Let’s talk business credit for startups
Today I’m joined by Financial Literacy Advocate Valaise Smith. Valaise specializes in educating small business owners on the ABC’s of finances: Accounting | Budgeting|Credit.
The “C” of ABC
Building business credit for startups is an interesting topics. I learned quite a bit from my conversation with Valaise.
Business credit, net 30 accounts, credit reporting agencies, separating your personal finances from your business finances, and more.
What should I do first?
- Apply for an EIN
- Open a bank account in your business’ name
- Establish a dedicated business phone line with a publicly listed number.
- Get a virtual business address (may not be applicable for everyone)
When all of those details are in place, you should start building business credit. i.e. apply for credit or trade accounts with vendors using your business information. (example Uline, Grainger etc)
Listen to the end because Valaise shared a lot of valuable information for small business owners….especially if you’re just getting started.
Sherry Lou
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