One suggestion I'd give to new small business owners is when forming a company apply for EIN first on IRS website and attach EIN number to your formation paperwork. Its also a good idea at this time to apply for your Dun and Bradd Street Number. ( applying for Duns number is free and it costs nothing to have Duns number. ** Fyi ** Keep an eye out for anyone trying to sell you expensive monthly plan. The free account at Dun and Brad Street will work fine. )
By following these simple suggestions you will be setting your business up to Establish Business Credit. It is important that this information is created and matches in the database when you go to apply for business credit.
When first applying for business credit. You will get denied, as you don't have any business credit. Unless you co-sign for the credit card and sign a guarantee for payment. I suggest you open up trade lines / Net 30 day terms.
Two companies that work with new businesses is Uline.com and Grainger. com.
These two companies where the first ones to offer me business credit and I still have open trade lines with them today.
When your just starting out, you want to be dealing with businesses that will report your business credit.
You always have to remember to seperate your personal and business expenses. Easy way to manage this is by creating a business bank account.
I hope I was able to provide some useful information. If anyone reading this has any questions feel free to message or email me and I'll be happy to help.
Enjoy the journey of business ownership.
Written By:
VAMB LLC,
Michael - Managing Member
#BuildingBusinessCredit
#BusinessCredit
#FormingaBusiness
#BusinessStartup
#BusinessCommunity
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