Business Model Canvas (BMC)- A new venture concept
Doctor+buisness+credit+presentation 1
1. DoctorBusinessCredit.com
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
2. Famous Credit Quotes
Remember that credit is money – Benjamin
Franklin
The most important thing for a young man is
to establish credit – a reputation and
character. John D. Rockefeller
It is only the poor who pay cash, and that not
from virtue, but because they are refused
credit. – Anatole France
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
3. Business Ethics & Credit
The word “ethics” means a set of moral
principles, discipline dealing with what is
good and bad and with moral duty and
obligation.
Business owners have a great
responsibility to conduct business in
ethical and best practice methods.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
4. Business Credit
Most creditors and lenders require you supply
them with your own personal guarantee for
anything you do for the business.
This means if anything were to go wrong at
work, they come after your personal assets
also.
What they don't want you to know is that you
CAN easily obtain money for your business
without offering this personal guarantee.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
5. Business Credit
Business credit is credit obtained in a
Business Name
With business credit the Business builds its
own credit profile and credit score
With an established credit profile and
score, the business will then qualify for greater
credit
This credit is in the name of the business and
based on the business’ 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
(c) Copyright 2013 www.doctorbusinesscredit.com All rights reserved. This material may not be published, broadcast or written without our permission.
6. Business Credit vs. Personal
Credit
Personal credit scores range from 300
to 850 with scores of 720+ being
considered excellent.
Some of the business credit scores
range from 0 to 100 with scores of 75+
being strong.
There is a lot to learn to be able to
optimize high credit scores quickly.
Our goal for your business is optimizing
strong business credit scores.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
7. EIN vs. SSN
Whether you have employees or
not, your business entity must have an
Employer Identification Number (EIN)
Just like you have a Social Security
Number, your business should have an
EIN
Your business tax ID number is used to
open your bank account and to build
your business credit profile
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
8. The Steps to Building
Business Credit
A business starts building a brand new credit profile
much the same as a consumer does
The business starts with no credit profile
The business gets approved for new credit that
reports to the business credit reporting agencies
The business uses the credit and pays the bill timely
A positive business credit profile is established
As the business continues using the credit and pays
bills timely it will qualify for more credit
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
9. Business Credit Scoring
Business credit scores are based also on whether the business pays its bills on time
Payment is made before invoice is sent to business
Payment comes within early discount period
Payment is prompt
Payment comes 14 days beyond terms
Payment comes 21 days beyond terms
Payment comes 30 days beyond terms
Payment comes 60 days beyond terms
Payment comes 90 days beyond terms
Payment comes 120 days beyond terms
Unavailable
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
100
90
80
70
60
50
40
30
20
10. Step 1- Build Business
Credibility
The perception lenders, vendors, and creditors
have of your business is critical to your ability to
build strong business credit.
Before applying for business credit a business
must ensure it meets or exceeds all lender
credibility standards.
There are over 20 credibility points that are
necessary for a business to have a
strong, credible foundation.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
11. Corporate Entities
You can build business credit with almost any
corporate entity type
If you truly want to separate business credit
from personal credit your business must be a
separate legal entity not a sole proprietor or
partnership
Unless you have a separate business entity
(Corporation or LLC) you might be "doing
business" but you are not truly "a business“
You need to be a Corporation or an LLC in order
to separate personal from business credit
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
12. Important Details
• Business Address Must be a real brick-and-mortar
business building. Cannot be a PO Box or a UPS
address.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
13. Important Details
You must have a dedicated business phone
number that is listed with 411 directory
assistance, under the business name
Some lenders will not approve and fund
unless all the criteria is met specifically to
their requirement.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
14. Important Details
Lenders perceive 800 Number or tollfree phone numbers as a sign of
business credibility
Lenders perceive a credible business as
one with a fax number
Not having a company website will
severely hurt the chances of obtaining
business credit
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
15. Important Details
Avoid using free email services like Yahoo
and Hotmail
The date you open your business bank
account is the day that lenders consider
your business to have started
You will need to contact the
state, county, and city government offices
to see if there are any required licenses
and permits to operate your type of
business
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
16. Additional Credit Building
Details
Tax Returns: All applicable business tax
returns must have been filed
Public Records: There can be no
liens, judgments, or lis-pendens against
the business
Business Model: A summary of your
business plan with revenue projections
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
17. Step 2- Business Credit
Reports
Business credit reports are offered by
Experian, Equifax, and Dun & Bradstreet
Set up your business credit “the right
way” with each business credit
reporting.
Doctor Business Credit can help with
proven methods which have been used
by thousands.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
18. The Big 3 Agencies In A Glance
Experian is the most open and accessible. You can easily buy your
business report online and there is no fee for setting up your file.
Experian Smart Business Reports is used by many credit card
companies, vendors, non-traditional lenders, and banks. Our program
gives you free access.
Equifax also allows business owners to purchase a copy of their
reports online but is typically the most difficult to establish a file with.
This is mainly because their requirements on the vendors and credit
providers who would report your payment history are more demanding
than Experian or D&B’s. Equifax manages the “Small Business
Financial Exchange” and is important to cash lenders such as banks.
Dun & Bradstreet assigns businesses at D-U-N-S number and a
“rating”. These are critical components of the process. Along with some
conventional business lenders for underwriting, D&B is used by many
vendors to determine if they will extend your business net terms, and
landlords use them to approve office leases. We also provide your
dubs number which would cost you $799.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
19. Experian
Visit http://www.smartbusinessreports.com/
for a copy of your Smart Business Report
Find out how many trade lines are
reporting,
Check if you have a business credit score
assigned,
Check if you have an active Experian
Business Profile, and
Check on recent inquires
Get a Smart Business Report
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
20. Equifax
You can purchase a copy of your Equifax
Small Business Credit Report here
http://www.equifax.com/small-business/creditreport/en_sb
It is important to work with the credit
providers who help and work with you to build
your credit the fast way, not just report what
is necessary.
(c) Copyright 2013 www.doctorsbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
21. Dun & Bradstreet DUNS
Number
Obtaining a Dun and Bradstreet number
(D-U-N-S #) begins the process of
building your business credit profile with
them
Your D-U-N-S # will also play an
important role in enabling your business
to borrow without a personal guarantor.
http://www.dnb.com/
$299 - $699 per DUNS Number
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
22. Step 3- Building Business
Credit
A business credit report can be started much
the same as a consumer credit
report, opening with merchant credit cards
A vendor line of credit is when a company
(vendor) extends a line of credit to your
business on "Net 15, 30, 60 or 90" day terms
Your business needs to have a total of at
least five (5) Net 30 day pay accounts
reporting
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
23. Keep Up with Corporate
Records
Make sure your business is registered with the
state as a legitimate company and in
compliance by having: Articles of
Incorporation, Corporate Minutes, Corporate
Resolutions, and List of Officers.
Keeping up-to-date corporate records is legally
required and you must file every year to stay in
good standing. If you don’t, you’ll be throwing
away all the liability protection and other
benefits that a company is entitled to receive.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
24. Step 4- Revolving
Accounts
After the business has established numerous trade lines, it
will be able to start getting approved for revolving business
credit accounts.
Trade lines create the required history for a company.
Businesses need several cards with 10K limit.
Do not link personal credit to business credit.
These accounts normally report to Experian, D&B and
sometimes Equifax. Make sure they report the right way to
all. Not all companies report to every agency.
These accounts will help build business credit, due to their
reporting methods, on a larger scale than just the Net 30day vendors alone.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
25. Locate Merchants Who Do
Not Request Your SSN
Most merchants and major retailers offer business
credit, they just don’t advertise it
There is no benefit to the merchant to promote credit
with no personal liability if the business owner is willing
to take on that liability
Merchants don’t promote their business credit cards
regularly, they ask for the owner’s SSN
When applying, the owner should know the information
that merchants check to provide higher credit limits
Without projecting the perfect image of their liking you
get low limits or no credit at all
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
26. Revolving Credit Cards
The business needs a high credit score and a
perfect credit file to receive a high credit limit for
a Visa or MasterCard.
Find out all requirements before applying. We
never let our clients apply unless we know they
will be approved. Too many inquiries reflect
desperation and slows the process.
Get approved for higher limit cards $10,000+
Obtain multiple Visa, MasterCard, AMEX and
continue increasing credit limits.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
27. Keep Business & Personal
Credit Separate
Make sure you separate business credit from
personal credit. As soon as you provide your
SSN, the business and personal credit is
merged.
Most merchants and major retailers offer
business credit, they just don’t advertise it.
There is no benefit to the merchant to promote
credit with no personal liability if the business
owner is willing to take on that liability.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
28. Credibility Points
The perception lenders, vendors, and creditors
have of your business credit is critical to your
ability to build strong business credit.
Before applying for business credit, a business
must ensure it meets or exceeds all lender
credibility standards.
There are over 20 credibility points that are
necessary for a business to have a
strong, credible credit foundation.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
29. Establish Business Credit
DoctorBusinessCredit provides business
advisors who can guide you to make sure you
get the most amount of credit in the list
amount of time.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
30. Creating Your Business
Credit Gives Stability and
Freedom
Having an excellent business credit score
greatly adds to the overall value of your
business.
Your business’ value and borrowing power
will greatly improve as your business credit
score increases.
(c) Copyright 2013 www.doctorbusinesscredit.com
All rights reserved. This material may not be
published, broadcast or written without our
permission.
Editor's Notes
Third bullet – each merchant’s forms are different. D&D knows how to complete each of the forms.
I really want to emphasis the importance of keeping business and personal credit separate.