We build a solid foundation for your business credit
Weather you currently need capital or not, you must start building a foundation for your business credit profile. As a general rule, you need to separate your personal and business activities as much as possible.
The first step is getting a professional business address/telephone number, domain based email address and website. This will be important as you build your business credit profile. It will also make the next steps a lot easier.
The next step is to form a corporation or LLC (DBA's don't cut it). You need to be a corporation (S or C) or LLC if you are serious about raising capital for your business. Without a corporation you are limiting yourself. Investors can’t invest in a sole proprietorship: You need to have shares or membership units if you want to bring on investors. From this you can see that if you haven’t incorporated you have seriously handicapped your business. Depending on your budget and how much support you require we can either help you or do it for you.
Now it is time to get your EIN or Employer Identification Number. The Employer Identification Number (EIN), is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.
Now you can apply for a DUNS number. The Data Universal Numbering System, abbreviated as DUNS or D-U-N-S, that assigns a unique numeric identifier, referred to as a "DUNS number" to a single business entity. It's like a social security number for your business. When you obtain a D-U-N-S Number, you receive a nine-digit number that is unique to your company. This number is used to create your business credit file, similar to how your Social Security number can be used to identify your personal credit reports.
At this point you should open a business account that will be used solely for business purposes. You should also set up some accounting software such as QuickBooks and if you really plan on being successful and wowing your customers a CRM (Customer Relationship Management) system is imperative.