A SIMPLE
GUIDE TO
BUSINESS
FUNDING
BY CHER M. WOODS
NEXT LEVEL
CONSULTATION
A Simple Guide
To Business Funding
By Cher M. Woods
Next Level Consultation
Copyright © 2022, Cher M. Woods Next
Level Consultation LLC
This guide or any portion thereof may not
be reproduced or used in any manner
whatsoever without the express written
permission of Next Level Consultation LLC
except for the use of brief quotations in a
book review. This guide can be printed for
your personal use only.
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CONTENTS
2
Introduction
3
Business Formation Part 1
4
Business Formation Part 2
5
Business Formation Part 3
6
Building Business Credit
7
Net 30 Vendor Accounts
7
8
Business Credit Cards
7
9
Key Takeaways
9
10
About The Author
Introduction
Every business relies on its ability to obtain
business credit in order to grow and achieve
long-term objectives. Obtaining that type of
capital necessitates properly establishing
your business from the start.
A Simple Guide to Business Funding is more
than just a simple A-Z of how to set up a
business. It was designed to assist you in
obtaining the financing you to grow your
business long-term.
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Business
Formation
Part 1
Starting a business on your own takes a lot of research
and due diligence. Carefully assess whether the
information below applies.
1. Use sites like Namecheckr.com to search for your
Business Name/Domain/Social Media Sites
-Search your Secretary Of State's website to ensure the
name is available as well
-Establish a professional phone number and email
address
-Determine the type of business address you will be
using for your business location such as a Brick and
Mortar/Home/Co-Working Space/Virtual Address
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Business
Formation
Part 2
2. Locate A Registered Agent Company
A Registered Agent Company provides service of process
meaning they are available between the hours of 9-5
Mon-Fri to collect legal documents on your behalf in the
event that a business is being sued.
-Search for Naics codes that are low risk like
Consultanting
(NAICS code is an Acroynmn for North American
Industrial Coding System)
It puts your business into a category and compares your
business to others in the same industry for tax
purposes.
-Register your business with the Secretary of State
once approved, Register with the IRS to get your EIN #
(Please be sure to download/Save each document for
the next step.
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Business
Formation
Part 3
3. Contact your state business tax division and set up
your Sales tax account (if applicable)
-Create an Operating Agreement
(Use Rocketlawyer.com)
-Get a Business Checking Account
(I recommend using small banks or credit unions to start
building relationships first
-Get Business Insurance based on your industry
- Add your business to Google/Yelp/411 to increase
visibility and to separate your business from others in
your industry.
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Building
Business Credit
1. Register with DUN & Bradstreet (if building
vendor/supplier/store credit)
Register with Sam.gov if you will be doing government
contracting or applying for loans backed by the
government.
-If you have a sufficient personal credit profile with
scores of (680 and above) get your first business credit
card or line of credit through your bank or financial
institution.
- If you are building vendor/supplier/store credit)
start building your business credit profile with Nav.com
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Net 30 Vendor
Accounts
- If you are building vendor/supplier/store credit)
start building your business credit profile with Nav.com
Tier 1 Vendor accounts
(if applicable to your business industry)
- Nav.com
-Ecredible
-Grainger (Automatic $1000 if the business qualifies)
- Uline
- Quill
-Fleetcor Fuel Card
-Torpago (if the business is profitable)
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BUSINESS CREDIT
CARD REPORTING
Not All Business Credit Cards Report To The Business
Credit Bureaus
1
2
Experian Business
Capital On Tap, Capital One, Chase, Citi,
Discover, PNC, Wells Fargo
(CreditScore 680+)
Equifax Commercial
Chase, Citi, Discover
(Credit Score 680 +)
SBFE (Small Business Financial Exchange)
Express, Bank Of America, Capital
3 American
On Tap, Capital One, Chase, Citi, Wells Fargo
(Credit Score 680+)
Key Takeaways
Dun & Bradstreet Reporting
- It may take 90 days or longer to build the necessary
data points that will generate your paydex score.
Personal & Business Credit
- If you have challenges with your personal credit please
work on your credit while building out your business
credit profile. At some point, business owners will have
to be the Personal Guarantor which will help you
unlock hundreds and thousands of dollars in business
loans, lines of credit, and bank-issued credit cards with
high limits.
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Key Takeaways
Building EIN Only vendor/supplier/store Business
Credit takes time. You must use and pay your tradelines
15 days prior to the due date for accurate reporting.
Please be advised of the following:
-Use Vendor/Supplier/Store Business Credit to build data
points that strengthen the business credit profile.
-Use these accounts to build relationships with suppliers
and financial institutions such as Citi, Synchrony, and
Comenity Bank.
- Use vendor accounts that report multiple payment
experiences to the business credit bureaus EX.
(Nav reports to D&B, Experian Business, and Equifax
Commercial) This helps build your paydex score faster.
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ABOUT THE AUTHOR
Cher M. Woods
Cher Woods is a Cincinnati, Ohio-based author
and entrepreneur. She has a 5-year background in
leadership and finance, which aided her in
starting her entrepreneurial journey in 2017. Cher
has always had a talent for educating others, so
she is decided to writing books about starting
LLCs, and establishing business credit, in order to
share her experiences and knowledge with new
entrepreneurs entering this difficult world of
business. She believes that nothing she has
accomplished would have been possible without
her family's love and support, and she has
dedicated her book to her parents and son DJ.
You can email Cher at cher@nextlevelconsultation.com
Thank You
Thank you for investing in our e-guide and taking the
first step toward properly structuring your business.
We hope this guide helps you achieve your business
objectives!
- Cher
Next Level Consultation
If you need additional assistance book a consultation via
the link below
https://www.nextlevelconsultation.com/pages/consultati
on-questionnaire
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A Simple
Guide To
Business
Funding