Cheat Sheet for Establishing Business Credit

Posted by JuJuan Buford @JSBUFORD

 

Take a moment to listen to this informative interview given by Ms. Tina Williams, Founder & CEO of QT Business Solutions about how to establish business credit. 

 

https://www.catchjsbuford.com/2021/03/debunking-myths-around-acquiring-business-credit-with-qt-business-solutions-join-us-on-nextoppsocial-w-tina-williams-capi.html

 

Here is a cheat sheet or abbreviated checklist I provide frequently to entrepreneurs to make the process easier to follow. As always, eat the fruit and spit out the seed. 

 

• Establish Your LLC, S-Corp, Etc. (no DBAs)
• Make sure you have a business line (phone#) aside from your cell phone. G-Suite offers free business lines for example. 
• Have a website. Or it can be simple as a landing page. It doesn't need to be a big deal. Acquire a domain name and professional email address. 
• Have a professional or business address. Avoid using your home address if you can. Not a PO BOX. 
• Open a free Dun & Bradstreet Account 
• Open a Business DDA checking account. 
• Start a trade line (Staples, a Gas Card, Walmart, Office Depot, etc.,). Refer to the business credit interview for more details. 
• Acquire a business secured credit card.
• Establish 9 months of good business credit. The goal is a Paydex score of 80
• Approach your banker (after establishing 9 months of good business credit history), and ask about different credit lines and loan options.
• A couple things that add credibility and communicates that you have a solid foundation when dealing with banks, micro-lenders, and private investors.

1. A. Have an Operating Agreement
2. B. Keep Corporate Minutes
3. C. Study & Understand Your P&L (Profit & Loss) Statement like the back of your hand. 

 

And of course, establish, operate, and build a business with positive cash flow. 

 

#entrepreneurshipisempowerment


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JuJuan Buford is a Detroit native, entrepreneur, business development professional, and writer dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.

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