5 Simple Steps To Build Business Credit

We are indeed in the age of entrepreneurship. If we’re being honest, it’s really the American Dream, right?

Starting your own business is a journey that seemingly has no end––in a good way! There’s always something to do, always someone to speak with, and still things that need to be reassessed to make sure your business is fully optimized and successful.

When you get to a certain point in your entrepreneurial journey, you’ll need to have business credit. In times like this (pandemic), it’s super helpful to have stellar business credit because it’s easier to receive funds to get you over the hump.

You know, to weather the type of “storm” we’re all enduring at this very moment.

Look at 5 easy steps that’ll put your business in a better position

Put Your Business On The Map

One of the best things that you can do for your business is to put it on the map! Let people know where you are and how to find you with Google Maps. The best part about Google Maps is that it’s free! And once you gain some traction, you’re getting a considerable resource for absolutely no charge.

It’s great because if someone searches for your type of business in your area, you’re going to organically pop up based on your geographic location. This takes maybe 15 minutes to set up, and they’ll even throw in a free website if you need one! Got to love Google!

Get An EIN Number

Applying for an EIN number separates your personal finances from your business finances. This is especially important and helpful if you’re operating under a sole proprietorship. It also decreases your chances of identity theft. It makes you look more appealing to lenders and others in your business proceedings.

On-Time Payments

Just as they tell you to make your personal payments on time, the same applies to your business payments because your business has a credit report! You’d want to keep all your finances in order and on time to make sure you can get assistance with loans or grants if you were to ever need them.

Get A Business Credit Card

Opening a business credit card is a great way to boost your business’ credit score. Use them when needed and keep the usage under 30%. You’ll quickly see your business credit grow this way.

Apply For A Business Loan

Most business owners shy away from taking out loans, but sometimes we need that extra push to really get the ball rolling. Taking advantage of business loans and paying them off on time will also boost your business credit.

You’ll need to make sure you research the lender’s qualifications and have all the necessary paperwork, such as business plans, tax returns, bank statements, etc.

Don’t Let The Process Stress You Out

If you have a business and haven’t started the process that builds your business credit, there’s no need to freak out, just sit back and take a few pulls of some delicious CBD vape juice to prep and prime your mind for all the beneficial information that’s coming your way!

There are all kinds of ways to boost your business credit score, you only need to be diligent in the process and stay on top of your finances. Also, keep in mind that there are all kinds of programs out there for all walks of life.

Don’t limit yourself––go for it and make your entrepreneurial dreams a reality!