Every day my email is flooded with questions about business coaching and development. People want to know how to grow their business. They want to know how to build business credit and capital. And they're trying to figure out how to start a profitable business and make 6 figures or more without having to go bankrupt first.
Chances are, you probably have these same types of questions. And you've probably even spent some time on blogs, forums and around the web, trying to get answers. Problem is, you keep getting conflicting answers, right?
For example, just pop onto any business coaching forum and ask this question: How can I get business capital without good credit?
I guarantee that you will get conflicting advice. Some people will tell you to pay off your debts. Another group will advocate that you can pay someone to dispute your credit history. And just to make it extra confusing, you might even get a few people telling you to save your money and ask for loans and capital from angel investors and partnerships.
So you're left to sort through the wheat and the chaff.
If you're new to that particular community, its even harder because you don't know who to trust. Because the truth is there are plenty of wannabe business coaches who want you to think they know what they're talking about -- but they're just as clueless as everyone else. And in some cases, these types of people are offering downright dangerous advice.
That's why I compiled this list of frequently asked questions.
I wanted to make sure that you got the right advice from someone who's successfully navigated the world of business coaching and development. Read on...
Q. What is the best way to build business credit?
A. The best way to build business credit is to begin by establishing and building personal credit and maintain a good credit score after the age of 18. If you have no credit, you can start by opening a store card with stores that you shop at. Store cards are easier to get approved for and usually offer rewards when you shop their store with your store credit card. On-time payments and low usage reported by your statement date will help increase your score. If you haven't already, get a FREE Federal Employer Identification Number, open a business bank account using a physical address and toll-free business number and begin making deposits to your business checking account regularly, with no overdrafts for at least 6 months. File for a DUNNS number to begin using your DUNNS number to begin to build business credit.
Q. A full website is expensive. Is there a cheaper way to get the same results?
A. Investing into your business doesn't have to be expensive if you scale your business as you grow. Speaking to a business coach will help you to decide which type of website will suffice for your needs as you grow your business. Starting with a domain name, professional email address, and toll-free number is a great way to start your business. Its important to remember that having an online presences is very important to your online image. The sooner you can create a basic website, the better.
Q. Every time I try to save for emergencies, I end up having to spend the money on something else. How can I avoid this in the future?
A. You can have as many bank accounts as necessary, and I suggest you take advantage of this by separating your funds. This is a great way to keep things out of sight and out of mind. By auto-saving (recurring transfers) as little as $1/day to a separate banking institution that does not provide a bank card, will make it more difficult for you to access the funds. If you have 5 bank accounts, that you autosave $1 a day, you will save $150/month without having to think about it.
Q. I've been trying to start posting more regularly on social media for almost a year but I'm not seeing good results. What am I doing wrong?
A. Taking the time to plan and create all of your content in 10 hours, will free up your month and allow you to focus on other tasks. Just like with any task or project its best to begin with a plan. Always start with a marketing strategy for each month and decide what your goal is for the month, ex. gain more followers, increase traffic to website, launch a new product/service, etc.
Q. If you went back in time and were going to build business credit for the first time ever, what would you do differently this time?
A. Knowing what I now know about business credit, I would pay more attention to my personal credit and how I utilized the credit given to me at an early age. Your oldest credit accounts will hold the most weight when determining your FICO score. The length of credit, on time payment record, and lack of late payments will significantly increase your credit score over time. When you close your oldest accounts, you remove this good report from scoring. Most of my first credit cards were with stores that are still in business and that I shopped regularly, so there was never an issue of how I used the credit, however when I closed those cards, my length of credit decreased and my FICO score was negatively impacted.
Q. I don't have a whole lot of time to manage my social media accounts and administrative tasks, because I have work, family, and social responsibilities. What do you suggest I do?
A. Create a content plan for the month and focus on 4 subtopics of your main goal for each week. Balance your posts with different types of content and schedule your topics for each day. This process should take you no more than 3 hour. If you take the remaining 7 hours to film content with several outfit looks and sceneries, all pre-planned.
At last, you finally know the TRUTH about business development, business credit, and business coaching advice. And that means that you can now grow your business more confidently, because you're armed with the knowledge you need to succeed. See you at the top!