Gone beyond assumptions … $ 19,000.00 in Business Revenue funding!
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As a veteran, your country owes you a debt of gratitude. Unfortunately, it can be difficult to reacclimate to normal life after the trauma of service. Starting a business can be a great way to get back on your feet, and there are a ton of resources that can help. These resources, coupled with opportunities opened by strong business credit, mean veterans have more support than ever before to help start and run their own businesses successfully. F
Surprisingly, according the SBA findings released a couple of years ago, 2.52 million U.S. businesses are Veteran-owned. That is 9.1%. To put it in perspective, almost 10% of the U.S. economy is made up of veteran owned businesses. It seems, not only do veterans deserve our support for fighting for our country, but for helping to keep the economy running as well!
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In addition, the same report shows veteran-owned businesses, have 5.03 million people working for them. What’s more, that’s an annual payroll of $195 billion. What does this mean? Surprisingly, it means that if veterans aren’t given a way to fund new business ventures, a significant section of the U.S. economy will be hurting.
Thankfully, there are loans, grants, and other resources available for veteran business owners. Consequently, you have to know where to find them. Fortunately, we can help with that. While we can’t list them all, this should get you started.
First, the list of available business loans for veterans could go on forever. We selected a few of the most popular to help you get your research started.
This is an SBA loan that helps both veteran and current military reservists that own a business that suffered when they were called to active duty. As a result, if you own a small business that is having financial issues due to active military service on your part, you likely qualify. The MREIDL, (Military Reservist Economic Injury Disaster Loan) Program will offer 4% interest loans to help the business stay afloat.
Remember, it is available to business owners that are also veterans for only up to one year after release from active duty. Terms are available for up to 30 years. Remember, there is a collateral requirement for loans over $50,000. Also, by law the SBA has to make a determination that the business will not recover without help from the government.
Another great option, the Veterans Business Fund, is a newer resource for veterans. Those are looking to fund a new business or an expansion, and those that want to purchase an existing business or franchise, may find help with this fund.
It’s funded by donors, and seeks to provide veteran business loans with manageable terms. Per their website, these loans are for veterans, and are non-interest bearing to the extent permitted by law.
You cannot finance a business through VBF alone however. The program offers loans only in conjunction with personal equity and the funding of an outside banking institution.
StreetShares is veteran owned and run. They have a passion for funding veteran business loans, though they help those who are not veterans as well. Operating as an online auction marketplace, they connect entrepreneurs directly to investors with an interest in small businesses.
They also provide other information and resources for veterans online. They claim to offer funding approvals in just a few hours. Find out more about StreetShares in this review.
Along with several other companies, including UPS, 7-Eleven is offering benefits to veteran franchisees. Eligible business owners can receive up to 20% off the franchise fee. In addition, they may receive up to 65% financing through 7-Eleven, along with other special benefits.
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In the past, the SBA’s Patriot Express Loan program was top notch for veterans. Unfortunately, that program has ended. However, veterans can still apply for the regular Express Loan program. SBA Express loans are available up to $350,000, and decisions are made in up to 35 hours. This is a far cry from the 5 to 10 days SBA loans regularly take for decisions.
One benefit for veterans is that loans through this program, for those who have served, will have their guarantee fees waived. This is part of the SBA VA Program.
This is an angel group that specializes in startups run by U.S. military academy graduates. West Point, Annapolis, the Air Force, and the Coast Guard are all involved. Find out more here.
Although the following lenders do not focus specifically on veterans, they offer small business loans that can supplement what is obtained from veteran resources.
LendingClub works by giving investors a fixed income alternative by investing in personal loans, while offering borrowers loans with investors’ funds.
It’s a simple process. Just enter how much you want to borrower. Next, choose the type of loan you are looking for. Then, enter some very basic information. You’ll get two different offers at least. One will have a lower payment but a higher interest rate. The other will be vice versa.
Loans range in amounts from $1,000 to $40,000 with an origination fee of 1% to 6%. This fee comes off the top before funds go into the borrower’s account. That means if you have a $1,000 loan with a 1% origination fee, you will only receive $990 in your account. You still have to pay back the full loan amount of $1,000 of course.
Interest rates range from 6.16% to 35.89%. Repayment terms are typically monthly, spanning over 3 to 5 years. After approval, it can take up to a week to receive loan funds.
The minimum credit score for a loan is 600. In addition, you must have a credit history that goes back at least 3 years. If you do not have the personal credit needed, they may take strong business credit into consideration.
The great thing about Fundation is that they will report payments to the business credit reporting agencies. In return, this helps you build strong business credit. They offer a streamlined, automated process. Originally, they only had invoice financing. However, now they offer a line of credit service as well. Repayments are automatic, meaning they draft them electronically. This happens on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, since the repayment period is comparatively short.
Loans range from $100 to $100,000. The max initial draw is $50,000 however. They do have some products that go up to $500,000. There is no minimum credit score requirement, but they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.
As I said, they report to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian, which makes them a great option if you want to build strong business credit.
Funding circle is one of your best options if you are looking for a low APR. They offer fixed rate term loans. The credit score requirement is 620 or above. Still, they make take a strong business credit score into consideration if you do not quite meet that. They do not have a minimum revenue requirement, but they do require at least 2 years in business. Find out more in our Funding Circle review.
In addition to loans, there are many grant opportunities for veteran business owners. They are not all right for every veteran, but if you are eligible, they can be great supplemental funding.
This is a grant opportunity for those that have been awarded a franchise through the IFA VetFran program. Go here to find out more.
This is a grant that helps veterans get started in the farming industry.
The StreetShares Foundation offers this award to 3 veteran business owners each year.
There are three prizes as follows:
To apply, a business must meet the following requirements:
In the end, the foundation will choose 5 to 10 finalists. They base their decision on the social impact of the business idea. Additionally, they consider how the business will use award funds, and the social impact of that use. The fit of the product market, the history of the team, and the history of the company also play into the decision.
Lastly, once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!
Thankfully, there are many resources available to veteran business owners that provide support not related to business funding.
This is the government department set up to help ensure veteran business owners get their fair share of the pie. That includes government contracts. Find out more at: https://www.va.gov/osdbu/programs/index.asp
Veterans Business Services, or VBS, offers the following:
VBS offers all of this and more. Go here for more about these and other ways they can help service-disabled veterans.
The VetBiz program helps veterans “transition military skills into small business success” per their website. Similar to other programs, they offer training, coaching, and consulting. Also, they partner with the Small Business Administration for the Boots to Business program. More information can be found here.
Honestly, there are many programs at Syracuse University for veterans and their families. Read about all of them here. However, one of the newest programs is an outstanding opportunity for veterans that want to start their own business. It’s called EBV Accelerate, and it consists of 3-phases.
What frustrates you the most about funding your business? Check out how our free guide can help.
Self-stated, the goal of the program is to give veterans business tools and coaching to rocket their business to sustainable growth. To qualify, you must be a veteran business owner that has been in business for 3 years or more. Of course, the veteran must have at least 50% ownership.
In addition, there must be active duty with honorable discharge or general discharge under honorable conditions. Also, 5 people have to be full time employees. It’s short, lasting a little over two weeks. The first phase, Phase 1, is 2 weeks of online work. Next, Phase 2, is a 3-day residency course. Phase 3 consists of resources to support business growth.
For more help, here are a few more resources that can help veteran business owners in a number of ways.
Truthfully, strong business credit can help any business owner, including veterans, get the funding they need. Consequently, if you don’t have business credit, now is the time to start building it. In reality, even though it is easiest to start at the beginning, you can start at any time. Find out more about how to start and build strong business credit here.
There are resources available to help veteran business owners, but you have to know where to look. Most of them will not work singularly, but rather they will work together to help ensure the business has the funding and other support necessary to be successful.
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Beginning Your At-Home Voice-Over Business
Thinking about entering into the voiceover organisation full-time, particularly, opening your very own internal narration workshop? Helpful for you! It’s an actually terrific means to earn a living!
You’ve obtained the desire. Inquiry for you: What do you assume is the most vital point you require to introduce your company? Well, yeah, you’re gon na require some ability, however skill (in many situations) can constantly be established with research as well as method.
THE SECRET TO SUCCESS
It’s called … a strategy. No, it isn’t, however it’s the most vital item of the service begin up challenge, and also it uses to every kind of startup, not simply voiceovers. Currently, prior to we speak strategies, allow’s chat concerning the 2nd most vital point you’ll require for success– cash.
IT TAKES MONEY TO MAKE MONEY
An absence of funding, seed cash, whatever you call it, is the frustrating factor most service startups stop working, consisting of those with a strategy. Exactly how much cash will you require for the company and also living expenditures?
A PLAN BY ANY OTHER
Call it a service strategy if you like, yet that often tends to appear a little daunting as well as, honestly, frustrating. Call it your “strategy for success,” or “my liberty from overbearing companies intend,” you understand, something extra motivating and also self-affirming.
The income required to remain in service for 6 months, one year, as well as past. Whatever the number, it’s the quantity you’ll require in the financial institution or coming in from a 2nd complete or part-time work for at the very least the very first 6 months in organisation, if not a complete year. There’s constantly a hold-up in between the beginning day of your voiceover organisation and also when cash in fact begins coming in.
The quantity of resources (venture capital) required to launch and also maintain business afloat. This is running resources you’ll utilize solely to money business for the initial 6 to twelve months. You’ll require sufficient to maintain business afloat till you recover cost after that begin making money, as opposed to simply paying it out in expenditures.
Temporary objectives to obtain your narration organisation up and also running. Regular short-term objectives consist of: obtaining your demonstration( s) done; picking, buying, as well as mounting your workshop tools; determining where in you residence to place your workshop; choosing just how to make your workshop respectable acoustically as well as setting up the acoustical therapy; developing a logo design as well as stationery, and also purchasing them; finding calls to whom you can send your demonstration( s); establishing your accounting system (QuickBooks is exceptional. www.quickbooks.com); obtaining wellness insurance coverage and also home insurance coverage to guarantee your devices; determining if you’re mosting likely to acquire an ISDN system as well as setting up an ISDN line; getting advertising products, like postcards to send out to customers.
Lasting objectives, consisting of future profits objectives as well as moneying your retired life. Identifying your lasting objectives will certainly assist you to the activities required to obtain them. If you do not have one, be certain to obtain one.
That’s adequate to obtain you began. There are a lot of publications on commentaries to aid you finish your strategy. See your neighborhood book shop or go internet.
As you can see, you can begin your commentary service permanent or part-time. With a little preparation– and also venture capital– you’ll get on your method. Enjoy!
July 2004
No, it isn’t, however it’s the most crucial item of the service begin up problem, as well as it uses to every kind of startup, not simply voiceovers. There’s constantly a hold-up in between the beginning day of your voiceover organisation as well as when cash in fact begins coming in.
The quantity of funding (seed cash) required to begin up as well as maintain the organisation afloat. You’ll require sufficient to maintain the organisation afloat up until you damage also after that begin making cash, rather of simply paying it out in expenditures.
As you can see, you can begin your narration organisation full time or part-time.
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How Private Business Loans Can Help Build or Improve Business Credit The concepts of business credit and private business loans are new to many business owners. The terms are discussed more often now than they were 10 years ago. Still, many are unfamiliar with what they are and how they can play into the success … Continue reading Build or Improve Business Credit with Private Business Loans
When a business owner is looking for funding, it can be a bit confusing. There are way more options that most realize before the fact. Many head straight to the bank and apply for a loan. When they are denied, they are left with confusion and despair. First, they do not know why they were denied, and next, they don’t know what to do if they can’t get a loan. There are a few different options, but the next best thing for most business owners would be alternative small business loans.
These are loans that come through private lenders rather than banks. The vast majority of these lenders operate online. For the most part, the process is fast and simple. Borrowers fill out an application online, and generally receive approval in as little as a few hours. Once approved, funds are often in the borrower’s account in as little as a day or two.
The fast, easy process makes these alternative small business loans an attractive option for business funding. This is especially true for those who find they do not qualify for loans from traditional lenders.
I know what you’re thinking. If these alternative loans are so fast and easy, why even bother with traditional loans. Do people just not know about them? There has to be some catch. Well yeah, there kind of is. The catch is, interest rates and terms are considerably less favorable than those you may get with a traditional lender.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
That’s because, in an effort to extend credit to those that do not qualify with a bank, alternative lenders have to be a little more relaxed with their eligibility requirements. As a result, they are taking on significantly more risk with their loans. To make up for this, they increase interest rates and loan terms to balance things out.
Once you know you are in a position to need alternative small business loans, you can start looking for the right one for your situation. How do you do this? The key is to research, research, research. Extensive research is absolutely necessary to ensure you find the best fit for your business.
While many of them function the same with similar requirements, there are some vastly different and innovative platforms for these types of loans as well. Read all the reviews, but don’t forget to look at the actual lender websites too. Only you know what your specific situation is. Only you know your credit score, how long you have been in business, and how much debt you can handle.
Start by determining your eligibility factors. You may not be able to anticipate what every single lender will require. However, there are a few things that most lenders will want to know before approving a loan. Things such as credit score, annual revenue, and length of time in business are pretty common.
If you know your score and what your annual revenue is before you begin looking for alternative small business loans, you will be able to weed out the ones you do not qualify for from the beginning. There are so many that you will definitely see the need to do this. Just to show you a sampling of what’s available, we have chosen a few different ones to get you started.
Start here, but definitely do not stop with this list. There are far too many options available, and new ones pop up regularly.
If you start with a search for alternative small business loans, Fundbox is going to be one of the first to pop up. It is a line of credit rather than a loan, but it is a great funding option because there is no minimum credit score requirement.
They offer an automated process that is super-fast. Repayments are automatic, meaning they draft them electronically, and they occur on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, as the repayment period is comparatively short. This means you need to be sure you have enough funds in whatever account you connect them to so that it can cover your payment each week.
Loan amounts come as low as $100 and as high as up to $100,000, but the max initial draw is $50,000. Though there is no minimum credit score requirement, they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.
As you find with many alternative business loans, lenders often offer options more similar to invoice factoring and lines of credit, as these present less risk than straight term loans. This is true of Fundbox as well as BlueVine.
The minimum loan amount available from BlueVine is $5,000 and the maximum is $100,000. Annual revenue must be $120,000 or more and the borrower must be in business for at least 6 months. Personal credit score has to be 600 or above. It is important to note also, that BlueVine does not offer a line of credit in all states. You can find out more in our review here.
Upstart is one of those that uses a completely innovative platform for alternative loans. The company itself questions the ability of financial information and FICO on their own to truly determine the risk of lending to a specific borrower. They choose to use a combination of artificial intelligence and machine learning to gather alternative data instead. They then use this data to help them make credit decisions.
This alternative data can include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances. The software they use learns and improves on its own. You can use their online quote tool to play with different amounts and terms to see the various interest rate possibilities. Typically, business loans are available ranging from $1,000 to $50,000. Interest rates vary greatly, ranging from 7.5% to 35.99%. Repayment terms can be either 3 -year or 5-year.
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To be eligible for a loan with Upstart, you must meet the following qualifications:
These are the requirements they list on their website. One independent review said that the requirement for the debt to income ratio is a maximum of 45%. It also says that the minimum annual income has to be at least $12,000. For more information on Upstart, see our in-depth review here.
Founded in 2008 by college roommates, Fora Financial now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify.
The minimum loan amount is $5,000 and the maximum is $500,000. The business must be at least 6 months in operation and the monthly revenue has to be $12,000 or more. There can be no open bankruptcies.
Obtaining financing from OnDeck is quick and easy. First, you apply online and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.
They do require a personal credit score of 600 or more, and you must be in business for at least one year. Annual revenue must be at or exceed $100,000. In addition, there can be no bankruptcy on file in the past 2 years and no unresolved liens or judgements.
Of course, these are just a few options available. There are tons out there, and many lenders offer multiple types of alternative small business loans. From term loans and lines of credit to invoice factoring, there are funding options for everyone.
Though these lenders generally offer personal credit minimums for requirement standards, some will take business credit into account if you have it. In addition, you can always get business credit cards with business credit. The question is, do you have business credit? If not, how do you get it?
Building business credit is a process that takes time, but it isn’t hard. You just have to set up your business to appear fundable, and then work to get accounts reporting to your business credit report rather than your personal credit report. That means applying for credit using your business information rather than your personal information.
Business credit allows your business access to funds you never even knew you could get. You can bid on real estate, get new equipment, and cover payroll. This is particularly useful in seasonal companies, where you can go for months with only nominal sales.
These are just a few of the reasons to build business credit. You can’t do that however, unless you know what impacts your business credit score. How do you even get business credit to begin with? This is the part of lot of business owners miss.
If you are simply operating as a sole proprietorship, as many small businesses are, you probably do not have business credit. The reason being, your business transactions are likely being reported on your personal credit report.
To ensure you have a business credit report that is separate from your personal report, you need to separate your business from yourself. The first step in doing this is to incorporate, no longer operating as a sole proprietor. You can choose from organizing as a corporation, S-corp, or LLC. Which one you choose will depend on a variety of factors including the level of liability protection you want and how much you are willing to spend. However, for the purpose of establishing business credit, any of them will work.
You will also want to be sure you have separate contact information for your business listed in the directories, a dedicated business bank account, and a professional website. Find out more about establishing your business as an entity separate from yourself for building business credit here.
After you establish your business as separate from yourself, you will need accounts reporting to the business credit reporting agencies in your business name. That part is a little trickier, as most places will not extend credit to a business that does not have a credit score. The key is to use starter vendors from the vendor credit tier.
These are vendors that will extend invoices with net terms even without a credit check and report your payments to the business credit reporting agencies like Dun &Bradstreet, Experian Business, and Equifax. Find out more about starter vendors here.
Once you have the ball rolling on building business credit, whether to help you get business credit cards, alternative loans, or some other type of funding, keep these things in mind.
Late payments will affect your business credit score for a good seven years. If you pay your business bills off, as quickly as possible and as completely as possible, then you can make a very real difference when it comes to your credit scores. Be sure to pay in a timely manner and you will reap the rewards of
punctuality.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Experian Business actually offers lenders a blended score that includes your personal credit history. While a great business credit score can help counteract a negative personal credit score when it comes to the business score, you should still take steps to improve your personal score. Find out how here.
Do not give in to the temptation to use every bit of credit you have at once. That will mess with your credit utilization. This is indicated by your debt-to-credit ratio. That indicates how much of your available credit you are using. If you keep balances close to your limit, it can affect your score negatively.
If you need funding for your business and do not qualify for loans from a traditional lender, then alternative business loans could be for you. Their requirements are less stringent than those of traditional lenders, so even if your personal credit score is not great, you could still get one. However, regardless of whether you have good personal credit, you need to be building business credit.
This will not only extend the benefits already mentioned, but it can also help protect your personal finances. Despite the fact that your personal credit can at times have a bearing on your business credit, the opposite is typically not true. So, if there is an issue that affects your business credit, your personal credit should stay intact.
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The concepts of business credit and private business loans are new to many business owners. The terms are discussed more often now than they were 10 years ago. Still, many are unfamiliar with what they are and how they can play into the success of your business.
For many looking to start a business, they know no other way than to get started with personal loans on their personal credit. Others understand the concept of business credit, but are unsure how to get it. Then there are those that have found private loans, but aren’t sure how to best utilize them to build or improve business credit.
We hope to answer all these questions and more, specifically those relating to using private loans to build and improve business credit.
Business credit is credit that is in the name of your business. It isn’t connected to the business owner in any way. It is in the business name, the business contact information, and the business EIN rather than the owner’s SSN.
If you have business credit, you can use it to apply for funding for your business. The debt and the payments will not be on your personal credit report at all. The problem is, most traditional lenders rely on the personal credit score most heavily, even if a business does have business credit. This is where private business loans can be helpful.
Private business loans are loans from companies other than banks, also called alternative lenders. Many of these have popped up in the past decade as entrepreneurship has become more prevalent. The need for a financing option from institutions other than traditional banks has encouraged this increase.
There a few benefits to using private business loans over traditional loans. The first is that they often have more flexible credit score minimums. Even though they still rely on your personal credit, they will often accept a score much lower than what traditional lenders require. Another benefit it that they will often report to the business credit reporting agencies, which helps build or improve business credit.
The trade off is that private business loans often have higher interest rates and less favorable terms. In the end though, the ability to get funding and the potential increase in business credit score can make it well worth it.
Find out why so many companies are using our proven methods to improve their business credit scores.
While not all private, or alternative, lenders report to the business credit reporting agencies, some do. These are the ones you want to work with. As they report your on-time payments, your credit will grow. They must report to Dun & Bradstreet, Experian Business, Equifax Business, or some other agency that reports business credit. Otherwise it won’t work. Not all private lenders will do this. You have to ask.
There are some lenders that are known to report to the business credit agencies however.
As a general rule, you simply have to research lenders to determine whether or not they report to the business credit reporting agencies. Sometimes this is as simple as asking them who they report payments to. Here are a few that we know oft to get you started.
Fundation offers an automated process that is super-fast. Originally, they only had invoice financing. Then they added the line of credit service. Repayments are automatic, meaning they draft them electronically. This happens on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn, as the repayment period is comparatively short.
You can get loans for as little as $100 and as high as up to $100,000, but the max initial draw is $50,000. They do have some products that go up to $500,000. Though there is no minimum credit score requirement, they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.
Fundation reports to Dun & Bradstreet, Equifax, SBFE, PayNet, and Experian, making them a great option if you are looking to build or improve business credit.
The minimum loan amount available from BlueVine is $5,000 and the maximum is $100,000. Annual revenue must be $120,000 or more and the borrower must be in business for at least 6 months. Personal credit score has to be at least 600. It is also important to know that BlueVine does not offer a line of credit in all states. You can find out more in our review here.
They report to Experian. They are one of the few invoice factoring companies that will report any business credit bureau.
With OnDeck, applying for financing is quick and easy. Apply online, and you will receive your decision once application processing is complete. Loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.
There is a personal credit score requirement of 600 or more. Also, you must be in business for at least one year. There is an annual revenue requirement of at least $100,000 as well. In addition, there can be no bankruptcy on file in the past 2 years and no unresolved liens or judgements.
OnDeck reports to the standard business credit bureaus.
The Business Backer offers a product they call FlexFund Line of Credit. Funds range in amount from $5,000 to $240,000, and draws can be repaid on either a daily or weekly basis.
They report to Dun & Bradstreet and Equifax.
There are other ways to get accounts reporting on your business credit as well. One option is to look at the regular payments you make already. Do you pay rent? Do you pay telephone, internet, or utility bills? Ask your landlord and utility providers to report your payments to the business credit reporting agencies. Of course, they do not have too. However, some will if you ask. This is a way to get accounts reporting without taking on new debt.
Another option is to talk to merchants you already do business with. If you have been working with them for a while, there is a chance they will extend credit. Ask them if they will extend credit and report to the business credit agencies. Again, they may not do it, and they do not have to. It never hurts to ask though. You’ll never know until you do.
These two options are quick and easy ways to start to build business credit in addition to private business loans. There is another way however, and you can utilize it at the same time as you do the private business loan avenue. It’s called the vendor credit tier.
The vendor credit tier is made up of starter vendors that will offer invoices with net terms, and then report payments on those invoices to the business credit reporting agencies. These vendors sell things most businesses use every day. This means all you have to do is buy the things you already need, pay the invoice, and watch you score grow.
Not all vendors are starter vendors. True starter vendors will offer net terms without a credit check so that you can get started with them before you have any business credit to speak of. Instead, they look at things like time in business and annual revenue to determine eligibility. Some of the easiest vendors to get started with include:
Grainger sells power tools, pumps, hardware and other things. In addition, they can handle maintenance of your auto fleet. You need a business license and EIN number to qualify, as well as a D-U-N-S number from Dun & Bradstreet.
You can apply by fax or over the phone. If you need less than $1,000 in credit, you only have to have a business license for approval. For over $1,000, you will need trade and bank references.
If you are just starting out and do not have references, the $1,000 is plenty to get you started building your business credit.
Uline reports to Dun & Bradstreet and carries shipping boxes, trucks, dollies, janitorial supplies, and more. Since they report to D&B, you have to have a D-U-N-S number before you get started with them. They will also ask you for a bank reference and two other references. Initially, you may need to prepay. After that, they are likely to approve you for Net 30 terms.
Find out more about Uline here.
Quill is the ultimate starter vendor and a mainstay in the vender credit tier. They sell office supplies as well as cleaning and packaging supplies. Products range from office supplies to office furniture, and even janitorial supplies.
They report to D&B. If you do not already have a D&B score, you will have to place an initial order first. Generally speaking, they establish a 90-day prepay schedule, and if you order each month for three months, they will most often approve you for a Net 30 account.
Find out why so many companies are using our proven methods to improve their business credit scores.
Once you have a private business loan or two, as well as some starter vendors and other merchants reporting, you need to keep an eye on your credit report. Credit monitoring is vital to the process of building business credit. Mistakes on your report can slow progress significantly. By looking at your credit regularly, you can see which accounts are reporting and ensure that the information being reported is accurate.
There are a few options when it comes to monitoring your business credit. Unlike personal credit monitoring, it isn’t free. However, we can show you how to do it for cheaper than what the credit agencies themselves will offer.
D & B provides Credit Signal, which is a means to track your credit score by having the reports come directly to you, for a price.
Equifax offers a risk monitoring service as well. It is convenient as it enables reports to come directly to you. If you don’t wish to pay for continual reports, you can submit an alternative request for a one-time Equifax report.
Experian provides similar services, with options for continual monitoring or one-time reports.
Prices for individual reports from each vary, with Experian and Equifax costing about $19.99 each. D&B ranges from $49.99 to $99.99.
Save money by monitoring your credit on a regular basis with Credit Suite. We can help you monitor business credit at Experian and D&B for only $24/month. See: www.creditsuite.com/monitoring.
Update the information if there are errors or the info is incomplete. At D&B, you can do this by going to: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm.For Experian, to to:www.experian.com/small-business/business-credit-information.jsp. If you need to deal with Equifax, go here: www.equifax.com/business/small-business.
If there are inaccuracies in the credit information, you need to dispute them. Errors in your credit report(s) can be fixed. However, credit agencies normally want you to dispute in a particular way.
Disputing credit report mistakes generally means you send a paper letter with duplicates of any supporting documents like receipts or cancelled checks. Never mail the original copies.
Dispute errors on your small business’s Equifax report by following the directions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.
You can dispute inaccuracies on your business’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.
For D&B’s PAYDEX Customer Service, use the phone number is here: www.dandb.com/glossary/paydex.
Find out why so many companies are using our proven methods to improve their business credit scores.
Private business loans can definitely help you build business credit. However, you must choose lenders that will report your payments to at least one business credit agency. There are more that what we have listed. Be sure to do your own research to find the best options for your business.
Private business loans are just one tool to help you build business credit. There are many tools that you can stick in your tool box that will help you along the way. The vendor credit tier is one, but you can also ask those providers that you already make payments to if they will report. This can help you build business credit even faster.
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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! Become a more competitive small business and succeed today!
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!
Our first jaw-dropping tip is all about building a sales process map. Mail Shake says “a sales process map outlines how your organization interacts with your buyer from attraction, engagement, selling, closing, and retaining.”
So the concept is to have a blueprint for dealing with your sales and your buyer. It is not the details or the ‘how’. It is the ‘what’. So if your organization has a step for a demonstration, that should be listed.
In fact, per the article, a lot of prospects get the demonstration too early within the process. How come? Because a lot of demonstrations are long and just plain not that interesting. So know when to make the demonstration. And then your buyer will actually be primed and ready. And interested. Talk about being a competitive small business!
But it all comes down to one thing. The bottom line is to have the process understood and written down. Because the last thing you want is for only one person to know it, and for that person to leave your company.
The next awesome tip is about achieving maximum sales efficiency. LinkedIn notes this comes down to two separate questions. In what way can you be more productive? And how can you make your time spent selling more efficient?
Essentially, the idea is not to work late – or at least, no later than you must. Rather, you need to spend the time you set aside as well as you can. Make it effective!
This is perhaps the best takeaway from this article. What’s sapping your time and strength and energy? Is it doing anything good for you?
If it isn’t, then jettison it from your life.
And more importantly, learn how to recognize such piles of temporal quicksand, and steer around them in the first place.
We recommend checking out the last third or so of the article – the rest is more of an ad for a part of LinkedIn. You want to zero in on the quotes at the bottom.
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! Stay a competitive small business!
Our following life-changing tip concerns avoiding digital marketing mistakes that are costing you sales. G2 lays it all out for us. There are any number of mistakes but we’re only going to concentrate on one in this blog post. We’ve covered a lot of the others before and fairly recently. So we’ll just look at one.
We cannot emphasize enough just how vital a mobile marketing strategy is! Consider this. How many times have you gone to a website while on your phone and been frustrated with how hard it was to get around and find things? And how many times have you wondered why there’s no app for whatever it is that you’re looking for?
Plus, how many times have you downloaded an app and then suddenly everything is so much easier? And while that’s great and all, it ignores one basic issue. And that is that the website should still be responsive to mobile. Yes, even in the presence of an app.
Plus a responsive website design makes it so much easier to accommodate all of the new tech that’s coming our way in the future. What, you thought your version of an iPhone or Android was the last one ever going to be made?
Think again.
For our next sensational tip, we looked at building a profitable audience with specificity. Copy Blogger says that ultra-specificity in copy will help you sell more. Kind of hard to argue with that.
In particular, specifics rock headlines. How? Consider some of the more exceptionally memorable news headlines of all time:
Every single one of these gets to the point fast. Although you can argue the one from the Daily Mirror is a touch tangential. But paired with an image, it’s obvious what they mean. All of these headlines do it in 5 words or less.
That’s an incredible economy of words.
This section of the article is worth the price of admission all by itself.
“The Four U’s of headline writing, as outlined by American Writers and Artists Inc. (AWAI), are a helpful guide when evaluating any piece of sales copy or content:
Without urgency, you have nothing. After all, if you don’t have an interest in the local news in Dubuque, then who cares how awesome my headline is? And the corollary is also true. If the local news in Dubuque is the thing you want to read about, then I had better get that across in my headline. Otherwise, you just might miss it.
And that doesn’t do either of us any good, now, does it?
So check out the article in its entirety. It is well worth it!
This tip is so cool, and it works! All Business tells us all about hiring.
We highly recommend reading this article in its entirety as it makes some excellent points about, among other things, how good hiring can save your business a ton of money. So instead we’re going to concentrate on a point that they don’t quite make.
15 years ago (egad, it was that long ago?), your intrepid blog writer worked for a voice recognition company. The work was … okay. But the boss was terrific. And one day I asked her: how do you decide who to hire? And how did you decide to hire me? Keep in mind, I had absolutely no experience in voice recognition whatsoever when I was hired.
She said, “If all other things are equal, I hire the person who I feel is the most curious. Because they will learn new things and they will be diligent about finding mistakes and better ways of doing things.”
And so I leave you with this bit of wisdom. Hire the curious.
Thanks, Amy.
Grab this mind-blowing tip while it’s hot!
It’s all about being a competitive small business. So, can your business compete with the bigger companies out there? Or are you being left in the dust?
The Business Backer says a smaller business has some advantages, simply by virtual of its size. So use them!
It’s a great way to be a more competitive small business – and even a competitive small business versus a larger business.
Very large businesses can be entrenched in bureaucracies and layers of management. With all of these cushions, these businesses can end up with a lot of hands touching even some of the smaller decisions.
Committees can end up deciding on everything from the official company font to whether they’re going to start offering muffins for sale in the cafeteria. And that means they are also deciding on things such as how to change an approach to a prospect. It can be a hard, slow process for a large business to alter its advertising and marketing strategies.
You don’t have to do any of that. Rather, you’re quite possibly a committee of one. Your entire company can possibly meet in one room.
True story – your intrepid blog writer once worked for a company which could and did meet in a compact car.
So you can be faster. This also means flexibility. With fewer stakeholders, people might not be so married to your color or advertising campaign choices. If something is better, there are a lot fewer people to convince of that fact.
Small businesses have flexibility that larger ones just plain do not have.
Here’s another place where being small helps you. You are a competitive small business when it comes to niche marketing.
Being a small company means you can relate pretty directly to a small group of people. And that means a niche audience, almost by definition. If, say, you’re Marvel Comics, you pump out tons of comics and films all the time, to appeal to a myriad of tastes. But if you’re Mom and Pop Startup Comics, maybe you concentrate on just superheroes from Milwaukee.
If you can corner the market on people interested in your niche, your marketing, sales, and advertising will be easier and quite probably cheaper.
Don’t spray your shots!
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! Stay a competitive small business!
Check out this spectacular tip, all about keeping order in your office. EO Network notes that a messy work environment will often negatively impact your performance.
Preach.
Our favorite part of this is that it can work for a home office or if you actually – shudder – leave the building.
It all really comes down to those two things. What needs to stay? And what needs to go? In addition, what needs to move or be transformed?
Do you keep old drafts of writing? Do you have to? Consider this – you can probably get rid of nearly all of that or at least convert it to an electronic format. Even if you have to somehow prove you drafted a document or two or twelve, there can be ways of proving that without having to hang onto a ton of outdated drafts. Electronic signatures, anyone?
Photograph or scan anything which you know you’re going to need in an electronic format and recycle the rest of it. Good bye, chaos. Hello, space.
More space means you’ll find everything more quickly. And it also means you’re more likely to have the latest version of whatever you need – after all, you’ve stored or discarded the older versions, right?
Save your sanity and tame your office clutter!
It’s not your imagination: this winning tip can help you build a strategy from scratch. Young Upstarts tells us a brand strategy is a long-term plan to help you make your clearly defined goals and objectives. So this is, in a way, an expansion of our tip #10, going beyond a sales strategy and looking at everything in your business, from soup to nuts.
As in, why does your business exist in the first place?
If you can’t answer that one easily, and explain it to others readily, then why should they trust you? Why should they do business with you? And why should they listen to anything you have to say.
Ouch.
What makes your brand and your business different from any other? Why should your customers and prospects choose you over any other business? What makes you a competitive small business?
So let’s consider an example from, of all things, the movies.
This is a 1984 Robin Williams film, so if you have never seen it, don’t worry. The premise is that Williams plays a Soviet circus musician who defects. And life in the country where the streets are paved with gold is not so easy, he finds.
Here’s the only scene you need to worry about:
It’s less than a minute long. I’ll wait.
In this scene, Williams’s character goes to a small supermarket to get coffee. And, he’s confronted with a rich array of choices. Now, keep in mind that people for real who lived during the Soviet Era were often lucky to get coffee at all if they went shopping for it. Most of the time, there was just one form of coffee and you either took it, or you left it.
Two things happen here. One is that he reads off the names of several brands and types of coffee – espresso, decaf, etc. And the other half is how overwhelmed he is by the embarrassment of choices.
Both parts of the scene work for our purposes.
In the first part, did you notice how much you know about each of the brands he mentions? You may even think of their tastes and aromas. Or you might consider their prices or whether they feel ‘premium’ or ‘basic’.
All of these feelings and associations showcase the success of these various brands’ strategies. Their identities are well-known. But then there’s the other half of the scene.
And, that’s the character’s problem in a nutshell. For the character, no such associations have been made yet. And since that’s the case, unless it’s a generalized, obvious piece of information – such as price or caffeine amount – he knows absolutely nothing about any of the brands on display.
What you want is for your customers and prospects to make those associations from the first half, rather than become confused and frustrated by the overwhelming pressure to decide on something, anything.
A lot of that comes from how you execute your brand strategy. If you’re Sanka, you emphasize how having little to no caffeine is relaxing. If you make espresso, you emphasize the elegance and associations with Italy and bolder flavors.
So, what flavor of business have you got?
Our second to last unbeatable tip can give you a new perspective on moving from inspiration to business reality. Startup Professionals reveals all about how to avoid being one of the over 75% of all startups which fail.
We’ll concentrate on three points.
People aren’t just going to buy your stuff because of your good looks and charm. And testing with your family and friends is only going to get you a bunch of false positives. Instead, test with people with money to spend!
Because otherwise, they can’t buy your stuff.
The article talks about what is essentially an elevator pitch. This is a bit like our tips #3 and #10 – you need to be prepared. And in particular, you need to be ready to talk to just about anyone about your product or service. How’s the easiest way to do this? Build a strategy. Don’t just try to wing it. That never works out like it does in the movies.
That is, plan for success! And just as importantly, get ready for change. For if there’s one constant these days, it’s change. Embrace it before it knocks you over.
We saved the best for last. For our favorite remarkable tip, we focused on an SEO audit checklist. Main Street ROI says there are a number of basic mistakes they see over and over again.
Don’t let your website be one of those error-riddled sites.
A clear and easy to follow website will do you a lot of good. It doesn’t just make your readers happy. It also makes search engines happy.
A well-organized website where the pages are easy to read and load fast will help out tremendously!
Another tip we loved is to essentially use as much of the free real estate you’ve got that you can. What do we mean by that? Basically, the idea is to put your keyword phrase or at least your website name in all of the places where you can.
We do not mean keyword stuffing. Rather, there are places such as the alt tags for your images. You know, the place where you tell a search engine what an image is about, to make it easier to index.
Are you using yours? Or did you not know what they were until this very moment? Or worse, had you never even heard the phrase until just now?
Organize your website and use the free spaces you’ve got to the max.
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! Stay a competitive small business!
The post Keep a Competitive Small Business and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.
Realities About Small Business Every person settles on a wide degree that small companies are crucial to the American economic situation. Many individuals would certainly be shocked to understand simply exactly how crucial. The United States Small Business Administration maintains documents as well as stats on local business in the United States and also a …
The post Truths About Small Business appeared first on Buy It At A Bargain – Deals And Reviews.
Realities About Small Business Every person settles on a wide degree that small companies are crucial to the American economic situation. Many individuals would certainly be shocked to understand simply exactly how crucial. The United States Small Business Administration maintains documents as well as stats on local business in the United States and also a …
In the excitement of starting a business, and then the ensuing chaos of running a business, many business owners do not consider that they need to actively build small business credit history. It is likely in fact, that if they stopped a minute to think about it, they would find that they imagine it is building on its own in the daily course of things. After all, you do not have to do anything to establish a personal credit history. You simply get credit, make payments (or not), and your personal credit history builds as a function of the financial choices you make.
This is not how it works with business credit. In fact, unless you make some very active, purposeful choices, it is possible to own and run a business for years and never build business credit. It’s unfortunate as this can be a tragic mistake for your business. The problem is, most business owners do not even realize it is something they need to be doing. They do not know that to build small business credit history, they have to actively work toward it. If they do know, they do not understand how important it is.
We are going to answer both questions. First, why is it important? Next, how on earth do you do it?
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
While it isn’t hard to imagine why credit history itself is important, it can be difficult to grasp why a business needs to build small business credit history separate from that of its owner. Here are just four reasons why.
The greatest benefit to the business owner is that when a business has a credit history of its own, the owner’s personal finances are better protected. You might think that if business debt is in the business name, you as the owner are not liable for it. That is not the case, unless you follow some very specific steps.
The truth is, some lenders will hold you liable anyway. There are a number of lenders however, especially credit card companies, that will extend debt to the business alone if it is set up as a funable entity. In these cases, the owner’s credit will not change in relation to what happens with that debt. The account will only show up on the business credit report.
As I said before, some check personal credit no matter what. However, if you do not have great personal credit, but your business credit is good, you may be able to negotiate for better terms and rates despite a lower personal credit score. It will not protect your personal credit completely, but it can still do you some good.
Businesses have a greater credit capacity than individuals for a number of reasons. The main reason is the increased income from business activities. This is important, as the credit needs of a business are significantly higher than those of individuals.
Trying to finance a business on personal credit capacity is dangerous. Business spending is much higher than personal spending by nature, and personal credit limits are much lower than business credit limits. Often, personal credit can’t hold up to business spending. If it can, then balances hover at or near credit limits, causing a high debt-to-credit ratio and thus a lower personal credit score even if you make payments on time.
Even if you are not thinking of selling your company, ever, you never know what can happen. If you build your business credit score now, it will go with your company even if the business changes owners. Anyone who buys your company will also get its credit history and benefit from the hard work you put into building it.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
Now that you understand why you need to do it, you need to know how to build business credit. It takes time. It’s a process. The first step is to separate your business from yourself. This will ensure your business accounts are reporting to your business credit history and not your personal credit history.
Business credit is credit in a business’s name. It doesn’t link to a business owner’s individual credit, not even when the owner is a sole proprietor and the only employee of the company.
The best place to start is at the beginning. However, if you are already up and running, it’s never too late. The first thing you must do is formally incorporate your business. This means organizing as a corporation, S-corp, or LLC.
The option you choose will depend on a number of variables specific to you and your business. The two main questions to ask yourself are:
Each option offers different levels of protection and expense, so it just depends on which one works best for you and your business. They each offer the separation you need to build small business credit history.
Your business absolutely must have an address, phone number, and email address that is different from yours as the owner. The phone number should be through a toll-free exchange and listed in the 411 directories. Do that here. Your email address cannot be from a free service. That will not work. You need to have an email address that has the same URL as the business website.
Speaking of websites, yes, you need one for your business. Not only that, but it needs to be a good one. If it looks sloppy or unprofessional, it could do more harm that good. Hire a professional to ensure it is done properly, and spring for paid hosting with someone like GoDaddy. Free hosting does not look professional.
Your business needs a business bank account. Running business income and expenses through your personal accounts can cause a host of problems. Tax time can be especially daunting when you have to separate business expenses from personal ones. Beyond that however, many vendors and credit card companies require a business bank account before they will extend business credit.
There are two identifying numbers that your business will need to build business credit history. The first is an EIN. This is an identifying number for your business similar to how social security numbers function for individuals. Get it for free on the IRS website.
Next, your business needs a D-U-N-S number. This one comes from Dun & Bradstreet. It is free as well, but they will try to sell you a ton of other services while you on their site. You do not need anything else. Just get the free number.
Without this number you cannot have a credit file with Dun & Bradstreet. Since they are the largest and most commonly used business credit reporting agency, you definitely need to have the number.
The next obstacle to overcome is how to get accounts reporting. This one seems hard on the front end, but truly it isn’t once you know the secret. That secret is the vendor credit tier.
First you must build tradelines 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 start to acquire credit in the retail and cash credit tiers.
These vendors sell the things you already buy all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture. Many of them will extend net terms on invoices without a credit check, and then report those payments to the business credit reporting agencies.
These are merchants that grant an approval with very little effort. 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. This is to prove you are responsible and pay on time. Here are some of the most commonly known and easiest vendors to get started with in the vendor credit tier. They are known as starter vendors.
This is a true starter vendor that sells shipping, packing, and industrial supplies. You have to have a D-U-N-S number. So Uline will ask for 2 references and a bank reference. The initial few orders may have to be prepaid to first get approval for Net 30 terms.
This is another starter vendor. They sell office, packaging, and cleaning supplies. So they also report to D&B and Experian.
Since Quill reports to two separate credit reporting agencies, you get two credit experiences with them. Place an initial order first unless the D&B score is developed. In most cases they put you on a 90-day prepayment schedule. If you order items monthly for 3 months, they usually approve you for a Net 30 Account.
Grainger sells safety equipment, plumbing supplies, and tools. They report to D&B, and you need a business license, EIN, and a D-U-N-S number.
For less than a $1000 credit limit they approve almost anyone with a business license.
Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the business credit agencies, then move onto the retail credit tier. These are credit cards connected to specific businesses like Office Depot and Lowes.
After the retail credit tier comes the fleet credit tier. These are businesses such as BP and Conoco. Use this credit to buy fuel, as well as to fix and maintain vehicles.
Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.
After the fleet credit tier comes the cash credit tier. These are service providers like Visa and MasterCard that are not attached to a specific store.
The thing about trade accounts in the vendor credit tier and the credit cards in the retail, fleet, and cash credit tiers is that they report to the business credit reporting agencies (CRAs). Not all lenders will do that. You definitely need to work through the tiers with the credit card companies if you are going to build small business credit history. This is the only way to do it.
You’ll want to watch both your business credit reports and your personal reports to make sure accounts are reporting on the right one. While you are at it, keep an eye out for mistakes, and keep information updated.
We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. So see: www.creditsuite.com/monitoring.
Now you understand what business credit is and why you need it. Why though, do you need a credit card to build small business credit history? Here’s why. First, it will build faster with a credit card. Building business credit with vendor accounts only would be extremely slow.
Term loans rarely help build business credit as most lenders do not report to business credit agencies. They typically only pay attention to the owner’s personal credit, though they may take business credit into account if it can help secure the loan.
Some alternative lenders will report to the business credit agencies, but they will not extend credit unless you already have a solid business credit score. That makes it hard to use them to build business credit. The key to being able to build business credit history lies with the vendor credit tier and business credit cards.
The post 4 Reasons Your Business Needs a Card to Build Small Business Credit History appeared first on Credit Suite.