Archive for Building Business
Building Business Credit
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Building business credit is an important element especially when you need to borrow money for starting new business or expanding your current one. Most businesses want to be able to borrow money when they need it, without the owners having to guarantee the loans personally so as to minimize their risk.
There are essentially some important steps to follow while establishing business credit:
Setting up a correct corporate structure and ensuring that your business appears stable and real to the credit bureaus. This means that you must get the proper occupational licenses and a listed phone number with directory assistance in the businesses; name, among other things.
Borrowing or buying products and services from companies that will report your credit history to the major business credit reporting agencies such as Dunn & Bradstreet and Experian. Unlike personal credit ratings, best business credit scores are reserved for large stable businesses with several million dollars in sales a year and 25-50 or more employees. However, you can start small and gradually build your business credit rating to get the requisite borrowing power that your enterprise will eventually need.
It is essential to separate your personal credit from your business credit. Thus, even if your business fails to pick up, your personal credit will remain untouched. Similarly, if your personal credit takes a downward spiral, your business rating might also get affected even though it may be doing well and have nothing to do with your personal finances.
To ensure this separation and build business credit, you need to first form an LLC whereby your business becomes an entity unto itself. Next, you must have a Federal EIN and open a separate bank account under the exact legal name of the business and obtain all necessary business licenses, permits, etc.
It is imperative to open a business credit file with all of the three major business credit reporting agencies, obtain five vendors and%2For suppliers that will extend a small amount of credit to your business and report your payment histories to these agencies.
Get three business credit cards, the transactions of which will be reported to the business credit agencies. Most importantly it is important that you pay all your bills on time.
The Secret to Building Your Business from the Inside Out
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The Secret to Building Your Business from the Inside Out
As a woman entrepreneur, have you ever wondered what the secret is for building business success? Sure, it’s important to have a mission statement, a business plan, and a product or service that meets the needs of your niche market. It’s also essential that you have funding to back your venture, a support system in place to guide and mentor you along your journey, and savvy business acumen.
Yet even if you have all these things, you still may not hold the key. What is the key to business success for women? The secret is to build your business from the inside out. From a place inside that you as a woman intuitively know and understand. From your Inner Samurai. If you are an entrepreneurial woman committed to doing work that is meaningful and important if you see your work as a mission, service, or calling if your goal is to help other people transform their lives and make a difference in the world, then the key to making that happen is to connect with your Inner Samurai. Connect with my Inner Samurai? What’s that?
Connecting to your Inner Samurai means connecting to your “inner knower”. This will empower you with the strength you will need on your journey as you build a successful business.
All You Need to Know about Your Inner Samurai
Who? Your Inner Samurai is known by many names. It has been called the voice within, the inner knower, the still small voice, God Self, Soul, God Within, and Spirit, to name a few.
What? Your Inner Samurai is best defined by describing its opposite – the voice inside the head, the monkey mind, the ego. By contrast, your Inner Samurai is the inner voice, the voice within. It is the quiet, sure, confident, strong, vast, and powerful voice of inner knowing. Being able to tell the difference between the rationalizing, explaining, blaming, and chattering voice inside your head and the calm, sure, wise voice of your Inner Samurai will make all the difference to your business success.
Where? Your Inner Samurai is aptly named because it is the voice within. Inner because the voice is deep within your being to distinguish it from the voice inside your head and Samurai because of how strong and powerful it is. Understanding who your Inner Samurai is and knowing where to connect with it are vital for your business success.
Why? Everyone has an inner voice. It is that part of us that is the repository of all our life experiences, hopes, and dreams. It’s so important to get in touch with our Inner Samurai because it is our greatest source of strength and knowing. It is the seat of our wisdom. It is the place of our extraordinary uniqueness. It exists to remind us of who we are. How? The most challenging part of connecting with your Inner Samurai is realizing how it communicates with you. Your Inner Samurai has a gentle, yet very recognizable, way of doing so – I like to call it “pulsing.” When you go inward and ask your Inner Samurai a question, you will feel a pulse answering you. This pulse will have one of two distinct qualities. It will feel like either a yes or a no.
When? Once you know who, what, where, why, and how, the last thing you need to know is when. When is the best time to tune in and feel for the pulse of your Inner Samurai? The answer is always. Make your Inner Samurai the primary voice you listen to. Turn to others for support. Turn inward for guidance. When in doubt between your feelings and thoughts, go with the pulse. Your Inner Samurai will never lead you astray, do you wrong, or leave you hanging. Your Inner Samurai pulse is right 100%25 of the time. So, enjoy writing your mission statement and your business plan. Get creative making your product or service the best it can be. Develop positive relationships with your investors and supporters. And don’t forget the most important relationship of all – the relationship with your Inner Samurai. It’s the key to building your business success from the inside out.
Building Business Relationships
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Research shows that even with the best products and business practices, you still need strong relationships to succeed in this marketplace. The following is a road map to turn personality differences into positive business results. Respect is at the heart of building business relationships. It is the glue that holds together the functioning of teams, partnerships and managing relationships. Read More→
Building Business Credit – What To Look For When Building Business Credit
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Marketing Momentum Occurs When You Consistently, Repeatedly Market Yourself at the Right Level and Beyond
There are a couple of reasons why we should be consistent. Ken won’t get better until he’s tried it, and fine tuned it. But, beyond that, there is a thing called “marketing momentum.”
When you do “a little marketing” here and there, yes, there is a response rate that you should be able to consistently depend on. What you say, how you say it, (your marketing message) and who you say it will have a somewhat consistent response rate. So, if you sent out 1,000 postcards for your monthly workshop and get a really powerful message that connects with that target market it shouldn’t be hard to get 5% to 10% of that market calling you (50-100) to attend some event you are putting on..
However, if you “dabble” in that sending it out once every few months you are falling short of “marketing momentum.”
Critical Mass
In the atomic bomb, there is a thing called “critical mass.” All of the atoms in the bomb are bouncing around inside, hitting each other and generating more atoms to break down and also go out and hit another and another and another.
But, below a certain level of atoms, the activity continues to die down. Fewer and fewer atoms are moving around all of the time. However, when the number of atoms in the bomb are above “critical mass” every time, that’s a certain amount of atoms and activity, one atom hits another and generates 5 or 10 times more coming out, and each of those hit another and generate 5-10 times more coming out, the whole thing gets bigger faster, so fast in fact, that the bomb explodes in a huge rather impressive explosion.
Critical Mass of Your Marketing
Marketing can work somewhat the same way. A I said, doing marketing once, or sporadically here and there, will have a response rate based on your message and whether it connects to your market.
Now you’ve got the content that COULD explode your market. Dabbling in your marketing, a little here and there certainly can get you “hitting some atoms” or getting some calls from your market. But, there is a point of “critical mass” where, once you’re doing it consistently at or above that level, suddenly it starts expanding throughout your market like the bomb that just barely reached critical mass.
That’s when your market “starts calling you,” where your phone is wringing with people that not only attended the last speaking engagement, saw your last mailer, ran into you at a networking event, and they had all heard of you from before. Your message has been running around the community, around your market on it’s own, bouncing off of lots of people, and when they hear you speak for real, or experience you and what you say (in marketing or speeches, or whatever) it FINALLY compels them to call you.
Above Critical Mass Is Where You Make a BIG Impression on Your Market… Maybe Even on THE WORLD
But don’t stop at just barely reaching “critical mass” that’s where it just barely starts sustaining itself. Go way beyond. There is a difference between a 5 kiloton bomb, and a 100 megaton bomb. One impacts a 1 mile radius, and the other can impact half a continent. Which do you want to impact.
And even, if your goal is not “worldwide” but just local, you want to make a BIG impression in your market. So find the critical mass and go beyond where YOU are the impressive coach around that market. Don’t make a little pfft – make a big, big impression on your market.
I challenged Ken to “reach critical mass” with the amount of his marketing. He turned his speaking up to slightly over once a week. He turned his monthly workshops up and spread the word at his speaking engagements. He added a couple of tele-seminars a month and also spread the word throughout his other marketing activities.
After the first few, he had only a few interested people, so we fine tuned his message to raise the response rate. And when he was getting 1-2 calls from every activity, you could see that spread throughout his market. He announced a simple mastermind group at 3 networking events a week for 3-4 weeks, and suddenly he was getting calls from all over the nation from his local marketing.. Get your marketing message right so you’ve got the right message that will impact the most people, and then get that message out there to beyond critical mass.
Ken told me who exciting it was when his phone starts ringing and keeps ringing consistently even between marketing activities
Building Business Credit
Posted by: | CommentsThere is a number one rule in building business credit and that is to pay your bills on time. This shows other businesses particularly investors and suppliers that the process of business is being carried out the way it should be. But even more importantly it allows banks and financial institutions to see for themselves whether or not the business is operating under good financial parameters. Read More→