WEBVTT - Study Hall: Checklist Before You Start a Business

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<v Speaker 1>So here is the big five, right, so that I

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<v Speaker 1>consider it's like the master Checklist, and it's pretty much

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<v Speaker 1>an overview of all of those mini elements that we

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<v Speaker 1>went through in class, just in like shorter version. So

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<v Speaker 1>the first and foremost, it's making sure that our business

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<v Speaker 1>entity is set up, making sure that our name checks out,

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<v Speaker 1>that it is not something that somebody else already has

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<v Speaker 1>in place. Make sure that once we establish our name

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<v Speaker 1>and started with our paperwork, we get our er in

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<v Speaker 1>and our dun's number, checking the test database to make

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<v Speaker 1>sure that our name is not trademarked by somebody else,

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<v Speaker 1>so that way when we start to apply for funding,

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<v Speaker 1>we don't run into any trademark infringement issues. Ensuring once

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<v Speaker 1>we get our you know, once we understand if we're

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<v Speaker 1>going to operate in our home state, the state that

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<v Speaker 1>we're living in, making sure that we get everything up

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<v Speaker 1>and running, the Secretary of state and all that good

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<v Speaker 1>stuff on that end. If we're thinking about operating across states,

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<v Speaker 1>so like living in one space but operating in a

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<v Speaker 1>business friendly state. You know a lot of tax repair

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<v Speaker 1>folks in Florida, but then so think about Delaware and Wyoming.

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<v Speaker 1>Make sure that you follow the foreign corporation status for

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<v Speaker 1>with your home Secretary of State, so they can understand

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<v Speaker 1>that while you are while the business entity is housed

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<v Speaker 1>in another state, that the business owner itself themselves reside

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<v Speaker 1>in this state, all right, So make sure that that

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<v Speaker 1>is something that you do. And of course, after you

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<v Speaker 1>get everything established, come to understand how you want to

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<v Speaker 1>present your business in terms of securing that funding. So

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<v Speaker 1>developing your SBA compliant business plan. And remember directly on

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<v Speaker 1>the SBA website they have this laid out template that

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<v Speaker 1>you can use, so you don't have to pay somebody

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<v Speaker 1>else five six hundred sometimes one thousand dollars for similar

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<v Speaker 1>to write something for you. Right, if you need support

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<v Speaker 1>with market research, there are tons of opportunities that I

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<v Speaker 1>actually I'll put some more in in the study halled

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<v Speaker 1>just to kind of help us with understanding like how

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<v Speaker 1>to do market research, because they make it sound simple,

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<v Speaker 1>but like that can really make or break whether or

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<v Speaker 1>not a business or a lender comes to understand if

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<v Speaker 1>they want to do business with you, because in a

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<v Speaker 1>lot of ways, the market research space portion of the

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<v Speaker 1>business plan is where folks are looking to your understanding

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<v Speaker 1>of what it is that you say you're trying to

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<v Speaker 1>do and last per sudden only, it's create a plan

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<v Speaker 1>to address any work that you're doing in terms of

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<v Speaker 1>your person. So if there are late payments that you're

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<v Speaker 1>trying to get off of their inquiries you're trying to

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<v Speaker 1>get off, trying to get old names, addresses, phone numbers

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<v Speaker 1>off your personal credit report as you're establishing the entity itself.

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<v Speaker 1>This is the time to kind of start that process

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<v Speaker 1>because you know, as we all know, that can take time,

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<v Speaker 1>right and so but the good thing is that time

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<v Speaker 1>often overlaps because in a lot of ways, some of

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<v Speaker 1>the most of the cars that you know we've looked

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<v Speaker 1>at take at least thirty to sixty days of that

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<v Speaker 1>business being considered an entity before we can even start applying, right,

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<v Speaker 1>So that at least gives you those two months to

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<v Speaker 1>try to work with the personal bureaus to get everything

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<v Speaker 1>together on your personal side. So that way, once you're ready,

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<v Speaker 1>once your business is really ready and like considered green lid,

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<v Speaker 1>then you can go ahead and start applying for stuff

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<v Speaker 1>without any issue right after that entity is set up. Again,

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<v Speaker 1>let's start setting up these accounts first and foremost, making

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<v Speaker 1>sure that our business bank account is up and running,

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<v Speaker 1>because the day that our business bank account is up

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<v Speaker 1>and running is considered the day that our business is

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<v Speaker 1>an operation. All right, So remember again, the day that

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<v Speaker 1>your business bank account was opened is the day that

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<v Speaker 1>your business is considered to be an operation. So the

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<v Speaker 1>sooner you can get that started, the sooner you can

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<v Speaker 1>get the process of that history starting to report and

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<v Speaker 1>all of the ways that you need history to report,

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<v Speaker 1>not just for the history of the account your business itself,

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<v Speaker 1>but then how that the number of days like to

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<v Speaker 1>add to like when you can start applying for net accounts,

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<v Speaker 1>which will then impact when you can start applying for

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<v Speaker 1>revolving accounts, which will then impact when you can start

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<v Speaker 1>applying for Tier two, Tier three, Tier four cards. Right, So,

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<v Speaker 1>the sooner you can get that history started simply with

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<v Speaker 1>opening this bank account and making sure that everything is

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<v Speaker 1>compliant in terms of what that bank needs to open it,

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<v Speaker 1>the sooner you can get the process of starting your

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<v Speaker 1>funding journey started, all right. And this is also you know,

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<v Speaker 1>makes I put business website and email address after earners.

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<v Speaker 2>What's up? You ever walk into a small business and

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<v Speaker 2>everything just works like the checkout is fast, the receipts

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<v Speaker 2>are digital tipping is a breeze and you're out the

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<v Speaker 2>door before the line even builds odds are they're using Square.

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<v Speaker 2>We love supporting businesses that run on Square because it

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<v Speaker 2>just feels seamless. Whether it's a local coffee shop, a

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<v Speaker 2>vendor at a pop up market, or even one of

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<v Speaker 2>our merch partners, Square makes it easy for them to

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<v Speaker 2>take payments, manage inventory, and run their business with confidence,

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<v Speaker 2>all from one simple system. If you're you're a business

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<v Speaker 2>owner or even just thinking about launching something soon, Square

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<v Speaker 2>is hands down one of the best tools out there

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<v Speaker 2>to help you start, run and grow. It's not just

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<v Speaker 2>about payments, it's about giving you time back so you

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<v Speaker 2>can focus on what matters most ready. To see how

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<v Speaker 2>Square can transform your business, visit Square dot com backslash,

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<v Speaker 2>go backslash eyl to learn more that Square dot com backslash,

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<v Speaker 2>go backslash eyl. Don't wait, don't hesitate. Let's Square handle

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<v Speaker 2>the back end so you can keep pushing your vision forward.

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<v Speaker 2>This episode is brought to you by P and C Bank.

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<v Speaker 2>A lot of people think podcasts about work are boring,

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<v Speaker 2>and sure they definitely can be, but understanding a professionals

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<v Speaker 2>routine shows us how they achieve their success little by little,

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<v Speaker 2>day after day. It's like banking with P and C Bank.

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<v Speaker 2>It might seem boring to save, plan and make calculated

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<v Speaker 2>decisions with your bank, but keeping your money boring is

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<v Speaker 2>what helps you live or more happily fulfilled life. P

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<v Speaker 2>and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

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<v Speaker 2>Boring since eighteen sixty five is a service mark of

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<v Speaker 2>the PNC Financial Service Group, Inc. P and C Bank

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<v Speaker 2>National Association Member FDI.

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<v Speaker 1>C Sure because the last thing you want to do

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<v Speaker 1>is go buy a domain and then realize after you

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<v Speaker 1>bought it that while somebody, while that person didn't buy

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<v Speaker 1>that domain, there's always there already somebody at the top

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<v Speaker 1>of that Google search with your exact name, right. So

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<v Speaker 1>make sure, especially as you're investing in your website, and

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<v Speaker 1>you know, if you use Google to kind of like

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<v Speaker 1>operate your your professional business email address, just make sure

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<v Speaker 1>that before you do any of that that it's all

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<v Speaker 1>it's all good and a good resource for that name

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<v Speaker 1>checker in amec H I mean see kr I believe

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<v Speaker 1>dot com and they can kind of pull up not

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<v Speaker 1>just you know what domain are available, Like you know,

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<v Speaker 1>if it's dot com, dot org, that's a great resource

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<v Speaker 1>and I think it's already plugged in notion, but just

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<v Speaker 1>wanted to plug that as well. And then again, like

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<v Speaker 1>when you're thinking about your office space, are you you know,

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<v Speaker 1>are you going to have a physical office or are

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<v Speaker 1>you going to use a virtual office that would afford

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<v Speaker 1>your business communications, your business all your business communications to

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<v Speaker 1>another space, right, but just make sure that you know

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<v Speaker 1>it's a that that physical address doesn't impact lenders wanting

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<v Speaker 1>to give to you, right, but make sure that you

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<v Speaker 1>know you set that up and that's the address that

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<v Speaker 1>runs across all your reports, make sure that it's reported

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<v Speaker 1>on your EI N you're done so like, so make

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<v Speaker 1>sure that everything is everything and it's all the same

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<v Speaker 1>in every space, so that is not something that impacts

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<v Speaker 1>you when we get to step three, which is us

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<v Speaker 1>starting to build our business credit profiles. All right, So

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<v Speaker 1>again for us early starters, like first starters, I start

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<v Speaker 1>with secure lines of credit, So looking at those secured

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<v Speaker 1>lenders that we talked about on the Motion resource. And again,

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<v Speaker 1>none of these lists that we've been working with are exhaustive.

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<v Speaker 1>And as I also shared some of the popular branded

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<v Speaker 1>cards were purposely not put on there. That doesn't mean

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<v Speaker 1>that you shouldn't look into them and see how they

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<v Speaker 1>might fit into your report building that you're trying to do.

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<v Speaker 1>But start with those secured lines, because that's what's going

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<v Speaker 1>to open the door to be able to actually have

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<v Speaker 1>profiles to get from the credit reporting bureaus. Right, So

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<v Speaker 1>starting with those secure line of credits will be helpful

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<v Speaker 1>because then you can actually create profiles and experience credit Safe,

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<v Speaker 1>D and B and maybe Equifax, depending on whether or

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<v Speaker 1>not whether that secured line reports to Equifax. But starting

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<v Speaker 1>the secured line before you create those profiles will be

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<v Speaker 1>super helpful because that way it'll it will actually hopefully

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<v Speaker 1>have at least something reporting to those agencies as you're

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<v Speaker 1>creating your profiles. But even if it doesn't, simply creating

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<v Speaker 1>us profiles to make sure that your business is reporting

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<v Speaker 1>with all the accurate information is also cool too. And

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<v Speaker 1>then as you start to build out the secured lines

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<v Speaker 1>and get into the net accounts, you'll slowly but surely

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<v Speaker 1>start to strategically build out your profile because again remember

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<v Speaker 1>with the vendor and revolving accounts, looking see to make

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<v Speaker 1>sure that all of the cards that you're going to

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<v Speaker 1>get are at the very least reporting to each of

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<v Speaker 1>the four bureaus, right, more specifically, making sure that you

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<v Speaker 1>have at least one or two that are reported into Equifax,

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<v Speaker 1>so that you can have an Equifax accounts sooner than later,

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<v Speaker 1>or Equifax like business profiles sooner than later. All right,

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<v Speaker 1>So once we got those accounts those profiles open with

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<v Speaker 1>the bureaus, starting with our net accounts, right, so trying

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<v Speaker 1>to have at least seven across all four of our reports,

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<v Speaker 1>and these can be you know, accounts that we repay

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<v Speaker 1>every fifteen, thirty, sixty or ninety days, depending on what

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<v Speaker 1>that agreement is with that particular lender. But starting with

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<v Speaker 1>those is going to be great after we get that

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<v Speaker 1>secured line, because it's going to be another way to

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<v Speaker 1>begin to boost our scores, you know, paying attention to

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<v Speaker 1>our paydex score with DMB and our Intellent score with Experience,

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<v Speaker 1>and that will then open the door for us to

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<v Speaker 1>be able to start applying for and being successful with

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<v Speaker 1>revolving accounts. Right. And once we're in that space, so

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<v Speaker 1>being able to get revolving accounts, let's try to get

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<v Speaker 1>at least five across our reports, so that way we

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<v Speaker 1>can keep you know, building our profiles in the way

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<v Speaker 1>that we are, but then also being able to access

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<v Speaker 1>more amounts of money over time across different lenders.