Posted by JuJuan Buford @JSBUFORD
- 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.
- A. Have an Operating Agreement
- B. Keep Corporate Minutes
- C. Study & Understand Your P&L (Profit & Loss) Statement like the back of your hand.
#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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