As we said back in step one, personal loans just aren’t the best type of financing for most businesses. So you should come up with a plan to qualify for better financing options in the future.
For example, think back to your personal credit score. Even if it’s solid, you can probably take steps to improve it. These steps may be very simple (like paying your small-business personal loan back on time). But you might also want to consider less obvious strategies, like improving your credit utilization ratio (the percentage of your credit limit you're using).
You should also consider how to improve your business’s credit qualifications. Again, some things will be simple: the longer your business is around, the more likely it will be able to qualify for a business loan.
Some things, though, will be less simple: Increasing revenue will obviously help your business qualify for a business loan. You should also work on arranging your budget so that you have plenty of cash flow. And you can take steps to improve your business’s credit score (perhaps by taking out a business credit card).
Yes, your personal business loan is an okay solution for now. But in the future, we want to see you qualify for the best small-business loans.