1 00:00:00,280 --> 00:00:03,560 Speaker 1: So here is the big five, right, so that I 2 00:00:03,640 --> 00:00:07,280 Speaker 1: consider it's like the master Checklist, and it's pretty much 3 00:00:07,360 --> 00:00:09,840 Speaker 1: an overview of all of those mini elements that we 4 00:00:09,920 --> 00:00:14,040 Speaker 1: went through in class, just in like shorter version. So 5 00:00:14,200 --> 00:00:16,360 Speaker 1: the first and foremost, it's making sure that our business 6 00:00:16,440 --> 00:00:19,160 Speaker 1: entity is set up, making sure that our name checks out, 7 00:00:19,200 --> 00:00:21,320 Speaker 1: that it is not something that somebody else already has 8 00:00:21,360 --> 00:00:24,040 Speaker 1: in place. Make sure that once we establish our name 9 00:00:24,920 --> 00:00:26,960 Speaker 1: and started with our paperwork, we get our er in 10 00:00:27,040 --> 00:00:30,360 Speaker 1: and our dun's number, checking the test database to make 11 00:00:30,360 --> 00:00:33,920 Speaker 1: sure that our name is not trademarked by somebody else, 12 00:00:33,960 --> 00:00:35,920 Speaker 1: so that way when we start to apply for funding, 13 00:00:36,200 --> 00:00:40,440 Speaker 1: we don't run into any trademark infringement issues. Ensuring once 14 00:00:40,479 --> 00:00:43,560 Speaker 1: we get our you know, once we understand if we're 15 00:00:43,560 --> 00:00:45,360 Speaker 1: going to operate in our home state, the state that 16 00:00:45,400 --> 00:00:47,400 Speaker 1: we're living in, making sure that we get everything up 17 00:00:47,400 --> 00:00:49,199 Speaker 1: and running, the Secretary of state and all that good 18 00:00:49,240 --> 00:00:53,479 Speaker 1: stuff on that end. If we're thinking about operating across states, 19 00:00:53,520 --> 00:00:55,560 Speaker 1: so like living in one space but operating in a 20 00:00:55,600 --> 00:00:58,720 Speaker 1: business friendly state. You know a lot of tax repair 21 00:00:58,760 --> 00:01:01,560 Speaker 1: folks in Florida, but then so think about Delaware and Wyoming. 22 00:01:02,000 --> 00:01:05,480 Speaker 1: Make sure that you follow the foreign corporation status for 23 00:01:06,160 --> 00:01:09,160 Speaker 1: with your home Secretary of State, so they can understand 24 00:01:09,560 --> 00:01:13,240 Speaker 1: that while you are while the business entity is housed 25 00:01:13,319 --> 00:01:18,760 Speaker 1: in another state, that the business owner itself themselves reside 26 00:01:18,760 --> 00:01:21,200 Speaker 1: in this state, all right, So make sure that that 27 00:01:21,319 --> 00:01:23,920 Speaker 1: is something that you do. And of course, after you 28 00:01:23,959 --> 00:01:27,520 Speaker 1: get everything established, come to understand how you want to 29 00:01:27,560 --> 00:01:30,800 Speaker 1: present your business in terms of securing that funding. So 30 00:01:30,880 --> 00:01:35,240 Speaker 1: developing your SBA compliant business plan. And remember directly on 31 00:01:35,280 --> 00:01:38,039 Speaker 1: the SBA website they have this laid out template that 32 00:01:38,080 --> 00:01:40,440 Speaker 1: you can use, so you don't have to pay somebody 33 00:01:40,440 --> 00:01:44,240 Speaker 1: else five six hundred sometimes one thousand dollars for similar 34 00:01:44,319 --> 00:01:47,000 Speaker 1: to write something for you. Right, if you need support 35 00:01:47,040 --> 00:01:52,600 Speaker 1: with market research, there are tons of opportunities that I 36 00:01:52,800 --> 00:01:55,880 Speaker 1: actually I'll put some more in in the study halled 37 00:01:56,200 --> 00:01:58,240 Speaker 1: just to kind of help us with understanding like how 38 00:01:58,280 --> 00:02:01,840 Speaker 1: to do market research, because they make it sound simple, 39 00:02:01,920 --> 00:02:04,600 Speaker 1: but like that can really make or break whether or 40 00:02:04,720 --> 00:02:08,120 Speaker 1: not a business or a lender comes to understand if 41 00:02:08,160 --> 00:02:09,800 Speaker 1: they want to do business with you, because in a 42 00:02:09,800 --> 00:02:13,600 Speaker 1: lot of ways, the market research space portion of the 43 00:02:13,600 --> 00:02:17,880 Speaker 1: business plan is where folks are looking to your understanding 44 00:02:17,919 --> 00:02:19,400 Speaker 1: of what it is that you say you're trying to 45 00:02:19,400 --> 00:02:23,200 Speaker 1: do and last per sudden only, it's create a plan 46 00:02:23,520 --> 00:02:26,680 Speaker 1: to address any work that you're doing in terms of 47 00:02:26,720 --> 00:02:29,480 Speaker 1: your person. So if there are late payments that you're 48 00:02:29,480 --> 00:02:31,240 Speaker 1: trying to get off of their inquiries you're trying to 49 00:02:31,240 --> 00:02:34,760 Speaker 1: get off, trying to get old names, addresses, phone numbers 50 00:02:34,760 --> 00:02:39,040 Speaker 1: off your personal credit report as you're establishing the entity itself. 51 00:02:39,080 --> 00:02:41,200 Speaker 1: This is the time to kind of start that process 52 00:02:41,240 --> 00:02:44,320 Speaker 1: because you know, as we all know, that can take time, 53 00:02:44,520 --> 00:02:47,200 Speaker 1: right and so but the good thing is that time 54 00:02:47,280 --> 00:02:50,040 Speaker 1: often overlaps because in a lot of ways, some of 55 00:02:50,080 --> 00:02:52,280 Speaker 1: the most of the cars that you know we've looked 56 00:02:52,280 --> 00:02:55,680 Speaker 1: at take at least thirty to sixty days of that 57 00:02:55,840 --> 00:03:00,000 Speaker 1: business being considered an entity before we can even start applying, right, 58 00:03:00,080 --> 00:03:02,280 Speaker 1: So that at least gives you those two months to 59 00:03:02,360 --> 00:03:05,680 Speaker 1: try to work with the personal bureaus to get everything 60 00:03:05,760 --> 00:03:09,280 Speaker 1: together on your personal side. So that way, once you're ready, 61 00:03:09,440 --> 00:03:12,880 Speaker 1: once your business is really ready and like considered green lid, 62 00:03:13,240 --> 00:03:15,320 Speaker 1: then you can go ahead and start applying for stuff 63 00:03:15,360 --> 00:03:20,760 Speaker 1: without any issue right after that entity is set up. Again, 64 00:03:20,840 --> 00:03:23,799 Speaker 1: let's start setting up these accounts first and foremost, making 65 00:03:23,840 --> 00:03:26,000 Speaker 1: sure that our business bank account is up and running, 66 00:03:26,040 --> 00:03:28,760 Speaker 1: because the day that our business bank account is up 67 00:03:28,760 --> 00:03:30,920 Speaker 1: and running is considered the day that our business is 68 00:03:30,960 --> 00:03:34,600 Speaker 1: an operation. All right, So remember again, the day that 69 00:03:34,639 --> 00:03:37,080 Speaker 1: your business bank account was opened is the day that 70 00:03:37,120 --> 00:03:39,720 Speaker 1: your business is considered to be an operation. So the 71 00:03:39,800 --> 00:03:42,680 Speaker 1: sooner you can get that started, the sooner you can 72 00:03:42,720 --> 00:03:45,880 Speaker 1: get the process of that history starting to report and 73 00:03:46,000 --> 00:03:47,880 Speaker 1: all of the ways that you need history to report, 74 00:03:48,000 --> 00:03:52,480 Speaker 1: not just for the history of the account your business itself, 75 00:03:52,720 --> 00:03:55,920 Speaker 1: but then how that the number of days like to 76 00:03:56,360 --> 00:03:58,880 Speaker 1: add to like when you can start applying for net accounts, 77 00:03:58,880 --> 00:04:01,080 Speaker 1: which will then impact when you can start applying for 78 00:04:01,120 --> 00:04:04,000 Speaker 1: revolving accounts, which will then impact when you can start 79 00:04:04,040 --> 00:04:07,680 Speaker 1: applying for Tier two, Tier three, Tier four cards. Right, So, 80 00:04:07,760 --> 00:04:10,640 Speaker 1: the sooner you can get that history started simply with 81 00:04:10,840 --> 00:04:13,480 Speaker 1: opening this bank account and making sure that everything is 82 00:04:13,520 --> 00:04:16,360 Speaker 1: compliant in terms of what that bank needs to open it, 83 00:04:16,960 --> 00:04:19,240 Speaker 1: the sooner you can get the process of starting your 84 00:04:19,279 --> 00:04:23,159 Speaker 1: funding journey started, all right. And this is also you know, 85 00:04:23,279 --> 00:04:28,080 Speaker 1: makes I put business website and email address after earners. 86 00:04:28,080 --> 00:04:30,240 Speaker 2: What's up? You ever walk into a small business and 87 00:04:30,240 --> 00:04:33,800 Speaker 2: everything just works like the checkout is fast, the receipts 88 00:04:33,800 --> 00:04:37,320 Speaker 2: are digital tipping is a breeze and you're out the 89 00:04:37,360 --> 00:04:41,480 Speaker 2: door before the line even builds odds are they're using Square. 90 00:04:41,960 --> 00:04:44,560 Speaker 2: We love supporting businesses that run on Square because it 91 00:04:44,640 --> 00:04:47,599 Speaker 2: just feels seamless. Whether it's a local coffee shop, a 92 00:04:47,720 --> 00:04:50,120 Speaker 2: vendor at a pop up market, or even one of 93 00:04:50,160 --> 00:04:53,240 Speaker 2: our merch partners, Square makes it easy for them to 94 00:04:53,320 --> 00:04:57,160 Speaker 2: take payments, manage inventory, and run their business with confidence, 95 00:04:57,480 --> 00:05:00,479 Speaker 2: all from one simple system. If you're you're a business 96 00:05:00,520 --> 00:05:04,080 Speaker 2: owner or even just thinking about launching something soon, Square 97 00:05:04,279 --> 00:05:06,440 Speaker 2: is hands down one of the best tools out there 98 00:05:06,480 --> 00:05:09,719 Speaker 2: to help you start, run and grow. It's not just 99 00:05:09,800 --> 00:05:12,960 Speaker 2: about payments, it's about giving you time back so you 100 00:05:13,000 --> 00:05:15,760 Speaker 2: can focus on what matters most ready. To see how 101 00:05:15,800 --> 00:05:20,039 Speaker 2: Square can transform your business, visit Square dot com backslash, 102 00:05:20,120 --> 00:05:25,279 Speaker 2: go backslash eyl to learn more that Square dot com backslash, 103 00:05:25,320 --> 00:05:29,960 Speaker 2: go backslash eyl. Don't wait, don't hesitate. Let's Square handle 104 00:05:30,000 --> 00:05:33,840 Speaker 2: the back end so you can keep pushing your vision forward. 105 00:05:36,240 --> 00:05:38,480 Speaker 2: This episode is brought to you by P and C Bank. 106 00:05:38,880 --> 00:05:41,640 Speaker 2: A lot of people think podcasts about work are boring, 107 00:05:41,839 --> 00:05:45,680 Speaker 2: and sure they definitely can be, but understanding a professionals 108 00:05:45,800 --> 00:05:49,040 Speaker 2: routine shows us how they achieve their success little by little, 109 00:05:49,400 --> 00:05:53,080 Speaker 2: day after day. It's like banking with P and C Bank. 110 00:05:53,520 --> 00:05:56,320 Speaker 2: It might seem boring to save, plan and make calculated 111 00:05:56,360 --> 00:05:59,440 Speaker 2: decisions with your bank, but keeping your money boring is 112 00:05:59,480 --> 00:06:02,840 Speaker 2: what helps you live or more happily fulfilled life. P 113 00:06:02,920 --> 00:06:07,760 Speaker 2: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 114 00:06:07,800 --> 00:06:10,440 Speaker 2: Boring since eighteen sixty five is a service mark of 115 00:06:10,480 --> 00:06:13,719 Speaker 2: the PNC Financial Service Group, Inc. P and C Bank 116 00:06:14,160 --> 00:06:16,479 Speaker 2: National Association Member FDI. 117 00:06:16,279 --> 00:06:20,159 Speaker 1: C Sure because the last thing you want to do 118 00:06:20,279 --> 00:06:22,839 Speaker 1: is go buy a domain and then realize after you 119 00:06:22,920 --> 00:06:26,240 Speaker 1: bought it that while somebody, while that person didn't buy 120 00:06:26,279 --> 00:06:29,520 Speaker 1: that domain, there's always there already somebody at the top 121 00:06:29,560 --> 00:06:32,240 Speaker 1: of that Google search with your exact name, right. So 122 00:06:32,480 --> 00:06:35,560 Speaker 1: make sure, especially as you're investing in your website, and 123 00:06:35,760 --> 00:06:37,800 Speaker 1: you know, if you use Google to kind of like 124 00:06:37,839 --> 00:06:42,640 Speaker 1: operate your your professional business email address, just make sure 125 00:06:42,800 --> 00:06:45,279 Speaker 1: that before you do any of that that it's all 126 00:06:46,240 --> 00:06:49,240 Speaker 1: it's all good and a good resource for that name 127 00:06:49,360 --> 00:06:55,320 Speaker 1: checker in amec H I mean see kr I believe 128 00:06:55,720 --> 00:06:58,560 Speaker 1: dot com and they can kind of pull up not 129 00:06:58,800 --> 00:07:01,440 Speaker 1: just you know what domain are available, Like you know, 130 00:07:01,480 --> 00:07:04,080 Speaker 1: if it's dot com, dot org, that's a great resource 131 00:07:04,080 --> 00:07:06,919 Speaker 1: and I think it's already plugged in notion, but just 132 00:07:06,960 --> 00:07:09,440 Speaker 1: wanted to plug that as well. And then again, like 133 00:07:09,480 --> 00:07:12,280 Speaker 1: when you're thinking about your office space, are you you know, 134 00:07:12,880 --> 00:07:14,840 Speaker 1: are you going to have a physical office or are 135 00:07:14,880 --> 00:07:17,920 Speaker 1: you going to use a virtual office that would afford 136 00:07:18,360 --> 00:07:23,440 Speaker 1: your business communications, your business all your business communications to 137 00:07:23,640 --> 00:07:26,640 Speaker 1: another space, right, but just make sure that you know 138 00:07:26,880 --> 00:07:30,840 Speaker 1: it's a that that physical address doesn't impact lenders wanting 139 00:07:30,880 --> 00:07:33,480 Speaker 1: to give to you, right, but make sure that you 140 00:07:33,520 --> 00:07:35,680 Speaker 1: know you set that up and that's the address that 141 00:07:35,840 --> 00:07:40,360 Speaker 1: runs across all your reports, make sure that it's reported 142 00:07:40,400 --> 00:07:43,000 Speaker 1: on your EI N you're done so like, so make 143 00:07:43,040 --> 00:07:46,119 Speaker 1: sure that everything is everything and it's all the same 144 00:07:46,240 --> 00:07:49,480 Speaker 1: in every space, so that is not something that impacts 145 00:07:49,520 --> 00:07:52,240 Speaker 1: you when we get to step three, which is us 146 00:07:52,240 --> 00:07:56,480 Speaker 1: starting to build our business credit profiles. All right, So 147 00:07:56,640 --> 00:08:01,280 Speaker 1: again for us early starters, like first starters, I start 148 00:08:01,320 --> 00:08:04,000 Speaker 1: with secure lines of credit, So looking at those secured 149 00:08:04,080 --> 00:08:07,120 Speaker 1: lenders that we talked about on the Motion resource. And again, 150 00:08:07,640 --> 00:08:10,480 Speaker 1: none of these lists that we've been working with are exhaustive. 151 00:08:10,560 --> 00:08:13,920 Speaker 1: And as I also shared some of the popular branded 152 00:08:13,960 --> 00:08:16,560 Speaker 1: cards were purposely not put on there. That doesn't mean 153 00:08:16,560 --> 00:08:18,280 Speaker 1: that you shouldn't look into them and see how they 154 00:08:18,360 --> 00:08:21,880 Speaker 1: might fit into your report building that you're trying to do. 155 00:08:22,680 --> 00:08:26,440 Speaker 1: But start with those secured lines, because that's what's going 156 00:08:26,520 --> 00:08:29,240 Speaker 1: to open the door to be able to actually have 157 00:08:29,400 --> 00:08:34,040 Speaker 1: profiles to get from the credit reporting bureaus. Right, So 158 00:08:34,080 --> 00:08:36,880 Speaker 1: starting with those secure line of credits will be helpful 159 00:08:37,040 --> 00:08:43,040 Speaker 1: because then you can actually create profiles and experience credit Safe, 160 00:08:44,160 --> 00:08:46,800 Speaker 1: D and B and maybe Equifax, depending on whether or 161 00:08:46,840 --> 00:08:50,280 Speaker 1: not whether that secured line reports to Equifax. But starting 162 00:08:50,320 --> 00:08:53,160 Speaker 1: the secured line before you create those profiles will be 163 00:08:53,200 --> 00:08:56,840 Speaker 1: super helpful because that way it'll it will actually hopefully 164 00:08:56,840 --> 00:09:01,079 Speaker 1: have at least something reporting to those agencies as you're 165 00:09:01,120 --> 00:09:05,040 Speaker 1: creating your profiles. But even if it doesn't, simply creating 166 00:09:05,080 --> 00:09:08,079 Speaker 1: us profiles to make sure that your business is reporting 167 00:09:08,120 --> 00:09:11,320 Speaker 1: with all the accurate information is also cool too. And 168 00:09:11,360 --> 00:09:14,240 Speaker 1: then as you start to build out the secured lines 169 00:09:14,280 --> 00:09:17,400 Speaker 1: and get into the net accounts, you'll slowly but surely 170 00:09:17,440 --> 00:09:20,800 Speaker 1: start to strategically build out your profile because again remember 171 00:09:20,880 --> 00:09:26,160 Speaker 1: with the vendor and revolving accounts, looking see to make 172 00:09:26,200 --> 00:09:28,480 Speaker 1: sure that all of the cards that you're going to 173 00:09:28,600 --> 00:09:31,440 Speaker 1: get are at the very least reporting to each of 174 00:09:31,480 --> 00:09:35,720 Speaker 1: the four bureaus, right, more specifically, making sure that you 175 00:09:35,760 --> 00:09:38,680 Speaker 1: have at least one or two that are reported into Equifax, 176 00:09:38,760 --> 00:09:42,040 Speaker 1: so that you can have an Equifax accounts sooner than later, 177 00:09:42,280 --> 00:09:45,720 Speaker 1: or Equifax like business profiles sooner than later. All right, 178 00:09:46,200 --> 00:09:50,200 Speaker 1: So once we got those accounts those profiles open with 179 00:09:50,240 --> 00:09:53,040 Speaker 1: the bureaus, starting with our net accounts, right, so trying 180 00:09:53,040 --> 00:09:55,720 Speaker 1: to have at least seven across all four of our reports, 181 00:09:56,080 --> 00:09:58,680 Speaker 1: and these can be you know, accounts that we repay 182 00:09:58,720 --> 00:10:02,320 Speaker 1: every fifteen, thirty, sixty or ninety days, depending on what 183 00:10:02,480 --> 00:10:06,320 Speaker 1: that agreement is with that particular lender. But starting with 184 00:10:06,400 --> 00:10:08,520 Speaker 1: those is going to be great after we get that 185 00:10:08,559 --> 00:10:11,280 Speaker 1: secured line, because it's going to be another way to 186 00:10:11,320 --> 00:10:15,040 Speaker 1: begin to boost our scores, you know, paying attention to 187 00:10:15,080 --> 00:10:19,360 Speaker 1: our paydex score with DMB and our Intellent score with Experience, 188 00:10:20,320 --> 00:10:22,560 Speaker 1: and that will then open the door for us to 189 00:10:22,559 --> 00:10:25,960 Speaker 1: be able to start applying for and being successful with 190 00:10:26,080 --> 00:10:28,920 Speaker 1: revolving accounts. Right. And once we're in that space, so 191 00:10:29,000 --> 00:10:31,520 Speaker 1: being able to get revolving accounts, let's try to get 192 00:10:31,559 --> 00:10:34,720 Speaker 1: at least five across our reports, so that way we 193 00:10:34,800 --> 00:10:38,280 Speaker 1: can keep you know, building our profiles in the way 194 00:10:38,320 --> 00:10:40,840 Speaker 1: that we are, but then also being able to access 195 00:10:40,920 --> 00:10:44,320 Speaker 1: more amounts of money over time across different lenders.