Posted by JuJuan Buford @JSBUFORD
First the disclaimer 👇
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
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.
- Have an Operating Agreement
- Keep Corporate Minutes
- Study & 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. For a deeper dive regarding additional information entrepreneurs should be aware of (especially when launching a new business) visit 👇 👇
https://www.catchjsbuford.com/2021/03/commonly-asked-questions-by-entrepreneurs-seeking-funding-and-or-business-growth.html
FOR ADDITIONAL TIPS, SUGGESTIONS, IDEAS, AND STRATEGIES TO BUILD, GROW, & SCALE YOUR BUSINESS 👉 https://bit.ly/JSB_BusinessSolutionsGroupNewsletterDec102021
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JuJuan Buford is a CEO, Co Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, and transitioned into business ownership and is enjoying entrepreneurial success in multiple industries: business coaching, real estate wholesaling, direct selling, business technical assistance provider, ghost writing, and publishing.
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Website 👉 https://thebufordco.com
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