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Study Hall: Checklist Before You Start a Business · Earn Your Leisure

• 0:00
  Speaker 1: So here is the big five, right, so that I
• 0:03
  Speaker 1: consider it's like the master Checklist, and it's pretty much
• 0:07
  Speaker 1: an overview of all of those mini elements that we
• 0:09
  Speaker 1: went through in class, just in like shorter version. So
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  Speaker 1: the first and foremost, it's making sure that our business
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  Speaker 1: entity is set up, making sure that our name checks out,
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  Speaker 1: that it is not something that somebody else already has
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  Speaker 1: in place. Make sure that once we establish our name
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  Speaker 1: and started with our paperwork, we get our er in
• 0:27
  Speaker 1: and our dun's number, checking the test database to make
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  Speaker 1: sure that our name is not trademarked by somebody else,
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  Speaker 1: so that way when we start to apply for funding,
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  Speaker 1: we don't run into any trademark infringement issues. Ensuring once
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  Speaker 1: we get our you know, once we understand if we're
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  Speaker 1: going to operate in our home state, the state that
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  Speaker 1: we're living in, making sure that we get everything up
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  Speaker 1: and running, the Secretary of state and all that good
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  Speaker 1: stuff on that end. If we're thinking about operating across states,
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  Speaker 1: so like living in one space but operating in a
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  Speaker 1: business friendly state. You know a lot of tax repair
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  Speaker 1: folks in Florida, but then so think about Delaware and Wyoming.
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  Speaker 1: Make sure that you follow the foreign corporation status for
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  Speaker 1: with your home Secretary of State, so they can understand
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  Speaker 1: that while you are while the business entity is housed
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  Speaker 1: in another state, that the business owner itself themselves reside
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  Speaker 1: in this state, all right, So make sure that that
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  Speaker 1: is something that you do. And of course, after you
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  Speaker 1: get everything established, come to understand how you want to
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  Speaker 1: present your business in terms of securing that funding. So
• 1:30
  Speaker 1: developing your SBA compliant business plan. And remember directly on
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  Speaker 1: the SBA website they have this laid out template that
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  Speaker 1: you can use, so you don't have to pay somebody
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  Speaker 1: else five six hundred sometimes one thousand dollars for similar
• 1:44
  Speaker 1: to write something for you. Right, if you need support
• 1:47
  Speaker 1: with market research, there are tons of opportunities that I
• 1:52
  Speaker 1: actually I'll put some more in in the study halled
• 1:56
  Speaker 1: just to kind of help us with understanding like how
• 1:58
  Speaker 1: to do market research, because they make it sound simple,
• 2:01
  Speaker 1: but like that can really make or break whether or
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  Speaker 1: not a business or a lender comes to understand if
• 2:08
  Speaker 1: they want to do business with you, because in a
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  Speaker 1: lot of ways, the market research space portion of the
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  Speaker 1: business plan is where folks are looking to your understanding
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  Speaker 1: of what it is that you say you're trying to
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  Speaker 1: do and last per sudden only, it's create a plan
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  Speaker 1: to address any work that you're doing in terms of
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  Speaker 1: your person. So if there are late payments that you're
• 2:29
  Speaker 1: trying to get off of their inquiries you're trying to
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  Speaker 1: get off, trying to get old names, addresses, phone numbers
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  Speaker 1: off your personal credit report as you're establishing the entity itself.
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  Speaker 1: This is the time to kind of start that process
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  Speaker 1: because you know, as we all know, that can take time,
• 2:44
  Speaker 1: right and so but the good thing is that time
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  Speaker 1: often overlaps because in a lot of ways, some of
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  Speaker 1: the most of the cars that you know we've looked
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  Speaker 1: at take at least thirty to sixty days of that
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  Speaker 1: business being considered an entity before we can even start applying, right,
• 3:00
  Speaker 1: So that at least gives you those two months to
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  Speaker 1: try to work with the personal bureaus to get everything
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  Speaker 1: together on your personal side. So that way, once you're ready,
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  Speaker 1: once your business is really ready and like considered green lid,
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  Speaker 1: then you can go ahead and start applying for stuff
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  Speaker 1: without any issue right after that entity is set up. Again,
• 3:20
  Speaker 1: let's start setting up these accounts first and foremost, making
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  Speaker 1: sure that our business bank account is up and running,
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  Speaker 1: because the day that our business bank account is up
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  Speaker 1: and running is considered the day that our business is
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  Speaker 1: an operation. All right, So remember again, the day that
• 3:34
  Speaker 1: your business bank account was opened is the day that
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  Speaker 1: your business is considered to be an operation. So the
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  Speaker 1: sooner you can get that started, the sooner you can
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  Speaker 1: get the process of that history starting to report and
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  Speaker 1: all of the ways that you need history to report,
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  Speaker 1: not just for the history of the account your business itself,
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  Speaker 1: but then how that the number of days like to
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  Speaker 1: add to like when you can start applying for net accounts,
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  Speaker 1: which will then impact when you can start applying for
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  Speaker 1: revolving accounts, which will then impact when you can start
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  Speaker 1: applying for Tier two, Tier three, Tier four cards. Right, So,
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  Speaker 1: the sooner you can get that history started simply with
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  Speaker 1: opening this bank account and making sure that everything is
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  Speaker 1: compliant in terms of what that bank needs to open it,
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  Speaker 1: the sooner you can get the process of starting your
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  Speaker 1: funding journey started, all right. And this is also you know,
• 4:23
  Speaker 1: makes I put business website and email address after earners.
• 4:28
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• 4:30
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• 4:57
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• 5:00
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• 5:06
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• 5:13
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• 5:36
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• 5:38
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• 6:16
  Speaker 1: C Sure because the last thing you want to do
• 6:20
  Speaker 1: is go buy a domain and then realize after you
• 6:22
  Speaker 1: bought it that while somebody, while that person didn't buy
• 6:26
  Speaker 1: that domain, there's always there already somebody at the top
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  Speaker 1: of that Google search with your exact name, right. So
• 6:32
  Speaker 1: make sure, especially as you're investing in your website, and
• 6:35
  Speaker 1: you know, if you use Google to kind of like
• 6:37
  Speaker 1: operate your your professional business email address, just make sure
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  Speaker 1: that before you do any of that that it's all
• 6:46
  Speaker 1: it's all good and a good resource for that name
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  Speaker 1: checker in amec H I mean see kr I believe
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  Speaker 1: dot com and they can kind of pull up not
• 6:58
  Speaker 1: just you know what domain are available, Like you know,
• 7:01
  Speaker 1: if it's dot com, dot org, that's a great resource
• 7:04
  Speaker 1: and I think it's already plugged in notion, but just
• 7:06
  Speaker 1: wanted to plug that as well. And then again, like
• 7:09
  Speaker 1: when you're thinking about your office space, are you you know,
• 7:12
  Speaker 1: are you going to have a physical office or are
• 7:14
  Speaker 1: you going to use a virtual office that would afford
• 7:18
  Speaker 1: your business communications, your business all your business communications to
• 7:23
  Speaker 1: another space, right, but just make sure that you know
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  Speaker 1: it's a that that physical address doesn't impact lenders wanting
• 7:30
  Speaker 1: to give to you, right, but make sure that you
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  Speaker 1: know you set that up and that's the address that
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  Speaker 1: runs across all your reports, make sure that it's reported
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  Speaker 1: on your EI N you're done so like, so make
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  Speaker 1: sure that everything is everything and it's all the same
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  Speaker 1: in every space, so that is not something that impacts
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  Speaker 1: you when we get to step three, which is us
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  Speaker 1: starting to build our business credit profiles. All right, So
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  Speaker 1: again for us early starters, like first starters, I start
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  Speaker 1: with secure lines of credit, So looking at those secured
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  Speaker 1: lenders that we talked about on the Motion resource. And again,
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  Speaker 1: none of these lists that we've been working with are exhaustive.
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  Speaker 1: And as I also shared some of the popular branded
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  Speaker 1: cards were purposely not put on there. That doesn't mean
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  Speaker 1: that you shouldn't look into them and see how they
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  Speaker 1: might fit into your report building that you're trying to do.
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  Speaker 1: But start with those secured lines, because that's what's going
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  Speaker 1: to open the door to be able to actually have
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  Speaker 1: profiles to get from the credit reporting bureaus. Right, So
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  Speaker 1: starting with those secure line of credits will be helpful
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  Speaker 1: because then you can actually create profiles and experience credit Safe,
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  Speaker 1: D and B and maybe Equifax, depending on whether or
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  Speaker 1: not whether that secured line reports to Equifax. But starting
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  Speaker 1: the secured line before you create those profiles will be
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  Speaker 1: super helpful because that way it'll it will actually hopefully
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  Speaker 1: have at least something reporting to those agencies as you're
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  Speaker 1: creating your profiles. But even if it doesn't, simply creating
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  Speaker 1: us profiles to make sure that your business is reporting
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  Speaker 1: with all the accurate information is also cool too. And
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  Speaker 1: then as you start to build out the secured lines
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  Speaker 1: and get into the net accounts, you'll slowly but surely
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  Speaker 1: start to strategically build out your profile because again remember
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  Speaker 1: with the vendor and revolving accounts, looking see to make
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  Speaker 1: sure that all of the cards that you're going to
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  Speaker 1: get are at the very least reporting to each of
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  Speaker 1: the four bureaus, right, more specifically, making sure that you
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  Speaker 1: have at least one or two that are reported into Equifax,
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  Speaker 1: so that you can have an Equifax accounts sooner than later,
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  Speaker 1: or Equifax like business profiles sooner than later. All right,
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  Speaker 1: So once we got those accounts those profiles open with
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  Speaker 1: the bureaus, starting with our net accounts, right, so trying
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  Speaker 1: to have at least seven across all four of our reports,
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  Speaker 1: and these can be you know, accounts that we repay
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  Speaker 1: every fifteen, thirty, sixty or ninety days, depending on what
• 10:02
  Speaker 1: that agreement is with that particular lender. But starting with
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  Speaker 1: those is going to be great after we get that
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  Speaker 1: secured line, because it's going to be another way to
• 10:11
  Speaker 1: begin to boost our scores, you know, paying attention to
• 10:15
  Speaker 1: our paydex score with DMB and our Intellent score with Experience,
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  Speaker 1: and that will then open the door for us to
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  Speaker 1: be able to start applying for and being successful with
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  Speaker 1: revolving accounts. Right. And once we're in that space, so
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  Speaker 1: being able to get revolving accounts, let's try to get
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  Speaker 1: at least five across our reports, so that way we
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  Speaker 1: can keep you know, building our profiles in the way
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  Speaker 1: that we are, but then also being able to access
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  Speaker 1: more amounts of money over time across different lenders.