Tag: Entrepreneur

30 Ways to Become a More Successful Entrepreneur

Whether you’re just starting out or are an old pro, who doesn’t want to be a more successful entrepreneur?

Owning a business gives you a sense of freedom and empowerment. You can build things and watch them grow.

Entrepreneurs make decisions for themselves, realize their creative visions, and develop lasting relationships with other entrepreneurs, customers, and vendors.

It’s a great way to live. That’s why I’ve founded so many companies — I can’t get enough.

I’ve put together these tips to help you to become more successful, too.

1. Get Gritty

Grit is perseverance. Grit is the go-get-’em attitude that we expect of entrepreneurs. Grit is the ability to keep working when everyone tells you that you should give up.

If you want to be a successful entrepreneur, you have to be gritty.

Honestly, without hard work and perseverance, you’re not going anywhere in the entrepreneurial world.

image of key skills need to become a successful entrepreneur

2. To Become a Successful Entrepreneur, You Must Challenge Yourself

If you want to be a successful entrepreneur, you have to challenge yourself. No one else is going to push you, so it’s up to you to do it.

Challenges keep entrepreneurs nimble and on their toes. If you’re constantly looking for the next challenge, you’ll always be prepared for what comes your way.

Challenges you may face to become a successful entrepreneur

Consider this example:

You’re going to the gym to build your upper body strength. You start doing bicep curls with a 10-pound weight. It feels pretty heavy at first. As you build up your strength, it gets easier.

Would you stop there? No!

Then it’s time to do bicep curls with a 20-pound weight. Once you’ve done bicep curls with a 20-pound weight, going back to a 10-pound weight will feel easy.

Challenging yourself with new and difficult tasks will make your other tasks seem even simpler. As an entrepreneur, you always have to be looking for the next big challenge.

3. Successful Entrepreneurs Are Passionate about Their Work

If you don’t love what you do, don’t do it. I truly believe it’s as simple as that.

As an entrepreneur, you’re going to have to put in long hours and make sacrifices for your business.

When you’re passionate about what you do, putting in the long hours won’t feel like a sacrifice anymore.

If you’re not passionate about what you do, you’re not going to have the motivation to keep going when you’re stressed and tired.

Have you ever noticed those entrepreneurs who never seem to get tired? Those entrepreneurs who get that gleam in their eye when they talk about what they do? That’s passion.

why people choose to try to become successful entrepreneurs

If you’re passionate about what you do, being an entrepreneur gets just a little bit easier.

4. To Become a Successful Entrepreneur, You Must Take Risks

Humans are generally risk-averse, but part of being an entrepreneur is recognizing the risks that you should take.

Successful entrepreneurs take risks. It’s part of the job.

Successful entrepreneurs also know which risks to take and which they shouldn’t. Learn to recognize the risks that will benefit your business and take them.

Taking risks has a dangerous side, but the opportunities they present often far outweigh the potential dangers.

Learn how to identify which risks are worth taking and you’ll likely become a more successful entrepreneur.

5. Trust Yourself

If you don’t believe in yourself, who will?

Being a successful entrepreneur means that you’ve learned to listen to your intuition and rely on your wisdom when making decisions.

Your ability to trust and believe in yourself will show your confidence. People are more likely to follow and trust confident leaders.

Trusting in your own skills will also take some of the pain of uncertainty out of being an entrepreneur.

When you feel uncertain, remember how much experience and knowledge you have. Most entrepreneurs start their business after years of experience working for someone else.

how much experience entrepreneurs have before they become successful entrepreneurs

There’s nothing wrong with asking for help when you need it or turning to a mentor for advice, but you also have to learn to trust yourself and your own judgment without input from others.

Learn to trust yourself and you’re already starting down the path of entrepreneurial success.

6. Reduce Fear

Fear stops action. Entrepreneurs have to be able to pivot and quickly take action when they see an opportunity or recognize a mistake.

With fear riding on your shoulder, you won’t be a successful entrepreneur.

As an entrepreneur, if you let fear be your guide, you won’t be able to listen to your intuition, you’ll be afraid to take the necessary risks, and your judgment will be clouded by emotion.

If you can find ways to reduce and manage your fear and you’ll be a much more successful entrepreneur.

Keep in mind that fear has to do with your perspective. For example, studies have shown that the more true crime you consume, the more scared you are of crime.

Successful entrepreneurs can manage their fears a few ways.

My favorite tip for managing fear as an entrepreneur is to do confidence-building exercises.

For me, I like to take a few moments at night to think of the decisions I made that day that had a successful outcome.

Thinking each day about the decisions that you made that benefited you, others, or your business will help you to quickly build your confidence and reduce fear.

7. Successful Entrepreneurs Visualize their Goals

This tip is less abstract than you might think, so bear with me.

When I recommend that entrepreneurs visualize their goals, I don’t intend for them to close their eyes and see the goal in front of them.

What I want you to do to visualize your goal is to define it so clearly that it’s real and tangible.

For example, which of these is a more accomplishable:

  1. I want to become a successful entrepreneur.
  2. I will become a successful entrepreneur by starting a business that solves a problem for this specific niche of my audience.

The second one, right?

When you can clearly articulate and visualize your goal, it becomes more achievable.

There are many ways to visualize your goal if you aren’t sure how to start. You can write it down or draw it out.

Visualizing business goals to become a successful entrepreneur

You can tell someone, such as a friend or business partner, or take photographs that represent your goal. Go with your strengths.

When you ask a successful entrepreneur what their goal is, they can tell you in great detail what it is that they’re working to achieve.

8. Hire Great Partners to Help You Become a Successful Entrepreneur

I’ll admit that this one might be a little bit obvious.

Successful entrepreneurs aren’t successful within a vacuum. We all have a great team and support network behind us.

When I recommend hiring great partners, I don’t just mean someone who can do the job you’re hiring them for. You should seek partners who have great character and whom you like and respect.

You and your partners will be working long hours together and making stressful decisions. If you don’t respect your partner(s), your team won’t last long.

Fill your team with people who have great character and you’re well on your way to success.

When choosing your partners and team members, always remember that you can teach skills, but you can’t teach character.

9. To Become a Successful Entrepreneur, You Must Act Fast

Talk only delays action.

Successful entrepreneurs act.

It’s easy to get wrapped up in planning, considering potential failures, discussing funding, and talking in meetings with board members. If all you do is talk, you’ll get nothing done.

At some point, you have to halt the talking and make something happen.

10. Successful Entrepreneurs Spend Time on Important Tasks and Are Patient to See Results

Do you think that there’s such a thing as an overnight success? I recommend that you take a closer look.

Upon examination, the people and businesses that became “overnight sensations and successes” actually worked really hard and long for their achievements.

When you think you’ve found an overnight success, check again and examine closely the hours, days, and years that went into their success.

Take a look at their life, the things they learned, and how many times they failed.

Successful entrepreneurs take the time that’s required to reach success. And many of them have failures along the way.

If you think it’s taking too long to find success, give yourself a break.

Keep plugging along, putting in the hours, and before long, you’ll be a successful entrepreneur.

Just imagine looking back at all the hard work and knowing it paid off. Keep that image in your head to motivate you forward through the long, slogging hours.

11. Plan Your Finances

Startups and entrepreneurial businesses need money. It’s just a part of the lifestyle.

Many entrepreneurs spend too much time looking for money and not enough acting, but that doesn’t mean that you can leap into the abyss without a plan.

There are a few ways you can fund your business.

Decide which is best for you, and plan out your finances in the beginning. Try to stick to your budget, but know that the plan will have to be adapted along the way.

12. Who’s Your Customer? Successful Entrepreneurs Know the Answer

One of the most common reasons that entrepreneurial businesses fail is that there isn’t a customer.

If you start a business or make a product but don’t know who will buy it, that person might not actually exist.

Before you make a financial plan, raise capital, or even choose a name, make sure that there’s a customer who would buy your product or use your services.

Without a customer, you don’t have a business.

Successful entrepreneurs know who their customers and target market are.

13. Successful Entrepreneurs Listen to Complaints

This is one of the tips that I think is the most important for entrepreneurs to learn.

Your customer’s complaints are how you identify your business’s weaknesses.

Similarly to the last tip, without customers, you can’t have a successful business. There’s another possible scenario, though.

You might have customers who are interested in your product or service, but if you don’t listen to their complaints, you soon will have no customers.

Take your customers seriously, treat their complaints with respect, and listen.

You might think you’re giving them value, but they may not agree.

successful entrepreneurs listen to customer complaints

Your customers know what they want, and they’re going to tell you what they think.

A smart and successful entrepreneur listens to those complaints and uses that information to fix the business’s weaknesses.

14. Exceed Everyone’s Expectations

If you deliver more than you promised, you’re sure to have satisfied customers, investors, and business partners.

Making promises and not delivering is a quick way to lose your business.

In contrast, successful entrepreneurs exceed expectations.

15. Manage Risks to Become a Successful Entrepreneur

Remember when I said that you should take risks? You should, though you shouldn’t take every risk that presents itself. Instead, manage your risks.

As a successful entrepreneur, you need to learn how to identify which risks to take but also when to take these risks.

Be sure to recognize where you are in the entrepreneurial cycle when calculating which risks to take.

16. Read Case Studies

As an entrepreneur, you’ll be inundated with your business, needing to take care of it all the time. When you get home and have some leisure time, you might be tempted to read fiction or books for entertainment.

Instead, I encourage you to read case studies. Read biographies of successful entrepreneurs. Read everything you can get your hands on about those who have already been successful.

There’s always something to learn from those who have already done it.

I especially think it’s important to learn from the mistakes of others. If you learn from their mistakes, you won’t have to make those mistakes yourself.

And if you do make mistakes yourself, definitely learn from those.

The more you learn from their mistakes and successes, the faster you can grow your business and become a successful entrepreneur.

17. Successful Entrepreneurs Self-Promote

Many people don’t want to self-promote or talk about their business too much for fear of sounding like an egomaniac; but if you don’t promote your business, who will?

Egotistical self-promotion and self-promotion can be differentiated.

Know your business, know some key stats, and have your 15-second elevator pitch polished and ready to go. Then, when someone asks you about your business, you can promote it factually and quickly.

Another way to self-promote without sounding cocky is to know what your customers say about your business. When someone asks how your business is going, you can tell them your customer feedback.

Don’t forget to provide some of the bad as well as the good.

18. Successful Entrepreneurs Set and Oversee a Positive Company Culture

There may have been a time when company culture wasn’t important, but with social media and the 24-hour news cycle, your company and employees are always under scrutiny.

Set a positive company culture from day one and you’ll be more likely to work with people you enjoy and who inspire you as well as attract great customers.

Many entrepreneurs are working with family, from home, and even across borders. It’s important to set and know what you want your company culture to look like.

importance of company culture to become a successful entrepreneur

19. Network, Network, Network

There is no such thing as too much networking (well unless it’s getting in the way of building your business, of course).

What I mean to say is that you shouldn’t ever stop networking because you never know where your next lead will come from.

Chances are, if you network with enough people, you’ll bump into another entrepreneur who might have the ideas and connections you need.

You might find a new connection while grabbing a beer at the airport bar, you might meet your next business partner in an elevator on your way to a meeting, and you just never know who’s sitting next to you on the bus.

Meet everyone you come into contact with and have a short chat. You never know who you’re sitting next to and what connections or resources they might be able to offer you.

20. Learn and Create

The successful entrepreneur mindset is that of learning and creation. As an entrepreneur, you always want to be taking in new information and creating.

This type of mindset can be draining and tiring, but without it, you’re not going anywhere.

a growth mindset is crucial if you want to be come a successful entrepreneur

To stay in the learner and creator mindset, stay away from TV, social media, and movies. These types of entertainment cause us to be passive and just take in information.

Pursue everything in moderation, but in general, these activities are time-wasters for entrepreneurs. Limiting your entertainment time is a sacrifice that must be made to become a successful entrepreneur.

Instead of watching TV and movies, read case studies and meditate. Take care of your mind and body in constructive, healing ways.

It may “feel good” to watch TV, but it’s not actually a rejuvenating way to relax.

To be a successful entrepreneur, find relaxing activities that help to restore your learner and creator mindset.

21. Successful Entrepreneurs Deliver, Not Sell

Honestly, no one likes to be sold to. I mean seriously, who enjoys going to the car lot and buying a new car? We all know what we’re getting ourselves into and dread it.

Instead of selling to your potential customers, deliver. Offer them a free trial and deliver a great product.

When your company delivers a great product or service, you’ll build customer loyalty faster than you can say, “successful entrepreneur.”

22. Take Baby Steps to Become a Successful Entrepreneur

Building a successful entrepreneurial business can seem daunting, and that’s okay. Building a business from the ground up is a massive undertaking.

Luckily I have a foolproof tactic: break it down.

Any problem that seems insurmountable, break it down into baby steps.

Once you’ve broken it down into baby steps, take them one at a time. Before you know it, just by placing one foot in front of the other, you’ll be halfway up the mountain.

With grit and perseverance, baby steps will get you far toward becoming a successful entrepreneur.

23. Put Everything on Your Calendar

You think I’m kidding, but I’m not. Put every single thing on your calendar.

Think something doesn’t need to be on your calendar? It does.

Put your meetings, quiet work periods, time with friends, happy-hour business meetings, kids’ soccer games, workouts, meal times, and anything else that you do on your calendar.

Once something is on your calendar, then everyone who needs to meet with you knows that time isn’t available.

An additional benefit is that once everything is on your calendar, there aren’t excuses for not getting things done.

I want to also draw your attention to one of the items I included: quiet work time. That is time when you can work, solve problems, or think creatively without being interrupted.

Everyone needs these periods of time. To be a successful entrepreneur, guard your quiet work times with your life. The success of your business may depend upon them.

24. Exercise to Become a More Successful Entrepreneur

Did you know that sitting down all day long is bad for your health? It is.

Being a successful entrepreneur doesn’t just mean running a profitable business. Run yourself too ragged managing that business and you might not be around to enjoy its success.

You must take care of yourself as well as your business. One of the many self-care tasks that I recommend is exercise.

taking care of yourself and getting exercise is important for successful entrepreneurs

Make sure to book time in your calendar to get in some exercise and get out of your chair.

Maybe you go to yoga, walking meetings, climb the stairs instead of taking the elevator, or simply go to the gym.

Build time into your calendar every week (dare I hope for every day?) to be physically active and take care of your body as well as your business.

A sick or unhealthy entrepreneur isn’t a successful entrepreneur.

25. Successful Entrepreneurs Stay Focused

The life of a successful entrepreneur can feel scattered and disjointed, but it’s important to limit your time spent multitasking.

Research has shown time and time again that multitasking doesn’t work. Humans aren’t capable of it.

And yes, multitasking includes being distracted by your phone and email tabs. Close them and put them away.

Learn to focus and take time to do just one task. Giving one task your full attention will mean that you’re more likely to get it done and do it well.

It’s also important to know that too many tasks on your to-do list can make you ineffective and distracted.

Learn to focus your to-do list on the tasks that you’re capable of finishing in the amount of time you’ve allotted for them.

For example, each night, set the three tasks that you’ll complete the following day. Each month, set the overarching goal for your company that you want to achieve in the next 30 days.

These techniques can help you to learn how to focus and more effectively manage your business.

26. Take Time Off

We finally made it to the tip that I think it the toughest for successful entrepreneurs to put into practice.

I really mean that you need to take time off. Americans don’t do it enough.

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You might not need time off every day or every week, but you do need to take time off. If all you do is work, you’ll burn out. Fast.

I think this is the most challenging for entrepreneurs because they often see themselves as invincible or believe that they must be invincible. This just isn’t true; we’re all humans and we need time off.

Time off allows your brain to roam, to rest, and to think. Ever wonder why you think of so many ideas in the shower? It’s because your brain has free range to just think and roam.

Even the most successful entrepreneurs don’t work all the time. Everyone needs time off, so don’t shame yourself for being human and normal.

When you do take time off, notify your staff ahead of time and let them know why it’s important to you.

Teaching your staff the importance of time off will help them to respect your time away and to recognize when they need time off.

By the way, you should allow your staff time off too. They also are human and will occasional breaks.

Take time off before you need it and recognize that it’s important for healing, creating, and becoming a more successful entrepreneur.

27. Successful Entrepreneurs Ask Questions

You don’t know everything. No one does.

You should ask for help, advice, mentors, and everything else you need as you get your business set up and running. Asking questions is a valuable skill to have as an entrepreneur.

The more information you have, the more you will know and be able to take into consideration.

Asking questions also helps you to remain in a learner mindset, ready to accept advice and information.

Learners and those who ask questions are more likely to become successful entrepreneurs.

28. Learn From Your Failures

Failure is an option.

Better to accept it now then later. You will fail at some point. It’s how you adjust to these failures that will make or break your business.

Failure is an aspect of becoming a successful entrepreneur, so you’d better get used to it now.

If your first business does fail, keep in mind that you can create another with the lessons you learned from your first.

29. Get Inspired

Being an entrepreneur is a creative pursuit. As an entrepreneur, you have to make connections, solve problems, and create new things that no one has thought of before.

Creators and creatives need to be inspired.

Successful entrepreneurs take time for the things that inspire them.

traits of a successful entrepreneur

Maybe your inspiration comes from being in an art museum, maybe it’s reading books, maybe it’s doodling —whatever it is that inspires you, do it. It’s good for your business.

Successful entrepreneurs are inspired. Don’t let that magic slip for too long. Whenever you can, and definitely when you’re feeling burned out, get out there and get inspired.

Inspiration is the spark for ideas. Ideas make successful entrepreneurs.

30. Successful Entrepreneurs Lend a Helping Hand

Entrepreneurs are busy, so this tip sometimes trips them up. It’s easy to think, “I don’t have time to help anyone else! I’m so busy already!”

However, helping others can be inspiring and massively beneficial. It makes you feel good.

Furthermore, as an entrepreneur, you have a network with whom you can share your expertise and jobs you can hire people for. Why wouldn’t you help out when you can?

When you help someone, they will likely find a way to help you. It might not be today or tomorrow, but somewhere in the future, they will be there to help you when you need it.

Helping others is also a great way to build a loyal and supportive network around you.

Conclusion

Succeeding in business doesn’t come overnight. It takes a lot of planning, preparation, creativity, grit, and patience to become a successful entrepreneur.

The 30 tips I provided in this guide will help you with a long-term strategy and build it in baby steps until your business becomes a success.

If you need help defining and implementing a digital strategy as you start to build your business, let us know if we can assist you. We even offer custom packages for businesses on a strict budget!

What makes you a successful entrepreneur?

The post 30 Ways to Become a More Successful Entrepreneur appeared first on Neil Patel.

How to Find Funding for Your Business as an Immigrant Entrepreneur

Immigrants face adversity in many areas. As an immigrant entrepreneur, one area may be that you struggle to find funding for your business.  However, you do have options.  Here’s what you need to know.  As an Immigrant Entrepreneur, You Need Funding Options that Work There are some special things to think about when it comes … Continue reading How to Find Funding for Your Business as an Immigrant Entrepreneur

How to Find Funding for Your Business as an Immigrant Entrepreneur

Immigrants face adversity in many areas. As an immigrant entrepreneur, one area may be that you struggle to find funding for your business.  However, you do have options.  Here’s what you need to know. 

As an Immigrant Entrepreneur, You Need Funding Options that Work

There are some special things to think about when it comes to funding a business as an immigrant entrepreneur. For example, loans may require you have a Social Security number. The good news is, qualifying for permanent residency means you can apply for a Social Security number. 

Another issue is the potential for a language barrier.  Also, a lack of business credit or time in business can be a huge barrier to getting the business funding you need. This is because it affects fundability. 

Immigrant Entrepreneur: Fundability

Fundability is the ability of your business to get funding.  It is the same whether you are from this country originally or not.  Still, building fundability could be a little more difficult for non-citizens. 

The foundation of fundability is in how your business is set up.  This is a first step you can take that should not be affected too much by immigrant status.  Your business has to be set up to be a fundable entity separate from you, the owner.  Here’s how you start.

immigrant entrepreneur Credit Suite

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Contact Information

The first step is to get your business its own contact information.  This should include phone number, address, and email address. That doesn’t mean you have to get a separate phone line.  You don’t even need a separate location.  You can run your business from wherever you want. 

In fact, you can get a business phone number and fax number that will work over the internet instead of phone lines.  In addition, you can use a virtual office for a business address. 

EIN

You also need an EIN for your business.  This is an identifying number for your business that works like a Social Security Number works for individuals.  The process for getting an EIN is a little different for immigrant entrepreneurs.  Specifically those without a Social Security Number or an Individual Taxpayer Identification Number.  You cannot apply online.  Instead, you have to fill out IRS Form SS-4.  You can do so by phone, fax, or mail.  This step is essential.  Furthermore, the entire process can take some time. Do it sooner rather than later.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

Business Bank Account

You need a dedicated business bank account.  There are a few reasons for this.  When you apply for funding as an immigrant entrepreneur, this will make your business look more like one that is standing on its own. It separates your business from you, the owner.

There’s more to it however.  There are several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card.

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, warning bells are going to start ringing.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

These days, you do not exist if you do not have a website.  However, if it appears to be unprofessional it will not bode well for you with consumers or potential lenders. Take the time and money necessary to have your website professionally designed and ensure it works well.  Your business email should have the same URL as your business website. 

Of course, much more goes into fundability.  This is just the beginning.  However, setting your business up to be fundable on the front end will give it the best possible start. It will make finding business funding a smoother process in the long-term. 

Credit History

For loans, consistent, positive personal credit history is important. If you do not have that, you will likely need a cosigner.

However, business credit building is not dependent on citizenship or residency. Starter vendors that you can use to start the process aren’t looking for Social Security numbers.  This means, you can get your business credit profile started as an immigrant entrepreneur without a ton of hassle.  That is, if you set up your business in the way described above. 

How Do You Build a Business Credit History as an Immigrant Entrepreneur? 

The first step is to get a D-U-N-S number.  Then, you have to get accounts that will report to the business credit reporting agencies.  These are the same steps that apply to all entrepreneurs, not just immigrants. 

D-U-N-S Number

The D-U-N-S number is what D&B uses to get your company into their system.  A D-U-N-S number plus payment experiences leads to a PAYDEX score. Of course, any employees of an American business must have authorization to work there. That means either citizenship or having an immigration status allowing a person to work.

Starter Vendors

These are companies that will extend net terms on invoices without a credit check. They typically have other eligibility requirements to help reduce risk on their end.  These may include a number of things.  For example: 

  • A minimum average balance in a dedicated business bank account
  • A minimum amount of time in business
  • Minimum annual revenue

immigrant entrepreneur Credit Suite

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Many require some combination of these and others.  

These types of vendors will issue invoices with net 30, net 60, or net 90 terms.  That just means you have either 30, 60, or 90 days to pay the balance.  Once you do, these starter vendors will report your payment to the business credit reporting agencies.  That includes Dun & Bradstreet, Experian, and Equifax.  Most accounts either report to one or two of these agencies.  The more of these types of accounts you can get reporting, the faster your business credit will grow.  Then, you will be able to apply for more traditional business accounts.  Store cards, fleet cards, and just regular business credit cards will all become options open to your business. 

Immigrant Entrepreneur: Find the Funds

Once your business is set up to be fundable, and you have your D-U-N-S number, you can start to get funding.  There are a few options.  The ones that will work best in the beginning, before you have established business credit, are the ones that do not require a credit check.  These include venture capital, angel investors, and crowdfunding.

Venture Capital and Angel Investments

If you do not mind giving up some of the equity in your businesses, venture capital could be an option. Venture capitalists are usually looking for exceptional companies.  If your business is truly innovative you can try to get funds from Unshackled Ventures or One Way Ventures. 

Angel investing can be formal, using and organizations set up specifically for that purpose.  Alternatively, it can be informal funding from family and friends. Gust.com can be a great place to look for this type of financing as an immigrant entrepreneur.

Crowdfunding

Crowdfunding can be another good way to get funding.  Remember, it’s not a guarantee however. Kickstarter allows permanent residents of several countries to run campaigns on its platform. They tend to be countries in North America, Europe, and Oceania. In Asia, currently the only eligible countries are Japan, Hong Kong, and Singapore.

Indiegogo is another option.  The list of eligible countries is similar, but they also have an option for China. If your business is creative, consider Patreon. It’s unclear where they stand on citizenship, so you’ll have to directly contact someone there to get the word on your eligibility.

There are two different types of crowdfunding, equity crowdfunding and rewards-based crowdfunding.  For equity crowdfunding, you will be offering equity in your business in return for funds.  With rewards -based crowdfunding, you offer some other type of incentive.  It could be anything from a sample product to a thank you card.   

Immigrant Entrepreneur: Alternative Financing

Of course, there is no guarantee you will be able to meet all of your financial needs through crowdfunding, venture capital, angel investors, or any combination of those options.  It is highly likely you will need something else.  Traditional loans may be hard early on, especially if your credit isn’t great.  Yet, there are other options. 

Credit Line Hybrid

A credit line hybrid allows you to fund your business without putting up collateral, and you only pay back what you use.  

You do need decent personal credit.  However, it doesn’t have to be as high as a traditional lender would require.  It should be at least 680.  You can’t have any liens, judgments, bankruptcies or late payments either.  Furthermore, in the past 6 months you should have less than 4 credit inquiries.  You should have less than a 45% balance on all business and personal credit cards.  It’s best if you have established business credit and personal credit. 

If you do not meet the other requirements, it’s okay. You can take on a credit partner that does.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

Benefits of a Credit Line Hybrid

Using a credit line hybrid has a lot of benefits.  First, it is unsecured, meaning you do not have to have any collateral to put up.  Next, the funding is “no-doc.”  That means you don’t have to provide any bank statements or financials.  

Not only that, but approval is typically up to 5x that of the highest credit limit on the personal credit report. Often, you can get interest rates as low as 0% for the first few months, allowing you to put the savings back into your business.

immigrant entrepreneur Credit Suite

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

The best part is you can use this type of financing to help build your business credit.

Alternative Lenders

There are some alternative lenders that work better for immigrant entrepreneurs than others.  For example, Lending Club offers business loans and does not appear to check citizenship or status. There is also Stilt.  They only offer personal loans. But, they specialize in immigrant borrowers and borrowers holding visas. Personal loans aren’t the best way to fund a business, but if you need to bridge a gap left from other funding types, it could work.

Minimal eligibility criteria for a Stilt loan is you must have a physical presence in the United States. You also have to have an American bank account in your name, with an American address. If you have already set your business up to be fundable, these things are taken care of.   You do not have to have a Social Security number to qualify.

Immigrant Entrepreneurs: Grants

There are grants available to immigrant entrepreneurs.  One great source to help find them is Grant Watch.  It has a search section devoted strictly to immigrants.  

Other good sources to try are the Office of Refugee Resettlement and the Wilson-Fish program.  

The Wilson-Fish alternative model is currently only available in 12 states and one single county.  They include: 

  • Alabama
  • Alaska
  • Colorado
  • Idaho
  • Kentucky
  • Louisiana
  • Massachusetts
  • Nevada
  • North Dakota
  • South Dakota
  • Tennessee
  • Vermont
  • and San Diego County, CA 

These programs concentrate on early employment and immigrant self-sufficiency. 

Immigrants who are members of a minority have more options. This includes women and Latinx entrepreneurs. They can qualify for grants and loans from the Minority Business Development Agency.  Grants.gov is also a good source.

There is Funding Available for Immigrant Entrepreneurs

As an immigrant entrepreneur, you have options.  While there are definitely challenges that are unique to you when looking for business funding, there is hope.  Anyone can build fundability and business credit, and once you have that, funding is a breeze.  Until then, these options can help you get started.

The post How to Find Funding for Your Business as an Immigrant Entrepreneur appeared first on Credit Suite.

7 Recession-Beating Credit Cards Every Entrepreneur Should Know About

Grab these Amazing 7 Credit Cards for Business and Beat Your Competition AND the Recession!

Every entrepreneur should know about these 7 recession-beating credit cards for business! Despite COVID-19, you can get these cards!

Business Credit Card Benefits

Benefits can vary. So, make sure to choose the benefit you would like from this selection of alternatives.

7 Recession-Beating Credit Cards for Business: Brex Card for Startups

Look into the Brex Card for Startups. It has no annual fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

Nonetheless, they do not accept every industry.

Additionally, there are some industries they will not work with, and others where they want added documentation. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex checks a corporation’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. Get 4x on Brex Travel. Also, get triple points on restaurants. And get double points on recurring software payments. Get 1x points on everything else.

You can have bad credit (even a 300 FICO) to qualify.

Find it here: https://brex.com/lp/startups-higher-limits/

7 Recession-Beating Credit Cards for Business: Capital One® Spark® Classic for Business

Take a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company, without minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. Yet if you can pay on schedule, and in full, then it’s a good deal.

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

7 Recession-Beating Credit Cards for Business: Ink Business Unlimited℠ Credit Card

Check out the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the initial 12 months. After that, the APR is a variable 14.74 – 20.74%.

You can get unlimited 1.5% Cash Back rewards on every purchase made for your business. And get $500 bonus cash back after spending $3,000 in the initial three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more using Chase Ultimate Rewards®. You will need outstanding credit scores to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

7 Recession-Beating Credit Cards for Business: Capital One ® Spark® Cash for Business

Check out the Capital One® Spark® Cash for Business. It has an introductory $0 yearly fee for the initial year. After that, this card costs $95 annually. There is no introductory APR offer. The regular APR is a variable 18.49%.

You can get a $500 one-time cash bonus after spending $4,000 in the first 3 months from account opening. Get unlimited 2% cash back. Redeem any time without minimums.

You will need great to exceptional credit scores to qualify.

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

7 Recession-Beating Credit Cards Credit Suite

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

7 Recession-Beating Credit Cards for Business: The Plum Card® from American Express

Take a look at the Plum Card® from American Express. It has an initial annual fee of $0 for the first year. Afterwards, pay $250 annually.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

You will need great to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/

7 Recession-Beating Credit Cards Credit Suite

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

7 Recession-Beating Credit Cards for Business: Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no annual fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can get. Also earn a one-time $200 cash bonus as soon as you spend $3,000 on purchases in the initial three months. Rewards never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR after that.

You will need great to superb credit to qualify.

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

7 Recession-Beating Credit Cards for Business: Ink Business Preferred℠ Credit Card

For a great sign-up offer and bonus categories, check out the Ink Business Preferred℠ Credit Card.

Pay an annual fee of $95. Regular APR is 17.49 – 22.49%, variable. There is no introductory APR offer.

Get 100,000 bonus points after spending $15,000 in the initial 3 months after account opening. This works out to $1,250 toward travel rewards if you redeem using Chase Ultimate Rewards.

Get three points per dollar of the first $150,000 you spend with this card. So this is for purchases on travel, shipping, internet, cable, and phone services. Plus it includes advertising purchases made with social media sites and search engines each account anniversary year.

You can get 25% more in travel redemption when you redeem for travel through Chase Ultimate Rewards. You will need a great to excellent FICO score to qualify.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/business-preferred
7 Recession-Beating Credit Cards Credit Suite

Check out how our reliable process will help your business get the best business credit cards, even during a recession.

7 Recession-Beating Credit Cards for Business (Bonus 8th Card): Bank of America® Business Advantage Travel Rewards World MasterCard® credit card

For no yearly fee while still getting travel rewards, check out this card from Bank of America. It has no yearly fee and a 0% introductory APR for purchases during the first nine billing cycles. Afterwards, its regular APR is 13.74 – 23.74% variable.

You can get 30,000 bonus points when you make at least $3,000 in net purchases. So this is within 90 days of your account opening. You can redeem these points for a $300 statement credit towards travel purchases.

Earn unlimited 1.5 points for each $1 you spend on all purchases, everywhere, every time. And this is regardless of how much you spend.

Likewise earn 3 points per every dollar spent when you schedule your travel (car, hotel, airline) through the Bank of America® Travel Center. There is no limit to the number of points you can get and points do not expire.

You will need outstanding credit scores to get this one (as in, 700s or better).

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

Your Best Credit Cards

Your very best 7 recession-beating credit cards for business will hinge upon your credit history and scores. Only you can determine which advantages you want and need, so be sure to do your research. And, as always, make certain to build credit in the recommended order for the max, fastest benefits. The COVID-19 situation will not last forever.

 

 

The post 7 Recession-Beating Credit Cards Every Entrepreneur Should Know About appeared first on Credit Suite.

How to Increase Business Credit: 5 Simple Steps Every Entrepreneur Can Take

And How to Get Business Credit if You Don’t Already Have It

Business credit is a vital part of your life as an entrepreneur, even if you do not know it. The fact is, it is almost impossible to run a successful business without it.  Unfortunately, many business owners do not realize this until after their business credit is in shambles.  If this is you, then you need to know how to increase business credit.

While it isn’t easy, it also isn’t impossible to improve your business credit score.  Of course, the most obvious thing to do is to pay your bills on time.  That is most definitely part of it.  There are other steps you can take to raise your business credit score as well, however.

What is Business Credit?

Before you can really understand how to increase business credit, you have to understand what it is in the first place.  It is similar to personal credit.  However, it is credit in the name of your business rather than the name of the individual.  It is used as a predictor of the ability of the business to handle debt.

The beauty of this is, if you have business credit, your business transactions will not affect your personal credit.  Your personal credit score can be protected from any mishaps with your business.  It is important to know, however, that the reverse is not always true.  In some cases, your personal credit can affect your business credit.  Some business credit reporting agencies (CRAs) use information from your personal credit report to calculate your business credit score.

Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.

In addition, some lenders will check both your personal and your business credit.  This means that, while business credit is essential to running a business successfully, you shouldn’t ignore your personal credit score.  It is important to both your personal and business finances.

How Do You Get Business Credit?

Growing company credit is a process. It does not occur without effort. A company must actively work to establish small business credit. This is in direct contrast to how personal credit builds, often without your knowledge that it is even happening. You do have to work the steps of the process in order however.  If you do not already have business credit, here is how to start.

A small business must exist as its own entity separate from its owner, and it must be fundable to lending institutions and merchants. This means formally incorporating as a corporation, S-corp, or LLC.  It also means getting and EIN, which is like an SSN, but for your business.  They are free on the IRS website.

Then, you need to ensure your business has its own, dedicated email address, fax number, and telephone number.  Get a listing on 411 by going to http://listyourself.net.  List the business contact information with the business name. The phone number should be toll free.

As for the email address, it can’t be from a free email service like Yahoo or Gmail.  It needs to have the same URL as the company website.  Yes, your business needs a professional, well put together website.  Don’t use a free hosting service for this.  Use a paid service like GoDaddy.

A small business also needs a bank account devoted purely to it.  All business transactions should run through the business account.

You will also have to get a D-U-N-S number.  It’s free.  Start here.

How Do You Get Credit Without Credit?

Here’s the thing.  We all know not having credit is virtually the same to lenders as having bad credit. When it comes to business credit, there is a secret to get accounts reporting on your business credit file.  This secret is the vendor credit tier.  These are beginner trade lines that will extend invoices with net terms without even checking your credit.  Then they will report your payments on these invoices to the business credit reporting agencies.

In this way, your business credit score can start to build like a snowball.  As it grows, you will become eligible for credit from more and more companies.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. Who are these vendors?  How do you find them?  Here are a few of the easiest to get started with.

Uline

Uline is a true starter vendor that offers shipping, packing, and industrial supplies.  They report to D&B.

You have to have a D-U-N-S number, and they request 2 references and a bank reference. The initial few orders may need to be prepaid before you can get approval for Net 30 terms.

Quill

Quill is another option that is easy to get started with. They sell office, packaging, and cleaning supplies and report to D&B and Experian.

Because Quill reports to two separate credit reporting bureaus, you get two credit experiences with them. Place an initial order first unless the D&B score is already established.

Ordinarily they put you on a 90-day prepayment schedule. If you order items monthly for 3 months, they normally approve you for a Net 30 Account.

Grainger Industrial Supply

Grainger Industrial Supply sells safety equipment, plumbing supplies, and more.  They report to D&B. You need a business license, EIN, and a D-U-N-S number to get a net account with them.

For less than a $1000 credit limit they approve nearly anyone with a business license.

Retail Credit Tier

Once there are 8 or more accounts from the vendor credit tier reporting to at least one of the CRAs, the next step is to apply for credit from the retail credit tier. These are companies such as Office Depot and Staples.

Fleet Credit Tier

The fleet credit tier is next.  These are businesses like BP and Conoco. Use this credit to buy fuel, and to fix and maintain vehicles.

Cash Credit Tier

The final tier is the cash credit tier. These are companies such as Visa and MasterCard that are not attached to a specific store.

Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.

How to Increase Business Credit if You Already Have it

What if you already have a business credit score and it’s not good?  It’s easier to increase something when there is no negative information counteracting the positive.  What if you already have negative information on your business credit report.  Here is how to increase business credit in that case.

5 Steps for How to Increase Business Credit

1.      Add tradelines

Here is how you do that. You can use the starter vendors mentioned above, but if you already have established business credit, that isn’t the only way.  You can also ask the vendors you already have a relationship with about starting a credit relationship.  Ask if they will extend you credit based on the merits of the relationship you already have, and ask if they will report the payments.  Even if you only get one or two to do it, your credit score will only increase with the positive payment history being recorded.

2.      Ask to delete paid off collections.

Did you know that if you have an account that goes to collections, it will stay on your credit report even after you pay it off?  That’s right.  The negative hit stays on your report even if you pay off the account in full.  You can ask to have it removed however.  Be sure to do that.

3.      Ensure all information is correct and up to date.

Take the initiative to notify credit agencies of changes in address, phone number, email addresses, etc.  In addition, monitor your business credit reports so you can dispute any mistakes.

Update the details if there are errors or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

4.      Ask for an increase to your credit limit.

Your credit utilization ratio is the amount of debt you have in relation to the amount of credit you have available to you. If you are using a ton of your available credit, your ratio will be high.  The reverse is also true. When people ask themselves how to increase business credit, they often do not realize this.  Once they do see it, the next step is usually to add accounts in an effort to increase the amount of credit available.

However, this isn’t always the best option because the average age of all reporting accounts affects your credit score as well.  If you are adding new accounts, that average age decreases, which negatively affects your account.

Another option, which works much better, is to ask your current accounts to raise your credit limit.  This way, you have more available credit, decrease your credit utilization ratio, and leave your average age of accounts unaffected.

5.      Make payments on time!

Duh, right?  It’s true though.  The number one way to answer the question of how to increase business credit is to make consistent, on-time payments.  Here’s a bonus tip too.  If you find that you need to stop carrying so many balances and have the means to pay a little extra on minimums, pick the balance with the highest interest rate and put all of your extra onto that balance.  Once it is paid off, take the total payment amount and pay that amount extra on the balance with the next highest interest rate.  As you see your balances getting paid down, you will see your business credit score increase. You’ll save money on interest also, since you are paying off the highest interest rate balances first.

Watch It Rise

While you are putting all these tips for how to increase business credit into action, pay attention to what your credit score is doing.  If you are not seeing an increase, however gradual it may be, you need to figure out what it going on.

How do you do this?  Each of the main business credit reporting agencies offer the option to purchase your credit reports. It’s not cheap.

At D&B you can monitor at: www.dandb.com/credit-builder. At Experian, you can monitor your account at: www.smartbusinessreports.com/Landing/1217/. And at Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business. Experian and Equifax cost about $19.99; D&B ranges from $49.99 to $99.99.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

What If You Find a Mistake?

Mistakes in your credit report(s) can be taken care of, but the CRAs usually want you to dispute in a particular way.

Disputing credit report errors normally means you mail a paper letter along with duplicates of any proofs of payment. These are documents like receipts and cancelled checks. Never send the originals.

Fixing credit report inaccuracies also means you precisely spell out any charges you contest. Make your dispute letter as understandable as possible. Be specific about the problems with your report. Use certified mail to have proof that you sent in your dispute.

Share our foolproof business credit building checklist and tell your friends about how you’re building business credit the quick and easy way.

Dispute your or your company’s Equifax report by following the directions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute mistakes on your or your company’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service telephone number is here: www.dandb.com/glossary/paydex.

Now you Know How to Increase Business Credit

If you don’t have a business credit score at all, you will have to start from scratch.  Establish your business as separate from yourself.  Start building a score with the trade account from the vendor credit tier, then watch your score rise as you work through the rest of the credit tiers.

If you have business credit already, but it’s not great, you can still increase it.  Make sure all your information is updated.  Work on your credit utilization ratio by asking current accounts to increase limits. Establish trade lines with those vendors you are already working with, and ask the reporting agencies to remove collections that have been paid off.

More than any of that however, make your payments on-time and consistently.  If you need to take a breath, regroup, and rebudget, do it.  Not paying your bills is the number one way to ruin your credit.  Conversely, making consistent, on-time payments is the number one way to increase your score.

The post How to Increase Business Credit: 5 Simple Steps Every Entrepreneur Can Take appeared first on Credit Suite.

The Top 10 Small Business Credit Cards – Excellence for Every Entrepreneur

The Top 10 Small Business Credit Cards Can Be Yours

Do you know the top 10 small business credit cards? We did the research for you. So here are our favorites.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal cards!

This shows you can get a lot more cash with corporate credit. And it also means you can have personal credit cards at shops. So you would now have an additional card at the same stores for your business.

And you won’t have to put up collateral, cash flow, or financials to get business credit.

Credit Card Benefits

Features vary. So make certain to pick the perk you prefer from this collection of possibilities.

Top 10 Small Business Credit Cards: 10. Ink Business Cash Credit Card for a Terrific 0% APR Period

For a 0% APR period, this card is great. You pay no yearly fee. It’s got an interest-free time period. It has flexible cash-back rewards. There are spending limits for employees. However, you will need a credit score of 690 or higher.

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

Top 10 Small Business Credit Cards: 9. Ink Business Preferred from Chase for Excellent Rewards

With this card, you can get 80,000 bonus points. But this is once you spend $5,000 on purchases. And it is within your first three months from account opening.

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 phone. It is also on advertising purchases made with social media sites and search engines. But this is for each account anniversary year.

Also, earn one point for each dollar on all of the other purchases. There is no restriction to the amount you can earn.

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

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Top 10 Small Business Credit Cards: 8. SimplyCash Plus Business Credit Card from American Express for Awesome Cash Back

Small Business Credit Cards Credit Suite

Check out the SimplyCash Plus Business Credit Card from American Express. So you can earn as much as $400 cash back. Get a $200 statement credit. But this is after spending $5,000.

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

You also get 3% cash back on spending category of your choice. So this is from eight distinct categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending.

Plus 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

Top 10 Small Business Credit Cards: 7. Gold Delta SkyMiles Business Credit Card from American Express for Luxurious Travel Points

If you want Delta SkyMiles, then this card is for you. Get 30,000 bonus miles. But this is after you make $1,000 in purchases on your new card. And it is during your first three months. Terms and limitations apply.

Also earn a $50 statement credit. But this is after you make a Delta purchase with your card. And it is in your first 3 months. Earn two miles per dollar spent on purchases made straight with Delta. Also, earn one mile per qualified dollar spent on purchases.

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

Top 10 Small Business Credit Cards: 6. Spark Cash Select From Capital One for Jackpot Rewards

With this card, you get 1.5% cash back on all purchases. So this is with no restrictions.

New cardholders can also get a $200 cash bonus. But that is once they spend $3,000 on new purchases. So this is within three months of account opening.

New customers also get initial APR of 0% on purchases. But that is for nine months. Also, there is no annual fee.

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

Top 10 Small Business Credit Cards: 5. Blue Business Plus from American Express for a Fantastic Introductory APR Period

This card an introductory 0% APR time period, we also prefer the Blue Business ℠ Plus Credit Card from American Express. So it has an introductory 0% APR for 15 Months. Also, you can earn double points on day-to-day company expenses up to a yearly cap. But the regular APR is 12.24% – 20.24%. So this APR is variable.

Right now corporations can earn double points. But this is on the initial $50,000 in purchases each year.

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

Top 10 Small Business Credit Cards: 4. Bank of America Business Advantage Cash Rewards MasterCard

With this card, you can get a $200 statement credit. But this is after $500 in purchases. And that is within 60 days of account opening.

You also get 3% cash back on purchases at filling stations and office supply stores. But this is as much as $250,000 annually.

Also, you get 2% cash back on purchases at restaurants. And get 1% cash back on all purchases. Also, there is no yearly fee. But it is available to applicants with excellent credit.

But 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/

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Top 10 Small Business Credit Cards: 3. Wells Fargo Business Secured Credit Card for Excellent Credit Building

This card allows cardholders to secure a credit limit of $500 – $25,000. The amount available corresponds to the amount of funding 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 annual fee will be.

This card lets company owners with bad personal credit to get a card to make purchases and build business credit.

But the card will only report to the personal credit bureaus if you default or are late on payments.

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

Top 10 Small Business Credit Cards: 2. US Bank Business Edge Platinum for Low APR Bliss

For Low APR/Balance Transfers Business Credit Cards, this card is king. So you start with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.

Afterwards, the purchase APR is a variable 10.49% – 18.49%. And this depends upon creditworthiness. There is no yearly fee. But this card is just available to people with great or superb credit. But there is no rewards program for purchases.

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

Top 10 Small Business Credit Cards: 1. Business Platinum from American Express for Amazing Travel Perks

Check out the Business Platinum Card from American Express. It is a fantastic option for travel benefits!

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 register for the Starwood Preferred Guest program. There is also a $200 yearly air travel fee credit.

There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. And you also get one point per dollar spent on the majority of purchases.

Also, you get 1.5 times the points. But this is on charges of $5,000 or more. And it is on qualifying purchases. But this is up to one million additional points per year. Get five points per dollar. But this is for purchasing flights and prepaid hotels from the American Express Travel website.

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

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Bonus #1: Capital One Spark Classic for Business for Fair Credit

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

But BEAR IN MIND: the ongoing APR is 23.99% variable APR.

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

Bonus #2: Business Gold Rewards Card from American Express OPEN for Jackpot Rewards

Take a look at the Business Gold Rewards Card from American Express OPEN. So you can earn 50,000 Membership Rewards points. But this is after $5,000 in purchases on the card within first three months.

Also, you get three points on your choice of five categories. In addition, get two times the points on the other categories.

Also, get one point per dollar on all other purchases. It has a $0 yearly fee for the first year. But then your yearly fee rises to $175.

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

Bonus #3: Business Platinum Card from American Express OPEN

Also, have a look at the Business Platinum ® Card from American Express OPEN. So you can earn as much as 75,000 Membership Rewards points upon account opening.

Also get 50,000 Membership Rewards points. But this is subsequent to spending $10,000.

In addition, get 25,000 more points. But that is after spending an additional $10,000 all on eligible purchases. But this is during the initial three months.

And also you can get five times the Membership Rewards points. So this is on flights and pre-paid hotels on amextravel.com. But it has a $450 yearly fee. Yikes!

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

The Top 10 Small Business Credit Cards for You

Your best small business credit cards will depend on your credit history and scores.

Only you can decide which rewards you want and need, so make sure to do your research.

And, as always, make sure to build credit in the established order for the best, fastest benefits.

Share this and tell your friends what you think of the best company credit cards.

The post The Top 10 Small Business Credit Cards – Excellence for Every Entrepreneur appeared first on Credit Suite.