Day 22: Start your own business finale!
Greetings Everyone!
Today we will tie up our series on “Starting a Business”.
There is a lot of information on the Internet on how to
start a business, so I am trying to just give the meat and potatoes of doing
so, and how it relates to Side Hustling.
Once you get your business name and entity started, it’s
time to establish some credit. Even if
you personally have bad credit, it doesn’t always mean that you can’t get
credit for your company, because it is it’s own entity. Remember, your business is now like another
person besides yourself!
It’s two ways to acquire business credit, and that it by
using your Employer Identification Number (EIN) and getting a D-U-N-S
Number.
Google business credit cards, or 30-60-90Net accounts, and
you will see what’s available to try out.
Some credit companies require that a business be in good standing for at
least 2 years, or that the owner has good credit to co-sign the account. It is many different variations, as well as
Credit cards for people and businesses with bad credit. Interest rates vary, so be careful when
dealing with all of this. You want to
establish about 10 different tradelines (Accounts) if you can, and age them
(Open more than a year or so). You will
be able to find your tradelines being posted on an Equifax Business Creditreport. If you co-signed using your
Social Security Number, you might see them on your personal Credit report.
Based on your entity, you can also get a D&B D-U-N-Snumber, which will also help you with getting larger business accounts. They will give you a Paydex number, which
businesses and suppliers will use to see if you are business worthy to deal
with. You will have to be a LLC or
Corporation to get a D-U-N-S number, I believe.
But like I said, this may be a little advanced for the
average Side Hustler, but if you have intentions on working on your credit, you
can utilize this as well to get business credit and have a separate avenue to
accumulate wealth.
This is all just an overview and will require additional learning
material as well as legal, and financial assistance. Google is your friend, so please continue to
learn on what is takes to start and run a small business; even if it’s not
doing anything.
American Express
Business Cards are some of the easier cards to get, because you must pay them
off Monthly. They do however report to
the three credit bureaus . You can try
using my referral link: Here! (For people with great credit)
Average and poor credit Click Here!
If you missed the prior post: Start your own business #1, Start your own business #2
If you missed the prior post: Start your own business #1, Start your own business #2
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