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3 Easy Credit Repair Steps

Quick credit repair might seem impossible if you’ve been having credit problems. It’s easy to think that once your credit score is damaged you might never be able to fix it. Fortunately, it’s possible to take just a few steps and achieve quick credit repair that can make a huge difference in your score.

 Step 1  make sure you make the right payments on time.  If you’re having financial problems, just this first step caIf you’re having problems with your credit, you’ve probably gotten behind on at least one debt. Late payments or missed payments can dramatically damage your score.n seem difficult. But if you figure your income and expenses and there’s just not enough there to make the minimum payments, then you need to contact the companies and let them know you’re having a hard time.

If this doesn’t work and you still can’t pay, you may want to look into a quick credit repair program that negotiates for you to pay a percentage of what you owe in smaller payments. It’s important to do something so that you don’t keep getting farther and farther behind.

Step 2 Manage the balances on Your  Credit Card Balances.  If your balances on your cards are more than 40-50% of their limits. You can pay more on each card if you want. But you’ll get more of a feeling of satisfaction if you choose one card to work on first. Make the minimum payments on the other cards, and pay as much as you can on that one card.  Using this method, you’ll see the balance of that card drop more quickly.  Once that card is paid off, chose another card and start applying what you were paying on the first card to it in addition to its minimum payment.

Step 3.   Contact Experian, Equifax, Innovis and TransUnion and request your free annual credit report. Look them over and contact them about any errors. These are 3 easy quick credit repair tips than can really improve your score right away.

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Stuggling with Cash Flow? Try Unsecured Business Credit Lines.

At some point in time, the reality with most businesses is that fluctuation periods would eventually come and such companies will have to face problems regarding their cash flow. A company may experience a financial crisis wherein more cash may be going out than entering as profit.

It is very important for any enterprise to never run out of funds.  Having an unsecured business line of credit could make all the difference. Assuring that your company has an unsecured line of credit will be a big step of precautionary on your part to keep your company afloat, even when faced with financial crises.

What Is An Unsecured Business Line of Credit and How Does It Help?
 
An unsecured credit line for your business is a type of financing resource that can provide your company with the money that it needs without requiring collateral. Having such a credit line for your company can be of great benefit, especially when faced with problems on cash flow. This can provide you with the temporary funds that your company may need for operations to continue.

In running your own company, sometimes being prepared for possible problems  play a big role in helping you ride the tides of business. For sharp entrepreneurs, even when there is no immediate need for the extra funds, having an unsecured credit account at hand will be a good cautionary tool for anything that could possibly go wrong with the business.

After all, you can never know exactly when your company might experience cash flow problems. But knowing that you have back up when funds become unexpectedly tight through unsecured business lines of credit, will surely set a whole lot of difference for your business to step up the ladder.

A Crash Course In Credit Scores

If  you had no idea that there is a totally different credit scoring system for businesses than there is for people, don’t fret—I’ll explain.

Personal credit scores range from 350 to 850.   All three of the credit bureaus—Equifax, Experian, and Transunion—offer  FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, but they each give the scores a different name: At Equifax, the FICO is known as the Beacon credit score; at TransUnion, it’s called Empirica; and at Experian, it’s called the Experian/Fair, Isaac Risk Model.

Business credit scores range for 0 to 100.  The major business credit bureaus are Dun and Bradstreet and Experian Insights. Unlike their counterparts the business scoring system is not complexed.  It is quite simply based on payment history.  Each credit bureau does however, give  the scores a different name.  At Dun and Bradstreet the score is called a PayDex and at Experian it is called an Intelliscore.  Here is the bottom line in this crash course:   Good business credit scores PLUS good business credit scores  gets you access to lots of business funding!

Cash In On Client Invoices

Do you need working capital? 

Heres a solution that may provide you will all the working capital your company needs. Most business to business sales usually carry 30 to 60 day payment terms. This means that you must deliver your products or services now. However, your client has between 30 to 60 days to pay you.

This creates a significant challenge for business owners. The is a potentially huge problem that has a simpe solution. Your clients want to pay you in 30 to 60 days, but you must pay rent, payroll and your suppliers now. As you can see, the math does not work. Unless you have a substantial bank account, this leads to an almost impossible situation.

If you are in this situation, it is also very likely that the bank will not be able to help you. As you well know, banks tend to  lend to businesses that have three years of profitable operations and significant hard collateral. If you do not qualify for bank financing, your best bet may be to consider factoring.

Factoring is a business financing tool that helps business owners who cannot afford to wait 30 to 60 days to get paid by customers. Factoring provides you with the necessary funds to meet payroll, make rent and pay your suppliers on time.

As opposed to bank financing, factoring is easy to qualify for. The main requirements are that you have a business with a strong roster of commercial clients.  Approval is based on your client’s credit and not yours. Factoring is also easy to use and it reduces the time you wait to get paid from 60 days to 2 days.

Factoring financing is an ideal tool for companies that are growing and that cannot afford to wait to get paid by the clients. It helps you to stabilize your financial situation and positions you for growth.

What Are You Free To Do?

Money Won’t Create Success, the freedom to make it will. ~Nelson Mandela~

Pursuing Your Passion is Fulfilling and Leads to Financial Freedom.  ~Robert G. Allen~

The Best Thing About Starting A Business is It Gives You The Freedom To Do Your Own Thing. ~Paul Clitheroe~

In honor of independence day, I’ve decided to blog about financial freedom.   As an entreprenuer, my business gives me the freedom to do so many things. 

  • Instantly Create Money Making Opportunities
  • Spend More Time with My Family
  • Use my gifts, talents, and knowledge to impact and empower the lives of others

As I work with coaches, consultants, and service based business owners on a daily bases, the common thread of desire is financial freedom. In order to achieve financial freedom you need to establish a roadmap for financial success and have the right mindset.

How often do you dream about financial independence, but struggle to believe that it’s actually possible for you? Are the business expenses piling up? Do you fear the financial obligations that come with the next step of growth?

 I have a message of hope. 

You can achieve the financial independence you deserve if you know the right choices to make and you’re willing to believe that you can do it!

When you get your financial situation under control, the benefits you experience will touch every area of your life. Many of the daily stresses you face that seem totally unrelated to money will disappear. Your physical health will improve quickly as you regain control of your stress levels. Plus, you’ll be able to think more clearly about your goals and dreams.

 Less stress means the more time to enjoy your family and nurture the relationships that are most important to you. Small steps in the right financial direction can give you the freedom to enjoy your life!

Finding New Ways To Finance Your Dream

Statistics show that more than one million people in the United States start a new business each year.

That number would be much higher if all the would-be entrepreneurs had the financing required to get a business up and running. In order to accomplish their dream of business ownership, entrepreneurs are finding new and innovative ways to finance their new ventures.

One of these new financing options is the use of a person’s existing retirement funds-a pension, profit sharing, 401(k), IRA-which allows that person to start the business he or she has always dreamed of without tax penalties, consequences or mountains of debt.

Funds can be turned into useable capital for business investments or operations. If a person has more than $20,000 in a retirement account and is not currently employed by the company that holds those funds, he or she qualifies for this Small Business Administration (SBA)-recognized approach to finance and start a business.

Retirement funds can be used for any business purpose.  Could you use money for any of the following reasons:

  • Purchasing a franchise or existing business
  • Start-up expenses, such as purchasing property,  and equipment.
  • Working capital, including paying salaries,  and franchise fees.
  • Business expansion, such as funding additional franchises, and locations.
  • Equity toward SBA or other loans.

Funding your business is as simple as these four steps:

Step 1: Establish a C-corporation.

Step 2: The new corporation creates a retirement plan.

Step 3: Funds are rolled over into the corporation’s new retirement plan.

Step 4: The new retirement plan purchases the stock of the corporation.

So many people have watched their dream of owning their own business go out the window due to lack of funding options. We help entrepreneurs, coaches, consultants, and services based businesses achieve that dream every day.

Are You Really Ready to Quit Your Day Job

Business startup funding is an absolutely critical element in launching a successful business.  If you assess your personal and business expenses, eliminate the extras where possible, and asequately plan for sources of alternate capital then you should be able to secure adequate business startup funding.

Business startup funding is always a huge worry.  Do I have enough money to start? Can I quit my job to concentrate full time?  Will I be able to cover my monthly expenses?
   
When the time comes to actually launch your business you must have done your homework regarding your business startup funding needs.  The truth is you need to be prepared so that if the opportunity to accelerate your launch presents itself, you’re ready.  
   

Assess Your Personal Finances

Take  out your checkbook and credit card statements and review all of your personal expenses.  Total up your personal expenses. Have you ever heard the saying, “how we do one thing, is how we do everything”?  If your personal check book is out of whack, chances are your business check book will look the same.  If managing finances is not a strong suite, then you may want to outsource that part of your business.  That will be an additional expense you will need to account for.  
   
Take Inventory of your personal credit.  If all three credit scores are not above 720 or you have high balances on your credit cards, you have work to do.  Develop a plan to pay your balances down and begin taking steps towards improving your credit.  Get educated and learn as much as possible about how these areas affect your ability to get funding.

Evaluate Your Business Expenses

Another element of business startup funding is your minimum business expenses.  Luckily, coaching, consulting, and service based businesses are  not a capital intense ventures.  You will have business expenses to cover though, so you must analyze what those are and figure them into your business startup funding needs.

Do the Math

Total up your personal and business monthly expenses. To launch a successful business you need to have at least six months of cash in the bank OR an alternative source of affordable capital.  Many people won’t have 6 months cash to cover their business startup funding needs.  If this is you, you will need to find, or keep, a job.  

   
Securing adequate business startup funding is one of the most challenging aspects of launching a small business.  You don’t want to minimize its importance though.  Inadequate business startup funding is at the root of many business failures.  

   
The Bottom Line on Business Startup Funding

 Having enough business startup funding means being prepared and applying to all the funding you need early.  You have to know where your money will be  going and have enough to cover 6 months of expenses.  Be really clear on this. There are plenty of practical ways and opportunities of securing the funding you need. There is money available you just need to learn how to get it.

5 Reasons Business Credit Is A Must

Entrepreneurs typically make one or more financially devastating mistakes when financing the launch, operation and/or growth of their businesses. I know I have made huge mistakes in financing and running  my business. In most cases, Entrepreneurs and Business Owners don’t even realize that they’re making a mistake.  You see, as an entrepreneur, you’re hardwired to enjoy a greater level of risk than the average person. But do you enjoy the thrill of business so much that you’re willing to risk:

  1. -Being hounded by creditors?
  2. -Declaring bankruptcy?
  3. -Being denied a mortgage or business loan?
  4. -Draining your savings and retirement accounts?
  5. -Losing your house?

If you’re like most entrepreneurs, coaches, consultants, and service based business owners I’ve met over the past 11 years, you’re in danger of facing all of these horrific problems.

And it’s all because of your business.

You see, entrepreneurs typically make one or more financially devastating mistakes when financing the launch, operation and/or growth of their businesses. In most cases, they don’t realize that they’re making a mistake.

And to tell the truth, even when they do realize they’re making a mistake … they lull themselves into thinking that the consequences will be a minor annoyance.

Until, one day, they can’t qualify for a mortgage. Or they can’t get the to-die-for financing offered on the new car they’re buying.  Or the bank turns them down for that much needed business loan.  Or they’re hounded by creditors and eventually have to declare bankruptcy.

And it is all because they use their personal finances to fund the launch or expansion of their business. They then use personal credit cards to pay for business expenses. If you are in business or thinking about starting a business, business credit is a must.

Let me explain, most business owners have no idea that they can establish business credit and even fewer know how to how to establish business credit. If owners would take the time necessary to educate themselves about establishing credit they would no longer have to use their personal funds for start up capital or working capital.

If you have set up your business profile correctly there are a number of banks that will lend to brand new start up business. That is right, brand new start up business with no track record whatsoever. The banks will extend unsecured business lines of credit so they can have the start up capital they need to finance the business of their dreams.

Make no mistake about it; business credit is a MUST for every business owner. Don’t put your personal assets at risk;  finance or fund your business the right way!

What Could You Do With An Extra $72,000 For Your Business?

 

Business Cash Infusion

Get up to $100,000 in 2 Weeks!

How much would it help if you could access $25k, $50k, or even $100k for your business? Have you ever made a decision to not invest in your business because of money?  Today at my Jump Start Workshop i worked hand in hand with 12 business owners just like you; Showing them strategies to get the money they need to start, invest, and grow their business  in this weak economy!

It really is no Accident. I can show you how too. Don’t Miss The Next Workshop!

 See what they have to say:

Steve Halen, My Trade America        I got 3 credit lines set up today!”

Danielle Moruffo, Elite Financial      “Shameca is Awesome!.”

Jodi Rubin, Window Wonders             “I got $72,000 in 3 Weeks!”

 

At The Workshop You’ll Learn:

  • 7 Steps to Funding Your Business Using Other People’s Money (OPM)
  • A Secret Super Tool To Get Easy Funding That’s Often Over Looked
  • How to Get $25,000 in as Little AS Two Weeks
  • The Thought You Are Having Right Now That Stops You From Getting Approved and How To Over Come It!
  • Simple Strategies to Unconver Hidden Profit & Cash in Your Business

Shabby Business Image: What Does Coporate Image Have to Do With Getting Capital

Your company’s image is a huge part of it’s credibility.  There are actually creditors and vendors who will not finance your company if you don’t have a website or aren’t listed in the 411 directory.   Yep, that’s right! It is equally important your company complies with both local and federal laws and ordinances, thus supporting the integrity of your business entity. The truth is lenders are not required to share their lending criteria or compliance formulas used to determine which businesses they approve or deny.

Does this sound familiar:

You need to borrow capital for inventory, new space, upgraded equipment, a new phone system, internet marketing, expansion, or simply to have an emergency cash cushion.  You are confident in approaching a lender to request a business line of credit, after all,  your business is profitable and you have your business checking account with this lender. They are familiar with your business.  The process couldn’t get any easier, right? You can breath a sigh of relief.

Finally,  you receive a letter in the mail from the lender, “Dear ABC Company, we regret to inform  you that your request for credit has been denied.”  There is usually no understandable explaination in the letter other than your business did not meet their lending criteria.

80% of small businesses are forced to close their doors forever because they could’nt get the capital they so desperately needed. Don’t become another statistic put your business in the hands of a Business Cash Flow Strategist that is familiar with compliance requirements so you can get the funding needed to grow a successful business.

Shameca Tankerson, is a Speaker, Trainer, Author, and Cash Flow Success Mentor to entrepreneurs and service professionals. Using a proven system, she opens a candid dialogue about money that teaches her clients how to breakthrough to their next income level, create consistent cash flow and expand into a cash flowing business with a new collaborative business model that is liberating, Inspiring and Powerful.  To Get your F.R.E.E. “Spark Your Cash Flow Financial Success Kit”  – Making Room For Money: 5 Financial Mistakes Entrepreneurs Make That Sabotage Their Cash Flow (And How To Avoid Them). Visit: http://www.MakingRoomForMoney.com

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