Establishing Your Business Credit

Hello there,

I'm thrilled to share with you some exciting insights from my recent podcast episode with Varney Jallah, the founder and CEO of Total Structured Solutions. Varney is a credit specialist who specializes in helping realtors and lenders educate their clients about credit and improve their credit scores. 

Here are some key takeaways from our enlightening conversation:

1. **The Power of Business Credit:** Varney explained how business credit is a game-changer. It's like personal credit but for your business entity. Building business credit allows you to access funding, purchase assets, and obtain business credit cards, all while keeping your personal credit separate.

2. **The Importance of Proper Business Structure:** Varney emphasized the need for an Employer Identification Number (EIN) and registering your business with the Secretary of State. These steps are crucial for separating your personal and business finances.

3. **Avoid Common Mistakes:** Varney advises against using a PO Box or home address for your business. Instead, he recommends getting a virtual address, which gives your business a legitimate base and helps you appear more professional.

4. **Leverage Other People's Money:** Good business credit allows you to leverage other people's money, which can help you grow your business faster. Varney gave an example of having access to an extra $80,000 that can be used for marketing, hiring staff, or other business needs.

5. **Vani's Online Course:** Varney has designed a step-by-step program to guide realtors through the process of structuring their business, obtaining a business number, and working with the Secretary of State. He emphasizes the importance of having a healthy personal credit score in order to build a strong business credit score.

I found our conversation incredibly enlightening and I'm sure you will too. So, why not take a break, grab a cup of coffee, and tune in to the podcast? You'll be glad you did!

Remember, knowledge is power, and in this case, it could be the power to transform your business. 

Stay tuned for more insightful episodes!

Varney Jallah
Guest
Varney Jallah
Author, CEO, Founder