There are quite a bit of obstacles that every aspiring entrepreneur faces as they strive to do all the right things in order to make their dream business a reality.
It can be an overwhelming experience especially if you have limited support, funding and tools at your disposal. Whether you have a product or service to bring to the marketplace careful planning and execution can greatly improve the success of your new venture. 
To help you in your preparation I have assembled my top 25 rules which can greatly improve your ability in obtaining the credit your company needs.
- Select the proper entity structure that best serves the needs of your business.
- Choose a business name that does not trigger red flags with the business credit bureaus.
- Assemble a winning financial team that understands the nature of your business and its vision.
- Avoid selecting a high risk SIC and NAICS classification code for your company.
- Do not use a P.O. Box as your business address. However, a P.O. Box for your business mailing address is acceptable.
- Verify that your business is 411 listed prior to applying for credit.
- Always use the same exact company information when completing registrations, applications and documents.
- Have a fully functional company website before applying for credit. Parked domains and web sites under construction are immediate red flags.
- Do not use a free email account for your company email address.
- Establish a “low 5” bank rating as soon as possible in order to build bank credit.
- Obtain diverse credit account types in order to establish a strong business credit profile.
- Pay invoices 10, 15 or 20 days ahead of the due date.
- Use your credit on a consistent basis in order to establish good payment history.
- Keep debt to credit limit ratios at no more than 30% in order to minimize your company’s debt exposure
- Utilize all credit types (business credit cards, business charge cards, business debit cards, prepaid business credit cards etc.) to your advantage as each one serves a unique purpose.
- Use secured credit cards in order to start building business credit for your company.
- Start a personal credit recovery plan if you have less than perfect credit.
- If you process credit card transactions every month consider using a merchant card in order to access cash at your convenience.
- Extend credit to consumer and business customers and increase sales by as much as 50%.
- Report the payment experience of your business customers to the business credit bureaus.
- Get your company listed with the major business credit bureaus.
- Establish a reporting bank loan on your company credit profile.
- Create a complete and sound business plan.
- Monitor your business credit profiles.
- Add positive trade references to your file through DNB’s trade reference builder program.
Let these rules serve as a helpful guide as you strive towards your goals of obtaining the financing your company needs.
Ready to get listed with the major business credit bureaus? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free audio seminar ($597 value)
Similar Posts:
- Top 25 Rules for Building Business Credit
- 7 Ways to Maximize Your Business Credit Score
- How to Build a Strong Business Credit Rating
- Looking for Secured Business Credit Cards?
- Vendor Credit Lines Are Like Small Business Loans
