What is the best, cheap and easy way for a brand new business to get a Duns number and a positive score?

For a brand new business looking to get a DUNS number and start building a positive business credit score in a cost-effective and straightforward manner, here's a step-by-step approach based on current information and practices: Getting a DUNS Number: Application: You can apply for a DUNS number for free through the Dun & Bradstreet (D&B) website. The process involves providing some basic information about your business, such as its name, address, and contact details. This number is crucial because it's how your business is identified in the D&B database, which is used by lenders, suppliers, and partners to check your business's creditworthiness.

Timeframe: It typically takes up to 30 business days to receive your DUNS number for free. However, if you need it faster, an expedited service is available for $229 to get your number within eight business days. Building a Positive Business Credit Score: Establish Business Identity: EIN (Employer Identification Number): Obtain an EIN from the IRS, which is free and serves as your business's federal tax ID. This helps separate your business from personal finances. Business Address and Phone: Ensure your business has a dedicated address and phone number, which can be virtual if needed, to appear established and legitimate. Open Trade Accounts: Net-30 Accounts: Apply for net-30 accounts with suppliers who report to D&B. Paying these invoices on time or early can positively impact your PAYDEX score, which D&B uses to assess payment history. Companies like Uline, Grainger, or even local vendors might offer these terms. Vendor Reporting: Ask your suppliers if they report payment history to D&B. If not, you might need to use services like D&B's CreditBuilder™ Plus, where you can submit trade references for verification, though this might come at a cost. Business Credit Card: Apply for a Business Credit Card: Many cards for new businesses require a personal guarantee and are based on your personal credit score initially. However, by using the card for business expenses and paying it off promptly, you can start building business credit. Look for cards that report to business credit bureaus like D&B, Experian, and Equifax. Payment History: Pay On Time: Always ensure invoices and credit card bills are paid on or before the due date. Early payments can boost your PAYDEX score significantly. Monitor Your Credit: Credit Monitoring: Use free tools like D&B's CreditSignal to keep an eye on your business's credit score. Regular checks help you address any discrepancies or issues quickly. Avoid Overuse of Credit: Manage Debt: Keep your credit utilization low. High utilization can negatively impact your credit score. Long-Term Strategy: Build Slowly: Understand that building a robust business credit profile takes time. Consistent, responsible credit behavior over time will lead to better scores. By following these steps, a new business can begin to establish a DUNS number and start the journey towards a positive business credit score without significant upfront costs. Remember, the key is responsible financial management and leveraging opportunities where suppliers or services report your payment behavior to credit bureaus.

What are the best way to develop business credit if i am a brand new business?

Here are some of the best strategies to develop business credit for a brand new business:

1. Form Your Business Properly Legal Structure: Incorporate your business or form an LLC. This establishes your business as a separate legal entity, which is crucial for business credit. EIN (Employer Identification Number): Obtain an EIN from the IRS. This acts like a social security number for your business. 2. Open a Business Bank Account This helps segregate personal and business finances, making your business dealings more transparent to credit bureaus. 3. Establish Trade Lines Vendor Credit: Begin with vendors that offer net-30 terms (payable within 30 days). Ensure these vendors report to business credit bureaus like Dun & Bradstreet, Experian, or Equifax. Supplier Relationships: Build strong relationships with suppliers by paying on time or early, which can lead to better credit terms and reporting. 4. Business Credit Cards Apply for business credit cards. Start with secured cards or those designed for new businesses if necessary. Use them judiciously, only charging what you can pay off each month to avoid interest and show good credit management. 5. Small Business Loans or Lines of Credit Look for lenders who report to business credit bureaus. Even if you start with small amounts, timely repayment can build your credit profile. 6. Register with Business Credit Bureaus D-U-N-S Number: Obtain a D-U-N-S number from Dun & Bradstreet. This is often a requirement for many business transactions and credit applications. Credit Profile: Register your business with major credit reporting agencies to ensure your credit activity is tracked and reported. 7. Maintain Good Financial Practices Separate Business and Personal Finances: This not only helps in credit building but also in managing your cash flow. Check Your Credit Reports: Regularly review your business credit reports to ensure accuracy and monitor your credit health. 8. Timely Payments Pay all bills and loans on time. Late payments can significantly harm your business credit score. 9. Credit Utilization Manage your credit utilization rate by not using too much of your available credit. Keeping this rate low (generally below 30%) is seen positively by credit bureaus. 10. Networking and References Good relationships with other businesses can lead to credit references. Networking can also open doors to credit opportunities or introductions to credit providers. 11. Use Business Credit Building Services There are services designed to help new businesses build credit by facilitating credit or by reporting payment history to credit bureaus. 12. Educate Yourself Understanding how business credit works, what impacts your scores, and how to manage it can lead to better credit management practices. Building business credit is a gradual process that requires consistent, responsible financial behavior. Starting early and maintaining these practices can set a strong foundation for your business's financial future.

your online presence matters a great deal to your business!

Absolutely, having a strong online presence is crucial for businesses today for several reasons:

Visibility and Reach: The internet allows businesses to reach a global audience. With the right strategies, even small businesses can achieve visibility that was previously only available to large corporations with significant advertising budgets. Customer Engagement: Online platforms provide various ways to interact with customers - through social media, blogs, forums, or customer reviews. Engaging with customers can build loyalty, gather feedback, and improve services or products. Brand Building: Online presence helps in crafting and reinforcing brand identity. Consistent messaging, visual branding, and interaction style across different platforms can strengthen brand recognition and trust. SEO and Organic Traffic: A well-managed online presence can improve search engine rankings, leading to increased organic traffic. This is cost-effective compared to paid advertising. Marketing Opportunities: Digital marketing tools like PPC (Pay-Per-Click), content marketing, email marketing, and social media ads offer precise targeting options, which can lead to better ROI on marketing spend. Data Analytics: Online interactions generate data that can be analyzed to understand consumer behavior, preferences, and trends. This insight is invaluable for strategic decision-making. Competitive Edge: In many sectors, not having an online presence can be a significant disadvantage. Consumers often research online before making decisions, and if competitors are more visible, they might capture the market share. Credibility: A professional website, active social media profiles, and regular content updates can enhance a business's credibility. Consumers tend to trust businesses that appear established and active online. Customer Service: Offering support through online channels can improve customer service, making it easier for customers to get help when they need it, which can lead to higher satisfaction and repeat business. Adaptability: The online landscape changes quickly, and having an established presence means businesses can adapt to new trends, technologies, or platforms faster than those starting from scratch. To leverage an online presence effectively, businesses should: Ensure their website is user-friendly, mobile-optimized, and fast. Engage actively on social media where their audience spends time. Use SEO best practices to improve visibility. Produce quality content that provides value to the audience. Monitor and respond to online reviews and feedback. Use analytics to refine marketing strategies and understand audience demographics. Remember, the effectiveness of an online presence is not just about being online but about how well you engage and connect with your audience in that space. Ask anything

BUSINESS CREDIT 101

Establish the Business 1. NAME YOUR COMPANY - The first step in this process is to select a company name. Be sure you pick one that has not been selected by another company in your state, You can check with you Secretary of State and once that is done you can move onto the next step. ******************************************************************************************************************************************************* 2. INCORPORATE YOUR COMPANY - Now that you have selected your business name, you are going to need to establish your corporation with the state of your choosing. To do this, you can go to "Free Registered Agent". which is owned by InCorp Services. They will give you registered agent services free for the first year. They also only charge a nominal fee plus your states filing fees to incorporate your business. *************************************************************************************************************************************************************** 3. OBTAIN AN EIN - Once you have incorporated your business you will need to obtain a Federal Employer Identification Number. You can file form SS-4 online at the Internal Revenue Service website. http://www.irs.gov/businesses/small/article/0,,id=102767,00.html * Once you have completed this form you will obtain your EIN in a matter of seconds. Be sure to print it out and write it down because they do not send you an email confirmation. This is the number that you will need in order to apply for credit under your business name without a personal guarantee. ************************************************************************************************************************************************************* 4. ESTABLISH A LOCATION - So now you have your EIN and are incorporated. Your business needs to have a physical location that is not your home address. The UPS store will not work because most creditors have them flagged. An alternative is to get a virtual office in your home town. Most of these will supply you with a lease agreement (sometimes needed to get credit), license hanging services, your name on a wall plaque at the location, and mail forwarding services. You should be able to find these services bundled for about $100 per month. In addition, some of these places will even allow you small usage of the buildings conference room and offices for an additional fee. This is great if you just need a completely quiet place to work for a few hours or if you need to sign a contract or conduct a meeting.(I HAVE BEEN TOLD RECENTLY THAT DUN &BRADSTREET WILL FLAG VIRTUAL OFFICE ADDRESSES NOW,I USED MY HOME ADDRESS FOR MY DUNS CREDIT FILE AND IT WORKED FINE!) *************************************************************************************************************************************************************** 5. ESTABLISH PHONE SERVICE - Now that you have a physical location for your business, you will need to establish a utility bill using your newly received EIN and business address. There are many choices for this step of the process.(IN MY AREA VERIZON WILL SET YOU UP WITH A SMALL BUSINESS PHONE LINE FOR $21.99 A MONTH + TAXES & FEES,WITH UNLIMITED LOCAL CALLS AND CALL FORWARDING!)http://www.verizon.com/smallbusiness/ ************************************************************************************************************************************************************** a) Contact your local telephone companies business sales department and request what they call a Remote Call Forwarding Number. This is a number that the phone company manages at their and is forwarded to a number of your choosing. They will usually charge a setup fee and $10 to $15 per month. Make sure you give them the address of the office that you set up and the EIN number. Also make sure that they will list you in the 411 directory under your address, not theirs. *************************************************************************************************************************************************************** b) Another method is to get an 800 number and have it forwarded to a number of your choosing. You can then utilize "List Yourself" to add yourself to your local 411. However, this is not recommended because there is still no free way (that I know of) to list yourself in the national 411 directories. *************************************************************************************************************************************************************** c) For those of you that need a true business line, you can subscribe to the Vonage Small Business Premium service (or any other small business VOIP service) and for $49.99 per month and they will list your business in both your local and national 411 directories. *************************************************************************************************************************************************************** 6. ESTABLISH A CHECKING ACCOUNT - Once you have all of that in order, you can now open your corporate checking account. Many banks only require $100 to open the account, 2 forms of identification, and your Articles of Incorporation. (I USED US BANK THEY LOVE SMALL BUSINESSES,THEY HAVE A SILVER BUSINESS CHECKING THAT IS TOTALLY FREE!) SEE LINK BELOW. https://www.usbank.com/small-business/checking/silver-business-package.html ********************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************************* Every Silver Business Package Checking account comes with: 150 free transactions per statement cycle1 $0.50 per transaction over the free combined transactions 25 free cash deposit units per statement cycle2 Online Banking, Mobile Banking3, Bill Pay and Account Alerts, and U.S. Bank ATM transactions4 50% discount on first check order up to $505 *************************************************************************************************************************************************************** The Silver Business Package gives you these valuable extras: Free Card Reader when you sign up for our Clear & Simple Pricing program through U.S. Bank Payment Solutions Merchant6 $200 payroll credit for Full Service Payroll or $9.99 for the first three months for Do-It-Yourself Payroll.7 Viewpost® Digital Invoicing and Payments:- Create and Send Invoices for Free Introductory bonus rate on a U.S. Bank Platinum Business Money Market8 50% discount on Gold Personal Package checking monthly maintenance fee.9 First year annual fee waiver on the Business Reserve Line10 Preferred interest rates on Equipment Financing11 No Monthly Maintenance Fee! *************************************************************************************************************************************************************** There are no checking account maintenance fees or minimum balance requirements with a Silver Business Package Checking account. * Item Fees $0.50 for each transaction above 150 per statement cycle All U.S. Bank business packages and accounts provide access to the following: * Online Banking for Business – Manage your business finances and pay bills 24/7, when and where it’s convenient for you. Remote Check Deposit – Choose from entry-level solutions that allow you to use your own scanner to high-end systems for businesses that receive a large volume of checks. Check Fraud Prevention – With U.S. Bank’s Positive Pay, you can take preventive measures against check fraud, helping decrease the risk to your business. Card Payment Processing – Improve cash flow, minimize collections risk and better serve your customers while meeting stringent security standards to protect cardholder data.*************************************************************************************************************************************** Business Reserve Line – A $1,500 to $5,000 unsecured line of credit for overdraft protection (subject to credit approval). Business EdgeTM Check Card – A convenient way to get cash from ATMs and many retail establishments. You can also use your check card instead of cash or checks for everyday purchases. *************************************************************************************************************************************************************** YOU CAN VIEW COMPLETE ARTICLE AT:http://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894/highlight/true

Building business credit; Build your credit with your EIN

Business Credit is credit that is obtained in a Business Name, with business credit the Business builds its own credit profile and credit score and with an established credit profile and score, the business will then qualify for credit. This credit is in the business name and based on the business’s ability to pay, not the business owners since the business qualifies for the credit, in some cases there is no personal credit check required from the business owner. The business can use its credit to qualify for revolving store credit cards like Staples, Lowes, Sam’s Club, Costco, BP, Wal-Mart, even MasterCard, Visa, and AMEX. The business can also qualify for credit lines and loans. A credit profile can be built for a business that is completely separate from the business owner’s personal credit profile. This gives business owners DOUBLE the borrowing power as they have both Personal and Business credit profiles built. Business credit scores are based only on whether the business pays its bills on time. A business owner can obtain credit much faster using their business credit profile versus their personal credit profile. Personal Credit Scores are based on 5 factors : Payment History 35% Utilization 30% Length of Credit History 15% Accumulation of New Credit 10% Credit Mix 10% Dun & Bradstreet’s Business Paydex Score are based on Payment History: Expect payment may come early 100 Payment is prompt 80 Payment comes 14 days beyond terms 70 Payment comes 21 days beyond terms 60 Payment comes 30 days beyond terms 50 Payment comes 60 days beyond terms 40 Payment comes 90 days beyond terms 30 Payment comes 120 days beyond terms 20 Approval limits are much higher on business accounts versus personal accounts. Per SBA, credit limits on business cards are usually 10-100 times higher than consumer credit. for the complete article see: http://www.anglefinancialservices.com/blog/build-your-credit-with-your-ein