Let Oracle Loans Reveal Your Brilliant Future: A Business Line of Credit or Loan Option for All Your Business Needs

Oracle Has Valuable Financing Options to Fit Virtually Every Situation

In ancient times, an oracle was someone who delivered a divine communication or revelation. Often, these revelations were about the future.  However, you don’t need an oracle to tell you your future. You need Oracle Loans to help you make your own.

We have to make our own luck and drive our own destiny. No one can tell you your future. To do that with your business however, you are going to need funding. The problem is, traditional funding doesn’t come easy to everyone.

What do you do then? The answer is non-traditional funding, and Oracle Loans offers just that. They offer a variety of flexible loans and business line of credit options that virtually ensure that business owners from a broad range of income and credit score levels can find something that will work for them.

What is Oracle Loans?

Oracle loans is part of Oracle, which offers a broad range of business solutions including:

  • CRM
  • Service Management
  • Financial Management
  • Human Capital Management
  • Project Portfolio Management
  • Advances Procurement
  • Supply Chain Management
  • Value Chain Planning
  • Value Chain Application

The range of services offered under is category is huge, but the financial services are what we focus on here. They offer both loan management for those businesses that offer loans, and financing to borrowers needing small business funding.

What Makes them Different?

The flexible funding offered by Oracle loans is different in a couple of ways. First, there are several options for low credit scores. This means even those businesses that have trouble obtaining financing through traditional means can find success with Oracle.

In fact, some of the loans do not require any minimum time in business or annual revenue. Many do not require any sort of collateral, and some do not even ask for income verification.

The Nitty Gritty Details

There are multiple financing products offered by Oracle loans, so without further ado, here is what you have on the menu.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Unsecured Business Loans

These are the most popular loans offered by Oracle, and they come in four categories: Gold, Silver, Bronze, and Startup.

Gold Level Loans

These loans range from a minimum of $10k to a maximum of $500k. The terms range from 1 to 20 years, and the minimum credit score is 680. They do allow you to have a cosigner if you do not meet the credit score requirement, so no worries there. Typical funding time is 3 to 5 days.

Silver Level Loans

Loans at the silver level range from $5,000 to $250,000. The terms can go up to 20 years, and there is no minimum time in business or monthly revenue requirement, just like on the gold level. Funding is faster at this level, usually happening within 1 to 3 days, but the 680 minimum credit score still stands. Again, if you do not meet this requirement, you can always use a cosigner that does.

 

Oracle Loans business line of credit rates - Credit Suite

Bronze Level Loans

The loans on the bronze level are $500,000. They have terms that go up to 20 years, and the same credit score and cosigner details apply. However, funding can take 5 to 7 days.

Startup Unsecured Loans

The rules are a little different when it comes to unsecured loans at the startup level. The amounts can range from $5,000 to $250,000, and the term lengths and credit score requirements are the same. However, there is a 6-months or more in business requirement as well as a requirement

that monthly revenue be at least $10,000. Funding for these loans takes 1-3 days.

Secured Business Loans and Business Line of Credit

Of course, another option is secured business loans. These are loans that are secured by the borrower with some assets. Oracle offers loans secured by real estate as well as those secured by other assets.

Secured Real Estate Loans- Residential

When you use residential property to secure a business loan through Oracle, you receive up to 80% LTV. The “as-is” value has to be at least $140,000. Loans range from a minimum of $100,000 to a maximum of $15,000,000, and interest rates start at 5.49%.  Terms extend up to 30 years.

The really great part for many is that the minimum credit score requirement is only 550, meaning that you can get this loan even if your credit isn’t the best. The one catch is that it cannot be your primary residence that you use as collateral. You must have either an investment home or 2nd home to use as security.

Secured Real Estate Loans-Commercial

If you have commercial property that you can use to secure a loan, Oracle will lend up to 75% LTV. There are similarities with the residential property secured loans, with the as-in value and minimum and maximums being the same. The terms and credit score requirements are the same as well, but the interest rates start at 6.24%, which is slightly higher than the residential property loans.

Other Assets as Security

There are a host of other assets that can used as collateral for a loan or business line of credit. They includes but is not limited to:

  • Equipment
  • Machinery
  • Luxury vehicles
  • Classic cars
  • RVs
  • Motorcycles
  • Yachts
  • Airplanes
  • Fine art
  • Jewelry

Basically, any asset of value that you own can be security for a loan. These are some of the most popular loans because they have some pretty great perks that unsecured loans do not come with. For example, you can make interest only payments if needed. There is also no pre or post payment penalty, and they offer free appraisals on the asset you are using.

Transportation of your asset is insured, and they are stored in high security vaults that are usually within 25 miles of your home.

Secured business loans from Oracle are only available in select states.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Business Lines of Credit

There are several different options at Oracle for a business line of credit. The most popular is the Stated Income business line of credit. The big draw is that they do not require any sort of income verification and no financial documentation. All industries are eligible for this type of financing, but you must be a legal United States business entity.

The minimum amount is $5,000 and the maximum is $250,000. There is no interest for the first 6 to 24 months, which makes it startup friendly. In fact, this type of financing can help you build business credit. There is a minimum credit score of 680, but if you do not meet that you can get a cosigner that does. The cosigner does not have to have any association with the business.

Stated Income Real Estate Investor Line of Credit

You can also get a business line of credit for investing in real estate with no income verification. It reports to your business credit report so it does not affect your personal credit, meaning you shouldn’t have issues accessing financing for personal needs due to this line of credit.

This line of credit is useful to fix, flip, or hold real estate for income. Amounts range from $10,000 to $250,000 and the interest rate is 0% for the first 6 to 12 months. You can get his type of financing even if this is your first property to flip!

The days in business requirement is only one day. Your credit score has to be 680 or higher, but if you do not meet that a cosigner is fine. There is no collateral required.

Traditional Business Line of Credit

Oracle also offers a more traditional business line of credit. It is available nationwide, and you can have funding in as little as 24 to 48 hours. The minimum amount is $1,000, but the maximum goes to $250,000.

The whole process is fully automated so there is no paperwork, which is a huge bonus. You may be in business for at least 6 months and have at least $50,000 in annual revenue. In addition, there can be no bankruptcy in the past 2 years.  You do have to have business bank account however.

If you meet these requirements you can have a traditional business line of credit available to you pretty quickly. There is no origination fee, no minimum credit score, no fee for early repayment, and no application fee.

Invoice Factoring

This is another funding option for an established business that needs cash fast. You can get an immediate advance on outstanding invoices from $10,000 to $2.5 million, and you can have it in as little as a day.

Bridge Loans

Oracle offers bridge loans for investment in residential real estate. They range from $100,000 to $15 million and start at a 6.99% APR. Terms range up to 3 years, and the LTV is 75% or less. The really cool thing is the minimum credit score is 500! They also offer hard money loans with the same terms.

How to Apply for a Business Line of Credit or Loan with Oracle Loans

It is super simple to let Oracle help you see success in your future. Just go to the Oracle Loans website here and click to apply. There is no requirement to enter sensitive financial information online, but you do need to fill out the online form as completely as possible. That is the only way to see the complete list of the Oracle loan and business line of credit options available to you.

Once you have your list, click the loan program you want and start the pre-approval process. You could have an answer as soon as the same day.

Is Oracle Loans Legit?

Non-traditional lenders do not have the best reputation.  In fact, some of them turn out to be downright scams.  However, Oracle Loans has been in business for 3 years, and they have an A+ rating with the Better Business Bureau.  There have been no complaints filed against them with the BBB, and the one review on file offers a rating of 5 stars.

How Business Credit Can Help You Get a Business Lines of Credit

As mentioned earlier, some of these financing option can actually help you build business credit. Also, some of the options only report to business credit agencies, not your personal credit report. What is business credit, and why does it matter?

What is Business Credit?

Business credit is a credit history, including a credit score, for your business only. It is not reflected on your personal credit report, and your personal credit history is not reflected on your business credit.

What does this mean for you and your business? It means that even if you have terrible personal credit, it is still possible to have a good business credit score. It also means that if you run into financing problems with your business, your personal credit will not suffer.

How to Establish Business Credit

It is pretty obvious why business credit is a good thing, but how do you get it started? There is a process. While it isn’t difficult, it does take time, and there are steps that must be taken in order.

The first step is to establish your business as a separate entity from yourself. Here is how that happens:

  • The very first step is to incorporate your business. This is essential when it comes to establishing your business as separate from yourself. You choose whichever method works best for your business, whether it be an LLC, S-corp, or a full-blown corporation.
  • After you incorporate your business, apply for an EIN through the IRS. This will be the identifying number for your business, and when you apply for credit, you will use this number instead of your SSN. They may ask for your SSN for identification purposes due to new fraud standards, but it will not be used to check your credit.
  • Next, set up a business banking account. Run all of your business financial transactions through this account.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

  • You also need a separate address and telephone number for your business. The number should be an 800 number, or from some other toll-free exchange.
  • The next step is to set up a professional website for your business and acquire an email address with the same URL as the website. Do not use a free email service such as Gmail or Yahoo.

Get Established with Dun & Bradstreet

After you complete these steps, the next thing to do is get a DUNS number. This is a number assigned by Dun & Bradstreet. As the largest and most used credit agency, you need to be sure that your on-time payments get reported to them. If you do not have a DUNS number, that will not happen. You can get a DUNS number for free on the Dun & Bradstreet website.

How to Build Business Credit

Once your business has its own identity, you can begin to build business credit. Since in many cases you must have credit to get credit, this can be tricky. The secret to being successful at building business credit is the vendor credit tier.

This is a group of vendors that will offer invoices with net terms, and then report your on-time payments to the business credit agencies. Once you start having payments reported, your credit begins to build. When you have 5 or more vendors from the vendor credit tier reporting, you can start to apply for credit from the next tier, which is the retail credit tier.

The process builds like a snowball. As you gain more accounts at each tier, you can begin to access credit from the next tier. Your business credit will only get stronger and stronger as long as you are making your payments on time.

What are the Other Tiers?

There are 4 credit tiers all together. After the vender credit tier comes the retail credit tier. These are the store cards like Best Buy, Amazon, and Office Depot. After that comes the fleet credit tier which includes those cards that you can use for automobile repair and maintenance as well as fuel costs.  Examples of these are Fuelman and WEX. Then comes the coveted cash credit tier. This includes standards we all know such as Visa, AMEX, and Mastercard.

Oracle Loans Can Help You Use Your Business Credit to Create a Bright Future

Oracle has a great mix of products so that you can get financing based on your personal credit if you have not yet established your business credit. However, if you already have business credit, you can use some of Oracle’s financing products to build it even further. This is especially true of their business line of credit products.

You don’t need an oracle to tell you your future, with Oracle Loans, you can make your own future.

 

 

 

The post Let Oracle Loans Reveal Your Brilliant Future: A Business Line of Credit or Loan Option for All Your Business Needs appeared first on Credit Suite.

Is Running Your Business Harder Than It Has to Be?

Editor’s note: MFA is pleased to share this article from guest author, Lisa Sasevich.


People often ask me how I manage to have it all.

How do I have time for my “passion projects,” such as: putting together a collaborative book to support my clients in gaining best-seller status; taking groups to Africa and Cambodia on service trips to commune with people and organizations we’ve been financially supporting; and vacationing in Spain with my honey, followed by a week in Florida, playing with my kids.

How have I had time for family, service, fun, and adventure all while running a business that’s done $30 million in sales?

The answer is structure.

In fact I have found that avoiding structure creates difficulties in your business.

Think about it. It’s already challenging enough to go out on your own and run your own business versus just earning a paycheck.

But then most entrepreneurs compound that difficulty with the choices they make, or don’t make, about how to structure their business activities.

Have you cracked the “secret code” A-Player marketers use to increase webinar attendance and conversions?

We will show you how to SKYROCKET attendance to any live or evergreen webinar.

Click here to get it!

To find out if running your business is more difficult than it has to be, ask yourself these five questions:

1. When you have the opportunity to share your expertise on the stage or virtually in a teleseminar or webinar, do you create a new presentation every time?

2. Are you constantly developing new products and programs so you feel as though you have something new and important to offer?

3. Do you try to hold on to the few clients you have by creating upsells for them that are not in your zone of genius? (While at the same time, depriving yourself of lucrative joint venture opportunities?)

4. Are you trying to manage more than three key lead-generation strategies to attract new clients?

5. When you have the opportunity to speak with a potential client one-on-one, maybe someone who inquired about your work or was referred, are you winging it, and, far too often, ending up in a free coaching session that leads nowhere?

If you answered yes to any of the above, you may, indeed, be making running your business harder than it has to be.

Fortunately, it’s not difficult to turn the tide.

As I said, the secret to taking the complexity out of your business and stop reinventing the wheel is to have one simple thing…

STRUCTURE.

For example:

One Signature Talk that you tweak when necessary.

One core Irresistible Offer™ that leads to…

One signature program or product that you’re known for.

Lisa Sasevich 2016-04

Then all of your outreach efforts can be focused toward making that one offer in as many places, and to as many people, as you can, via your focused lead-generation activities.

This is illustrated in the above graphic, where your one Irresistible Offer is the heart of your business, and all of your speaking, online promos, and one-on-one high-ticket conversations lead to that offer.

This focused simplicity is the key to really being able to gain momentum and get known for your expertise, while you leverage your time, make great money and help a lot more people.

I’m not saying, don’t innovate or develop your work. You definitely want to do that. But rather than scattering your attention and focus, first create a signature product that you’re known for and build a solid tribe around that.

And then as you grow in your work, and your business and offers expand, so will the loyal group who follows you wherever you go.


Honored with the Distinguished Mentor Award from the Business Expert Forum at the Harvard Faculty Club, recipient of the coveted eWomen Network Foundation Champion award for her generous fundraising, and ranked on the prestigious Inc. 500/5000 list of America’s Fastest Growing Private Companies for two years in a row, Lisa Sasevich “The Queen of Sales Conversion” teaches experts who are making a difference how to get their message out and enjoy massive results, without being salesy.

To receive her monthly Sales Nuggets and FREE Sales Training sign up today at www.FreeSalesTrainingFromLisa.com.

The post Is Running Your Business Harder Than It Has to Be? appeared first on Marketing Funnel Automation.

Research-Backed Business Credit Cards Comparison

Our Business Credit Cards Comparison Effortlessly Puts You One Step Ahead

Did we say one step? How about several? Our business credit cards comparison will keep you from wasting time on inappropriate choices.

Per the SBA, corporate credit card limits are 10 – 100 times those of personal cards! This shows you can get a lot more money with business credit. And this also means you can have personal credit cards at stores. So you would now have a second card at the same shops for your small business.

And you will not have to have collateral, cash flow, or financial information to get company credit.

Business Credit Cards Comparison: Credit card Features

Features vary, so be sure to select the benefit you prefer from this assortment of alternatives.

Business Credit Cards Comparison: Small Business Credit Cards with 0% APR

For a 0% APR time frame, we prefer the Ink Business Cash ℠ Credit Card. So you pay no yearly fee. It’s got an interest-free time period. And it has versatile cash-back rewards. There are spending limits for employees. But you will need to have a credit score of 690 or better.

Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-cash

Blue Business ℠ Plus Credit Card from American Express

For an introductory 0% APR period, we also prefer the Blue Business ℠ Plus Credit Card from American Express. It has an introductory 0% APR for 15 Months.

You can earn twice the points on day-to-day company expenses. But that is up to an annual cap. But the normal APR is 12.24% – 20.24%. So the APR is variable.

Get it here: https://creditcard.americanexpress.com/blue/

Business Credit Cards Comparison: Small Business Credit Cards for Travel Points

For Travel Points, we prefer the Gold Delta SkyMiles Business Credit Card from American Express. Get 30,000 bonus miles. But that is after you make $1,000 in purchases on your new card. And it is within your very first three months. Terms and limitations apply.

In addition earn a $50 statement. But this is credit after you make a Delta purchase with your brand new card. And it is during your first three months.

Earn two miles per dollar spent on purchases made directly with Delta. And earn one mile on each eligible dollar spent on purchases.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279

Business Platinum Card from American Express

Check out the Business Platinum Card from American Express. Travel benefits including access to these airport lounge networks:

  • Priority Pass Select
  • Delta SkyClubs
  • American Express Centurion Lounges

You also receive Gold Status when you sign up for the Starwood Preferred Guest program. And you get a $200 annual air travel fee credit.

There is a $100 credit towards the Global Entry application fee. And this includes access to TSA PreCheck program. You get one point for every dollar spent on the majority of purchases. Also, you get 1.5 times the points.

But these are on charges of $5,000 or more on qualifying purchases. So this is up to one million added points yearly.

And you get five points per dollar spent buying flights and prepaid hotels. So these are from the American Express Travel web site.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279

Business Credit Cards Comparison Credit Suite

Check out how our reliable process will help your business get the best business credit cards.

Ink Business Preferred Card from Chase

Also, make sure to Check out the Ink Business Preferred Card from Chase. Earn 80,000 bonus points. But this is after you spend $5,000 on purchases. And it is within the first three months from account opening.

Also, earn three points per dollar. But this is on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phon. It is also on advertising purchases made with social media sites and search engines each account anniversary year.

And earn one point per dollar on all other purchases. There is no limitation to the amount you can earn.

Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-business-preferred

Business Credit Cards Comparison: Business Credit Cards for Fair Credit

For Fair Credit, we like the Capital One Spark Classic for Business. So it has no annual fee. There are cash-back rewards. But you will have to have a credit score of 690 or higher.

BEAR IN MIND: the standard APR is 23.99% variable APR.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Business Credit Cards Comparison Credit Suite

Check out how our reliable process will help your business get the best business credit cards.

Business Credit Cards Comparison: Low APR/Balance Transfers Business Credit Cards

For Low APR/Balance Transfers Business Credit Cards, we prefer the U.S. Bank Business Edge Platinum. You start off with twelve months of 0% APR financing on new purchases and balance transfers. But there is a 3% balance transfer fee.

Afterwards, the purchase APR is a variable 10.49% – 18.49%. So this is dependent on creditworthiness. And there is no annual fee.

Also, this card is solely available to those with great or excellent credit. But there is no rewards program for purchases.

Get it here: https://www.usbankedge.com/credit/business-edge-platinum.do

Blue Business Plus Credit Card from American Express

Also, take a look at the Blue Business Plus Credit Card from American Express. It has a 15-month initial 0% APR offer. Also, there is no annual fee. Right now businesses can get double points. But this is on the first $50,000 in purchases each year.

Get it here: https://creditcard.americanexpress.com/blue/

Business Credit Cards Comparison: Credit Builder Small business Credit Cards

Take a look at the Wells Fargo Business Secured Credit Card. It allows cardholders to get a credit limit of $500 – $25,000. The amount available is the same as the amount of money you supply to secure the line.

Your purchase APR rate can be as low as a variable 13.15%. And the yearly fee is $25. But the more cards you have the more expensive your yearly fee is going to be.

This card allows business owners with poor personal credit to get a card to make purchases and develop business credit. But the card will just report to the personal credit agencies if you default or are overdue on payments.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Business Credit Cards Comparison: Cards for Cash Back

Look at the SimplyCash Plus Business Credit Card from American Express. You can earn up to $400 cash back. Get a $200 statement credit. But this is after spending $5,000.

You get 5% cash back at US office supply stores and on wireless phone services. But they must be bought directly from US service providers. And this applies to the first $50,000 of yearly spending.

You also get 3% cash back on the spending category of your choice, from eight varying categories, consisting of air travel, gas, and advertising and computer purchases. So this applies to the first $50,000 of annual spending. And also you get 1% cash back on all other purchases.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Business Credit Cards Comparison Credit Suite

Check out how our reliable process will help your business get the best business credit cards.

Bank of America Business Advantage Cash Rewards MasterCard Credit Card

Also, take a look at the Bank of America Business Advantage Cash Rewards MasterCard Credit Card. With it, you can earn a $200 statement credit after $500 in purchases within 60 days of account opening.

You also get 3% cash back on purchases at filling stations and office supply stores. So this is as much as $250,000 per year. And you get 2% cash back on purchases at restaurants. Also, get 1% cash back on all purchases.

There is no yearly fee. But it is available to applicants with outstanding credit. And you can only redeem your cash back in $25 increments.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/

Spark Cash Select from Capital One

Additionally, take a look at the Spark Cash Select from Capital One. You get 1.5% cash back on all purchases. So this is without limitations.

New cardholders can also get a $200 cash bonus. But this is once they spend $3,000 on new purchases. And it is during the first three months of account opening.

New customers also get introductory APR of 0% on purchases for nine months. Also, there is no yearly fee.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Business Credit Cards Comparison: Cards for Rewards

Have a look at the Business Gold Rewards Card from American Express OPEN. You can earn 50,000 Membership Rewards points. But this is after $5,000 in purchases on the card. And it is during first three months.

You get three points on your choice of five categories. Also, get two times the points on the remaining categories. And get one point per dollar on all other purchases.

So it has a $0 yearly fee for the first year. But after that your yearly fee increases to $175.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-gold-rewards

Business Platinum ® Card from American Express OPEN

Also, check out the Business Platinum ® Card from American Express OPEN. You can get up to 75,000 Membership Rewards points upon account opening.

You can also get 50,000 Membership Rewards points. But this is subsequent to spending $10,000. And get an extra 25,000 points after spending an added $10,000 all on qualifying purchases. So this is during the first three months.

Additionally you can get five times the Membership Rewards points on flights and prepaid hotels on amextravel.com. But it has a $450 annual fee. Yikes!

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279

Business Credit Cards Comparison: Your Best Business Credit Cards

Your very best corporate credit cards are dependent on your credit history and scores. Only you can decide which rewards you want and need, so make sure to do your due diligence. And, as always, make sure to build credit in the prescribed order for the optimum, fastest benefits.

 

 

The post Research-Backed Business Credit Cards Comparison appeared first on Credit Suite.

Company Analyst for the Small Business

Company Analyst for the Small Business

Little company proprietors might not assume they require a service expert. The company expert can really come in and also identify what the little organisation proprietor can do to increase his or her service. The tiny company proprietor can profit simply as much from a company expert as a huge firm.

The tiny organisation can profit from the company expert in lots of means. Advertising and marketing methods the tiny organisation is making use of might be verifying useless. The service expert might be able to recommend factor of sale revenue not assumed of by the little service proprietor.

The service expert will certainly be able to identify and also analyze the tiny company what service choices need to be made. The service expert will certainly be able to provide guidance as to brand-new innovation the little company proprietor is not taking benefit of.

He or she can reveal the little service exactly how to carry out cutting-edge service strategies. These methods might have never ever been prior to idea of by the little organisation proprietor. It is up to the service expert to reveal the little company what will certainly function as well as what will certainly not function for the organisation.

A great service expert will certainly be able to incorporate these vital components right into a strategy of activity for the little service. The service expert can act as the intermediary in between the little company as well as the consumer to establish if the demands of the consumer are being satisfied.

The small company as well as it’s clients can gain from the expertise a service expert offers the table. The included expenditure of a service expert can considerably elevate the revenues of a local business. When it comes to a tiny company, it is worth investigating whether a service expert will certainly be able to utilize his or her abilities.

The service expert can really come in and also establish what the tiny organisation proprietor can do to broaden his or her organisation. The company expert might be able to recommend factor of sale earnings not assumed of by the tiny service proprietor. The company expert will certainly be able to figure out as well as evaluate the tiny organisation what service choices ought to be made. It is up to the service expert to reveal the tiny service what will certainly function as well as what will certainly not function for the organisation.

The included expenditure of a company expert can substantially increase the revenues of a little service.

The post Company Analyst for the Small Business appeared first on Buy It At A Bargain – Deals And Reviews.

Kick Off a Student Startup and More –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Kick Off a Student Startup 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! You can do more than just kick off a student startup.

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. Get on Google’s Good Side

Our first jaw-dropping tip is all about improving your search engine rankings.  Young Upstarts lays it all out for us.

It’s all about search. Seriously. Because unless you’re a big company (and if you’re reading this blog, then you probably aren’t. Yet), you are going to depend on people discovering you. There are, of course, things you can do offline. Send out paper newsletters, buy radio ads, go to conventions, or hand out flyers. Buy billboard space or run ads on TV. But you also have to get discovered online. Yes, even if your demographic group isn’t normally online. Why? Because their friends or family undoubtedly are.

Hitting the top of Google searching rankings is key!

Discovering You

So you’re scanning the internet horizon for figurative ships. How do you send up a signal flare to them? We really loved the idea of essentially asking typical questions and then answering them in your blog or other website copy.

Where can I find a great auto mechanic? Who makes the best gnocchi? Which home projects will add the most value to my house? How do I introduce a new puppy into my household? What is the best way to get an ink stain out of a dress shirt? When is the local Little League team next playing? Why can’t I mix bleach and ammonia?

Asking and answering questions on your website can help you rank on Google – so long as those are the questions your customers and prospects are asking.

#9. More Love for Google – and Facebook – Ads

The next awesome tip is about writing your best-ever Google and Facebook ads. Wordstream does us a huge favor! There are two great tips per platform. We loved this article so much that we think you should click through and read the whole thing.

Yes, it’s worth it.

Platforms and Uniqueness

It used to be, if you were advertising in the local penny saving paper and the area’s big newspaper, you would use the same or almost the same ads. Don’t do that here.

For Google, the best takeaway, we feel, is to get to the point fast and make every letter count. Most people are just scanning Google, so you want to get them as quickly as you can.

And for Facebook, we think the best point is to blend in. After all, how often do you click on obvious ads on Facebook?

We’ll wait.

Okay, we got tired of waiting. But in all seriousness, many people go to Facebook to connect with family and friends, and to relax. They may or may not be shopping. But while they’re busy looking at a cousin’s new baby or playing Words With Friends, or arguing politics, they are still the same people who need haircuts or to sell their homes or ship their goods out of state.

When an ad looks a lot like something that isn’t an ad, it can really shine on Facebook.

Student Startup Credit Suite

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! Kick off a student startup and more!

#8. A Place for Every File – And Every File in its Place

Our following life-changing tip concerns getting organized with a filing system that works for your office. Small Biz Trends gets us in line. Now, this article is about paper files. But the truth is, you can adapt it for computer files with almost no effort. But first, let’s look at paper.

Sort, Classify, and Keep it all Together

After talking to your staff about filing – because they’re going to be using the system, too – sort your documents! Maybe you thought there would be a lot of documents from the Houston office, but it turns out you only have 5, whereas you have 500 from your Little Rock office. Then you’d best make sure your system allows for different amounts of storage for each section.

Tag everything! And hey, that works for purely electronic files as well. If you are, say, a wedding photographer, your sections might be something like traditional, religious, LGBTQ+, and destination. As a result, for weddings with a full Catholic mass, you should tag them as religious.

Pro tip: to adapt for purely electronic files, use the tags section of Microsoft Office documents. And when it comes to Google docs, you can do it with a naming convention. That naming convention can work for both your documents and the folders they live in.

Think of one thing, and one only – if someone arrived tomorrow, and they had never seen your office or files or industry before, would they be able to find most things? If not, then it’s time to get organized.

#7. Unwind Your Brain and Dust Out Your Mental Cobwebs

Speaking of getting organized, for our next sensational tip, we looked at decluttering our incredibly busy days.  Entrepreneur tells us something we already know or at least can guess. That is, our lives are filled to the overflowing with … stuff. We are on constantly. We are distracted every moment.

Egad, that’s no way to live.

So this great article has some ideas for cleaning out some of that detritus. One of our favorite ideas was strategic time blocking. That is, the concept is to list what you need to do and rank them in order by priority level. Then block off time periods to get each of these tasks done – and focus only on that task during the allotted time frame.

This is, by the way, how your intrepid blog writer gets these Friday blog posts accomplished. Writing time is spent, well, writing. It’s not spent answering emails. Does this mean there are never any breaks? Of course not. And if a quick email will get someone unstuck, then it’s done. But otherwise, the time is spent getting the blog post written and out the door.

More on this kind of focus in Tip #5.

#6. CPR For Your Startup Dream

This tip is so cool, and it works! Entrepreneur tells us all about keeping the startup dream alive.

Our favorite tip was about preventing burnout. The idea is to, essentially, cultivate a growth mindset. How can things change? And how can your company benefit from such changes?

This dovetails well with another tip, to have a business plan which allows for change. And that makes a lot of sense to us. Consider this: a decade ago, would you have believed it if someone told you that you could get same-day delivery from a non-local company? Yet you can with Amazon. Would you have believed it if someone told you people would open up their spare rooms and rent them out to vacationers? Yet that is precisely what AirBnB is all about.

So why assume anything is going to always be the same. Business is kind of like a shark that way. It keeps moving forward, or else it stagnates.

#5. It’s Time to Kick Off a Student StartupStart a business in college and more fabulous business tips Credit Suite

So, speaking of startups…

Grab this mind-blowing tip while it’s hot!

If you’ve ever begun a business while still listening to lectures, then you’ve undoubtedly kicked off a student startup. But how do you do it? Noobpreneur says you just might never be too young to start a business. So why not kick off your student startup while you’re still going to class?

Balance Your Life and Your Student Startup

We loved this tip! Because it speaks to something that is an issue for, well, just about everyone. That is, just when do you say no? When and how do you turn off the clock and phone? What happens when you put the laptop to bed?

Of course your new student startup business is wildly important. But so is your education! Considering how many small businesses fail, it behooves you to continue and complete your schooling.

Just like not quitting your day job until you’re absolutely certain your business can make it financially – don’t quit your school, either.

Focus! Also Known As: Ignore the Squirrels

This tip is good for anyone, any age, any generation. Basically, of course, we all need to focus and master the clock. This means creating a schedule, and sticking with it. Why? Because it means certain aspects of your life can go on autopilot. It makes those tasks a lot easier.

So it’s story time.

A Fer-Instance

Consider this: you set your alarm clock for, say, 6:30 AM every day. While you don’t necessarily micromanage every moment of every day, you finish eating, working out, and showering by 7:30 AM every day. Sometimes you’re ready at 7:29:59. Sometimes you’re early. But no matter what, you hit that drop dead time of 7:30.

As a result, you make it to the 8:00 AM commuter train almost every single morning. Every now and then, there’s traffic when you’re driving to the station. Or you can’t find a parking spot in time. And if you walk, there are going to be days when the going is slow, such as there’s a lot of snow on the ground, and your neighbors haven’t cleared it yet.

For a good 200 – 250 days per year of work, you make it to the 8:00 train over 95% of the time. That is, 190 – 238 days per year, you get to work on time. Hey, that’s awesome.

And Then There’s This …

Now let’s look at what happens when you don’t set your alarm clock. Or maybe you do, but you have to remember to do so. And like most people, you don’t remember every single thing you need to do. So sometimes you just plain forget. Now you get up at 7:00 AM when the alarm isn’t set. That is, you’re not sleeping till noon.

But now you’ve got choices to make. Do you work out and miss your train? If you do, then the 8:15 AM train will probably be more crowded. And more so for the 8:30 AM train. And if you thought it was hard to find a parking spot at around 7:55 AM, it’s going to be considerably harder at 8:25 AM. So you might be at the station on time but you miss the next train anyway, because you can’t find a place to keep your car.

Or let’s say you skip the workout and get in on time. Er, yay? Kinda, sorta. But you miss out on the energy boost you get from working out. You break your streak. And maybe it gets harder to focus.

Of course these are simple examples. And pretty much everyone has some sort of an alarm. But consider what life would be like if you put a hard end time on your binge watching? Or if you laid down a mental law where you can’t spend more than 5 minutes selecting your clothes for the day?

Tick tock.

Student Startup Credit Suite

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! Kick off a student startup and more!

#4. Selling Your Products and Services By the ‘Gram

Check out this spectacular tip, all about selling on Instagram. Foundr tells us this platform has more features for sellers of goods rather than services. But that doesn’t mean companies which sell services are out in the cold! Rather, they need to be a bit more creative.

One great tip we liked was to do Instagram Live. This doesn’t require you to be a seller of goods to work! So, what do you do if you don’t sell stuff? How about a quick how-to? Or a tipoff of when you’re next having a sale – or where your next new outlet is opening? Maybe you can offer a fast tip to help your followers.

You have expertise. Now share it live on Instagram!

#3. Let’s Be Business Friends!

It’s not your imagination: this winning tip can help you forge new relationships with collaborators and customers. Copyblogger lets us know how.

Our favorite tip, hands down, was to craft a shareable summary. Because the last thing most people want is a long, drawn-out pitch or explanation.

Why, It’s a Lot Like This …

Elevator pitches. They didn’t go out with shoulder pads. They are as relevant today as they ever were before. And, it can be argued, they are even more vital now. After all, how much free time have you got these days?

If you said ‘not much’, then you are far from alone. So how do you summarize a complex concept? And, more importantly, how do you get people to want more than just your summary.

Here comes a secret from the world of publishing.

Blurbs.

Hear us out.

Back Cover Copy

Grab a paperback off your shelf. Doesn’t matter which one. Look at the blurb on the back.

It began for the Losers on a day in June of 1958, the day school let out for the summer.

That’s the first sentence of the blurb for a book that’s over 1100 pages long – Stephen King’s It. You don’t have to read 1100 pages to know what the book is all about. You don’t even have to read 100. The entire blurb is 16 sentences long, and it makes you want to read more.

Consider a similar exercise for your summary. Your summary will undoubtedly be longer than 16 sentences. But it’s got the same purpose – give information, enough so a person knows what’s going on.

And then give them a reason to want to know more.

#2. On Bended Knee, Engage Your Customers

Our second to last unbeatable tip can give you a new perspective on creatively increasing customer engagement.  Succeed As Your Own Boss states there are some great ways to actively engage your current customers. Some are a bit involved and may be costly. Others are pretty easy to implement.

But it all comes down to one irrefutable truth – keeping your current customers is easier than cultivating new ones. And it’s also cheaper! So instead of thinking – what have you done for me lately? – adopt an attitude of gratitude.

Also, you can enlist your employees to the cause. Consider this – what if your company does tech support? There’s a big difference between bored workers who can’t wait to get a customer off the line and enthusiastic, interested employees who are friendly and offer extras.

Case in Point

Your intrepid blog writer has a website and a blog. As in, not for work. And like many websites, there have on occasion been technical issues. Contacting the internet service provider is a decent experience. The downsides are wait times. But that’s understandable once you realize what the tech support people are doing.

Tech support goes the extra mile. They suggest products which can prevent future issues – and they often find discounts for those products. Or they hand out their direct numbers and ask for a call back to find out if everything is still going all right.

Are these employees incentivized? Probably. But they can still make customers feel special. And they can convert angry customers who are ready to quit into customers who want to stay. You know, customers who just might blog about their experiences for work. Like, er, me.

#1. Permanent Solutions to Temporary Business Problems

We saved the best for last. For our favorite remarkable tip, we focused on the Holy Grail – solving business problems – for good! Entrepreneurs’ Organization says there are some pretty permanent ways to solve systemic issues.

Our fave tip was the first one – to get to the root cause of issues. But we caution you, gentle reader, that sometimes this can be a little painful. It can feel a touch too much like rocking the business boat. But you’re going to need to rock it anyway.

Case in point.

Dig Up the Roots of Your Business Problems

Over 35 years ago (egad, has it really been that long?), your intrepid blog writer practiced law. Well, one year, secretary after secretary found a new job. Or they would take maternity leave and never return. One retired. Why?

It all came down to one reason – the office manager. Once the managing partner started exit interviews, the truth came out. This office manager had been an expensive hire, and was supposed to be efficient.

Yet the quite literal bottom line is, efficiency isn’t worth a hill of beans if all of the employees abandon ship.

So the office manager was shown the door. And the clerical staff stopped finding other jobs. The ones on maternity came back – and the firm could ooh and ahh at the pictures of their little ones. All it took was digging at the root of the problem, even though it was not an easy decision.

You can make those decisions, too. And you can get to the heart of your business problems, and change things for the better.

So which one of our brilliant business tips was your favorite? And which one will you be implementing now?

Student Startup Credit Suite

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! Kick off a student startup and more!

The post Kick Off a Student Startup and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.

How to Set Up a New Business in South Dakota

Starting a Business in South Dakota

So have you been wondering: how do I start a business in South Dakota? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in South Dakota during a recession?

New Business in South Dakota: Pros and Cons

Business Insider puts South Dakota in its middle ten states when it comes to starting a new business, according to a 2016 article. And this is for the whole country.

South Dakota has a decent rate of new business owners. South Dakota also has the second best business tax climate. But the pool of potential workers to hire is small in the state. South Dakota has the lowest percentage of available employees at 0.52%.

Still, Max Filings names South Dakota #2 for states with the business best tax climate to form an LLC or a corporation. Nearby Wyoming was #1.

Recent Upsurge

In 2018, Fit Small Business ranked South Dakota as number five for starting a new business. But keep in mind, the methodologies used by Fit Small Business, Business Insider, and Max Filings all differ.

Why the dramatic upswing? Even Fit Small Business saw a change (South Dakota was number twenty on their list in 2017), and some was due to the good tax climate and high marks for the cost of starting a business. Business survivability is also very good.

New Business in South Dakota: Top Industries

Per the South Dakota Governor’s Office of Economic Development, the biggest industries in South Dakota are value-added agriculture, financial services, and also bioscience. As in many states, the health care and social assistance sectors are also large employers.

Smart business owners can take find new opportunities with bigger industries in the state. They can offer goods or services. These can include developing safety equipment, and also trucking for any industry. Other ideas are ground transportation, and computer support such as in data and programming.

Here is how to start business in South Dakota.

Start a New Business in South Dakota – South Dakota New Business Secretary of State Requirements

Register a Business Name

DBAs (also known as fictitious business names) must be registered, according to the South Dakota Secretary of State’s website.

Corporations

A business owner must choose a unique name for their corporation. Do an extensive search of online records and other archives and catalogs to make sure the name is not in use. There is a database of South Dakota corporations that anyone can search online at the South Dakota Secretary of State website.

Corporate Name Reservations

Name reservations are not required in South Dakota. However, if a business owner wants to reserve a corporate name, they can submit a name reservation application to the office of the South Dakota Secretary of State.

Download the name reservation application form at Reserve a South Dakota Corporation Name on the South Dakota Secretary of State website. The corporate name will then be reserved for a period of 120 days. They will need to pay a filing fee of $25.00.

When choosing a corporate name, it must include the word “corporation,” “incorporated,” “limited,” “company”. Or it can be an abbreviation of one of these words.

Registered Agents

A corporation will need a registered agent. They will act as an agent for service of process and also receive all legal and tax documents for it.  An adult resident of South Dakota or a corporation can act as a registered agent.

There are companies that provide registered agent services. You can find a directory of some of these companies online at Register a South Dakota Corporation on the South Dakota Secretary of State website.

Start a New Business in South Dakota – Business Permits and Licenses

The Department of Labor and Regulation keeps a list of occupational and professional licensing boards. The Governor’s Office of Economic Development also has a PDF with pertinent data.

Local Permits and Licenses

A rather useful interactive map can make finding South Dakota County websites easy.

Start a New Business in South Dakota – Business Registration

Go to the “Start a New Business” page via South Dakota Secretary of State business services. Business forms are also there.

Tax Registration

You can apply at the South Dakota Department of Revenue.

Start a New Business in South Dakota – Virtual Offices

Alliance offers South Dakota virtual business office space in Sioux Falls only. For Rapid City, try Regus for South Dakota virtual office space or to connect with local business owners. Also try computer user groups to see if they can help.  Other options may be to look for virtual business office space in nearby states. They are Iowa, Minnesota, Montana, Nebraska, North Dakota, and also Wyoming.

Start a New Business in South Dakota – Establish Business Credit

Business credit is credit in a company’s name. It doesn’t link to a business owner’s personal credit, not even when the owner is a sole proprietor and the sole employee of the business.

Therefore, an entrepreneur’s business and individual credit scores can be very different.

The Benefits

Considering that business credit is independent from individual, it helps to protect a business owner’s personal assets, in the event of court action or business bankruptcy.

Also, with two separate credit scores, a small business owner can get two separate cards from the same vendor. This effectively doubles buying power.

Another benefit is that even startup ventures can do this. Visiting a bank for a business loan can be a recipe for frustration. But building small business credit, when done the right way, is a plan for success.

Individual credit scores depend upon payments but also additional elements like credit use percentages.

But for company credit, the scores actually merely hinge on if a company pays its bills promptly.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Establishing company credit is a process, and it does not happen without effort. A small business will need to actively work to establish company credit.

That being said, it can be done readily and quickly, and it is much quicker than building individual credit scores.

Vendors are a big aspect of this process.

Doing the steps out of order will lead to repetitive denials. No one can start at the top with business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Start a New Business in South Dakota – Business Fundability

A small business has to be fundable to lenders and vendors.

Due to this fact, a business will need a professional-looking web site and email address. And it needs to have site hosting from a company such as GoDaddy.

And, company telephone and fax numbers should have a listing on 411.com.

Likewise, the business telephone number should be toll-free (800 exchange or the like).

A company will also need a bank account devoted solely to it, and it needs to have all of the licenses necessary for operation.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Working with the Internal Revenue Service

Visit the IRS website and get an EIN for the company. They’re free of charge. Select a business entity like corporation, LLC, etc.

A company can start off as a sole proprietor. But they will probably wish to switch to a form of corporation or an LLC.

This is in order to decrease risk. And it will maximize tax benefits.

A business entity will matter when it involves tax obligations and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. No one else is responsible.

Sole Proprietors Take Note

If you run a business as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the small business name. As a result, you can find yourself being personally responsible for all small business debts.

Additionally, according to the IRS, using this arrangement there is a 1 in 7 probability of an IRS audit. There is a 1 in 50 possibility for corporations! Avoid confusion and significantly decrease the odds of an Internal Revenue Service audit at the same time.

Start a New Business in South Dakota – Instigating the Business Credit Reporting Process

Begin at the D&B web site and obtain a totally free D-U-N-S number. A D-U-N-S number is how D&B gets a business into their system, to produce 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 websites for the company. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

This way, Experian and Equifax will have activity to report on.

Vendor Credit Tier

First you need to build trade lines that report. This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

Start a New Business in South Dakota Credit Suite

And with an established business credit profile and score you can start to obtain credit in the retail and cash credit tiers.

These sorts of accounts tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first of all, what is trade credit? These trade lines are credit issuers who will give you initial credit when you have none now. Terms are typically Net 30, instead of revolving.

Hence, if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts have to be paid fully within 60 days. In comparison with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To launch your business credit profile the right way, you ought to get approval for vendor accounts that report to the business credit reporting bureaus. As soon as 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.

Vendor Credit Tier – It Helps

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with very little effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than one time to these vendors. So, this is to demonstrate you are responsible and will pay timely.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are businesses like Office Depot and Staples.

Just use your Social Security Number 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 want to see a D-U-N-S and a PAYDEX score of 78 or more.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move to the fleet credit tier. These are service providers like BP and Conoco. Use this credit to buy fuel, and to fix, and take care of vehicles. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the company’s EIN.

One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or more and a 411 business telephone listing.

Shell might say they want a certain amount of time in business or profits. But if you already have sufficient vendor accounts, that won’t be necessary. And you can still get an approval.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been responsibly handling the credit you’ve up to this point? Then move to the cash credit tier. These are service providers such as Visa and MasterCard. Only use your SSN 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 more. 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).

Plus, they want you to have an established company.

These are companies such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are usually MasterCard credit cards. If you have 14 trade accounts reporting, then these are doable.

Start a New Business in South Dakota – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and take care of any inaccuracies ASAP. Get in the practice of taking a look at credit reports and digging into the specifics, 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.

Update Your Record

Update the details if there are inaccuracies or the information is incomplete.

Start a New Business in South Dakota – Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any inaccuracies in your records. Mistakes in your credit report(s) can be fixed. But the CRAs normally want you to dispute in a particular way.

Disputes

Disputing credit report mistakes normally means you send a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always send copies and keep the original copies.

Fixing credit report errors also means you specifically itemize any charges you dispute. Make your dispute letter as crystal clear as possible. Be specific about the issues with your report. Use certified mail so that you will have proof that you mailed in your dispute.

A Word about Business Credit Building

Always use credit smartly! Don’t borrow beyond what you can pay off. Keep an eye on balances and deadlines for payments. Paying off on time and in full will do more to increase business credit scores than virtually anything else.

Building small business credit pays off. Great business credit scores help a small business get loans. Your credit issuer knows the company can pay its debts. They know the company is bona fide.

The business’s EIN connects to high scores and credit issuers won’t feel the need to require a personal guarantee.

Business credit is an asset which can help your business for years to come.

Learn more here and get started toward opening a new business in South Dakota.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country. 

The post How to Set Up a New Business in South Dakota appeared first on Credit Suite.

Happiness was achieved in Richmond, TX…. $24,438.00 in Business Revenue Financing

We were able to assist in providing financing for our client so he could meet his goal quickly.  He has wanted to have the means to expand his current location, and now he is able to turn his goal into a reality. He was pleased at how easily and quickly he had the financing forthis project. All he had to do to move forward on financing was to was provide us with his last six months of bank statements and an application. This recently- received financing has exceeded their expectations and left our client well pleased!

So glad to be a part of their success!

Click Here to see how much funding you can get for your business.

The post Happiness was achieved in Richmond, TX…. $24,438.00 in Business Revenue Financing appeared first on ROI Credit Builders.

How to Set Up a New Business in North Dakota

Starting a Business in North Dakota

Have you been wondering: how do I start a business in North Dakota? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in North Dakota during a recession?

New Business in North Dakota: Pros and Cons

North Dakota is in the top twenty states to start a new business in, per a 2016 article by Business Insider. The state has the highest opportunity share of new business owners in the country.

A somewhat high density of startup companies is also positive.  North Dakota also has the nation’s second highest per capita GDP at $66,507.

But the state also has the second lowest percentage of available employees.

The energy boom has created 15,000 jobs in the state over the last decade. This is in addition to 9,400 in North Dakota business resource and financial services. Also, the state’s construction employment is up 29% since 2002.

Dizzying New Heights

In 2019, Dollar Sprout vaulted North Dakota up to the number four state for starting a new business. Keep in mind; their methods differ from those of Business Insider.

Why the terrific new ranking? North Dakota has the best 10-year survival rate for all businesses in the country. Unemployment is exceptionally low, and the cost of living goes easy on anyone’s wallet.

New Business in North Dakota: Initiatives

North Dakota cut individual income tax rates by 18% and also corporate taxes by nearly 20%. This came to about $900 million in tax relief over just four years.

The state also created the Small Business Technology Investment Program. This is a $1 million fund providing grants of up to $50,000 matched 2:1 with an angel fund investment.

North Dakota Exports

Exports grew nearly 250% between 2000 and 2009. Compare this to 35% nationwide. The state intends to increase funding for the Trade Office by roughly $490,000. This is to better market North Dakota products and services to the world.

These funds are meant to acquire services in shipping logistics. They are also meant to help North Dakota businesses handle the complexities of a global economy.

The governor’s office has also recommended a North Dakota business resource. This is in the form of state assistance to qualified business owners looking for capital formation.

Start a New Business in North Dakota – North Dakota Top Industries

 

Per the 2010 – 2020 North Dakota Economic Development Strategic Plan, the biggest growth industries in North Dakota are professional and technical services and management. The state is also known for its agriculture and oil and gas production.

Also, as in virtually all states, health care and social assistance are also large employment sectors.

Smart business owners can find new opportunities. Work with bigger industries in the state. Offer goods or services such as trucking for any industry. More ideas are data and other computer support such as programming. Yet more ideas are the development and distribution of safety equipment.

Here is how to start business in North Dakota.

Start a New Business in North Dakota – North Dakota New Business Secretary of State Requirements

Register a Business Name

Register a business name on the official North Dakota government website.

Business Permits and Licenses

The New Business Registration website of North Dakota also has licensing information.

Local Permits and Licenses

Check with your local municipality, city or county office or website. See if there may be any local licensing or permit requirements.

For example, in Fargo, go to the Starting a Business page on the city of Fargo website.

Start a New Business in North Dakota – Business Registration

Business Registration: the easiest way is by using the State of North Dakota New Business Registration website.

Tax Registration

Find all needed guidelines, information and forms with the North Dakota Office of State Tax Commissioner. The “For Businesses” page is useful.

Start a New Business in North Dakota – Virtual Offices

Alliance does not offer North Dakota virtual business offices.

But Regus offers North Dakota virtual business office space in Fargo. Business owners in Bismarck or Grand Forks, and in other parts of the state, should try local business owners. Or ask computer user groups for help.

Other options may be to look for virtual business office space in nearby states. They are Minnesota, Montana, and also South Dakota.

Start a New Business in North Dakota – Establish Business Credit

Company credit is credit in a company’s name. It doesn’t link to an owner’s personal credit, not even when the owner is a sole proprietor and the solitary employee of the company.

As a result, a business owner’s business and personal credit scores can be very different.

The Benefits

Because business credit is independent from individual, it helps to secure an entrepreneur’s personal assets, in case of legal action or business bankruptcy.

Also, with two distinct credit scores, a business owner can get two separate cards from the same merchant. This effectively doubles purchasing power.

Another advantage is that even startups can do this. Going to a bank for a business loan can be a formula for frustration. But building small business credit, when done correctly, is a plan for success.

Individual credit scores are dependent on payments but also various other elements like credit usage percentages.

But for small business credit, the scores truly only hinge on whether a business pays its debts on a timely basis.

Start a New Business in North Dakota Credit Suite

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Establishing company credit is a process, and it does not occur without effort. A business must proactively work to establish business credit.

However, it can be done readily and quickly, and it is much more rapid than establishing individual credit scores.

Vendors are a big aspect of this process.

Performing the steps out of order will result in repetitive rejections. 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 rejection 100% of the time.

Start a New Business in North Dakota – Small Business Fundability

A business needs to be fundable to lending institutions and merchants.

For that reason, a business will need a professional-looking website and e-mail address. And it needs to have website hosting from a merchant such as GoDaddy.

And also, business telephone and fax numbers should have a listing on 411.com.

Also, the business telephone number should be toll-free (800 exchange or the equivalent).

A business will also need a bank account dedicated strictly to it, and it needs to have all of the licenses essential for operating.

Start a New Business in North Dakota Credit Suite

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Working with the IRS

Visit the IRS web site and obtain an EIN for the small business. They’re free. Pick a business entity such as corporation, LLC, etc.

A business can start off as a sole proprietor. But they will most likely want to change to a variety of corporation or an LLC.

This is in order to reduce risk. And it will maximize tax benefits.

A business entity will matter when it involves tax obligations and liability in the event of litigation. A sole proprietorship means the business owner is it when it comes to liability and tax obligations. Nobody else is responsible.

Sole Proprietors Take Note

If you operate a business as a sole proprietor, then at the very least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the small business name. Therefore, you can end up being personally accountable for all company financial obligations.

Also, according to the Internal Revenue Service, with this arrangement there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 possibility for corporations! Steer clear of confusion and considerably reduce the chances of an IRS audit at the same time.

Kicking Off the Business Credit Reporting Process

Start at the D&B website and obtain a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce 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 company. 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.

This way, Experian and Equifax will have something to report on.

Vendor Credit Tier

First you need 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 acquire credit in the retail and cash credit tiers.

These varieties of accounts often tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are in most cases Net 30, instead of revolving.

Hence, if you get approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, such as within 30 days on a Net 30 account.

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts have to be paid fully within 60 days. In contrast to with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.

To start your business credit profile properly, you need to get approval for vendor accounts that report to the business credit reporting agencies. Once 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.

Vendor Credit Tier – It Helps

Not every vendor can help like true starter credit can. These are vendors that will grant an approval with very little effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to prove you are trustworthy and will pay timely.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are service providers like Office Depot and Staples.

Just use your Social Security Number 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 such 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 more.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move to the fleet credit tier. These are companies like BP and Conoco. Use this credit to buy fuel, and to fix, and maintain vehicles. Only use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain 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 may say they want a certain amount of time in business or revenue. But if you already have sufficient vendor accounts, that won’t be necessary. And you can still get an approval.

North Dakota Startup Credit Suite

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been responsibly handling the credit you’ve gotten up to this point? Then move to the cash credit tier. These are service providers such as 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 example is the Fuelman MasterCard. They report to D&B and Equifax Business. They want to see a PAYDEX Score of 78 or more. 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).

In addition, they want you to have an established small business.

These are service providers such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are usually MasterCard credit cards. If you have 14 trade accounts reporting, then these are doable.

Start a New Business in North Dakota – Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and deal with any mistakes as soon as possible. Get in the practice of checking credit reports and digging into the specifics, 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.

Update Your Records

Update the information if there are mistakes or the data is incomplete.

Start a New Business in North Dakota – Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any problems in your records. Errors in your credit report(s) can be corrected. But the CRAs generally want you to dispute in a particular way.

Disputes

Disputing credit report mistakes 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 original copies. Always send copies and keep the originals.

Fixing credit report errors also means you precisely spell out any charges you contest. Make your dispute letter as understandable as possible. Be specific about the issues with your report. Use certified mail so that you will have proof that you mailed in your dispute.

Start a New Business in North Dakota – A Word about Business Credit Building

Always use credit responsibly! Never borrow more than what you can pay off. Monitor balances and deadlines for repayments. Paying punctually and in full will do more to raise business credit scores than nearly anything else.

Growing small business credit pays. Good business credit scores help a business get loans. Your credit issuer knows the company can pay its financial obligations. They understand the small business is authentic.

The small business’s EIN links to high scores and credit issuers won’t feel the need to ask for a personal guarantee.

Business credit is an asset which can help your company in years to come.

Learn more here and get started toward opening a new business in North Dakota.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.

 

The post How to Set Up a New Business in North Dakota appeared first on Credit Suite.

Create a Perfect Practical Project Plan and More –10 Brilliant Business Tips of the Week

The Hottest and Most Brilliant Business Tips for YOU – Create a Perfect Practical Project Plan 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! Let’s get you started with a perfect practical project plan!

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. Start Selling!

Our first jaw-dropping tip is all about setting up your first ad campaign on Amazon. Score says Amazon selling could be huge for your business, and we are inclined to agree. After all, where else are you going to be able to buy a toothbrush, a screen door, fresh raspberries, and a tee shirt for a baby? And check out with them all in the same cart?

So if you sell a good (as opposed to a service), then this tip is all about you. 

Get Going

So our favorite part of this article, without a doubt, is how it just launches right into step by step instructions. About the only way it could possibly be any more helpful would be if there was a video. But that’s okay.

And we also loved the drum which he seem to beat an awful lot around here – measure! Because, as we have said it before, but it bears repeating. You can’t really know if you’re succeeding if you don’t measure. 

#9. And Speaking of Amazon…

The next awesome tip is about generating leads on Amazon. Side Hustle Nation writes that Amazon, at bottom, is basically another search engine.

So think like an SEO person.

This means attracting your prospects with content to start bringing them into the sales funnel.

In the case of the article writer, it was about books. So his initial bait was to offer a book for free. As in, zero dollars and zero cents.

The book is still on Amazon, and it is still free. So, how does this guy make money? Well, it may be obvious by now – the free book reels in the prospects. So those people are qualified leads by definition. So they might read the book and visit its accompanying website. Or maybe they just order one of the books you have to pay for.

Either way, the bait is working precisely as intended.

Not a writer? Then offer something else (small!) for free. Sell widgets? Then why not add a free explainer video? Or you could even price something in your Amazon storefront at $0. For fun, why not change it up on occasion? 

Free is always loved. And free always has attention paid to it. 

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! The perfect practical project plan is in reach.

#8. Reel in Your First Customers

Our following life-changing tip concerns starting up and landing your very first customers. Success Harbor tells us it might take a while to get your first customers. So their first top is perhaps a surprising one – figure out what you’re going to live off for the next six to twelve months. 

Because that will not only keep food on your table. It will also – at least, that’s the idea – keep you from being desperate. Well, at least in the beginning. Because the truth is, we have all seen desperate people. 

How often do you want to buy from them? This is not out of the goodness of your own heart or anything like that. So it’s not to help out a friend. This is more, someone who you have no connection with is trying to sell you something. Or, better yet, two people are. One is desperate, the other’s not. You’re more likely to buy from the confident seller.

It’s just like in the dating scene. So shore up your budget before you get started, and keep desperation at bay, at least for a while. Let your perfect practical project plan exude confidence.

#7. But What Are You Going to Sell Them???

For our next sensational tip, we looked at finding products to sell online. Small Biz Trends informs us that startups, of course, are up against not only each other, but also Walmart and Amazon, among others. So instead of trying to compete on that hopelessly tilted playing field, why not look for unique items?

And don’t forget about scalability. That is, prepare for success. If one product does incredibly well, you don’t want to be fine-tuning it by hand all the time. 

Hand in hand with this tip is to consider the logistics. Your rainbow widget might be incredible, but if you’re importing from a country about to go to war, you might want to think twice about using such a supplier.

Like with so many other things we talk about here, try to make things easy on yourself.

#6. Find ‘Em Online

This tip is so cool, and it works! Word Stream notes there are five great strategies for reaching your B2B audience online. While we may often think of B2B as business to business, what are companies composed of?

Anyone?

Bueller?

People!

And those people, just like you, are online. They are pinning and tweeting and Facebooking and snapping.

And they are also, probably, on LinkedIn. This social media platform often seems to be forgotten in marketing articles, but it’s truly ideal for finding a B2B audience. So then have LinkedIn find lookalikes. 

Hey, you just might get some new customers.

#5. The Perfect Practical Project Plan Can Be Yours

Grab this mind-blowing tip while it’s hot! 

Learn how to put together the perfect practical project plan! Copy Blogger says it’s best to bite into a project in small chunks. Which makes terrific sense.

Smart Resource Planning Credit SuiteA Fer-Instance

So, picture this. You bought a house from the little old lady down the street who only drove it to church on Sundays. Er, you know what I mean.

It’s a lovely house. But it’s huge! And it needs to be cleaned. So, before you say you’ll just hire someone, or you’ll put it off, let’s throw out those options. For the sake of this example, okay?

How do you clean your messy mansion?

In stages. 

How do you tackle a project?

In stages.

Wait – that’s kinda the same thing.

Yep. 

Templates and Timesavers

We really loved this tip, about essentially eliminating nagging, repetitive tasks. Do whatever it takes to stop reinventing the wheel all the time.

Create macros. Save Excel templates. Create a custom style in Word. Whatever it takes. Even when your perfect practical project plan is done and dusted, if you do whatever it takes to stop reinventing the wheel, you’ll still have those templates and macros. There’s no need to stop using them.

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! The perfect practical project plan is in reach.

#4. GOALLLLLLLLLLLLLLLLLLLL!

Check out this spectacular tip, all about helping your team accomplish their goals. Inc notes management can do a lot to help team members get to where they personally want to be.

Let’s Talk About the Future. That Perfect Practical Project Plan Won’t Write Itself!

What we really liked was the first tip, to essentially open up a dialog on employee goals. And to share your goals with the people who work for you.

Say what?

Yes, tell them what you’re planning for yourself, too. Because singling out the people lower on the totem pole for goal-setting and achieving means you might not see anything accomplished. You can’t have a perfect practical project plan for your employees without having one for yourself.

True StorySmart Resource Planning Credit Suite

Your intrepid blog writer, over 20 years ago had, shall we say, a difficult boss. Now, there were a lot of reasons why this person was difficult to work with and for. But one major reason was the goals were dictated. By her.

And of course no one ever saw her goals. There was, therefore, no accountability at the middle managerial level. To this day, your blog writer hasn’t got a clue whether this person’s own goals were created by her or dictated to her.

Either way, this was a recipe for rebellion. This was particularly the case because the selected goals were a lot less about employee enrichment, and a lot more about the great glory of said difficult boss.

That didn’t go over so well.

So we were particularly pleased with the idea that the dialog about goals is just that: a dialog. It is a give and take and it’s not the boss telling the employee what to do. After all, the employee gets that all the livelong day. 

At least let them make their own goals.

#3. Make/Produce/Create

It’s not your imagination: this winning tip can help you be a more creative teammate at work. Creative Live tells us creativity does not need to be a solitary pursuit. Hoorah! The best perfect practical project plan allows for diverse voices.

Check Your Ego at the Door

This is maybe the most valuable tip to us. Creativity is just not going to happen if you continually shout down other people’s ideas. So go around the room. And listen, fer gosh sakes! Seriously, if you’re not going to listen to other people, why work in a team setting to begin with?

Walk a Mile in My Sneakers

This tip was a close second for us. The concept is, bring in as many points of view as you can. Get different perspectives, and you may find what you thought was an amazing idea is anything but to the people who will be most affected by it.

So haul in someone from sales, and another from engineering or accounting, and more. They have rather different vantage points from yours. So in that, there is strength.

#2. It Must Be True; I Saw it on TV

Our second to last unbeatable tip can give you a new perspective on small business public relations and dealing with the media. Succeed As Your Own Boss states there is a kind of art and a science to PR.

Our fave tip was all about how ‘off the record’ is basically a unicorn. It doesn’t exist! For all of the times you’ve seen a politician yammering on a hot mic, just imagine it’s your face and your yammering.

If you don’t want some piece of information to come out – surprise! – don’t talk about it.

Or, as we said when your intrepid blog writer was a kid (which was when the dinosaurs roamed the planet), “Shut up!”

#1. Om Shanti Success!

We saved the best for last. For our favorite remarkable tip, we focused on 19 amazing success mantras from Zig Ziglar. Addicted 2 Success says these are words to live by.

And, holy cow, we say a lot of the same things. Coincidence? We think not!

In all seriousness, the list is just terrific. We highly recommend reading the entire article. Our favorite success mantra?

Don’t compare yourself to others.

Or, as Teddy Roosevelt said, “Comparison is the thief of joy.” So give yourself a break, and stop thinking others are better. You’re better, too.

Talk about your perfect practical project plan!

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! The perfect practical project plan is in reach.

The post Create a Perfect Practical Project Plan and More –10 Brilliant Business Tips of the Week appeared first on Credit Suite.