By now you should have decided on a low risk SIC code business. Your business should have a business address and a land-line phone. I am assuming that you know how to get your business incorporated.  You do not need a lawyer to incorporate a business and I will not go into detail in this article. I am sure you can search the many services on the web that help incorporate a business if you do not want to do it yourself. These services are still cheaper than using a lawyer. For our long-term business credit plans a C-corp is the best structure.

When you do receive your EIN number and Tax ID number get a corporate kit for the business. You can get a corporate kit from places like Offiice-depot. A corporate kit is a subject in itself but for now do understand that a business has to keep records of where it spends its money, the employees, policy etc. I will expand on this aspect in later articles but for now make sure you get your corporate kit.

A business land-line and a BUSINESS e-mail is also very important.

Now here is another tip that will show you what sets me (and my team) apart from the rest:  Get some business stationery; letter heads, business cards etc.  Why do you think business stationary is  important ? Every time you deal with vendors, banks (etc)  you should use your business stationary.  For example,  Dun and Bradstreet has been in business for a long time and basically knows what to look out for when rating a business.  When your business faxes something over to D&B and it is on plain paper it might not “red flag” you BUT it will be one more thing that cautions them. In this economy you need every advantage, nothing should be left to chance.  Remember very few are getting financing these days  and hence the ones that are getting any have a tremendous advantage. You should have everything in order and I can assure you that banks will stand in line to give you financing. Remember our country is build on credit – banks have to lend to survive.

By now I am sure you realize that business credit is not just a matter of getting a Paydex score by apply to some vendors.  However, I can assure you that it can be done by most people.

Your mind set should be one of setting up a business like a business is set up.

AimanZul

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