Using Entrepreneurial Status to Fill in Employment Gaps

This Could Be YOU!

Employment is important when applying for, maintaining, or improving your credit. When attempting to apply for a job or prepare a resume, have you ever had extended gaps of unemployment? Take a page out of the white-collar manual, turn to your entrepreneurial spirit!

There are a number of ways that self employment can improve your chances of getting a job and your credit. There are several programs that support and provide small businesses with tax incentives. Small business owners also receive a lot of support. So, if you are of the mind to create a business visit one of these great sources:

1. http://www.sba.gov/ – Small Business Administration
2. http://www.grants.gov/web/grants/home.html – Grant Opportunities
3. http://www.entrepreneur.com/howto/raisemoney/ – Raising Money for Your Small Business

Building a business is a thorough process but one that many undertake to supports their families, communities, dreams and building personal value. There isn’t a need to go as far as to build a company to improve your personal credit. However, establishing yourself as an entrepreneur can. By designating yourself as a DBA, “doing business as,” you can create an independent consultancy, contract based business or personal service. DBA allows you to designate yourself as an owner/operator providing your services to paying parties. As long as the service is legal you can include the work as employment on applications and resumes. To have this type of work reach your credit report, you will need to make sure to setup the business with an official business license, banking account, and/or assets. A business license is the most effective way but opening and maintaining a business banking account may be the simplest. Each banking institution has it’s own requirements when it comes to opening these types of accounts. Some may require the license others will not. Check with the bank of your choosing to find out more.