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| *Loan,banking and credit>>>business credit |
What is the best way to establish credit for my start up business? |
My company is a start up sales and marketing business specializing in vitamins and natural health products. I know I need to get a tax id number. Then what? Get your occupational license, get your tax ID number or if you're an independent contractor with no workers then use your SS number, then open a checking account in the name of the company with you as the only signer and get some paper checks. Then inform the credit bureaus about your business and ask to open a record. Then go to some place like Staples and open a business/revolving type credit card under the business name with only you being the signer, and buy something for your business on credit (like accounting supplies, a mouse, anything small that you know you can repay easily). Apply for some credit, use it, always making payments on time. Start doing business. You might be able to get a limited amount of trade credit from your suppliers at first, but be prepared to give them deposits. You should first have a business plan, clean up your credit (you can do this yourself) order three credit reports (you can obtain free credit reports once per year from Experian, Equifax and Telecredit. Then contact the City of the area you are doing business in and they will guide you on the proper licenses to obtain along with the proper procedures to follow. Well, you need a city license, a state license. Need to rent or buy the space or store. Then buy the merchandize! I don't know how much capital you have. Good Luck!! Find an invester in buying, and paying good rent then get debit cards save money big bank take little bank then find Credit Union then go small compnay home plus company car company loan and credit card then Jack **** sell it all and leave and collect on a main abbreviation. Due taxes Jackson Hewitt DD+ tAXES. Optimally, find vendors who are willing to give you net 30 terms or better. Some business, like shipping, will only give you 7, 10, or 15 to pay them. You might find vendors that have COD, cash deposit and credit hold options. Weigh them out and shop around. Some vendors will ask you to put a "hold" on a credit card, sometimes for thousands of dollars, in lieu of checking a DNB report. I believe this can even be done on a personal or business credit account. A hold is also commonly used at places like hotels and rental cars. The amount held reduces your available credit, but doesn't acrcrue interest or require payment until the vendor uses it when you don't pay the bill. American Express OPEN advertises "easy" lines of credit for small business. Use it for business expenses and pay it in full and on time. When I was required to use a business card for travel, the grace period was 60 days. This was to give my employer ample time to reimburse my expenses. |
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