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1. FIX/OPTIMIZE/LEVERAGE YOUR PERSONAL CREDIT. This tip is pretty self explanatory if you ask me. Im assuming you've done some research on your desired business endeavor and found that you're going to need some startup capital. Having a high credit score when starting out will enable you to leverage the years of hard work you've put in at your day job, lenders will use your yearly salary and your already opened credit lines to gauge exactly how much money they're willing to dish out. For example, lets say you've been making around 50k a year for the last few years and you have 2 credit cards between 5k-10k, your credit score is above a 650 and your credit card utilization rate is between the 15-25% mark (hard to maintain, yes, but this is where your credit balance should be at all times). This profile would most likely get approved for 20k-30k in credit through various credit cards (through your personal credit), in addition, you could potentially be eligible to receive a term loan of the same amount. So you see, by just keeping your finances in order you could fund your dream business with the credentials you already have. Not to mention, utilizing the funds you receive from that lender in a smart and effective way (this means paying all of your loans on time), you could effectively double your loan amounts every 6-8 months! Pretty soon you'll have 100k in credit to use towards the business by just being smart with your credit!!! (We'll publish a blog post on how to effectively keep your credit in order very soon). CLICK HERE TO SEE IF YOU CAN GET APPROVED FOR A PERSONAL LOAN
2. CREATE AN LLC/GET A BUSINESS BANK ACCOUNT. JUST DO IT. We could make excuses all day about this if we really wanted to, but for what? You can start an LLC and not do anything with it for years, it wont effect you in the slightest, at least it'll be set up once you get all of your ducks in a row. So, you've got an idea you'd like to work on that could potentially become a business, right? Heck, you may even have 2 or 3 ideas! Great, so you're having trouble choosing one idea or coming up with a proper business name, why don't you couple those ideas up into a category and create a more general brand, start an LLC with a very general name (kind of like we did), that way you have some flexibility with the direction of the business and you'll still be able to market effectively once you choose exactly what you want to do. Don't take this as scripture though, we just want you to START. An LLC and all of its working parts are relatively cheap to purchase (compared to its earning potential). So just do it. Oh yeah, and opening a business bank account after getting your LLC and EIN number is a breeeeeeze. (Blog post on that coming soon also).
3. REGISTER WITH DUN AND BRADSTREET/NAV. Dun and Bradstreet holds the largest volume of business-credit information in the world. Signing up with D&B can make getting a loan and establishing business credit much easier, they are synonymous to the credit agencies in their role as a credit information facilitator- the only difference is that they only focus on business credit. Once you have a duns number, you are in the business playing field, it will enable you to set up payments with suppliers and vendors, seek financing and grow your business. Put it like this, if you're not registered with D&B, you're realistically only operating at 60% of your business potential. NAV on the other hand, is a service connected with D&B and Experian/Equifax and will report your business transactions to these bureaus on a monthly basis which will help increase your business credit score which will in turn help you secure funding for your business. These two are a must if you're serious about your business.
4. APPLY FOR NET 30 ACCOUNTS. Net 30 accounts are business lines of credit given by vendors who offer relatively easy purchase approvals for purchases like office supplies and other company materials, the special thing about these credit lines is that you are able to pay 30 days after purchase. These credit lines will help you establish business credit and are easy to get approved for, the only drawback for some of these vendors is that you may have to pay an annual fee upfront in order to apply (but don't worry you will get your money refunded if you don't get approved). Once you've established some business credit you'll be able to apply for the real business credit lines with the bigger banks, then you'll be able to use that money to expand, cover day to day expenses, buy inventory, purchase ads, and hire staff.
5. APPLY WITH REGAL BUSINESS GROUP. Leverage the connections of a dedicated finance company to help you find the funding you need. With a carefully curated and proven list of lending partners, RBG works fast and efficiently to make sure your business is making the best funding decision. We have no up front fees, no additional stipulations, no obligations and we promise to treat your business as if it were ours. No matter what situation you are in, RBG will use its resources to make sure you are better off than when we received you, we are humans helping humans, whether you just want to know what your options are, or what the best plan of action may be for your current situation, we are here to help you win.
If you are a business owner who has been looking for business funding and feel like you have exasperated all of your available resources, or have gotten constant denials because of one issue or another, book a call with Regal Business Group and allow us to help you get your desired funding approved. ***RBG is an online financial marketplace partnered with SBA approved lenders as well as other industry leading business funding sources dedicated to helping you make the lending process easy. There are no fees associated with any of Regal Business Group's services.***