Your credit score dictates most of the financial decisions you make in your life. Whether you are looking to take out a loan for a car or you need a mortgage for your first home, the rating assigned to you by various credit companies will determine whether or not you see approval, as well as the terms and rates of the loan. This can be a bit of an issue when you are looking to start your own business and don’t have the credit rating that banks and other lenders are looking for.

If this sounds familiar to you, now is the time to take action. Consider these strategies and learn how you can get a business idea off the ground even when you have bad credit.

Fix Your Score

Perhaps the best option available to you from the start is taking time to work on your current credit score. When you are living with a bad rating, it can feel like there is nothing you can do to change things in your favor. While the process of fixing a score is slow at first, dedication can yield positive results. Pay down whatever debt you can and try to limit your credit spending for the near future. These small shifts in your habits can improve your score and help you reach a better rating in the eyes of lenders.

Look at Alternative Financing

If you have a business idea that is time-sensitive, you might not feel like you have the ability to wait for your score to reach a better position. This is where alternative financing can prove useful. Services like equipment financing, for example, are a great way for business owners to exhibit better control over their budgets while still being given the opportunity to invest in vital equipment related to business operations. Similarly, invoice factoring is useful for established businesses looking to free up available capital by selling unpaid invoices for an advance.

Friends and Family

Finally, it can be a good idea to reach out to friends and family members when you need startup cash for a new business. If you’re financially responsible and can pay back the money you borrow, this is a wonderful way to get people you care about involved with your business plans. Don’t rush into this decision, of course. Taking money from people you love without a clear repayment plan is an easy way to sour important relationships in your life.

There are several ways to find the funds you need to begin a business of your own. Take time to look into the various financing options out there and see what you can achieve even when you’re dealing with bad credit.