How To Get $300K In 12 Months_Part 2
Each chapter provides you with guidance on the tools and approaches necessary to move forward:
Foundational steps: Separate business and personal finances, open business bank accounts, and set up a robust accounting system.
Credit-building strategy: How to layer credit (net-30/60 trade lines, vendor accounts, gas cards, business credit cards) and the order to apply for each.
Documentation and compliance: Required documents (license, articles of incorporation, tax IDs, financial statements), D-U-N-S numbers, and EIN verification.
Building a credible profile: Business address, phone number, website, email, and professional presence to pass lenders’ underwriting.
Credit agencies and scoring: Overview of major commercial credit reporting agencies, what lenders look for, and how to monitor scores.
Funding sources and products: Types of credit available to businesses (revolving lines, term loans, fleet/factoring if applicable) and typical credit limits.
Application tactics: How to prepare applications, common pitfalls, and maximizing approval odds (limits, utilization targets, and staggered approvals).
Risk management: Debt-to-income/expense considerations, cash flow planning, and avoiding over-leveraging.
Build-out milestones: Monthly/quarterly plan with realistic milestones toward $300K, including metrics to track.
Pitfalls and myths: Debunking common misconceptions and warning signs of unsustainable credit practices.
Case studies or examples: Illustrative scenarios of businesses achieving sizable credit within 12 months.
Actionable checklists: Step-by-step tasks, documents to gather, and timelines for month-by-month execution.
Resources and templates: Sample credit application letters, vendor credit agreement templates, and a tracking spreadsheet.
Next steps and maintenance: How to manage credit responsibly after hitting the target and ongoing optimization.