The Master Implementation Guide To CA$H For Your Business!
- Incorporate or form an LLC for your business! If you have not done this yet, call Nevada Corporate Planners, Inc. at 1-888-627-7007!
- Stop using your personal credit cards to finance your business.
- After you form your LLC or corporation for your business, apply for a business credit card in the name of the LLLC or corporation.
- Set up a plan to pay down your personal revolving debt to the 5-20% range. Fist, develop a 8 month personal emergency fund. If you require $6K per month to live personally that means you will need $48K in savings first for your personal emergency fund. After that, start to pay down your personal credit cards. Do not pay them off each month. You will improve your credit score by leaving a small balance of 5% each month.
- Set up a merchant account to accept credit cards for your business. For the best rates and service contact Nevada Corporate Planners, Inc. at 1-888-627-7007 for a referral.
- Develop a D & B® profile for the LLC or Corporation. We would recommend you do not do this on your and contact Nevada Corporate Planners, Inc. at 1-888-627-7007 for options in this area.
- When you are on a program, vendors will report to both D & B® and Corporate Experian® to build your credit profiles.
- If your corporation or LLC is “fried” with D & B® call Nevada Corporate Planners, Inc. at 1-888-627-7007 to consider forming a new entity.
- If you have been in business for at least 9 months and have at least $10K per month in VISA/MASTERCARD sales as a corporation or LLC you may qualify for a merchant account cash advance.
- If your personal credit score is over 720, and your personal revolving debt is below 30% ratio and your company has been in business for one year with profits, you may qualify for a bank business line of credit. You may receive up to 10-15% of your annual gross revenue. If you expect your sales to spike in the next 6 months and you need the time to improve your personal credit and pay down your personal credit you may want to wait before applying.
- Set up your business each year to show a small profit at a minimum. The higher the profit the better for future financing. Do not make the effort to have extra expenses to show a small loss. That will hurt you later on for financing.
About The Author: Scott Letourneau is the CEO of Fast Business Credit, Inc. When it comes to securing cash and vendor lines of credit and avoiding costly mistakes his company is the authority. For further assistance regarding the development of business credit go to http://www.FastBusinessCredit.com or call FBC at 1-888-313-6333 or 702-977-5246.