20 Steps to Properly Structure a Business to Build Business Credit
1. Establish a business presence
2. Choose a business name
3. Choose a legal entity and file appropriate documents
4. Develop a business plan
5. Obtain a tax identification number
6. File licensing, permit and tax documents
7. Draft operating documents for the business
8. Obtain business insurance
9. Establish business phone system and directory listings
10. Establish an email and web presence
11. Create business collateral materials
12. Open a business bank account
13. Setup accounting and record-keeping system
14. Start your marketing efforts
15. Systemize your business
16. Run your business
17. Keep your business in good standing
18. Establish trade references that report to business credit bureaus
19. Monitor your credit files and update references
20. Obtain the capital and financing your business deserves
Step 1 ~ Establish a Business Presence
Perhaps the most fundamental step in setting up your business for obtaining business
credit is to establish your place of business. Ultimately, the choice depends on your
specific business so when making your decision we want you to understand a few
important items:
? Lenders look down upon PO boxes, virtual offices, etc. and have these addresses
on file and if this is your business address, business credit lenders will often
decline your application instantly.
? In today?s tele-commuting world it is common-place for even large volume
companies to be based out of the home of the small business owner so having
your home address as your business address will not adversely affect you in the
lenders eyes.
? Most importantly, keep the address exactly the same for every document and
application for your company. For example, 273 S Example St is not the same as
273 South Example Street. Whichever version you choose, keep it the same and
you will save yourself a lot of headaches in the future.
Before we get too far we want to make it clear, the process of building business credit is
slow and tedious and it is important that you thoroughly understand and implement each
step. If you are patient you will be able to access any type of business credit financing
with no personal guarantee. If you try and rush the process or simply skip one of these
first steps you will ruin your chances of obtaining business credit cards, business lines of
credit, equipment and automobile financing.
Thank You,
Marcus Mavakala
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