Have you been sitting on the fence when it comes to building business credit?
Are you confused on where to start?
Is it because you think it’s too difficult or takes too much time?
Building small business credit for a start-up or existing business can seem like it requires a great deal of time or appear difficult to do, but the good news is it doesn’t have to when you have access to a business credit building system.
Today’s post is a bit different because rather than cover the ‘Why’ I want to talk about the ‘How To’ when it comes to building business credit. The reality is one of the biggest roadblocks preventing entrepreneurs and small business owners from getting started is where to begin, what exact steps need to be taken, and where to find the best creditors, suppliers, and lenders.
Let’s face it there’s a ton of information circulating across the internet about business credit and unfortunately most of it is incorrect, outdated and/or misleading. You can easily spend countless hours searching for ways to build business credit but unless you set up the correct foundation first, you’ll find yourself peddling backwards and scratching your head trying to figure out why you keep getting declined.
Recently, I wrote a post covering the top ten business expenses you should get credit for but never do. In the post you’ll clearly see why you should start getting credit in your company’s name. I guarantee that at one point your business will need access to funds and this is an area you don’t want to figure out through trial and error.
The last thing you want is to continue to rely on your personal credit to finance the operation or expansion of your business or even worse putting personal guarantees on the majority of your company’s financial obligations. Did you know a creditworthy business can obtain 10 to 100 time’s greater credit capacity compared to personal credit?
Some of the questions to answer as you start the business credit building process include:
- Will you be using a newly formed entity or an existing one?
- Does your company have existing trade references?
- Are you currently carrying business debts on your personal credit cards?
These are just a few of the many key questions to address when building small business credit.
When it comes to how much time it takes to go through the process keep in mind that the bulk of the work involved is during the foundation stage such as incorporating your business, obtaining a federal tax ID #, corporate compliance and over 20+ tasks. You can easily delegate most of this work and the simple tasks can be handled by an assistant.
Once you complete the foundation stage then the rest of the time involved is submitting corporate credit applications for your company, making purchase orders, paying invoices and monitoring your business credit files.
If you decide to use our business credit builder system you can be assured that you’ll meet all the requirements necessary for corporate compliance, you’ll be able to keep track of all your progress, and most importantly you will know when and where to apply for credit.
Rather than go it alone watch this short demo video of our business credit building system in action and see how the entire process can be much easier and less time intensive for you.
As a member of my Business Credit Insiders Circle you not only gain access to a complete business credit building system that tracks your progress, you also receive all the approval criteria for each of our suppliers and lenders. Best of all we provide you with premium suppliers and lenders that report your actual credit limits not just your balance owing!
This allows each of our members to unlock credit for their small business without having to deal with the trial and error approach or repeated declines.
Remember, a business credit builder system that allows your business to conserve cash flow, unlock corporate credit, build business credit history, track your progress and qualify for greater amounts of financing is a system worth using.
Ready to start building business credit? Become a member of my Business Credit Insiders Circle and gain access to this proven business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($597 value) =>
To Your Success In Business and in Life!
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’,’American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’,‘Alltop’, and ‘Entrepreneur Connect’.