Take advantage of your full business and personal credit reports
You can’t improve or correct what you can’t see. Analyze the details of what’s impacting your scores, like individual credit account history, late payments, UCC filings and tax liens, along with insights on what the factors mean and how you can improve.
—–>Check your credit here<——
Establish a legal entity for your business
The essential first step in building business credit is to separate yourself from your business by registering as a legal entity. This is a simple process that can be done online or in person.
—–>LLC How TO<——
Get an Employer Identification Number (EIN)
A Federal Tax ID or EIN is the corporate equivalent to a social security number. You will use this number when applying for credit for your company with suppliers, lenders, banks and leasing companies.
—–>Click Here (EIN)<——
Register with Dun & Bradstreet
Registering your business with Dun & Bradstreet and receiving a D-U-N-S number is the first step towards building your Dun & Bradstreet credit score.
——>Get D&B Number<—–
Establish a positive business credit history
Opening a business credit card, line of credit or trade account is a good way to start establishing a healthy credit payment history for your business.
Speak with an accountant
Having a relationship with an accountant plays a critical role in helping small business owners operate and can facilitate important parts of the access to capital process. An accountant can help manage your financials, payroll and tax returns. They can also assist with business plan creation and provide advice about your company’s legal structure.
Establish a Business Plan
The business plan is a must-have document that outlines how your small business is going to work, and how you plan to make it succeed. Your plan can help keep your business on track, secure critical funding and serve as a solid foundation when introducing new partners and exploring future opportunities.
Get a website for your business
Having a business website is important for more than just marketing. Lenders, vendors and other creditors will use your website in their underwriting or approval processes to validate that your business is legitimate. (We use Site Ground)
—–>List of Web Host Sites<——
Get a small business checking account
As soon as possible you should open a small business checking account. This will create a clean separation between your personal and business finances, and help you build a cash flow history that banks will evaluate when you apply for a loan.
Ask your suppliers to report to the bureaus
Not all suppliers report to credit bureaus like Experian and Dun & Bradstreet. If you are making payments to a supplier that is not reporting your payment history to the bureaus, you are missing out on all the credit benefits of those payments.
Protect yourself with business insurance
As a small business owner, it’s important to protect both your personal and business assets, particularly from losses, damages, and lawsuits that threaten to take away everything you’ve built.
Get a business credit card
Applying for the right business credit card is a great way to start building credit for your business. Not only will it help you create a clean separation between your personal and business finances, but your prompt payments will build a solid credit history for your business.
Obtain Business Licenses & Permits
To run your business legally, there may be certain federal and state licenses and permits you will need to obtain. These documents are sometimes required for eligibility for certain types of small business financing.