Build Business Credit
Venturing in a business is a significant step in securing one’s future. However, starting a business or running a business is not as easy as it may seem. There are many challenges that an aspiring entrepreneur must face if he wants to succeed. But many of these challenges or trials can be avoided or overcome with proper knowledge and preparation.
Steps to Build Business Credit
- There’s no such thing as a business loan or business credit for a sole proprietor — that’s a personal loan.
- In order to receive a business loan or investment, you must separate the business from its personal owners by setting up a legal business entity — a corporation or LLC, for example. Your CPA can advise you on the best legal structure for your particular situation, as your choice in entity can have some pretty significant tax implications. for example, I created an LLC. for my business because it allows me to combine my business and personal taxes at the end of the year.
- Every business must have a tax ID number, just like each individual has a social security number. The Tax ID number (or EIN) is a nine-digit number assigned by the IRS to business entities operating in the U.S. You’ll use this number to open your business bank account and build your business credit profile. You can apply for your business EIN online through the IRS website.
- Every Business should also have a Directory listed phone number.
- To do this for free you can use a virtual number that forwards to your existing personal phone or cell. to find the most popular free service just do a search for the word voice.
- Once you have your new phone number you can list in the the information directory for free by searching online for the term list yourself.
- Your business needs to have its own bank account, if in the future you need to apply for a loan, your bank account will need to be at least two years old so apply for a business bank account as early as possible.
- Get Listed with the Business Credit Bureaus
- Dun & Bradstreet is one of the main business credit bureaus and runs its own business credit score.D&B gives businesses a separate credit file number (known as a D&B or DUNS number) that rates your credit profile. Go to their website to begin the process by applying for a free DUNS number once you’ve established your business entity and have your EIN. The number is how lenders will determine your business credit worthiness.
- Now as you are almost complete in establishing a verifiable, credit worthy business you will start applying for “starter accounts” these are supply vendors that offer credit to new businesses and report payment history to credit bureaus like D&B.
- Your first starter account should be with a webhosting company for 2 reasons.
- 1. It will seem more professional for you to have your own email and website me [at]my biz.com, for this reason you can move this task to the top.
- 2. Also, You want to find a web host that will offer you net 60 terms and report your payments to D&B. I recommend doing a search for venturelogix business hosting as i know they report to
- Business credit cards come with higher credit limit and bigger reward programs. As a business owner, earning cash-back incentives, travel rewards or discounts are great benefits you can take advantage of. Aside from this, a business credit card is a great tool in preserving the cash flow of the business.
- Remember that business credit cards are great for building credit for your company and treat it as such. This is a valuable preparation for the future growth of your business. With a strong business credit to back you up, you can be confident that getting a loan or obtaining additional funds for your business plans will not be difficult.
- Register with an accredited business credit tracking agency.Dun and Bradstreet and Experian are currently the leading names in providing business credit tracking services. Registering with a credit tracking company will guarantee that all your business payments and transactions are properly reported and recorded in your business credit report. As a reminder, make sure that your business credit card issuer regularly reports to business credit agencies as well.
- Make sure that your business credit card issuer regularly reports to business credit agencies as well.
- Pay your bills on time to avoid bad credit.
Things You’ll Need
- Business Credit Card
- Credit history for your business
- Register with an accredited business credit tracking agency
Even if you have a brand-new business - or plan to start one
Even if your bank won't lend you $1 today
Even if you're a total "credit novice"
Even if your personal credit is trashed
And, even if you only have 15-minutes a week to spare
his system can be used by anyone... even entrepreneurs who started businesses for the first time this week.
In fact, if you just started (or are starting) a business, that's great, too! You can build your business's credit the right way from day one, and:
Avoid mistakes that can wipe-out your bank account and ruin your company's credit
Skip months - and even years - of painful and stressful trial and error
Legally beat the banks at their own game and get the business credit you deserve!
... and do it all in 3 simple steps.... Learn More
There is now a way for YOU to get all of the information, training, resources, tools and support you need to get started quickly and easily without spending thousands of dollars and accomplish it right from the convenience of your own home 24 hours a day, 7 days a week!
Become a member and receive:
o Access to my 'Business Credit Membership's' private training
o Access to my Business Credit Vault ... with weekly updates, credit sources, tips, strategies, tools, audios, applications, resources and tutorials on every aspect of building business credit
o Access to my Business Credit Building System ... with step-by-step tasks, vendor and cash credit sources, a funding engine, online tracking, data integration with Corporate Experian and Dun and Bradstreet and much more!
o Business Credit Reporting for your Company … with reporting of your BCIC monthly membership payments to Small Business Equifax!
o Access to my Business Credit Insiders Sources…including suppliers, vendors, and cash credit cards that require no personal guarantees! (Updated Monthly!)
o Access to my Business Credit Insiders Directory…loaded with companies that report and pull from the business credit bureaus. Including corporate housing, corporate auto leases, travel, business services, and much more! (Updated Monthly!)
o And best of all, access to Unlimited Email Support where you can receive the guidance through any business credit challenge you face
With ongoing training and support on how to build business credit and generate excellent business credit scores in RECORD TIME...
... you can finally start being 'A Business' with business credit and growing your profits through tax saving strategies, no matter what your level of experience with business is.
Completely up-to-date for 2011
Doesn't "upsell" you on expensive services or attorney-assisted programs
Isn't illegal or unethical
All of the techniques WORK!
Covers techniques on building credit with all credit agencies and not just the DNB
Gives you a complete step-by-step set of instructions that anyone can follow
Includes resources to get BUSINESS CREDIT INSTANTLY!
Here's What You'll Get...
Manual: Business Credit Millionaire
Quick Start Guide: Step-by-Step Instructions on EXACTLY What to Do!
Audio Seminar: 2 Hours of My Kick-Ass Audio Seminar Power-Packed with Information
Resource Guide: Exactly Where to Apply for Business Credit
BONUS VIDEO: How to Navigate the DNB Website!
BONUS VIDEO: How to Set Up a Corporation Online!
BONUS VIDEO: How to Find a Virtual Office Address! Learn More
"I started off as an Avon respresentative to support my baby and found out pretty fast that there isn't big money in Avon. I thought about starting my own cosmetics line with private label cosmetics. I did all the research and realized that it was something I could do. The problem was funding. I didn't have the money to get started. I tried an SBA loan and couldn't get one because they wanted to see some of my own money going into the business venture and I had no money to start with. I wanted to get business credit, got scammed a few times, almost gave up until you came along. I couldn't believe how easy it really was. Everyone says it's easy until you try to do it then it's difficult, confusing, and doesn't work. Your stuff is amazing and I was able to build corporate credit inside of 60 days, get a business loan for $125,000, and here I am with a successful business and no more money worries."
FinanceYourSmallBusiness comprises a group of individuals who have financial and lending backgrounds, and are therefore fully aware of what you have to go through in order to obtain a small business loan. We have members of our team who have worked in the lending industry for over 15 years and know exactly who can, and cannot, obtain a loan. The good news for you is that no matter how bad you believe your situation to be, there is still an avenue open to you. Learn More
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