How Do I get Money For My Business?

How Do I get Money For My Business?

How do I get money for My Business?

People have so many great Ideas that could be great businesses; however, they give up on their ideas because of lack of money.  I’m here to tell you that, although, it may take money to get a business started, it’s not as hard to get as you may think.

It’s amazing, how we let something so small such as money keep us from living our dream to be a proud business owner.  Does it take money to start your business and keep it running?  Yes, however, that’s not the main part of the business.  Your business credit file is what counts, and in order to have a strong business credit file, you must start with these basics.

1.       Type of business (Sic Code and Naics Codes determine if a creditor is going to lend to you)

2.       Tax ID/ Ein Number (If you can you want to order this over the phone)

3.       Articles of Incorporation

4.       Business License (Fictious and City)

5.       Dun and Bradstreet Number

6.       Website

7.       Government Registration(ORCA, CCR, SBA, MBA)

8.       Corporate Registration, back linking, cataloging, indexing

9.       Business Entity (Banks Love C-Corporations)

This is the foundation of the business if your’ looking to get money to start your business.  As you can see most of it is just putting in the time to get things done.  We at Business Credit America, do offer a service to do these services, when people don’t have the time to get it done. 

Business Credit America takes pride in helping people build their businesses to help grow their communities.  Now you know the basics on turning that business idea/dream into reality and with less money than you thought.

Please, check us out at http://BusinessCreditAmerica.com and join our Free Business Credit Forum.

How to build business credit, when you have bad personal credit?

Hello, everyone, thank you, for connecting with me.  I am glad to be apart of this forum and look to building some strong business relationships. 

I just wanted to share a few things about what I've learned when building business credit. 

1st. you don't have to have perfect personal credit to build business credit. 

2nd. It's always possible to get the funding you need for your business, you just need to know who to talk to, and that would be me. 

3rd. You must have a strong business credit file in order to get creditors to take you seriously. 

4th. The sic or naics code is very important when trying to get your business funded. 

5th.  Building business credit is a process but there is ways to speed the process to get the funding you need. 

Please, check out my free business credit forum, its a wealth of information there to help you get on your way to build business credit and getting funding for your business. I'll answer any questions you may have, give me a call. http://businesscreditamerica.com

Black College Drop Out, What's the Problem?

ok, here's lies the problem, you dropped out of college, because you realize you will not be able to gain employment so you think.  I myself as a young African in America with a euro centric name, have experienced you pain, however, there is two sides to a coin.  1st traditional colleges are not set up to teach you how to make a living, their only purpose is to help you to develop your remedial skills.  THAT'S IT.  WHY DO YOU THINK YOU SEE SO MANY POOR EDUCATORS?  THEY WERE NOT TAUGHT HOW TO MAKE A LIVING.  2. If you saying blacks should start owning there own businesses, then, why on earth are you going to work for someone else.  You learning the wrong information.  Yes, it's good you realize there's a problem with the way blacks are educated, but that's always been the case.  Now, you dropped out of college and working a minimum wage job.  You still have a problem you still working for someone else, you're not owning anything.  3.  If you want to own your own business then learn how to own your own business.  Stop blaming college, or other ethnic groups, because you as an adult continue to learn the wrong way on how to make a living.
http://businesscreditamerica.com

How To Keep My Business Open?

The problem most small businesses are having is that don't have a good financial foundation for the business.   Most small business in the community don't know about business credit, or business credit bureaus.  I talk to many people with MBA's that have no clue on how to properly start a business.  They just are not taught in the class rooms about Dun and Bradstreet, Net30 accounts, ucc-1's, or what bank under writers want from you.  I have even taught bank loan managers of major banks what to do to get their under writers to approve a loan.  Now if the bank loan officers don't know what tyo do, you know small businesses in the community have no idea.  Learn more, Earn more @
http://businesscreditamerica.com

How To Pick The Best Sic Codes For Raising Money.

Here's a Great Article I stumbled upon.

 

Business CREDIT AND SIC Codes

What is the best way to describe the principle business activity for your company? What type of industry are you involved in? What type of products or services do you sell? These are questions quickly determined by the type of sic codes assigned to your company.
The two types of business classification systems used today is the SIC and NAICS codes.
Lenders, insurance companies and business credit bureaus use these systems to determine if your business is in a high risk industry classification. Some small business sic codes can trigger automatic turndowns, higher premiums and reduced credit limit recommendations on your business credit files.
The internal revenue service uses it to determine whether your business tax returns are comparable to other businesses within your industry. If your deductions do not resemble other comparable businesses there’s a chance of your business receiving an audit.
Don’t worry because you can avoid being labeled as a high risk by first understanding how the business classification system works and secondly by selecting the proper code for your business.
An SIC code (Standard Industrial Classification) is a four digit numerical code assigned by the U.S. government to businesses in order to identify the primary activity of the business. The first two digits of the code identify the major industry group, the third digit identifies the industry group and the fourth digit identifies the industry.
For example:
36      ELECTRONIC & OTHER ELECTRIC EQUIPTMENT
367    ELECTRONIC COMPONENTS & ACCESSORIES
3672 PRINTED CIRCUIT BOARDS
The NAICS (North American Industy Classification) replaced the SIC code back in 1997. This took the 4-digit (SIC) code to a 6-digit (NAICS) code system.
The main reason why this new system was introduced was because the SIC classifications were outdated and didn’t represent some of the new industries that have re-shaped our country and global economy.
Both of these codes are universal numbering systems that help identify what industry your company is in and breaks it down into more detailed segments. While the old business SIC codes are still widely used, the Federal Government no longer supports and maintains the system.
For business credit building purposes you need to select an SIC code for your company because Dun & Bradstreet continues to use SIC codes to this day. You’ll be required to furnish this SIC code when setting up your business credit report with DNB so be sure to record the number you select for your records.
Before you select an SIC code and NAICS code there are certain industries or codes that are flagged as high risk. Here are a few of the codes to stay away from relating to the following industries:

1. Real estate investing or anything else regarding investing of any type
2. Car sales
3. Adult entertainment
4. Travel industry
5. Money lending/collecting
6. Restaurants
7. Dry Cleaners

If you plan on investing in real estate then you will want to make sure that the company you build credit on is not “real estate investing”. Most banks will automatically turn you down because this is a high risk category. You still will be able to invest in real estate but you may have to set up a business that does business development, business management, business consulting, marketing & advertising, training and development, etc. and then operate your real estate investments from a separate division or company that does something else.
As you can see selecting the wrong business sic  and naics codes can get your business labeled as a high risk and directly impact your financing ability, insurance premiums, and credit limit recommendations.  Don’t make this small mistake that can cost your business future problems.
Are you willing to follow a proven step-by-step business credit building system so you can avoid making costly mistakes like these? A system that provides you access to premium vendors, business credit cards, funding sources and lenders that report to all the major business credit bureaus? Become a member of my Business Credit Insiders Circle.

Net30 Accounts that report to Equifax and Dun and Bradstreet (dnb).

New net30 accounts to build your business credit. http://www.businesscreditamerica.com/net-30-accounts.html