I like to share posts from my author site, ebbyslane.com. This is a good one! I know you’ve heard the saying, “Jack of all trades, master of none…..” Someone may have used it to shame you at some point. If so, please keep reading till the end. It will be worth it.
A friend of mine posted a video that changed my view about this quote. I know you’ve heard the saying, “Jack of all trades, master of none…..” Someone may have used it to shame you at some point. If so, please keep reading till the end. It will be worth it.
Over the years, I’ve allowed certain people to make me feel that trying new things and changing my career was bad. Who can relate? Honestly, I have changed career paths frequently in the last few years and have even struggled to figure out what I truly want to do. If I’m honest, I was a little embarrassed about all the avenues I’ve tried and failed at, or rather, quit at. I won’t go down the list. However, this quote has shamed me through it all, “jack of all trades, master of none.” It reminded me I was on track to nowhere if I didn’t figure this thing out soon.
It’s also the perfect time to realign yourself and take action on your goals this year.
Often, we set goals, and it stops there. No follow-through.
Life gets in the way, especially if you are a wife and mother. Many other tasks pull you in different directions: doctor appointments, school activities, career, business, trying to stay balanced, etc.
Most of us don’t intend to get sidetracked or abandon our goals; we’ve just never been taught what to do to meet our goals successfully. I know that was me until I took a goal-setting class earlier this year.
You have an idea for a business but have no idea where to go from there. That was me a few years ago. I was stuck in the idea phase. I wasn’t business savvy in the past. In fact, anything remotely related to starting a business was a huge turnoff for me. However, my husband and I were laid off in 2020, a month apart. We had just had a baby, and it was the beginning of the pandemic, which meant nobody was hiring. That is when I promised that we would never be in this situation again. We were going to learn how to create multiple income streams and learn to invest our money. Fast forward to today, we are doing precisely that. We have at least five income streams and are about to add more.
So, you have a business idea? First, create a business plan. It doesn’t have to be fancy. It is better to write something than to have nothing at all. Here is what you should include in that business plan.
What will your business be?
Who your target audience will be.
What products will you offer?
How will you market your business?
I show you how to do all this and more in the Minding your Business Starter Bundle!
I walk you through how to:
🔶Properly Register your business.
🔶Obtain your EIN ( Business S.S. # )
🔶Get your Duns # (Needed to Build Business credit)
🔶How to correctly set your business up for business credit and funding.
🔶Included is my Marketing Hacks ebook, where I show you ways to market your business without spending a dime.
I also help you avoid the pitfalls I experienced getting my first business off the ground.
If you’ve ever wanted to build business credit, you’re reading the right article. You’re about to discover the simple 5-step method for the perfect paydex score, your business credit score.
And the good news is that this method works even if your personal credit is bad.
First, let’s uncover some misconceptions about business credit. Here is the truth.
You don’t need excellent personal credit. In fact, you can build business credit without touching your personal credit.
You don’t have to be in business for a certain length of time. You can start your business today and start building business credit as soon as the steps below are completed.
You don’t need to make revenue first. You’ve heard the saying, you need money to make money. There is no reason anyone should go broke building a business when you can utilize business credit.
All you need is a properly structured business model. Unsure if your business is properly structured, grab the free checklist HERE.
5 Simple Steps to Building the Perfect Business Credit Score
Step 1: Setup Your Business– You cannot start building business credit if you don’t have a legit business. You need to register your business with the secretary of state and get an EIN. If you already have these things, be sure the information is correct and up to date. Once you’ve completed this step, you can move on to the next step.
Step 2: Get a Duns and Bradstreet Number– This number is free. I know it may be tempting to start applying for credit once you have established your business, but doing so without your duns number will be working harder and not smarter. Your duns number can take anywhere from 24 hours to 30 days. So, once you receive your paperwork from step one, don’t delay this step.
Step 3: Create a Solid Internet Presence. Many people who are new to business credit don’t realize how crucial this step is. And that’s why many people who try to build business credit fail.
Step 4: Get 3 to 4 Tradelines– I have a list of easy approval tradelines you can start under the biz credit links HERE.
Step 5: Pay Your Tradelines Early- 10 to 15 days before the due date is a good habit. You want to ensure that you are using your tradelines as well.
And there you have it – a simple 5 -step method for getting the perfect business credit score. It takes 30-90 days to generate a paydex score. Now that you know how to get a paydex score, there’s just one thing left for you to do: take action!
Remember, you don’t have to figure it out on your own. I show you how to obtain 50k-100k in business credit funding without using personal credit in the Level Up Your Business Course. It’s a 5-week course with step-by-step instruction via videos and an easy-to-follow workbook.
By the end of this class,
You’ll have an understanding of how business credit works.
You will know how to obtain 50K- 100k in 90 days or less even if your business hasn’t made revenue yet.
You will have a list of 50 of the best tradelines and vendors to use to build your business credit.
Also included is the Personal Credit Hacks ebook with 9 proven hacks to increase your personal score.
When I first started my business, I had no idea that business credit existed or that my new business idea could qualify. The good news is that business credit is a thing, and you can absolutely qualify even if you just started. I’m going to show you how.
First, let’s discuss what business credit is. Business credit allows companies to purchase products and services through credit, loans, grants, etc. It is separate from your personal credit score.
Why business credit?
Well, it takes money to make money. Most importantly, you don’t have to go broke trying to build your business. Also, unlike personal credit, you are not penalized for utilization, and you get access to higher credit limits and loans. Remember, you can do all of this without touching your personal credit.
What can you get with business credit?
The short answer is just about anything. You can purchase a car in your business name. You can get loans and lines of credit in your business name. You can buy property, start an Airbnb, and more.
How does business credit work?
Similar to personal credit, there are three major bureaus. You have Duns and Bradstreet, Experian Business, and Equifax business. Unlike personal credit, business credit is only concerned about you paying on time. If you already have a business, you can check your score on nav.com. If you sign up for the $39.99 plan, it is a tradeline that will help you to build your business credit. Click here to sign up now.
Secondly, you need a Duns and Bradstreet number. (You may be familiar with the recent Duns and Bradstreet system changes. I wrote about these changes in a previous post. Check it out here. You only need to worry about the changes if you seek government contracts. If you are simply building business credit, you can disregard the change.
Thirdly, you need tradelines like nav.com. Preferably three to five tradelines. You want to secure the tradelines using your EIN (Employer Identification Number) only.
Even if you haven’t started making revenue yet, you can still build business credit from scratch. I breakdown how to do this and more in my business credit MasterClass. It’s only $37 for now.
In the Level Up Your Business MasterClass I cover:
The 3 Secrets to building business credit from scratch without using your personal credit!
How to quickly and easily generate a paydex score in 90 days or less.
You’ll discover the easy way to qualify your business now – even if you are new to the business world.
How to quickly recognize and avoid being denied funding.
If you are on the path to creating multiple streams of income, you should leverage both business and personal credit to get there. It is truly a game-changer when it comes to building generational wealth for generations to come.
See you at the top,
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I never imagined being a business owner. I wasn’t business savvy, and anything business-related was a turn-off for me. Working for someone else’s company didn’t feel like a “fail” for me, and it still doesn’t, as long as I love what I do and it aligns with my goals. However, things changed in 2020 when my husband and I were laid off a few weeks apart. I made a promise to myself that this would be the last time my family would ever worry about money for generations to come.
So, I started my own business. I went all out with it too. I hired a business coach, attended business conferences, and traveled for business-related events. I built business credit and used it to leverage more money. I’m not going to lie; It has been a lot of trial and error, mindset shifts, imposter syndrome, and wondering if I’ve made the right decision. I’ve also contemplated giving up more times than I care to admit.
5 Reasons why I love being an entrepreneur
I get to spend more time with my family. I get to attend teacher meetings, school field trips, and activities.
I created muliple streams of income for my household. The average millionaire has at least 7 streams of income.
I get major tax benefits. I can write off my home office, supplies, meals, business travel & more.
I am able to create the life I want to live. I do not want to work Monday through Friday and only have the weekends off. I want to be able to take a vacation anytime I want.
It’s mine! It feels good to create something that is solely yours.
I am still learning when it comes to business. Some days I feel like I can keep my head above water; other days, I feel like I’m taking a huge gulp. Nevertheless, I’ve grown so much as a person, and I’ve set my family on a different path. See, I’m breaking generational curses of poverty here. My children will not have to worry about money in their lifetime because I’m setting them up for generational wealth.
Thinking about starting a business? Grab the free profitable business checklist here. It is a step-by-step checklist of what you need to have a legal, profitable business.
Have you ever read a post or an article that asked for ideas for passive income; however, when you scrolled the comments, every idea was anything but passive? Or maybe, you’ve tried googling passive income ideas, but again, it was a lot more work than you anticipated. Well, there are many misconceptions about what true passive income is. Over the next few posts, I will break down what passive income is and provides tools for how to start adding passive income to your quota TODAY.
What quota am I referring to?
I’m so glad you asked.
I don’t know about you, but my goal is to be a millionaire and build generational wealth for my family. You’ve certainly found the right place if that is your goal too. (Click Here for a free profitable Business Checklist) The more I researched millionaire habits, the more I learned that the average millionaire has at least seven income streams. Seven sounds like a lot if you had to dedicate 40 hours a week to each one. However, the majority of the seven streams of income are passive.
So, What is passive income?
According to Forbes.com, passive income is “money you can earn without too much ongoing effort.” Actual passive income is when you no longer exchange time or exchange little time for money.
Here are four things to consider when building passive income streams
The upfront work and time investment are often anything but passive. However, once you do the work, you should enjoy the fruit of your labor with minimal maintenance.
One stream of passive income doesn’t have to make much money. People tend to overlook the small amounts of income-generating sources.
Multiple passive income streams areone of the best ways to generate wealth. After all, who doesn’t want to make money while they sleep?
You don’t always have to invest money to get started. There are plenty of ways to build passive income streams with little to no investment. I will give you examples in the next blog post. (Subscribe below to stay up to date)