If you’re like me then you just realized that the year is almost over. Six months in you might be wondering what you were doing when these days just snuck up and passed you by. If you looked up and realized your business is nowhere near established and you’re confused about EIN numbers and have no idea what Duns and Bradstreet can do for your business then this is what you’ve been waiting for. You may be trying to figure out how to establish business credit? What is all that and why you need it. Business credit is mandatory if you plan on building your brand to a higher level. The remarkable thing is that here at Mommy and Mogul we have compiled a list of steps you can take to build your business credit in 6-9 months.
- Establish your entity: Decide your structure: LLC, Inc, or Partnership. If you can’t decide Investopia.com or SBA.gov explains the various entities and you can decide based on your preference. Once you have that figured out you can either register through your local, county, and state or try legalzoom.com to assist plus, they can break it down into payments.
- Phone, Fax, Address: These are essential if you want to get a D&B number, which you do. com has fax numbers for under $13.99 a month even if you don’t use it, it makes your business seem more credible. Grasshopper.com and Ringcentral.com provide free trials and your numbers can link directly to your home or cell number. Regus and DAVINCI provide business addresses and work locations around the U.S.
- Duns and Bradstreet number: This is your key to business credit and obtaining fleet gas cards, cash credit cards, and etc. They will verify the information listed above and usually takes about 30 days to receive it.
- Trade lines: These slowly help build your business credit by giving you Net 30 accounts. Buy now, pay later. Paying these ahead of time will boost your D&B score over time.
These are just a few steps to get you started with establishing business credit