When a business owner understands his or her credit, they are 41% more likely to approve for credit. Btw 1 out 4 businesses get rejected. So its pretty important you learn how to establish a business credit line.
Why you want to build your Business Credit ?:
Simple explanation:
Its important because you want to establish a good business credit with creditors that way if you ever need expansion or have an opportunity then you can take advantage of it.
Now I will say this, although have a strong business credit history is important you don’t want to rely on it to keep your business afloat. Like warren buffet says who has a massive cash reserve, you don’t want to rely on the kindness of others.
How to Build a Business credit line in 3 days
The title of this video is clickbait you cant get a perfect score in 3 days it takes some time, but you can set everything up in less than 3 days for sure.
1. Get Incorporate: this protects your assets, and you don’t want to operate as a sole proprietorship
Funny: If you left your door open and someone walks into it, and now wants to sue you, well not your covered.
Video On Free LLC: • How to Create an LLC for Free 2021 ( ...
The Skinny: you open up it with zenbusiness, use chase bonus to cover all the filing fees.
2. Get an EIN: ( employer Identification number) Its basically your business social security.
Funny: They might try to charge you 3060 bucks to do this but you can do it yourself for 0$ and 15m of your time
Apply Now: https://www.irs.gov/businesses/small...
3. Open a business Checkings Account
Funny: Massive bonus opportunities with this
Top Accounts: • Top 5 business Checking Account Sign ...
4. Establish A Business Phone Number on address
How: Register on Google, Yelp, Angie's List, better business bureau
Funny: And if you’re broke just use a text free number to temporarily register for free until you can afford a second phone
Link: just google it lol
5. Get a DUNS Number (
Info: This is where your trade lines will your report your credit history. Think experience and Equifax. Except they haven’t gotten hacked yet.
Funny: it's free but if you go to a website they might try to upsell you and charge you to give it to you in 5 days, just wait the 30 days lol
Link: https://www.dnb.com/dunsnumber.html'>https://www.dnb.com/dunsnumber.html
6. Establish Trade Lines with Supplier
Info: These are the people that will report your ontime build payments, to help build your business credit report.
Funny: I know, it’s the 21st century you probably don’t have a supplier and your 100% online. Well, you can get Office supplier, and ink check printers and still have does purchases reported.
Quill: https://www.quill.com/
More: https://hdsupplysolutions.com/
7. Get business Credit Cards
Info: This will help your business credit also
Funny: make sure you read the fine print because you don’t pay they might charge you personally
Tip: I’ll be getting a Chase Ink card and a capital one card
Best Cards: • THE BEST BUSINESS CREDIT CARDS with C...
8. Loans and Borrowing more
Info: make sure it's being reported to the D&B, Experian and Equifax.
Funny: remember this is all for building credit, so don’t buy things you don’t need. Nav shows you options, but I would just google also
NAv: https://www.nav.com/'>https://www.nav.com/
Or: Just google some options
9. Stay up to date with your report ( not free or maybe free, three platforms)
Info: Experian: 75 bucks report (too much money
Equifax the people that got hacked: anywhere from 100 bucks to 400 bucks
D&B: So much Upselling ( expensive also)
Nav: It's free, and it gives you summaries, which saves you $600 bucks a year. They do have premium stuff also, but you don’t need it
10. Borrow carefully
Don’t end up like the guy with the 1m in credit line that now has to figure out a way to pay it back in 30 days.
* PRO TIP*
INFORMATION IS EVERYTHING
Link:
Trade Lines: https://www.nav.com/'>https://www.nav.com/begin/establishp...
Monitor Credit Nav: https://www.nav.com/'>https://www.nav.com/
Dun & Bradstreet: https://www.dnb.com/
Great Article: https://www.creditkarma.com/advice/i/...
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