How to get funding to start your own business? Are you ready to start your own business but
you just need a little bit of dough? There is no shortage of money in the world. In fact,
there is historically more money out there for businesses than ever before and I'm going to tell
you how you can get your share. It's available, it's pretty easy and there's lots of it. Let's go.
I'm going to share with you the simple 5-step process to start getting business funding now. I'm
going to share with you the simple things that you need to do immediately so you can get funding in
weeks, not years, and I'm going to share with you a secret that my student just used to get $80,000
with their new business. So, let's talk business credit because this is the secret sauce to really
having a business that will have all the funding that you need to carry you year after year after
year. So, when you talk about business credit, it is completely different from personal credit.
Many of you guys know with your personal credit, there's 3 different bureaus --Equifax, Transunion,
and Experian. And on your personal credit report, they will give you a credit score based on how
you pay your bills. So, it will have all of your different credit lines, your student loans if you
have a mortgage, if you have a credit card, if you have automobile loan. Those will all be listed on
your credit report. And it will use a factor to see how well you've been utilizing your credit,
how well you pay your bills, and certain things like that. But in the personal credit world, it
is much different than the business credit world. In the personal credit world, they're going to be
looking at what we call your debt ratio. They want to see how much credit you have in relationship
to the income that you make. Well, on the business credit side, it's completely different.
Yes, there's still three credit bureaus. There's Equifax business, there's Experian business but
there's Dun and Bradstreet. Dun and Bradstreet is the number one credit reporting agency for
business credit. It's the oldest and it's the most respected. And this is where you want to
make sure you begin when it comes to business credit. The great thing about business credit
is it doesn't really look at your debt to income ratio. Business credit is looking at something
completely different. Because it is judging all of the businesses out there and giving them a score,
they are basing their credit score on how well businesses pay their debts.
So, all of the businesses from little mom and pop plumbers and electricians to hair stylists,
all the way up to companies like Microsoft, Apple, and GE, they all have a business credit report.
But again, instead of looking at what the debt to income ratio is,
they are looking at how well that business pays his debts and they will reward you for
paying your debts on time. Let me tell you about that. So, when I started getting business credit,
I was very late to the game. I literally started off with bad credit, bankruptcies, foreclosures,
and in my parents' basement. I literally was a wholesaler that learned how to wholesale
and then I moved on to fixing and flipping and then I got rental properties.
I made a lot of money in real estate investing. But I was super late to the business credit game.
When I started, I had to wholesale because I had bad credit and because I didn't have any money.
I didn't know anything about business credit. So, I had to work really hard, get some money going,
and then build it into my business. But now I have students and I know a better way to start getting
funding for your business without ever using your personal credit. In fact, you can do this even
if you have bad personal credit. I even made an entire video that talks about doing this with bad
personal credit and I'll make sure to put a link below. So, the one thing that you want to do when
we're talking about business credit is know that it is very important and you should start now.
You don't want to wait like Noelle did. That was probably the biggest mistake that I made.
I didn't really know that i should be building credit. I wasted a lot of time doing it. I use
my own personal credit cards. And in fact, it actually took me much longer than what my students
are doing now because they do utilize their business credit and they start their businesses
and they start their business credit immediately. Let's talk about what you need to do there. So,
the first thing that you need to do when it comes to building business credit is you have to set
up your business in order to get funding. You're going to need to name your business, get an LLC,
a C corp or an S corp. Again, you're going to have to get your business registered with the
secretary of state. You'll also get your Ein. You can go to the irs.gov and get that for free.
You want to also get a professional website, a professional phone number, and a professional
email. These things are very important because this will establish you as a real business.
It will build credibility with all of the business lenders that lend to businesses. Most businesses
skip this step and they don't have all of the things going so they never actually build their
business credit profile. But I suspect, you're gonna do it the right way because I'm telling you
all of the benefits. The next step and this is super important. And this is how you can
start getting so much business credit so fast. You want to get a business checking account.
Whether you have good credit or bad credit, you need to get a business checking account.
And you can do so if you set up the business the way that I said. You get the business registered,
you get the EIN. Those are actually the only real things that you need. Even if you have your
business at your home address, they will still let you get a business checking account. And now,
there's more money than ever at the banks directly for businesses. Especially women-owned businesses,
minority-owned businesses, and veteran-owned businesses. Just make sure you take that
business registration, the LLC, the S corp and C court forms, and your EIN number to the bank.
They will run your credit in order for you to get a business checking account. And in many cases,
they will offer you a business credit card right on the spot. I suggest you take it. I literally
had a student that got eighty thousand dollars in business funding right when they opened up their
business checking account. They got a business credit card and they got a business line of credit
right on the spot. Now, you won't be able to do this if you have very bad personal credit. But if
you have good personal credit and they've already checked your credit for the business checking
account, they will start making you offers for your business. And those credit cards and lines
of credit will not report on your personal credit. The beauty of this is you now have money that you
need for your business and you can use it for marketing, you can use it to buy properties you
can use it for whatever it is that you need in your business --yo buy inventory, to hire people.
Again, go into the bank and have this conversation and don't be afraid to accept the offers in your
business's name that they give you. The next thing that you want to do is go ahead and set up
your PayPal and your square business accounts. Those are profiles that will give you what we
call merchant processing. That way you can accept credit cards for your business and they too will
start to make offers to you in less than 3 months if you start making transactions and showing that
your business has some revenue. Again, I literally had a student that did this and after 3 months,
they got offered ten thousand dollars for their business with a PayPal working capital loan.
And Square now has square capital loans and they will do the same.
I'll put some links below so you can go ahead and set up those business profiles for free.
Again, PayPal business and Square business. Not the personal ones. You want the business profiles.
Now you're on to the step where you need to go ahead and make sure that you have a business
credit profile setup with Dun and Bradstreet. As I mentioned in the video earlier, Dun and Bradstreet
is the number one business credit reporting agency. So, you want to go to dnb.com and get your
free business profile. You'll have to go through a couple of steps they're going to make you put
in all of your businesses information. They do this crazy thing where they send you a code,
they mail it to you and then you have to go back and put that code in there.
But do not skip this step. You want to make sure that you literally start creating a business
credit report for you and your business. The faster you do this, the faster you'll be able
to get funding for your business with the next few things that I'm going to tell you to do.
Now that you have your business credit profile set up with Dun and Bradstreet,
let me tell you about the three types of credit you can start to get immediately.
If you are building a business credit profile, there's 3 types of credit. There's vendor credit,
there's store credit, and there's cash credit. If you don't have good personal credit,
you'll go ahead and you will start with vendor credit. There's companies like Uline, Quill,
and Grainger then you'll move on to some other credit cards through stores like Walmart business,
Costco business. You know, gas cards like Shell and Chevron. And then you'll move on to the cash
credit cards like City, Chase, Capital one and those sorts of business credit cards. Again,
I've made an entire video for you. I'll make sure to put a link in the description box where I
teach you all about how to do this step by step. But this is how you will build business credit
for your business quickly with or without good personal credit. Either way, you can get it done
and start getting money for your business. So, now you know exactly how to get business funding for
your very own business. Go ahead and like this video. Make sure you subscribe to my channel.
Click that little notification bell so you don't miss any of this free content. I am
literally spending thousands of dollars per month making sure that I make these videos.
I make this information so that you have all of the information, all of the knowledge,
and all of the resources that you need to be successful. This is Noelle. To your success.