Over the last few days I've been sharing with you
some solid training videos from TV's Than Merrill,
star of A&E's "Flip This House".
Check out Than's "Instant Internet Video Ads Strategy"
http://www.wholesalingu.com/go?w=bwu&p=patgage
Don't get me wrong; his past couple videos are solid,
but I just watched his latest one and it's HANDS DOWN
the best one.
No question!
Check out Than's "Instant Internet Video Ads Strategy"
http://www.wholesalingu.com/go?w=bwu&p=patgage
In this training video he picked an investor that
posted a comment to the blog... who had absolutely
NO ONLINE presence. He showed him how to create online video ads designed
to find buyers... and within 24 hours, he was on the
first page of GOOGLE.
Awesome, huh?
Than shows you exactly how to do the same thing, so
that you too can build a H-U-G-E buyers list using
these ads.
In fact, Than has used this same strategy
to grow his buyers list to over 40,000 people.
Imagine having little ads that constantly add buyers
to your list while you sleep?
Check out Than's "Instant Internet Video Ads Strategy"
http://www.wholesalingu.com/go?w=bwu&p=patgage
To Your Business Funding Success
Pat Gage
Showing posts with label Business credit line Credit for business. Show all posts
Showing posts with label Business credit line Credit for business. Show all posts
Tuesday, January 27, 2009
Thursday, July 31, 2008
Business Credit Cards.
To any business, either a start-up or established, business credit cards can be very valuable financial tools if managed properly. Remember also, that because they’re business credit cards, they are unsecured and don’t show up on the owners credit report.
The balances will not show up on your credit report and that won’t over leverage you. Unsecured means there is no collateral put up to get these business credit cards, no house, no car, no kids, wife etc. And did I say that these business credit cards don’t show up on your personal credit report! That is huge!
But if used improperly, it can have a devastating affect on your business’ credit profile, and hence, your business itself.
Managing your business credit cards doesn’t require an MBA from Harvard, or a financial specialist looking over your shoulder every time you plunk it down.
But it does require careful monitoring, and plain old common sense. Here are a few tips you can use to get the most from your business credit cards:
* Always apply at your primary bank first. Why? Because you’ve already established a banking relationship which can pave the way for an easy application process. In short – they know you. Once you get the business credit cards, and pay them in a timely manner, it will increase your credit worthiness in the eyes of the bank. This will be of significant help when you apply for
additional business loans later on.
* Never co-mingle your business credit cards with your personal credit cards. However, here’s a little secret to the game. If you have business debt on your personal credit cards, transfer balance the debt to your business credit cards and this will immediately improve your personal credit score by lowering your debt to income ratio. This is a huge benefit of being a business owner. This will also help you at tax time.
* Once your business credit is established, you’ll be deluged by special offers from credit card companies on a daily basis. When you’re invited to apply and the offer is good, then apply. Remember this: Just because you have applied and received several business credit cards, doesn’t mean you have to use them immediately.
It’s always a good idea to have extra “Rainy Day” money available. Every business goes through ups and downs and having the money available can be invaluable during one of those down times. It’s always easier to get money when you don’t need it.
By all means, use the grace period when paying your business credit cards. Most providers of business credit cards offer a 21-day grace period before payment is due. This can be a big help in improving your cash flow, and it’s built-in for you to use. Don’t abuse it, and don’t pay later than the grace period deadline, however.
Like many business transactions today, you can pay your business credit card bill online. This may not sound like such a big deal, but when you think of the time and effort it takes to write out and mail a check, it’s really a good deal. Especially since the mail can sometimes be unpredictable.
Knowing you can choose the exact date your bill is paid, is priceless. Do not pay your credit card bills late! Yes, take advantage of the grace period, but paying late, especially if it develops into a habit, will end up costing a lot more than the actual bill. Late fees will bring about higher interest rates.
But more importantly, late payments will go straight to your business’ credit profile – and you don’t want it there, especially if you plan on trying to get a line of credit from your bank or lender in the near future.
Pay the bills on time, if possible.
Finally, always remember that your business credit cards can be a very effective tool in managing your company’s finances. But like any tool, if handled improperly, it can cause irreparable harm – in this case, to your company’s business financial profile. Use it wisely! But don't be scared of them!
Any thoughts?
Pat Gage
http://www.10stepstomoney.com
The balances will not show up on your credit report and that won’t over leverage you. Unsecured means there is no collateral put up to get these business credit cards, no house, no car, no kids, wife etc. And did I say that these business credit cards don’t show up on your personal credit report! That is huge!
But if used improperly, it can have a devastating affect on your business’ credit profile, and hence, your business itself.
Managing your business credit cards doesn’t require an MBA from Harvard, or a financial specialist looking over your shoulder every time you plunk it down.
But it does require careful monitoring, and plain old common sense. Here are a few tips you can use to get the most from your business credit cards:
* Always apply at your primary bank first. Why? Because you’ve already established a banking relationship which can pave the way for an easy application process. In short – they know you. Once you get the business credit cards, and pay them in a timely manner, it will increase your credit worthiness in the eyes of the bank. This will be of significant help when you apply for
additional business loans later on.
* Never co-mingle your business credit cards with your personal credit cards. However, here’s a little secret to the game. If you have business debt on your personal credit cards, transfer balance the debt to your business credit cards and this will immediately improve your personal credit score by lowering your debt to income ratio. This is a huge benefit of being a business owner. This will also help you at tax time.
* Once your business credit is established, you’ll be deluged by special offers from credit card companies on a daily basis. When you’re invited to apply and the offer is good, then apply. Remember this: Just because you have applied and received several business credit cards, doesn’t mean you have to use them immediately.
It’s always a good idea to have extra “Rainy Day” money available. Every business goes through ups and downs and having the money available can be invaluable during one of those down times. It’s always easier to get money when you don’t need it.
By all means, use the grace period when paying your business credit cards. Most providers of business credit cards offer a 21-day grace period before payment is due. This can be a big help in improving your cash flow, and it’s built-in for you to use. Don’t abuse it, and don’t pay later than the grace period deadline, however.
Like many business transactions today, you can pay your business credit card bill online. This may not sound like such a big deal, but when you think of the time and effort it takes to write out and mail a check, it’s really a good deal. Especially since the mail can sometimes be unpredictable.
Knowing you can choose the exact date your bill is paid, is priceless. Do not pay your credit card bills late! Yes, take advantage of the grace period, but paying late, especially if it develops into a habit, will end up costing a lot more than the actual bill. Late fees will bring about higher interest rates.
But more importantly, late payments will go straight to your business’ credit profile – and you don’t want it there, especially if you plan on trying to get a line of credit from your bank or lender in the near future.
Pay the bills on time, if possible.
Finally, always remember that your business credit cards can be a very effective tool in managing your company’s finances. But like any tool, if handled improperly, it can cause irreparable harm – in this case, to your company’s business financial profile. Use it wisely! But don't be scared of them!
Any thoughts?
Pat Gage
http://www.10stepstomoney.com
Tuesday, July 29, 2008
HOW TO GET YOUR 2ND BUSINESS LOAN
Good for you! You were able to get that all important 1st loan to start your fledgling business. Now you’re up-and-running, business is humming, and things are looking rosier than a horticultural shop in May. Time to sit back and smell those roses? Not quite. You’ve gone from working 10 hours a day to 12. You need money for expansion, marketing, people. You need to go back to the bank. But since you’ve already been successful once, you shouldn’t have any problem getting a second loan, right? Should be a snap!
Well, maybe not quite that easy. Because your loan officer is going to look at you just as hard the second time around as he/she did the first. There are no free passes when it comes to getting credit, so you better be prepared to look good.
Here’s how you do it:
First and foremost, make sure your business credit is in good shape. That means that all business credit cards have been paid in a timely manner, as well as bills from suppliers, utilities and the like. To find out how you stand, check with Dun & Bradstreet. They keep tabs on virtually all small businesses, and will have a record of your payment performance. If by some chance, there’s a blot on your record, find out what it is. You can be certain your loan officer will want to know what’s it’s all about. It’s up to you to make sure it can be explained, or better, removed before you apply for a loan. Don’t have a Dun & Bradstreet credit profile? Get signed up as soon as possible. A Dun & Bradstreet credit profile is the best way to get your business credit on track and supercharge your business with vendors and lenders. This demonstrates to the banks that your business is a real business and not “in a van down by the river.”
Ask for more than you actually need. It may sound scary, but remember you only use it as you need it. That’s the beauty of unsecured lines of credit. Yes, bigger loans mean bigger payments, but remember you only pay on what you use. This is about getting the right amount of unsecured lines of credit so that you don’t necessarily have to go back to the bank anytime soon. Applying for too small a loan can be just as dangerous as applying for too big a loan. Because then you have to keep going back. If you ask for the right amount then it will sustain your business for a little longer.
Clear up your personal credit if you have any problems. Your credit was probably pretty good when you were granted your first loan, but if for some reason it’s taken a hit since then, you’d better clear it up – and fast! Even though your business may be booming, lenders know that personal credit problems could carry over to your business down the road. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.
Anticipate, organize and be prepared when you make your loan application. Sounds simple enough, but have your financial consultant prepare an interim financial statement, incase the banker asks for it. However, remember that you are applying for unsecured lines of credit so you don’t have to put up your business or personal assets for collateral. In short, anything that will make you look more professional and prepared in the eyes of your lending officer, but don’t offer it if they don’t ask for it. The fact that you’ve prepared this material means less work your lending officer. Nothing wrong with that scenario!
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Well, maybe not quite that easy. Because your loan officer is going to look at you just as hard the second time around as he/she did the first. There are no free passes when it comes to getting credit, so you better be prepared to look good.
Here’s how you do it:
First and foremost, make sure your business credit is in good shape. That means that all business credit cards have been paid in a timely manner, as well as bills from suppliers, utilities and the like. To find out how you stand, check with Dun & Bradstreet. They keep tabs on virtually all small businesses, and will have a record of your payment performance. If by some chance, there’s a blot on your record, find out what it is. You can be certain your loan officer will want to know what’s it’s all about. It’s up to you to make sure it can be explained, or better, removed before you apply for a loan. Don’t have a Dun & Bradstreet credit profile? Get signed up as soon as possible. A Dun & Bradstreet credit profile is the best way to get your business credit on track and supercharge your business with vendors and lenders. This demonstrates to the banks that your business is a real business and not “in a van down by the river.”
Ask for more than you actually need. It may sound scary, but remember you only use it as you need it. That’s the beauty of unsecured lines of credit. Yes, bigger loans mean bigger payments, but remember you only pay on what you use. This is about getting the right amount of unsecured lines of credit so that you don’t necessarily have to go back to the bank anytime soon. Applying for too small a loan can be just as dangerous as applying for too big a loan. Because then you have to keep going back. If you ask for the right amount then it will sustain your business for a little longer.
Clear up your personal credit if you have any problems. Your credit was probably pretty good when you were granted your first loan, but if for some reason it’s taken a hit since then, you’d better clear it up – and fast! Even though your business may be booming, lenders know that personal credit problems could carry over to your business down the road. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.
Anticipate, organize and be prepared when you make your loan application. Sounds simple enough, but have your financial consultant prepare an interim financial statement, incase the banker asks for it. However, remember that you are applying for unsecured lines of credit so you don’t have to put up your business or personal assets for collateral. In short, anything that will make you look more professional and prepared in the eyes of your lending officer, but don’t offer it if they don’t ask for it. The fact that you’ve prepared this material means less work your lending officer. Nothing wrong with that scenario!
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
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