Many of us analyze ourselves mercilessly in the mirror. We pick apart every flaw and consider how we might change or improve each one. While that may or may not be a positive activity, in the same way, you can improve the success of your business by reflecting on what is working and what is … Continue reading Is Your Business Fundable: An Analysis of Fundability
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Fundability and How it Helps With Small Business Loan Risk Factors
Small business loan risk factors abound. But you can fix a lot of them with assuring fundability. The easiest way to do this is via building business credit. but first, let’s look at what a bank is going to want to know. they want to assess what sorts of small business loan risk factors you bring to the table.
Answer Lender Questions and Address Small Business Loan Risk Factors With Fundability
Fundability – or, not just the ability to become funded but how desirable a company is for funding – means different things to banks, venture capitalists, angel investors, and informal investors. That being said, they all agree on a few fundamental principles.
1. Do You Have Positive Cash Flow?
Lenders aren’t in the business of giving you gifts. Instead, they would like to see a profit on their investment. For that reason, if you are bleeding funds, they are not going to want to pay for a piece of what, to their minds, is an unsatisfactory financial commitment.
How do you turn it around? Do some economic triage. Perhaps your firm will not need to have an alternative site. Perhaps you don’t need to have a full-time assistant when part-time will do. Maybe you should be leaning harder on your customers with pending invoices. This is one of the biggest small business loan risk factors.
Start-ups will get a different question – see # 2.
2. Do You Have a Great Product or Service?
For startup companies, the concern is more like: do you have a fantastic product or service? A concept in itself is not going to be sufficient, so you also will want to have a comprehensive business system in place. Investors are going to want to see what you can do with your amazing idea, and how it can be successfully monetized.
For a brand-new company this is the biggest of the small business loan risk factors. Otherwise, why bother making a company at all?
3. What Will You Use the Cash For?
If your reply is an unclear, “general fund”, investors are not going to be showing an interest. First of all, they want you to demonstrate you will be responsible with their money. In addition, they also want to know that your business is organized. You can be the most innovative and the very least business-oriented man or woman out there, so long as anyone in your organization is dealing with the financial heavy lifting. Somebody must make sure that the taxes are paid and the invoices go out to your clients.
Investors don’t actually want to see you using the funds for daily operations. If your business is functioning profitably (see # 1), then investors will expect that you can manage those expenses. Rather, they want to see if you are going to employ their funding for something new and different. In general, this implies you must be using their funds for improvement – a new piece of essential machinery; a new shop; a second facility; a new product line – these are just a few plans which would fit the bill for progress.
See # 4 for the similar question for startups. This is another one of the bigger small business loan risk factors. Lenders want to know their money isn’t being thrown away. After all, they make a lot more money if you pay your loan off and pay interest. Getting their money back through collections is a lot less profitable for them.
4. How Much Funding Do You Need to Reach Positive Cash Flow?
For startups, a similar question is: just how much funding will you need to get to positive cash flow and profitability? In this case, your use for the money is still a distinct one – it’s to bring your new business to profitability.
5. How Much Revenue Yearly Can Your Business Generate After Three Years?
This question is the same whether you are presently in business or you are aiming to get a startup business funded. This will separate the lifestyle businesses (designed to make their owners glad but not develop into bigger players) from the scalable businesses. A lifestyle business normally won’t get this sort of funding. Instead, it will be funded by virtue of secured debt or bootstrapping or secured debt.
A scalable business can still be modest and not expect explosive growth, but still be fundable. Your new widget warehouse might begin small. Investors would expect it to have more moderate funding needs.
6. What Number of Your Existing Clients, Channels, and Partners Will Support Your New Business Growth and Volume?
Introducing new markets (or going for new customers or trying to market new products) will be viewed as riskier, unless you have an established history of financial success via pioneering. See # 7 for the semi-comparable question for startup ventures.
7. How Do You Know That Anybody Will Buy Your Product or Service?
If you do not know your market, then you will not know how to target to those customers. If your clients are middle-aged women, they will most likely respond to different techniques than if your customers are teen boys. Merely making a product and flinging it out to the ether, praying someone will buy it, is not going to sit well with investors. Instead, they want you to have scouted out your prospective clientele prior to you coming knocking and asking for funding.
The rest of the questions are only for startups.
8. How Much Funding Can You Get From Friends and Family to Launch Your Business?
Oftentimes these are your most important investors, or they might be your only investors. Treat them well.
9. How Much Funding Can You Personally Add?
Investors would like to know this amount because it indicates a commitment to the startup. If you want to keep your life savings, you’ll be a lot more careful with funds than if you’re just playing around with other people’s money.
10. Who Comprises Your Team?
Your team does not have to be employees of your business. It can also be consultants and mentors. Contact your school. There might be an educator interested in your new business, even if you never took a class with that person. Not a college alum? Try your nearby community college just the same. A professor might even want to use your company experience and story in a lecture.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
But How Do You Best Address These Small Business Loan Risk Factors? Build Business Credit!
Small business credit is credit in a business’s name. It doesn’t connect to an entrepreneur’s consumer credit, not even if the owner is a sole proprietor and the only employee of the business.
Because of this, a business owner’s business and personal credit scores can be very different.
Consumer credit scores depend upon payments but also other elements like credit usage percentages.
But for small business credit, the scores truly only hinge on whether a business pays its debts promptly.
The Process
Building company credit is a process. It does not occur automatically. A company has to proactively work to develop small business credit.
Having said that, it can be done readily and quickly, and it is much quicker than building personal credit scores.
Vendors are a big component of this process.
Doing the steps out of order leads to repetitive denials. Nobody can start at the top with small business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.
Company Fundability
A business needs to be fundable to credit issuers and vendors. This is the best way to address any small business loan risk factors.
Hence, a business needs a professional-looking website and e-mail address. And it needs to have site hosting bought from a vendor like GoDaddy.
Additionally, company telephone and fax numbers need to have a listing on 411. You can do that here: http://www.listyourself.net.
In addition, the business phone number should be toll-free (800 exchange or similar).
A business also needs a bank account dedicated solely to it, and it has to have all of the licenses essential for running.
Licenses and Reducing Small Business Loan Risk Factors
These licenses all must be in the perfect, accurate name of the company. And they need to have the same small business address and phone numbers.
So note, that this means not just state licenses, but possibly also city licenses.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
Working with the Internal Revenue Service
Visit the IRS web site and get an EIN for the business. They’re totally free. Choose a business entity like corporation, LLC, etc.
A company can start off as a sole proprietor. But they more than likely want to change to a variety of corporation or an LLC.
This is to decrease risk. And it will make best use of tax benefits.
A business entity matters when it pertains to taxes and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and taxes. Nobody else is responsible.
Incorporating is a great way to address small business loan risk factors.
Kicking Off the Business Credit Reporting Process
Begin at the D&B website and get a free D-U-N-S number. A D-U-N-S number is how D&B gets a business into their system, to generate a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.
Once in D&B’s system, search Equifax and Experian’s sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.
In this manner, Experian and Equifax have something to report on.
Vendor Credit Tier
First you ought to build trade lines that report. This is also called the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.
And with an established business credit profile and score you can begin to get credit in the retail and cash credit tiers.
These kinds of accounts have the tendency to be for the things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.
But to start with, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are commonly Net 30, rather than revolving.
Therefore, if you get approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, like within 30 days on a Net 30 account.
Details
Net 30 accounts have to be paid in full within 30 days. 60 accounts need to be paid completely within 60 days. Compared to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you made use of.
To start your business credit profile the right way, you need to get approval for vendor accounts that report to the business credit reporting agencies. When that’s done, you can then make use of the credit.
Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.
You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may have to apply more than one time to these vendors. So, this is to validate you are responsible and pay punctually. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/
Retail Credit Tier
Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then move onto the retail credit tier. These are companies which include Office Depot and Staples.
Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.
One example is Lowe’s. They report to D&B, Equifax and Business Experian. They need to see a D-U-N-S and a PAYDEX score of 78 or higher.
Fleet Credit Tier
Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These are businesses such as BP and Conoco. Use this credit to buy fuel, and to repair, and take care of vehicles. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the business’s EIN.
One such example is Shell. They report to D&B and Business Experian. They need to see a PAYDEX Score of 78 or higher and a 411 company telephone listing.
Shell might claim they want a certain amount of time in business or revenue. But if you already have adequate vendor accounts, that won’t be necessary. And you can still get approval.
Learn more here and get started with building business credit with your company’s EIN and not your SSN.
Cash Credit Tier
Have you been sensibly managing the credit you’ve up to this point? Then move onto the cash credit tier. These are service providers like Visa and MasterCard. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.
One such example is the Fuelman MasterCard. They report to D&B and Equifax Business. They want to see a PAYDEX Score of 78 or higher. And they also want you to have 10 trade lines reporting on your D&B report.
Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).
Also, they want you to have an established business.
These are commonly MasterCard credit cards. If you have 14 trade accounts reporting, then these are attainable.
Monitor Your Business Credit and Directly Address Small Business Loan Risk Factors
Know what is happening with your credit. Make certain it is being reported and address any mistakes as soon as possible. Get in the practice of checking credit reports and digging into the particulars, and not just the scores.
We can help you monitor business credit at Experian and D&B for only $24/month. See: www.creditsuite.com/monitoring.
At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business. That will cost about $19.99.
Update Your Information to Address Small Business Loan Risk Factors
Update the details if there are inaccuracies or the details is incomplete.
Fix Your Business Credit to Reduce Your Small Business Loan Risk Factors
So, what’s all this monitoring for? It’s to contest any inaccuracies in your records. Mistakes in your credit report(s) can be fixed. But the CRAs often want you to dispute in a particular way.
Disputes and How They Help Reduce Small Business Loan Risk Factors
Disputing credit report inaccuracies typically means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always mail copies and retain the original copies.
Fixing credit report inaccuracies also means you specifically spell out any charges you dispute. Make your dispute letter as understandable as possible. Be specific about the issues with your report. Use certified mail to have proof that you sent in your dispute.
Taking the initiative and handling any errors as fast as possible will also help address any small business loan risk factors.
A Word about Building Business Credit and Small Business Loan Risk Factors
Always use credit sensibly! Don’t borrow beyond what you can pay back. Track balances and deadlines for payments. Paying off promptly and completely does more to boost business credit scores than just about anything else. And beyond that, responsible account management will counter any small business loan risk factors.
Establishing company credit pays. Great business credit scores help a small business get loans. Your loan provider knows the business can pay its debts. They know the business is for real.
The company’s EIN links to high scores and lending institutions won’t feel the need to call for a personal guarantee.
Addressing Small Business Loan Risk Factors: Takeaways
Business credit is an asset which can help your business in years to come. Learn more here and get started toward establishing company credit.
The post Fundability and How it Helps With Small Business Loan Risk Factors appeared first on Credit Suite.
Is Your Business Fundable: An Analysis of Fundability
Many of us analyze ourselves mercilessly in the mirror. We pick apart every flaw and consider how we might change or improve each one. While that may or may not be a positive activity, in the same way, you can improve the success of your business by reflecting on what is working and what is not. An analysis of fundability is one way to do this.
How to Analyze the Fundability of Your Business and Make Positive Changes
Take a step back and look at your business in terms of fundability. Does your business appear fundable to lenders? What does that even mean? It means your business appears to lenders to be one that they can lend to with little risk. Risk of what? The risk of you not paying back your debt. They don’t make money if you don’t pay, and they are definitely in it for the money.
How do you make sure that’s the case for you? You need to analyze the fundability of your business. There are hundreds of factors that can affect fundability. The fact that they all interconnect and affect each other further complicates things. As with all things, the best place to start is at the beginning, the foundation, if you will.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
The Foundation of Fundability
The first thing you need to look at during this analysis is how your business is set up. It makes a difference. In fact, it makes a big difference.
Dedicated Contact Information
For example, you cannot share a phone number and address with your business. A business has to have a dedicated business phone number and address.
This can happen in a couple of ways. First, you can get a separate phone line and have a separate business location. This is pretty standard. However, it can cause issues if you run your business online out of your home.
In this case, you can get a virtual office address and a VoIP (Voice over Internet Protocol) business phone number. Basically, it allows you to speak on the phone via the internet instead of phone lines. A virtual address service will often offer other services as well, such as live receptionists. VoIP phone numbers can typically be forwarded to any number you want, meaning you do not have to get a dedicated line to have a dedicated number.
Why does your business contact information need to be separate from your own? There are a number of reasons, but for fundability there are two. First, it makes your business seem more professional. In a lender’s eyes, this lends itself to appearing more fundable.
Next, it creates the separation needed between business and owner to ensure the business can build credit separate from the owner’s personal credit. While this isn’t the only step necessary for separation, it is a necessary step.
EIN
Another thing to look at in your analysis of fundability is whether your business has an EIN. A lot of business owners, especially those running their business as a sole proprietorship, tend to use their social security number on business documents. However, an EIN is a much better option.
This not only further separates the business from the owner, but appears more professional, and therefore fundable, to lenders as well. In addition, it helps ensure that business credit accounts stay off your personal credit report.
You can get an EIN for free from the IRS. The process is fast and easy.
Incorporation
As mentioned before, many small businesses run as a sole proprietorship because it is easiest and cheapest. However, when this comes up in your fundability analysis, you are going to need to change it. Incorporation is a vital part of fundability.
There are several reasons for this. Again, incorporating creates the separation from owner necessary for building business credit and appearing fundable to lenders. However, it also helps protect your personal assets should the business struggle.
What does not matter, is which option for incorporation you choose. Whether you incorporate as an LLC, an S-corp, or a corporation does not make a difference when it comes to creating separation and fundability.
Each option comes at a different cost and with varying levels of liability protection. Choose which one is best for you based on your budget and the level of liability protection you need. Usually, it is best to talk to an attorney or tax professional, when making this determination.
Note that it is abundantly better to incorporate from the first day of operations. This is because, whenever you do incorporate, you lose time in business and payment history from when you were in operation as a sole proprietorship or a partnership. This means the longer you wait, the more backtracking you will have to do. Not incorporated yet? Now is definitely the time.
Separate Business Bank Account
The next step in your analysis of fundability is to take stock of your business bank account. Is it the same as your personal account? That won’t work. You need a separate, dedicated business bank account.
For one thing, this again creates the separation necessary to build business credit, which is a huge piece of being fundable. However, there are also a few different types of financing that are only available if you have a business bank account.
For example, you cannot get a merchant cash advance without a business bank account, and you cannot get a merchant account to accept credit card payments. Studies show that customers spend more when they can pay with a credit card. Also, several business credit cards want to see a business bank account. These are both in addition to lenders that may want to see a business bank account with a minimum average balance before approving a loan.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Analysis of Fundability: Consistent and Professional Public Presence
This part of fundability can get pretty complicated because it has so many interconnecting pieces. The consistency part can be especially daunting because it goes all the way back to the start of your business. If it has been in operation for a while, you can see how that could be an issue.
The thing is, most business financing applications are denied due to fraud concerns. This can be an issue for you if you have different information across various records. All names, contact information, etc. needs to be consistent when it comes to public records, accounts, websites, social media, licenses, and anything else you can think of.
In addition, you need to pay careful attention to your online reputation. If you have poor reviews or a ton of complaints, you could run into fundability problems. This includes both online review sites and the Better Business Bureau.
Another important piece here is your company website. First, you have to have one. However, it can’t just be something you throw together. It needs to be professionally designed, and you need to pay for hosting. Your business email address needs to have the same URL as your website also. You shouldn’t use a free email service such as Yahoo or Gmail.
Analysis of Fundability: Business Credit
The next thing you have to consider when you do an analysis of fundability for your business is your business credit score. First, do you even have one? If your business isn’t set up to be fundable as discussed above, probably not. That’s your first step. Once that is done, you have to get accounts reporting to the business credit reporting agencies to start building your credit score.
Get a D-U-N-S Number
Dun & Bradstreet is the largest and most commonly used business credit reporting agency. Each business in their database has a D-U-N-S number. If you do not have one, they will not recognize you and any accounts reporting will be discarded. You must have this number. You can get one for free on their website here.
Experian has a similar number known as the BIN. Find out more about that here.
Other Agencies
Other agencies can affect your fundability as well. For example, there are two other main business credit reporting agencies. They are Experian and Equifax. Your record with these and other agencies can affect your ability to get funding.
Other credit agencies do exist and some lenders do use them. CreditSafe and FICO SBSS are just a couple of examples. In addition, your file with LexisNexis and The Small Business Finance Exchange can affect your business credit score, and thus your fundability.
Work with Starter Vendors in the Vendor Credit Tier
The vendor credit tier is the best place to get started when it comes to building business credit. Many of the vendors in this tier will extend net terms and report payments, without doing a credit check. Instead, they will rely on length of time in business and income to determine eligibility.
Monitor Your Business Credit
The last step in building business credit for fundability is to monitor your business credit. This should be an ongoing step in your analysis of fundability as well. You need to stay on top of which accounts are being reported for one thing. This is how you will know you can move on to the next tier. Even after this though, you need to know where things stand.
If you find mistakes, you can contact the reporting agency in writing and have them corrected. Be sure to send copies of backup documentation, not originals.
We can help you monitor your business credit for a fraction of what it will cost with the CRAs.
Analysis of Fundability: Your Financials Matter, Both Business and Personal
If you are a very small business, you may not give much thought to your financial statements. When you are doing an analysis of fundability, you have to however. You need to know how to read them, and how to understand what they are telling you.
Details such as whether you are turning a profit and what assets you have available for collateral will make a difference to lenders when they are making fundability decisions. They will need to see that your business is able to pay back the funds they lend.
In truth, any reports on your personal finances can make a difference as well. For example, if you are flagged in the ChexSystems system for bad checks, that could come back to haunt you.
Pay Your Bills, Both Business and Personal
This is the single most important thing when it comes to an analysis of fundability. Are you paying your bills consistently and on-time? If so, can you continue to do so into the future? If not, what’s the problem? What changes can you make to ensure that you get back on track with making payments?
It all boils down to making good decisions. This is especially true when building business credit by working through the credit tiers. During that process, you are adding a lot of new accounts in an effort to move on to the next tier. Be sure to keep tabs on what you can pay, and do not over do it. Also, only buy thing you can actually use for your business. There is no need to buy things you do not need to build credit.
Analysis of Fundability: The Application Process
This is where all the pieces come together. The lender will look at your foundation closely. Your business name, address, and ownership information has to be verifiable. You also have to make sure the timing is right for borrowing, and that you have selected a lending product that is a good fit for your business.
This is where issues with consistency will come to light. Any red flags due to identity can cause problems. This is also where any liens or judgements can begin to hinder your chances.
If you make sure your have a foundation for fundability, work on making sure you have strong business credit, and keep your finances in order, the application process should be pretty smooth.
Mirror Mirror On the Wall, How To Become the Most Fundable Business of All
You need to know if your business is fundable. If it isn’t, you need to fix it. The only way to find out is to do an analysis of fundability. Take stock. What do your foundation, business credit, and financial situation look like? Figure out what you are doing well and what you need to work on to ensure your business can get the funding it needs to grow and thrive long into the future.
The post Is Your Business Fundable: An Analysis of Fundability appeared first on Credit Suite.
Achieve Business Rapport and More –10 Brilliant Business Tips of the Week
The Hottest and Most Brilliant Business Tips for YOU – Attain Business Rapport and More
Our research ninjas at Credit Suite smuggled out ten amazing business tips for you! Be fierce and score in business with the best tips around the web. You can use them today and see fast results. You can take that to the bank – these are foolproof! Build the ultimate in business rapport and connect with your clientele – and more.
Stop making stupid decisions and start powering up your business. Demolish your business nightmares and start celebrating as your business fulfills its promise.
And these brilliant business tips are all here for free! So settle in and scoop up these tantalizing goodies before your competition does!
#10. What? Where? Taming Your Work Distractions
Our first jaw-dropping tip is all about avoiding distractions at work. Also known as – watch out for that squirrel! HBR says everyone gets something like 46 push notifications per day – and most of them are useless and completely unnecessary. Since these are a big portion of the 50 – 60 interruptions many of us get on a daily basis, turning off push notifications is one way to injure the distraction beast. But not quite slay it.
One great thing about email is that it doesn’t have to be answered immediately. So, why do we do that? Cut that stuff out yesterday. Another great idea was to set aside blocks of time to check email or anything else which is basically a distraction.
Yet another good idea was to stop hitting ‘reply all’. If not everyone has to know about XYZ, then they probably don’t want to hear you’re doing whatever it is that you’re doing. Certainly, they don’t need to follow every excruciating little step.
Tame Your Calendar
One idea they had was to not let people change your calendar without permission. Or to use Calendly which allows you to only offer meeting times during prescribed hours. That’s all well and good.
Allow us to add another idea.
Make a daily appointment with yourself to get stuff done. Whatever your thing is to do, and whatever is your most productive time – take that time back. Stuff it into a calendar block and mark yourself busy if not away.
Don’t breach your commitment to yourself. Don’t be late to your personal meeting with yourself. And don’t cancel.
If you absolutely must reschedule, do so for a big deal and an important reason. Your personal time is vital. Don’t squander, abuse, or dismiss it.
#9. Going to the WELL Standard
The next awesome tip is about making sure your office space meets the WELL standard. Noobpreneur notes WELL has seven core concepts. They are: air, water, nourishment, light, fitness, comfort, and mind.
The article has good points for upgrading your office so as to meet the WELL standard. There are benefits, like increased employee health and productivity.
But what do you do if your office is a coffee shop, or a virtual space? What if you work from home? Or you just can’t change your space that readily.
We recommend reading the article, but we have some ideas for handling WELL in these other circumstances.
Almost WELL
Kinda. You can improve air by reducing clutter and adding plants. Get in more water by having it delivered. Enhance nourishment by bringing in healthy snacks and getting together a group to head to a healthy restaurant once a week. Bring in more light with a lamp – and make it better with a full-spectrum bulb.
It’s kind of obvious how to add more fitness – join a gym! But if that’s not feasible, how about walking to work, or taking public transportation – and using a stop farther away from your home or office than the closest one? If that can’t work, can you park in the farthest away parking spot. No matter which spots are open, use the one that’s farthest away from your office door. It’s highly likely it’ll be open.
And your healthy restaurant group? Maybe they’d like a different day where you bring in lunch and everyone goes for a walk during lunch?
Enhance comfort with seats and desks which are the right height. Bring in a small pillow if you need it. Slap on headphones and block out extraneous noise. And enhance mind with collaborating. Even people alone in their respective offices can collaborate using a tool like Asana or Slack.
Use your imagination.
If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Attain the ultimate business rapport and more.
#8. Own YouTube With Your Next Video
Our following life-changing tip concerns YouTube SEO. Opt In Monster lays it all out for us.
Keep in mind, there is some overlap with #7, but these are not identical articles. They have some different tips.
Keywords
Much like in traditional SEO, it’s all about the keywords. That is, the main subject of your video. Can’t decide on synonyms, like film vs. movie vs. cinema? Then use YouTube’s autosuggest. It comes from searches, so you’ll see what people are actually looking for. This is the essence of business rapport.
And for gosh sakes, don’t forget to put your keyword in your video title and description!
We recommend checking out the entire article but keep in mind at least their information on Google Trends appears to be out of date.
#7. Video, Meet Google
For our next sensational tip, we looked at how to rank your newly optimized YouTube videos on Google. This is not the exact same thing as #8. AHRefs concentrates on using its product. This is typical for their articles. But the principles are good.
So, without further ado, here’s what they suggest.
Best Practices
- Locate topics with ‘traffic potential’. This means checking keywords and doing research to find out what your customers and prospects are looking for. A wonderful video which no one is looking for may as well not exist at all. Ouch.
- Create an optimized video. The best way to do this is to think about cooking shows (yes, really!). The best cooking videos have clear images and sound. They have clear instructions with no digressions. And the chef describes what they’re doing while they are doing it. This kind of clarity is what Google’s algorithm loves.
- Fix your closed captions. Amen! In particular, if the captions get your company or product name wrong, or they don’t get your keywords right, fix that, stat!
- Upload an attractive and enticing thumbnail. Don’t settle for what YouTube gives you. The software often doesn’t pick the best imagery. Make your image clear and high quality, no matter what’s in it.
- Add timestamps! And keep them in your video description, with a new one on each line. The algorithm will pick these up. And your viewers will appreciate it. Consider a video with Xmas songs. For listeners playing the Whamageddon game, don’t you think they’d appreciate knowing when Last Christmas comes on, so they can avoid it? Same thing for your customers and prospects. Some of them want to cut to the chase. So make that possible.
This tip is so festive, and it works! Manta tells us how to get more customers into your business before Xmas. There are any number of ways to leverage the holidays and bring in more customers. Of course decorating, either in person or virtually, is at the top of the list. Plus, the holidays are a great excuse for a party or a giveaway – or both.
But what’s below the surface and less obvious?
Take Advantage of Scheduling
The holidays are everyone’s crazy season. Even if you don’t have any holidays in December, you actually do – New Year’s Eve and Day. You might not want to be working on those days. And your employees may not want to be working, either.
So use the scheduling functions for software such as HootSuite and Buffer.
This also includes setting tweets, Facebook and Instagram posts, and blog posts for the last minute. Because we all know someone who buys for Xmas on the morning of.
Maybe that’s you. Hey, we’re not judging.
Free up your time to do just that and wield scheduling like a weapon.
#5. Achieve the Nirvana of Business Rapport
Grab this mind-blowing tip while it’s hot!
‘Tis the season for togetherness – so why not build a better business rapport with your employees?
Effortless HR says holiday parties and other events are the perfect time to build and reinforce team bonds.
We really loved the part about decorating the office.
Go Beyond Office Decorations
Of course, it’s easy to just put up some garlands and then call it a day. Er, a holiday.
But the great suggestion from this article was to also ask your decorating committee to check for anything which might need minor repairs while they’re putting stuff up. This isn’t meant to be a structural engineering inspection. Rather, it’s to see if the paint is chipping in one corner, or there’s a fluorescent bulb that needs replacing. Maybe the company fridge could stand to be cleaned out. Or perhaps there’s a chair in the conference room which is no longer adjustable.
Whatever it may be, the committee should tell maintenance. And the article went onto suggest getting the fixes in before the holidays, if that’s at all possible. It goes beyond just plying your employees with alcohol and baked goods. These may not be big structural changes. Instead, they eliminate certain small annoyances. And they fix certain tiny cosmetic imperfections.
All of that can help your workers feel better, beyond the season.
Go Inclusive or Go Home
This was another point made in the same section. And boy oh boy, does that ever sing our holiday song! Go beyond the tree. How about a kinara (that’s the candelabra) for Kwanzaa and a menorah for Chanukah? You can get an electronic version of both, or battery-powered individual candles.
Your employees who aren’t Christian will appreciate your including them. I sure as heck would, and will. 
Volunteer Support
Now, this wasn’t in the article, but we feel the need to point it out. A decorating committee is virtually always a volunteer group. Do they need to stay late to get their work and the decorating done? Then pay those people overtime – and get them a cab or an Uber if they need to go home alone in the dark. And if they miss any work or are pulled away, get them some coverage!
Decorating the office shouldn’t be an occasion for anyone to get behind in their work, lose out on pay, or personally endanger themselves.
Not just sayin’.
If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Attain the ultimate business rapport and more.
#4. Pull The Trigger On Emotional Words In Your Copy
Check out this spectacular tip, all about upping your business engagement with trigger words. Talk about building business rapport! Lead Pages notes that emotions lead to actions. So, which emotions do you want to evoke in you customers and prospects? And how do you evoke them?
We recommend reading the article although we suggest that you not overuse emotional words, particularly in your titles. Otherwise, you just sound like clickbait. And that is no way to build business rapport.
#3. Once Upon a Time, There Was a Sale…
It’s not your imagination: this winning tip can help you tell better stories in your business presentations. What better way to attain business rapport? HubSpot tells us that sales stories are a lot like any other type of story. That means, they have characters and conflict. And they have a change at the end. They have a coherent narrative.
We recommend reading the entire article as it’s helpful for building business rapport with better storytelling. But let’s first talk about fiction.
The World of Fiction
Yeah, I’m an actual fiction writer (fer realz, yo’).
Here’s how I learned to write fiction, and how it applies to your sales stories.
Characters
Who’s in the story? Where is it set – your setting is a type of character. When you match your character to your buyer persona, your prospect or customer will be more interested. If I’m a middle-aged woman, then telling me a story about a teenaged boy might not go over so well. The match should be close. It doesn’t have to be 100% on the nose. But if you try to fit one size to all, your story will fall flat.
Conflict
In the sales context, this is the identification of the problem. Say your character has a problem that only your widget can solve. They need your service. Whatever it is, this is the driving force behind your tale. It’s the heart and soul of your story.
Crisis
In standard storytelling, this is also called the climax. For sales storytelling, you’re looking to show an inciting incident which turns the problem into a critical issue that must be solved ASAP.
Think about, say, flood insurance. A lot of us realize, intellectually, that it’s probably a good idea to buy it. Yet we put it off and put it off and put it off.
The crisis is when the waters are pooling around your ankles. So, what’s pooling around your prospect’s ankles?
Change
Here’s where you show the solution in action. By having flood insurance, your character gets the full value of her possession back when they’re damaged or lost. She’s still been through a flood. But she’s much better off than her neighbors who didn’t have flood insurance. She can make a new start much more easily.
Tell. Your. Story.
#2. Come on Back
Our second to last unbeatable tip can give you a new perspective on winning back customers with ‘back in stock’ emails. Sumo reveals all about building your mailing list and using it to bring back customers. Consider this: it’s the holidays, eh? As if you didn’t know. And stuff goes out of stock. All. The. Time.
Acknowledge it. Embrace it. Benefit from it.
The article is great and we recommend reading it in its entirety. Here’s one takeaway we really loved.
Personalization FTW
With current technology, there’s no excuse not to know what your customer or prospect was browsing and what you’re out of. That is, if you sell sweatshirts and the black is in stock, but navy isn’t, your prospect will appreciate it if you showcase the navy in your email to them. While it’s possible to offer a substitute (and you can), not shoehorning your customers in the same place is a good thing. All of those square pegs don’t fit into round holes.
Nor should they.
#1. Uniqueness Matters
We saved the best for last. For our favorite remarkable tip, we focused on making your product uniquely memorable. Startup Professionals says 80% of businesses believe their offerings are unique. But only 8% of customers feel the same.
That’s … not good.
One great way to differentiate you from your competition – and in your customers’ eyes – is to customize. But do so efficiently. Your customers may want an experience specifically tailored to them. So give them one, as well as you can.
This means concentrating on which customers get such special treatment. Not everyone should. Not only will it help you differentiate yourself, it will also give off an exclusivity vibe. People like to pay for that. So make it exclusive.
So which one of our brilliant business tips was your favorite? And which one will you be implementing now?
If you are as passionate about succeeding in business as we are, please help us spread the word about how to take the plunge and save time and money – and your sanity! Attain the ultimate business rapport and more.
The post Achieve Business Rapport and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.
Business Credit Cards With Bad Personal Credit? They’re Not Out of Reach
Can You Get Business Credit Cards With Bad Personal Credit? We Show You How!
Is it possible to get business credit cards with bad personal credit? You better believe it is!
We looked at a lot of business credit cards with bad personal credit, and did the research for you. So, here are our favorites.
Per the SBA, small business credit card limits are a whopping 10 ؘ– 100 times that of personal cards!
This shows you can get a lot more money with small business credit. And it also means you can have personal credit cards at stores. So, you would now have an extra card at the same retail stores for your company.
And you will not need collateral, cash flow, or financials to get small business credit.
Business Credit Cards With Bad Personal Credit: Benefits
Benefits can vary. So, make certain to select the perk you would prefer from this variety of alternatives.
Secure Business Credit Cards With Bad Personal Credit for Average Credit
Capital One® Spark® Classic for Business
For fair credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. The card gets an unlimited 1% cash back on all purchases. There is an annual fee of $0.
With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.
But REMEMBER: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Credit Builder Company Credit Cards – Make Your Credit Surge!
Discover it® Student Cash Back
Be sure to check out the Discover it® Student Cash Back card. It has no annual fee. The credit card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.
One distinct feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit every year for up to five years.
Details
Use this credit card to build personal credit. While this is a personal credit card versus a business card, for new credit users, their FICO scores will be important. And this card provides an excellent way to raise FICO while also getting rewards.
You can earn 5% cash back at different places each quarter such as grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this credit card offers unlimited 1% cash back on all purchases.
In the first year, all cash back rewards are matched 100%.
Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Ironclad Secured Credit Cards
Wells Fargo Business Secured Credit Card
Have a look at the Wells Fargo Business Secured Credit Card. It charges a $25 yearly fee per credit card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is designed to help cardholders develop or rebuild their credit.
Pick this card if you wish to get 1.5% per dollar in purchases with no limits or earn one point for every dollar in purchases. You also get 1,000 bonus points for every month your company makes $1,000 in purchases on the card.
Details
Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.
APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a card for balance transfers.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Reliable Low APR/Balance Transfers Business Credit Cards With Bad Personal Credit
Discover it® Cash Back
Look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.
After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.
Details
You can get 5% cash back at different places every quarter. So, these are establishments like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Also, automatically get unlimited 1% cash back on all other purchases.
You will earn an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Small Business Credit Cards With Bad Personal Credit with 0% APR – Pay Absolutely Nothing!
Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Afterwards, the card has a 13.24 – 23.24% variable APR
Earn 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can earn unlimited points and points never expire.
Details
There is a 25,000-point sign-up bonus when you spend $1,000 within the first 60 days of opening up the account. Cardholders get travel accident insurance, and lost luggage reimbursement.
They likewise get trip cancellation coverage, trip delay reimbursement and other advantages.
There is no introductory rate for balance transfers. Also, bonus categories are limited.
Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/
JetBlue Plus Card
Check out the JetBlue Plus Card for yet another offer of a 0% introductory APR
Get six points/dollar on JetBlue purchases, two points/dollar at restaurants and grocery stores. And get one point/dollar on all other purchases.
Details
Spend $1,000 in the initial 90 days and pay the yearly fee, and get 40,000 bonus points. New cardholders receive a 12 month, 0% introductory APR on balance transfers made in 45 days of account opening.
After that, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.
There is a $99 yearly fee for this card.
Get it here: https://cards.barclaycardus.com/cards/jetblue-card/
Outstanding Business Credit Cards With Bad Personal Credit with No Annual Fee
Uber Visa Card
Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.
The card provides 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.
So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly in the app.
By spending at least $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 annually are eligible to receive a $50 credit toward online subscription services.
Details
If you pay your cellphone bill with this card, you are insured up to $600 for cellphone damage or theft.
Cardholders are eligible for exclusive access to specific events and offers. Uber expects the majority of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.
But there is no introductory rate. The APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.
Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accumulate a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.
Get it here: https://www.uber.com/c/uber-credit-card/
Costco Anywhere Visa® Business Card by Citi
Not taking Uber? Then you’ll want to fill your gas tank someway. Why not do so with the Costco Anywhere Visa® Business Card by Citi?
This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Earn 3% cash back at restaurants and on eligible travel purchases. Also, earn 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.
Keep in mind: the $0 yearly fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.
Also, there is no sign-up bonus offered with this card.
Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Ink Business Cash℠ Credit Card
Consider the Ink Business Cash ℠ Credit Card. Businesses can get cash back with every single purchase. Spend $3,000 in the first three months from account opening. And you’ll get a $500 bonus cash back.
There is a $0 annual fee with a 0% introductory APR for 12 months on purchases and balance transfers. Thereafter, the APR is a 15.24 – 21.24% variable.
The credit card features travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.
Details
Earn extra cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.
Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.
Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash
United MileagePlus Explorer Business Card
Get a good look at the United MileagePlus Explorer Business Card.
Get 2 miles/dollar with United and at restaurants, filling stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.
Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.
Details
Also, get two United Club passes annually. And get hotel and resort perks including upgrades. On top of that, get early check-in and late checkout. And get an auto rental collision damage waiver.
Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.
After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.
Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business
Starwood Preferred Guest® Business Credit Card from American Express
Another option is the Starwood Preferred Guest Business Credit Card from American Express.
This card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Get six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.
And get four points per dollar at American restaurants, US filling stations, and on US purchases for shipping.
Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.
Details
Get 75,000 bonus points when you spend $3,000 in the initial three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.
Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.
The most significant issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 thereafter. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR
Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card
Terrific Business Credit Cards With Bad Personal Credit for Cash Back
SimplyCash Plus Business Credit Card from American Express
Look at the SimplyCash Plus Business Credit Card from American Express. There is a $0 annual fee. And there is a 0% APR on purchases So this is for the initial 15 months an account is open.
But when the introductory period expires, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.
Details
This credit card has various benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.
Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be purchased from American service providers. But this pertains to the initial $50,000 of annual spending. Then, you get 1% cash back.
You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of annual spending. Then, you get 1% cash back.
Cash-back bonuses are automatically credited to the customer’s billing statement.
Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.
And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Capital One® Quicksilver® Card
Look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 annual fee.
New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. And after that they have a 14.74 – 24.74% (variable) APR after that.
A cash bonus of $150 is on offer for those who make at least $500 in purchases in 3 months of account opening.
Details
Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.
This credit card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.
Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Unbeatable Cards for Jackpot Rewards
Chase Sapphire Preferred® Card
Have a look at the Chase Sapphire Preferred® Card for travel points.
You can get two points per dollar spent on travel and dining at restaurants. And you can earn one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel.
The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.
When you spend $4,000 in the first 3 months from account opening, you will get 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.
Details
You can earn an unlimited two points per dollar for travel and dining at restaurants. And after that earn one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So, these include British Airways, Southwest Airlines, United, and Marriott.
There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.
Get it here: https://creditcards.chase.com/rewards-credit-cards/chase-sapphire-preferred
Ink Business Preferred ℠ Credit Card
Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.
This is a Visa credit card.
Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.
Details
Earn 80,000 bonus points when you spend $5,000 in the first 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.
This card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases get an unlimited flat rate of one point per dollar. And there is no introductory APR
Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Small Business Credit Cards With Bad Personal Credit for Luxurious Travel Points
Capital One® Spark® Miles for Business
Be sure to check out the Capital One® Spark® Miles for Business card. With this card, you can get 2 miles per dollar on all purchases. When you spend $4,500 within the first 3 months of opening an account, you can earn 50,000 miles. So, that is worth $500 in travel.
Benefits for cardholders include an auto rental collision damage waiver, and purchase security. And they also include extended warranty coverage. And you get travel and emergency assistance services.
So cardholders will pay $0 introductory for the first year. But they will pay $95 after that for the annual fee.
There is no 0% APR for purchases or balance transfers with this card. So the APR is 18.74% (variable).
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/
IHG ® Rewards Club Premier Credit Card
Check out the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For each dollar spent at participating IHG hotels, get 10 points. Earn two points per dollar spent at gas stations, grocery stores and restaurants.
And all, other purchases earn one point. New cardholders can get an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.
Details
This card provides a free one-night hotel stay each year. Plus, there is a wide array of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.
The biggest issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the yearly fee is $89.
Get it here: https://creditcards.chase.com/a1/ihg/premiernaep
Marriott Rewards® Premier Plus Credit Card
This credit card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.
Spend $3,000 in the initial three months from account opening and get two free night awards (each valued up to 35,000 points).
Cardholders get access to perks including a free one-night stay yearly after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.
Details
Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. Plus, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.
Spend $35,000 each account year, and be upgraded to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.
There is an annual fee of $95. The APR is a 17.99– 24.99% variable.
Get it here: https://creditcards.chase.com/marriott/apply
The Perfect Business Credit Cards With Bad Personal Credit for You
Your absolute best business credit cards with bad personal credit will always hinge on your credit history and scores.
Only you can choose which features you want and need. So, make sure to do your homework. What is excellent for you could be catastrophic for another person.
And, as always, make certain to establish credit in the recommended order for the best, fastest benefits.
The post Business Credit Cards With Bad Personal Credit? They’re Not Out of Reach appeared first on Credit Suite.
How to Get Business Credit Cards No Personal Guarantee
Business credit cards, no personal guarantee, are an actual thing. Not aren’t for everyone though. We are going to tell you who can get them, and what to do if you can’t.
Decoding the Secret of Business Credit Cards, No Personal Guarantee Needed
It sounds like an ancient myth doesn’t it? The idea that you can get business credit cards, no personal guarantee necessary? The truth is, unlike the fountain of youth and the lost city of gold, these creatures do exist. They are rare however, and it takes a seasoned business explorer to land one. What does it take to capture the rare beasts that are business credit cards no personal guarantee? What kind of businesses are they meant for? How can you get one? We answer all of these questions and more.
Why Are Business Credit Cards No Personal Guarantee So Rare?
The reason why these cards are so rare is that a lack of personal guarantee is risky to the lender. Typically, a business needs to have $1 million to $4 million in revenue annually to qualify. In addition, there is a minimum annual charging requirement for most of these cards of $250,000 to $1 million. Many also require there to be at least 15 cardholders. If you are a new, smaller business such as one just starting to grow out of your home, you will not qualify.
Check out how our reliable process will help your business get the best business credit cards.
Even if you do meet these qualifications, there are not a ton of options for business credit cards no personal guarantee. One reason for this is that virtually all lenders consider the finances of the business and it’s owners to be tightly interwoven. They aren’t necessarily wrong either. According to the SBA:
- 8% of start-ups use personal credit cards for financing, versus just 2% using business credit cards.
- One-third of businesses fail within two years, and half don’t make it five years.
- Personal savings are the top source of start-up capital, used by nearly 6 in 10 companies.
The issue then becomes one of trust and stability, creditworthiness if you will, between the card issuer and the business. The credit card company just wants to get paid. If they can have a personal guarantee, they feel some level of security. How can a business accomplish the level of creditworthiness necessary to get business credit cards, no personal guarantee needed?
Develop a Relationship, or Use One You Already Have
If you are already with a bank that offers a credit card and you have handled your business with them well, you may be able to negotiate for business credit cards, no personal guarantee. This could be true even if you do not meet the standard qualifications typical for this type of card.
It’s not a given, but if your relationship is long and proves extreme creditworthiness with no overdrawn accounts or late payments, you have a chance. The bank just has to be able to see that they can trust you.
Wait Until You Meet the Revenue and Size Banks Want
Those businesses that meet the revenue and size requirements are not guaranteed to get business credit cards no personal guarantee, but they certainly have a better shot than those that do not. Another thing that can help is having several years in business. If you beat the odds and stay in business 5 years or more, your chances are even better.
The thing is, these cards are most often are from specific stores. You can usually use them only at those stores. That means that even if you are able to get business credit cards no personal guarantee, your spending options may be severely limited.
Regardless, these types of cards are few and far between. However, they do exist.
Here are a Few Business Credit Cards, No Personal Guarantee
We list a few of the ones that are out there, what they offer, and what they require for approval below.
Brex Corporate Card
This card is a stand out. It isn’t connected to a specific retailer so it is much more flexible than other business credit cards no personal guarantee. In addition, you can earn rewards! Specifically, you can earn one point per dollar on purchases. You can also get credits and discounts on certain services .
Check out how our reliable process will help your business get the best business credit cards.
One condition is that you have to pay the balance in full each month. It isn’t revolving credit in the traditional sense. You cannot carry a balance.
Even though they do not require a personal guarantee, Brex knows exactly what it is looking for in a cardholder. They want innovative businesses that use modern technology. In addition, they want to see a healthy business specific bank account. It is best if it maintains a balance of $100,000 or more.
The Brex Corporate Card has no annual fee. It also offers other reward levels based on the type of spending, in addition to the 1 point per dollar spent on regular purchases. These include:
- 7x points on taxis and ridesharing services
- 4x points on flights, AirBnbs, and hotels when you book with Brex
- 2x points on software purchases that are recurring
There is an introductory offer of 30,000 bonus points and card fees waived for life after approval. Other perks include credit for ZenDesk and Amazon Web Services. There are discounts on WeWork and Salesforce also.
In addition to a business bank account with $100,000 balance, they also want you to have an EIN.
Bremer Bank Visa Signature Business Company Card
The Bremer Bank Visa Signature Business Company Card is an actual business credit card, no personal guarantee necessary. It also has high income requirements and still prefers to work with medium to large businesses. If you are able to get one, you will enjoy no annual fee and a rewards program.
To qualify, you must have at least $1,000,000 in annual revenue and $350,000 in net annual income for the previous two years.
Shell Small Business Card
The Shell Small Business Card is only good at Shell gas stations, and it offers no rewards. The best thing about it other than it being one of the few business credit cards, no personal guarantee required, is that it can be a nice tool for employees on the road a lot. It offers options such as purchase limits and specific station limitations. There is no annual fee, but cardholders have to be associated with a government entity, nonprofit, or earn at least $1 million annually for the past 3 years.
Sam’s Club Business Mastercard
Surprisingly, the Sam’s Club Business Mastercard is one of the more flexible options for business credit cards no personal guarantee. You are not limited to using it only at Sam’s Club. In fact, you can use it anywhere they accept Mastercard. It also offers great rewards on gas, dining, and travel.
There is no annual fee, but you do have to have a Sam’s Club membership. Currently you get a $20 statement credit if you spend $50 or more at Sam’s Club the same day you open the card. Rewards include 5% cash back on gas up to $6,000 in a year. After that, you get 1%. There is also a 3% cash back on dining and travel rewards, and 1% on all other purchases.
To get this card, the business must make $5 million or more per year. It also must be in business for at least 2 years and have more than 10 employees for there to be no personal guarantee requirement.
Office Depot OfficeMax Business Credit Account
Similar to the Shell card mentioned above, the Office Depot OfficeMax Business Credit Account is not known for its flexibility. It is only good at Office Depot stores, officedepot.com, and OfficeMax. They do not offer rewards, but there is an introductory bonus. If you spend at least $150 in the first 60 days after opening the account you get a $50 statement credit.
To qualify for this card, your business must be at least three years old with over $5 million in sales annually.
A Personal Guarantee Does Not Mean a Hit on Your Personal Credit
It is important to remember that just because a credit card requires a personal guarantee, it doesn’t necessarily affect your personal credit. While strong business credit may not get you out of a personal guarantee, it can help protect your personal credit report.
Many cards will only do a soft pull on your personal credit, and then they will report your payment activity to your business credit. For this to happen however, you have to have established business credit. That doesn’t happen automatically.
What if You Do not Qualify for Business Credit Cards with No Personal Guarantee?
The truth is, if you are a small business, it is very unlikely you are going to qualify for small business credit cards no personal guarantee. This means that you are going to have some personal liability for your business debt. There are ways to protect yourself however, both when it comes to liability for business debts and personal credit.
For example, if you formally incorporate as a corporation, S-corp, or LLC, you will significantly increase your liability protection. As luck would have it, this is also something that you need to do to begin to establish business credit separate from your personal credit.
Another thing you need to do to establish business credit is get and EIN and set up a dedicated business bank account. Since most business credit cards like to see these things anyway, it’s a good idea to go ahead and get the ball rolling.
Other Steps to Building Separate Business Credit
In addition to formally incorporating, getting and EIN, and having a separate business bank account, there are a few more things you need to do to separate your business from yourself and begin to build credit for your business separate from your personal credit.
For example, your business needs contact information that is separate from your own. That means a business phone number and business address that are listed in the business directories. You also need a dedicated business email address, and it needs to have the same URL as your website. It can’t be from a free service like Yahoo or Gmail.
Speaking of a website, you definitely need one. These days, if you do not have a website you basically do not exist. However, it can’t be just thrown together. You need to have it professionally designed. Also, pay for hosting. Free hosting services look unprofessional.
Check out how our reliable process will help your business get the best business credit cards.
Then, head over to the Dun & Bradstreet website and get yourself a D-U-N-S number. You have to have a D-U-N-S number to have a credit file with Dun & Bradstreet. Since they are the largest and most commonly used business credit reporting agency, you definitely need this number.
How Do You Get Accounts to Report to Your Business Credit?
Okay, so here is the secret that few know. It can seem virtually impossible to get credit accounts that will report to the business credit reporting agencies because, you have to have credit to get credit. However, if you set up your business correctly, like noted above, you can open tradelines with vendors in the vendor credit tier. These are starter vendors that will give you net terms on invoices without checking either credit report. Then, they will report your payments. If you apply with your business information, like your business phone number, address, and EIN instead of SSN, then they will be reporting to your business credit report.
When you get enough of these types of accounts reporting, you will be able to apply for cards in the retail credit tier. These are cards for stores Best Buy and Office Depot. Then, after enough of those are reporting, you will be able to apply for cards in the fleet credit tier. This includes cars like Fuelman and WEX. Finally, after you have enough accounts reporting positive payment history to your business credit report, you will have strong enough business credit to apply for card in the cash credit tier.
This are high limit, lower interest, awesome rewards cards that are not limited to specific retailers or types of expenses. While they may still require a personal guarantee, if you follow the steps outlined, they will not affect your personal credit.
Business Credit Cards, No Personal Guarantee: They Do Exist, but They are Few and Far Between
Business credit cards, no personal guarantee required, do exist. However, they are rare, and they are not easy to get. Realistically, it isn’t feasible for a small business to make finding these cards a goal. A more productive goal is to work to build strong business credit and to run your business on the merits of its own credit report.
The post How to Get Business Credit Cards No Personal Guarantee appeared first on Credit Suite.
Top 5 Things You Didn’t Know About Small Business Credit
There is so much about small business credit that is misunderstood. Many entrepreneurs do not even realize their company can have its own credit. Those that do realize it, often have a very skewed idea about how it works. Because we are so familiar with personal credit, we tend to assume business credit works the … Continue reading Top 5 Things You Didn’t Know About Small Business Credit
Top 5 Things You Didn’t Know About Small Business Credit
There is so much about small business credit that is misunderstood. Many entrepreneurs do not even realize their company can have its own credit. Those that do realize it, often have a very skewed idea about how it works. Because we are so familiar with personal credit, we tend to assume business credit works the same way. While some aspects of the two are similar, there are some very important differences that most entrepreneurs do not know.
Everything You Don’t Know that You Don’t Know About Small Business Credit
Some of the most common misconceptions about business credit are related to how you get it. Even more are about what affects business credit and where the information on the report comes from. It is such uncharted territory that most do not even know what they don’t know.
Once you understand all the differences between business credit and personal credit, you can begin the work of building a solid company foundation for your biz.
5 Things You Didn’t Know About Small Business Credit
Here are a few of the most common misconceptions about business credit.
You Have to Work for Small Business Credit
It doesn’t build on its own through the course of regular company financial transactions. This is different than how personal credit builds. With personal credit, your payment information is simply reported to the personal credit reporting agencies (CRAs.) With business credit, it isn’t so simple.
It takes intentional effort from the way you set up your biz to the accounts you apply for first. You have to go into it with the intention of building business credit. You have to work for it.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
It’s About More than Payment History
Unless your company is set up with the intention of separating it from the owner, business transactions will report to the personal CRAs. This means your corporate transactions and your personal transactions will be reporting on your personal credit. Everything will be all mixed up.
Not only that, but if you do not set things up properly, you could end up not having a business credit score at all! Even if you have credit in your company name, if your firm is not properly set up as a fundable entity, those accounts will be on your personal credit report. You may not even have a business credit report!
Your Personal credit CAN affect it
By nature, the way a company must be set up to build business credit means that your company’s accounts will not affect your personal credit. That is, if everything is set up properly. However, the reverse is not necessarily true. When lenders look at your credit, not only might they pull a personal credit report, but they can use other sources as well. The information gleaned from those sources, even if not firm-related, can affect their decisions.
You are probably asking yourself the question then, why even bother? If your personal credit can still come into play, what’s the point? There are a few reasons biz credit is important. First, it protects your personal credit. Like I said before, if your set up your company properly, your operational finances should not affect your personal credit score. This will ensure that if your biz suffers, your personal finances can still stay intact.
In addition, if personal issues are coming into play when you are trying to get company funding, strong business credit can help. It can mitigate negative personal information lenders may consider in their decision making.
Finally, if you do not have business credit, you will have to fund your dream on your personal credit alone. Personal limits are typically much lower than business credit limits. Conversely, company credit expenses tend to be much higher than personal expenses. This means that even if you are paying off your expenses each month, you are likely to hover near your limits consistently.
That will increase your debt-to-credit ratio, which will in turn lower your personal credit score. So even if you do everything right, you could end up damaging your personal credit if you try to use it to fund your company.
The Information Comes from Places You May Not Expect
Like I said, it’s not all just payment history. There are so many other things the CRAs look at and can report on. They gather information from a number of sources, and not all of them are lenders. For example, the Small Business Finance Exchange, or SBFE, gathers information from a variety of places. These include, among other things, public records. That means every lien, every parking ticket, and every bounced check has the potential to bite you.
You do NOT Have to Have Business Credit to GET It
This is perhaps the most difficult thing for some entrepreneurs to understand. It can seem at the onset that you have to have business credit to get business credit. An entrepreneur is often shocked when they try to apply for funding with biz credit and they are denied, because they pay their bills on time. They cannot figure out what is going on.
They then find out they actually do not have business credit. That is why they are continually denied when they apply for corporate credit cards. Then they wonder how on earth they are supposed to get business credit if they are denied funding because they do not have company credit.
Here is the thing. Once you have your company set up properly as a separate, fundable entity, you need to start working with starter vendors. These are vendors that will extend net terms on invoices without a credit check. Not only that, but they will also report your payments on these invoices to the CRAs. This will be the beginning of your business credit score. You do not have to have business credit to get corporate credit, but you do have to start with starter vendors.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Now That You Know
Now that you know this information, you probably have a ton of questions. Questions like:
- How do I make my company a fundable entity separate from myself?
- What’s the next step after starter vendors?
- Where are lenders getting information about me?
- How do I know what is on my credit report?
We can answer these questions and more. The first step is already done. Now you know what you didn’t know before.
How to Separate Your Company as a Fundable Entity
This part is easiest taken care of on the front end. However, it’s never too late. If you are looking for funding, you likely already have an established biz. You can take these steps now to begin building your corporation credit.
How to Separate a Company from Its Owner to Build Small Business Credit
- Establish a separate phone number and address for the biz.
- Formally incorporate as an LLC, S-corp, or Corporation.
- Establish a separate company bank account.
- Have a professional corporate website.
- Have a separate corporation email address with the same URL as the website.
- Get and EIN and use it instead of your SSN to apply for business credit.
- Get a D-U-N-S number.
A few things to remember when it comes to these things are that you can get a virtual physical firm address pretty easily. Also, there are several ways to get a corporate phone number online that will simply forward to the phone number you already use. This means there is no need to get a separate phone.
Also, do not use a free hosting service. You need to pay for hosting. The same goes for email service. A free service such as Hotmail, Yahoo, or even Gmail will not work in this situation.
As for a D-U-N-S number, be careful. You really do need it because you cannot have a credit file with Dun & Bradstreet without it. Since they are the largest and most commonly used biz credit reporting agency, having a D-U-N-S number is a must. However, when you go to their website to get one, they will try to upsell you. The number is free, and you do not need anything else. Stay strong.
How to Use Starter Vendors to Build a Small Business Credit Score
Now, you know how to set up your company and you know you need to start with starter vendors, but where do you go from there? The business credit building process works in tiers. You start with the vendor credit tier, which is where the starter vendors are. Then, once you have 8 or 10 of those vendors reporting your positive payment history, you can move on to the retail tier.
The retail credit tier is where you find credit cards that can only be used at the retail stores that issue them. For example, an Office Depot credit card would be in this tier. After you have enough of these types of cards reporting your payment history to the CRAs, you can move on. Your small business credit should then be strong enough to apply for cards in the fleet tier.
The fleet credit tier is where you find the cards that you use specifically for fuel and auto repair and maintenance costs. These are cards from companies such as Shell and Fuelman. After you snag enough of these and have them reporting positive payment history, you can apply for cards in the top tier.
That is the cash credit tier. These are the cards that have higher limits, lower rates, and no exclusions on where you can use them or what you can use them for. If you use these cards responsibly, you will have access to all the funding you need to run and grow your business.
Small Business Credit and Company Loans
As you may have noticed, we didn’t mention biz loans much when talking about small business credit. That is because most traditional lenders are going to check your personal credit history even if you do have strong corporate credit. There is just no way around it. However, if you have strong company credit, it can only help you. It may mean the difference in approval for a $50,000 loan or a $100,000 loan, or 10% interest and 6% interest.
In addition, some non-traditional lenders will actually look at business credit and even report to the business CRAs such as Dun & Bradstreet, Experian, and Equifax.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
Monitor Your Credit
This is important all the way through the process. First, you need to know which accounts are reporting to your small business credit. You also need to know how many. That’s how you will know it is time to start applying for cards in the next tier.
The problem is, you cannot get a free copy of your business credit report the same way you can with personal credit. You can purchase a copy of your report from the reporting agencies, but you have to pay each time you want to see what is on your report. At CreditSuite.com/monitoring, we can help you monitor your business credit on an ongoing basis for a fraction of the price. Not only will this help you to know when to move on to the next tier, but it will let you see if there are any mistakes or inaccuracies keeping your score from being the best it can be. If there is something there that shouldn’t be, or something not there that should be, you can get it corrected quickly.
Everything You Need to Know About Small Business Credit and Then Some
Now that you understand more about small business credit, what it is, and why you need it, you are likely to have more questions than just what we’ve covered. Here is one thing you can know without a doubt however. Strong small business credit it vital to running a healthy company. Our free guides, webinars, and dedicated staff are here to help you build and maintain small business credit every step of the way. Your business success and growth depend on it.
The post Top 5 Things You Didn’t Know About Small Business Credit appeared first on Credit Suite.
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Just how To Make An Effective Short Video Clip To Market Your Business Online
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