How To Build Business Credit as a Sole Proprietor but QUICKLY

Step-by-step guide to building business credit as a sole proprietorship.
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Timestamps:
Intro: (0:00)
What is business credit?: (1:25)
Benefits of business credit: (2:32)
How to build business credit: (6:08)
How to calculate your business credit score: (12:23)
Free business credit? monitoring(13:30)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 78

  • @BaldheadNailtech
    @BaldheadNailtech2 жыл бұрын

    Thank you for speaking slowly for the people in the back

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    My pleasure! Thanks for watching.

  • @Freetobeme8181

    @Freetobeme8181

    Жыл бұрын

    I’m in the back and I very much appreciate it too

  • @angieestouch1243

    @angieestouch1243

    Жыл бұрын

    Right truly agree . Very clear ❤

  • @tashagotit7747

    @tashagotit7747

    2 ай бұрын

    Im sitting in the last seat by the window scrunched

  • @BaldheadNailtech

    @BaldheadNailtech

    2 ай бұрын

    @@tashagotit7747 as long as you are in the room ❤️

  • @ileishasanders6969
    @ileishasanders6969 Жыл бұрын

    I learned yesterday that you can only have one EIN per person if you are a sole proprietor. So if you have multiple hustles as a sole proprietor ...same EIN. You have to call the irs and have them issue you seperate letters with each DBA name. Can't be done online.

  • @tashagotit7747

    @tashagotit7747

    2 ай бұрын

    Separate letters of what?

  • @helenkanu8402
    @helenkanu84022 жыл бұрын

    Thanks for sharing knowledge.

  • @traceed7751
    @traceed775110 ай бұрын

    Amazing Info! Thank you! 🤗

  • @dexterscott7693
    @dexterscott7693 Жыл бұрын

    Thanks for the information, greatly appreciated

  • @josephsouthall813
    @josephsouthall813 Жыл бұрын

    I love this vid. Very informational and spoke at a speed I could understand. Didn’t damn near rap it to you like a bunch of other videos

  • @sweetlifeofHoney
    @sweetlifeofHoney2 жыл бұрын

    Ty for the tips!!!

  • @Mr.MikeCeez
    @Mr.MikeCeez Жыл бұрын

    Great Video! 🔥🔥🔥

  • @santaniebrown3721
    @santaniebrown37212 жыл бұрын

    Great video!!

  • @DownhomeDana
    @DownhomeDana Жыл бұрын

    Great info! Thank you!

  • @jkrystal11
    @jkrystal11 Жыл бұрын

    Thank you, I learned so much.

  • @globalpresido5823
    @globalpresido5823 Жыл бұрын

    Definitely appreciated the information. May have to hire you.

  • @sofiamurgado606
    @sofiamurgado606 Жыл бұрын

    Awesome video thank you!!

  • @HealthWealthRelationships700
    @HealthWealthRelationships700 Жыл бұрын

    Valuable information. Like button and subscribed.

  • @FinancialFreedomMadeSimple
    @FinancialFreedomMadeSimple2 жыл бұрын

    Great information!

  • @EXO28RESEARCHGROup
    @EXO28RESEARCHGROup2 жыл бұрын

    Great Content ✊🏾

  • @user-kb3yl7xs2v
    @user-kb3yl7xs2v9 ай бұрын

    this was very helpful and explained very well for newcomers to understand thank you very much ill leave another comment after i put it all together thank you again

  • @tmcfarland3561
    @tmcfarland3561 Жыл бұрын

    Best video on KZread for this type of content

  • @williamdrilon75
    @williamdrilon757 күн бұрын

    Been loving the content. I’m trying to start my own business but want to learn before I jump in the pool. And since finding this channel I haven’t been watching any others other than just to see common things but this channel is by far my new fav.

  • @BombayBeatz215
    @BombayBeatz2159 ай бұрын

    Helped me out!

  • @TheFinancialSpotlight
    @TheFinancialSpotlight2 жыл бұрын

    Thank you so much for this video. It was so helpful and confirmed exactly what I thought.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Glad it was helpful!

  • @myz98f150
    @myz98f150 Жыл бұрын

    thanks for the info

  • @kennywilliams7233
    @kennywilliams72332 жыл бұрын

    Helpful info

  • @scottpickering2438
    @scottpickering24382 жыл бұрын

    Excellent clear presentation!

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Glad you enjoyed it!

  • @vlallen4888
    @vlallen48882 жыл бұрын

    This was super helpful. Thank you!

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    My pleasure!

  • @kriswas4351
    @kriswas4351 Жыл бұрын

    Great content

  • @scooter10421
    @scooter104212 жыл бұрын

    This video was informative.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Glad it was helpful.

  • @kwhitlo0
    @kwhitlo02 жыл бұрын

    Great information 👍

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Thanks, Kendra!

  • @mxbaja8069
    @mxbaja8069 Жыл бұрын

    Thank you 🙏🏽

  • @collin669
    @collin669 Жыл бұрын

    Thumbs up and this was a great content video for starters. I would still prefer to establish an LLC, just my personal preference. I am concerned about the personal liability if the business does not succeed as expected. Took notes. Thanks for sharing. Great content for newbies. Thank you.

  • @sweetlifeofHoney
    @sweetlifeofHoney2 жыл бұрын

    I just became a sole prop. And i got my ein. Im soo excited. Now i need business credit

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    You got this!!

  • @sweetlifeofHoney

    @sweetlifeofHoney

    2 жыл бұрын

    Just finished my instagram marketing class lastnight with MESO!!!!! Thepresentation was absolutely incredible.... The resources and the AMOUNT she was able to show in two hours was mindblowing.!!!! I highly recommend to all and ANY new biz!!!!!!!!!!

  • @sweetlifeofHoney

    @sweetlifeofHoney

    2 жыл бұрын

    Meso # BIZZY LIZZIE!!!! # sweeet cheecks suzanne :) EVERY ONE AT ALL MESO LOATIONS!!!!!!! #MESO #SMALL BUSINESS!! #2022 #LETS GO

  • @divinevirgo8341
    @divinevirgo8341 Жыл бұрын

    Greetings! Love the channel ❤ What business banks and credit cards would you suggest for newbies? Thanks

  • @claudiavilla8840
    @claudiavilla8840 Жыл бұрын

    Thank you

  • @epiclacewigzboutiquellc9759
    @epiclacewigzboutiquellc97592 жыл бұрын

    Thanks 😊

  • @dbest4755
    @dbest47552 жыл бұрын

    I love SOLE PROP !! Yes, business credit for SOLE PROP... No other UTUber has done this training... Thanks!

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    This information is definitely needed! Thanks for supporting.

  • @jasonperry7010
    @jasonperry70102 жыл бұрын

    Thank you for speaking slowly and clearly so my dum dum brain can understand

  • @JG-dy2hk
    @JG-dy2hk2 жыл бұрын

    Great video, I was told that you need at least 10k for 3 months in an account to get a Grade A Bank Rating. Are there different levels above Grade A or how does it work?

  • @joanjohnson9821
    @joanjohnson98212 жыл бұрын

    Your step by step format is what I need to actually make my business dream a reality, ty!

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Love that! Thanks for watching.

  • @JoeyBeeFit
    @JoeyBeeFit Жыл бұрын

    Thanks so much for the information. I'm just a little confused as to how if you are sole proprietor your business credit will not affect your personal credit considering there's no legal separation. Would you happen to know where I could find information on that? Thank you!

  • @tashagotit7747

    @tashagotit7747

    2 ай бұрын

    I believe the ein is the bridge

  • @millimergmusic
    @millimergmusic Жыл бұрын

    So say I’m a sole proprietorship with a ein, is it possible to get the same amount of funding and high limits as if I had a LLC?

  • @mustafawaahid5286
    @mustafawaahid52862 жыл бұрын

    Is DBA almost like an LLC? Or if I have LLC I should still DBA . Love the video, excellent information

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    They are not the same. A DBA is not a legal entity and does not provide liability protection like an LLC can. It simply allows you to file with the state and not use your personal name for the business. There is no reason to have a DBA as an LLC unless you want to rebrand for some reason. Hope that helps.

  • @asmarbilalsr7769
    @asmarbilalsr7769 Жыл бұрын

    Is dun n brad necessary? i dont think so

  • @BlssdNHighlyFavored
    @BlssdNHighlyFavored Жыл бұрын

    I am a sole proprietor, but the name that I created for my business is what's attached to my EIN. I created a business name instead of using my name. I listed it that way when applying for my EIN. Is this known to be common? Because as I'm listening to you...sounds like sole proprietors do a DBA. I never did a DBA. With sole proprietors, you and the business are one...but now I think I'm a bit confused. Am I supposed to have my name listed as my business on my EIN paperwork and then do a DBA?

  • @tobbykolby1042
    @tobbykolby10422 жыл бұрын

    Ok

  • @steph5494
    @steph54942 жыл бұрын

    I have my EIN already. I will have to work backwards I guess.

  • @princessp1219
    @princessp1219 Жыл бұрын

    I applied for all the cards under my EIN number..and was denied by all cards..I know my Personal Credit is not good so i take it that they do use ur Personal..and Some of these Business bank accounts was denying me as well..Im so over it & Confused

  • @Hitpronet

    @Hitpronet

    9 ай бұрын

    Quick questions: Did you set up a business address (not your home address or a PO Box), business phone number(not a Google phone number or your cellphone), business email (not a gmail, yahoo, etc)and website before you applied for your cards? If so, did the address and phone number on your EIN paperwork match EXACTLY as your business details ? If not, that will automatically disqualify you also.

  • @jeffdange75
    @jeffdange752 жыл бұрын

    Taking on debt just seems to risky. I wanna organically grow

  • @josephsouthall813
    @josephsouthall813 Жыл бұрын

    This guy pretty much laid out the blue print even gave you the Buisness where to order product from to start getting your Buisness going and getting credit for the established for your Buisness soon as you start

  • @bornagain6665
    @bornagain66652 жыл бұрын

    Were are yall located

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Based in Atlanta but are fully remote.

  • @bornagain6665

    @bornagain6665

    2 жыл бұрын

    How can I contact you

  • @mariahg4561
    @mariahg4561 Жыл бұрын

    Had to sub, like, & comment. Dropping gems for sole proprietors like me. 💎

  • @bigbapester
    @bigbapester Жыл бұрын

    There is a New Testament verse that says we should be 'Slow to speak. Be quick to listen. Slow to wrath.' Big boy kudos to the KZread Creator.

  • @sojibrajii
    @sojibrajii Жыл бұрын

    Hello, Are u looking for a KZread thumbnail designer?

  • @ZERVVREZ
    @ZERVVREZ Жыл бұрын

    Cool so soke prop, dba to add seperation, apply for ein, get business phone number, business bank acc under dba, pay all transactions thru biz bank, det a dnb #, establish trade lines with atleast 3 such as shirtsy uline and quil, get biz credit card, look at credit report like nav or credit signal to detect any inaccuracies

  • @zhongxina2793
    @zhongxina2793 Жыл бұрын

    Good info but I feel like I'm listening to the wheelchair kid from Malcolm in the middle

  • @kapriamonay8801
    @kapriamonay8801 Жыл бұрын

    Thank you