offer fast access to business loans for major purchases like vehicles or equipment—so you can grow with confidence.
- Learn More
Lines of Credit
- Unlike a traditional loan—where you receive a lump sum with fixed monthly payments—a business line of credit gives you the flexibility to withdraw funds as needed, up to a set limit.
- It works much like a credit card: you only pay interest on the amount you borrow, not the total credit limit. As you repay, your available credit is replenished, making it ideal for short-term expenses or managing cash flow gaps.
- At MintFi, we also offer a business credit card with a generous rewards program to help cover everyday business needs—while earning valuable perks along the way.
Financial Wellness for Small Businesses 101:
Master the Fundamentals. Make Smarter Financial Decisions.
Whether you’re launching a new venture or scaling an established business, understanding the basics of business finance is essential. At MintFi, we believe education is power—and that informed business owners make the best financial decisions.
This section breaks down key financial concepts in clear, actionable terms.
Understanding Your Business Financials
Strong financial management begins with understanding your numbers. Key reports every business owner should know:
- Profit & Loss Statement (P&L): Shows your revenue, expenses, and profits over time.
- Balance Sheet: Details assets, liabilities, and equity.
- Cash Flow Statement: Tracks how cash moves in and out of your business.
Tip: Positive cash flow doesn’t always mean profitability. Learn to read each statement properly.
Key Metrics to Monitor
- Gross Profit Margin: Is your pricing sustainable?
- Debt-to-Income Ratio (DTI): How leveraged is your business?
- Accounts Receivable Turnover: Are you getting paid on time?
- Burn Rate: How fast are you spending cash?
Understanding these metrics helps you make strategic decisions about pricing, staffing, and funding.
Business Credit vs. Personal Credit
They’re not the same. Your business credit profile is essential for accessing:
- Higher loan amounts
- Better interest rates
- Supplier and vendor terms
Build business credit by opening accounts that report to commercial credit bureaus and paying them on time.
Types of Business Financing
There’s no one-size-fits-all solution. Explore your options:
| Type | Best For | Repayment |
|---|---|---|
| Term Loan | Expansion, equipment, larger projects | Monthly |
| Line of Credit | Managing cash flow, emergencies | Revolving |
| Invoice Financing | Slow-paying clients | Upon invoice |
| Merchant Cash Advance | High-risk/fast access (use with caution) | Daily/Weekly |
| SBA Loans | Long-term growth with favorable terms | Monthly |
MintFi consultants help you choose the best-fit option for your business stage and goals.
How Lenders Evaluate You
- Time in business
- Monthly/annual revenue
- Business and personal credit scores
- Bank statements and cash flow
- Industry risk
How to Get Approved Faster
- Prepare documentation early (bank statements, ID, tax returns)
- Separate business and personal finances
- Avoid overdrafts and negative balances
- Respond quickly to requests during underwriting
- Have a clear answer as to how your business will be using the funds
Need Help? Ask a MintFi Advisor
Whether you’re planning for growth or just getting started, our team is here to guide you every step of the way.
Speak with a Business Finance Consultant Today
support@mintfi.com
Build Stronger Credit. Unlock Greater Capital.
What is Business Credit and Why It Matters
Benefits of Strong Business Credit:
- Higher funding limits
- Better loan and credit terms
- Improved vendor and supplier trust
- Separation of personal and business liability
How to Build Business Credit Step-by-Step
- Register Your Business Properly
Ensure you have a legal business structure (LLC, Corp), an EIN from the IRS, and a business bank account. - Open Credit Accounts That Report
Work with vendors and lenders who report to business credit bureaus like Dun & Bradstreet, Experian Business, and Equifax Business. - Establish a D-U-N-S Number
This is a unique identifier used by Dun & Bradstreet and is essential for building a profile. - Make On-Time Payments
Timely payments are the most critical factor in building a strong Paydex score (D&B’s credit rating). - Monitor Your Business Credit Reports Regularly
Stay on top of your profile by checking reports and disputing any errors.
Business Credit Bureaus to Know
- Dun & Bradstreet (D&B)
Offers the Paydex score used by many lenders and vendors. - Experian Business
Reports credit lines, payment trends, and public records. - Equifax Small Business
Tracks payment history, credit utilization, and more.
Recommended Tools and Services
- Nav.com – Compare your business credit scores and get alerts.
- CreditSignal by D&B – Free alerts when your D&B score changes.
- Uline, Quill, Grainger – Starter vendors that report to bureaus.
- MintFi Business Credit Line – Flexible financing that can help build your credit over time.
Common Business Credit Mistakes to Avoid
- Mixing personal and business finances
- Failing to monitor your business credit reports
- Not establishing vendor trade lines early
- Overleveraging or maxing out credit limits
- Ignoring your company’s credit profile