Speaker 1: So here is the big five, right, so that I
Speaker 1: consider it's like the master Checklist, and it's pretty much
Speaker 1: an overview of all of those mini elements that we
Speaker 1: went through in class, just in like shorter version. So
Speaker 1: the first and foremost, it's making sure that our business
Speaker 1: entity is set up, making sure that our name checks out,
Speaker 1: that it is not something that somebody else already has
Speaker 1: in place. Make sure that once we establish our name
Speaker 1: and started with our paperwork, we get our er in
Speaker 1: and our dun's number, checking the test database to make
Speaker 1: sure that our name is not trademarked by somebody else,
Speaker 1: so that way when we start to apply for funding,
Speaker 1: we don't run into any trademark infringement issues. Ensuring once
Speaker 1: we get our you know, once we understand if we're
Speaker 1: going to operate in our home state, the state that
Speaker 1: we're living in, making sure that we get everything up
Speaker 1: and running, the Secretary of state and all that good
Speaker 1: stuff on that end. If we're thinking about operating across states,
Speaker 1: so like living in one space but operating in a
Speaker 1: business friendly state. You know a lot of tax repair
Speaker 1: folks in Florida, but then so think about Delaware and Wyoming.
Speaker 1: Make sure that you follow the foreign corporation status for
Speaker 1: with your home Secretary of State, so they can understand
Speaker 1: that while you are while the business entity is housed
Speaker 1: in another state, that the business owner itself themselves reside
Speaker 1: in this state, all right, So make sure that that
Speaker 1: is something that you do. And of course, after you
Speaker 1: get everything established, come to understand how you want to
Speaker 1: present your business in terms of securing that funding. So
Speaker 1: developing your SBA compliant business plan. And remember directly on
Speaker 1: the SBA website they have this laid out template that
Speaker 1: you can use, so you don't have to pay somebody
Speaker 1: else five six hundred sometimes one thousand dollars for similar
Speaker 1: to write something for you. Right, if you need support
Speaker 1: with market research, there are tons of opportunities that I
Speaker 1: actually I'll put some more in in the study halled
Speaker 1: just to kind of help us with understanding like how
Speaker 1: to do market research, because they make it sound simple,
Speaker 1: but like that can really make or break whether or
Speaker 1: not a business or a lender comes to understand if
Speaker 1: they want to do business with you, because in a
Speaker 1: lot of ways, the market research space portion of the
Speaker 1: business plan is where folks are looking to your understanding
Speaker 1: of what it is that you say you're trying to
Speaker 1: do and last per sudden only, it's create a plan
Speaker 1: to address any work that you're doing in terms of
Speaker 1: your person. So if there are late payments that you're
Speaker 1: trying to get off of their inquiries you're trying to
Speaker 1: get off, trying to get old names, addresses, phone numbers
Speaker 1: off your personal credit report as you're establishing the entity itself.
Speaker 1: This is the time to kind of start that process
Speaker 1: because you know, as we all know, that can take time,
Speaker 1: right and so but the good thing is that time
Speaker 1: often overlaps because in a lot of ways, some of
Speaker 1: the most of the cars that you know we've looked
Speaker 1: at take at least thirty to sixty days of that
Speaker 1: business being considered an entity before we can even start applying, right,
Speaker 1: So that at least gives you those two months to
Speaker 1: try to work with the personal bureaus to get everything
Speaker 1: together on your personal side. So that way, once you're ready,
Speaker 1: once your business is really ready and like considered green lid,
Speaker 1: then you can go ahead and start applying for stuff
Speaker 1: without any issue right after that entity is set up. Again,
Speaker 1: let's start setting up these accounts first and foremost, making
Speaker 1: sure that our business bank account is up and running,
Speaker 1: because the day that our business bank account is up
Speaker 1: and running is considered the day that our business is
Speaker 1: an operation. All right, So remember again, the day that
Speaker 1: your business bank account was opened is the day that
Speaker 1: your business is considered to be an operation. So the
Speaker 1: sooner you can get that started, the sooner you can
Speaker 1: get the process of that history starting to report and
Speaker 1: all of the ways that you need history to report,
Speaker 1: not just for the history of the account your business itself,
Speaker 1: but then how that the number of days like to
Speaker 1: add to like when you can start applying for net accounts,
Speaker 1: which will then impact when you can start applying for
Speaker 1: revolving accounts, which will then impact when you can start
Speaker 1: applying for Tier two, Tier three, Tier four cards. Right, So,
Speaker 1: the sooner you can get that history started simply with
Speaker 1: opening this bank account and making sure that everything is
Speaker 1: compliant in terms of what that bank needs to open it,
Speaker 1: the sooner you can get the process of starting your
Speaker 1: funding journey started, all right. And this is also you know,
Speaker 1: makes I put business website and email address after earners.
Speaker 2: What's up? You ever walk into a small business and
Speaker 2: everything just works like the checkout is fast, the receipts
Speaker 2: are digital tipping is a breeze and you're out the
Speaker 2: door before the line even builds odds are they're using Square.
Speaker 2: We love supporting businesses that run on Square because it
Speaker 2: just feels seamless. Whether it's a local coffee shop, a
Speaker 2: vendor at a pop up market, or even one of
Speaker 2: our merch partners, Square makes it easy for them to
Speaker 2: take payments, manage inventory, and run their business with confidence,
Speaker 2: all from one simple system. If you're you're a business
Speaker 2: owner or even just thinking about launching something soon, Square
Speaker 2: is hands down one of the best tools out there
Speaker 2: to help you start, run and grow. It's not just
Speaker 2: about payments, it's about giving you time back so you
Speaker 2: can focus on what matters most ready. To see how
Speaker 2: Square can transform your business, visit Square dot com backslash,
Speaker 2: go backslash eyl to learn more that Square dot com backslash,
Speaker 2: go backslash eyl. Don't wait, don't hesitate. Let's Square handle
Speaker 2: the back end so you can keep pushing your vision forward.
Speaker 2: This episode is brought to you by P and C Bank.
Speaker 2: A lot of people think podcasts about work are boring,
Speaker 2: and sure they definitely can be, but understanding a professionals
Speaker 2: routine shows us how they achieve their success little by little,
Speaker 2: day after day. It's like banking with P and C Bank.
Speaker 2: It might seem boring to save, plan and make calculated
Speaker 2: decisions with your bank, but keeping your money boring is
Speaker 2: what helps you live or more happily fulfilled life. P
Speaker 2: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
Speaker 2: Boring since eighteen sixty five is a service mark of
Speaker 2: the PNC Financial Service Group, Inc. P and C Bank
Speaker 2: National Association Member FDI.
Speaker 1: C Sure because the last thing you want to do
Speaker 1: is go buy a domain and then realize after you
Speaker 1: bought it that while somebody, while that person didn't buy
Speaker 1: that domain, there's always there already somebody at the top
Speaker 1: of that Google search with your exact name, right. So
Speaker 1: make sure, especially as you're investing in your website, and
Speaker 1: you know, if you use Google to kind of like
Speaker 1: operate your your professional business email address, just make sure
Speaker 1: that before you do any of that that it's all
Speaker 1: it's all good and a good resource for that name
Speaker 1: checker in amec H I mean see kr I believe
Speaker 1: dot com and they can kind of pull up not
Speaker 1: just you know what domain are available, Like you know,
Speaker 1: if it's dot com, dot org, that's a great resource
Speaker 1: and I think it's already plugged in notion, but just
Speaker 1: wanted to plug that as well. And then again, like
Speaker 1: when you're thinking about your office space, are you you know,
Speaker 1: are you going to have a physical office or are
Speaker 1: you going to use a virtual office that would afford
Speaker 1: your business communications, your business all your business communications to
Speaker 1: another space, right, but just make sure that you know
Speaker 1: it's a that that physical address doesn't impact lenders wanting
Speaker 1: to give to you, right, but make sure that you
Speaker 1: know you set that up and that's the address that
Speaker 1: runs across all your reports, make sure that it's reported
Speaker 1: on your EI N you're done so like, so make
Speaker 1: sure that everything is everything and it's all the same
Speaker 1: in every space, so that is not something that impacts
Speaker 1: you when we get to step three, which is us
Speaker 1: starting to build our business credit profiles. All right, So
Speaker 1: again for us early starters, like first starters, I start
Speaker 1: with secure lines of credit, So looking at those secured
Speaker 1: lenders that we talked about on the Motion resource. And again,
Speaker 1: none of these lists that we've been working with are exhaustive.
Speaker 1: And as I also shared some of the popular branded
Speaker 1: cards were purposely not put on there. That doesn't mean
Speaker 1: that you shouldn't look into them and see how they
Speaker 1: might fit into your report building that you're trying to do.
Speaker 1: But start with those secured lines, because that's what's going
Speaker 1: to open the door to be able to actually have
Speaker 1: profiles to get from the credit reporting bureaus. Right, So
Speaker 1: starting with those secure line of credits will be helpful
Speaker 1: because then you can actually create profiles and experience credit Safe,
Speaker 1: D and B and maybe Equifax, depending on whether or
Speaker 1: not whether that secured line reports to Equifax. But starting
Speaker 1: the secured line before you create those profiles will be
Speaker 1: super helpful because that way it'll it will actually hopefully
Speaker 1: have at least something reporting to those agencies as you're
Speaker 1: creating your profiles. But even if it doesn't, simply creating
Speaker 1: us profiles to make sure that your business is reporting
Speaker 1: with all the accurate information is also cool too. And
Speaker 1: then as you start to build out the secured lines
Speaker 1: and get into the net accounts, you'll slowly but surely
Speaker 1: start to strategically build out your profile because again remember
Speaker 1: with the vendor and revolving accounts, looking see to make
Speaker 1: sure that all of the cards that you're going to
Speaker 1: get are at the very least reporting to each of
Speaker 1: the four bureaus, right, more specifically, making sure that you
Speaker 1: have at least one or two that are reported into Equifax,
Speaker 1: so that you can have an Equifax accounts sooner than later,
Speaker 1: or Equifax like business profiles sooner than later. All right,
Speaker 1: So once we got those accounts those profiles open with
Speaker 1: the bureaus, starting with our net accounts, right, so trying
Speaker 1: to have at least seven across all four of our reports,
Speaker 1: and these can be you know, accounts that we repay
Speaker 1: every fifteen, thirty, sixty or ninety days, depending on what
Speaker 1: that agreement is with that particular lender. But starting with
Speaker 1: those is going to be great after we get that
Speaker 1: secured line, because it's going to be another way to
Speaker 1: begin to boost our scores, you know, paying attention to
Speaker 1: our paydex score with DMB and our Intellent score with Experience,
Speaker 1: and that will then open the door for us to
Speaker 1: be able to start applying for and being successful with
Speaker 1: revolving accounts. Right. And once we're in that space, so
Speaker 1: being able to get revolving accounts, let's try to get
Speaker 1: at least five across our reports, so that way we
Speaker 1: can keep you know, building our profiles in the way
Speaker 1: that we are, but then also being able to access
Speaker 1: more amounts of money over time across different lenders.