A Fast Nickle is Better Than A Slow Dime

Ever heard the saying "a fast nickle is better than a slow dime"?

In retail, a product may sit on the shelf for weeks and you sit there wondering why. First thing you want to do is make sure it's visible to everyone. For instance, the counter top or window display. If that doesnt work, try lowering the price a bit. Don't worry about making less profit, because as long as it's sitting, you're making zero profit anyway. Advertise the price drop and see what happens.

Getting Net 30 Accounts

Getting net 30 accounts is alot easier than I thought. There are a few companies that will extend this payment term to any business. Here are the 3 that I got terms with today. Uline.com, Nebs.com and Quill.com. All you have to do is go to there website and put what you want to buy in the cart and at checkout choose net 30. That's it! Just make sure to pay on time or sooner. Otherwise it will do more harm than good.

Moving Right Along

Things are going smoothly with the credit building program so far. I just had to make some adjustments to my business information to make sure that all the companies that I have a relationship with have my business name and address recorded accurately in their records. Thats one thing you must make sure of when it comes to your business. Everyone you deal with from your suppliers to your service providers must have your information correctly and exactly the same.

New Blog

I recently signed up with a program to assist Core Temperature LLC build credit. To report on the progress I started an entirely new blog. I've posted the link below.
Visit the new blog.

Credit Building For Your Business

I recently learned that it is of great importance to establish business credit seperate from your personal credit. So, I have decided to build credit for Core Temperature LLC. I took a look at a few companies online that were saying that they'll build your business credit within a year that would allow you to get lines of credit without a personal guarantee. That's big. I must say that they're a bit pricey though, ranging from $400 all the way to $2400. Kinda makes you want to have a go at it yourself. Maybe get a couple of books like Principles of Building Business Credit or Unlimited Business Financing: Learn How To Obtain $250,000 Or More In Business Funding Without Harming Your Personal Credit, but I've been advised to get professional help when it comes to things like this to avoid jamming up your credit. I have chosen which company I want to go with, only because they gave me a guarantee, that if I don't obtain a certain amount of business credit and A+ credit rating, i'll get all my money back. I won't post the name of the company until I have tested them out. Then i'll either promote them or warn against them. I'm supposed to start next week and when I do, i'll start a new blog for updates, news and reviews about whats happening.

Form A LLC: Step By Step

Congratulations:) Learning about the advantages of a LLC and how to form one is the first step of many on your road to self employment. The process is very simple once you have the information required for the application. So, lets start with that.

You'll need to know what you want the name of your LLC to be. If it's in use, you won't be able to use it. You'll need your name and contact information (address and phone number), of course. The name, address and phone number of your authorized agent. What's that? Your authorized agent is someone that will be like the connection between you and the state you form the LLC in. Like a lawyer or notary. They usually charge an annual fee for this. I pay $150 annually. All they really do is make sure you get the mail that is sent to you concerning your LLC. You'll need the names and information of everyone who will have ownership of the LLC, unless it's only you. You're going to need a debit or credit card to pay the filing fee. The filing fee in NJ is $150 and then $50 to do your annual report. You must submit an annual report if you want your LLC to ramain active. That's it.

Unfortunately at the time of me writing this, the site to file onlline for the state of New Jersey is unavailable, otherwise I would have linked you directly to it. Do look for it in future posts.

To learn about the pros and cons of a LLC read this article.

Sole Proprietor or LLC?

I'm going to be straight forward on this one. If you are planning to start a business or already have one, go LLC or go home. Why do I say this? Only because it makes more sense to do business as a entity such as a LLC. No offense to you or anyone you may know that is operating as a sole proprietor. This is just my personal opinion, in which I will spend the next few paragraphs defending.

So, what does LLC stand for and what does it mean to you? Alot if you are or plan to become self employed. LLC is an acronym for the words Limited Liability Company, and that's exactly what it does. A company that limits your (the owner's) liability in case of any unfortunate events that may occur as a result of doing business. Who wouldn't want that? I mean, no one goes into business expecting these kinds of things to happen, but in everything there's risks, and as a smart business owner you'll want to limit risk as much as possible.

Doing business as a LLC will provide you with a level of confidence and comfort knowing that you have an added layer of protection. Not to mention the fact that your business isn't considered to be a real business unless you operate as a LLC or a Corporation. Don't believe me? Go and try to get a business loan with your personal info. Better yet, apply for a business line of credit and see where that gets you. Even if you are one of the very few people in the country who has an excellent credit score, it's just too risky to carry your business on your personal credentials. A LLC enables you to build business credit, which also increases the value of your business if you ever decide to sell it. Also, it makes it much more easy to apply and aqcuire wholesale accounts from suppliers.

When I formed Core Temperature LLC, I had confidence when applying for accounts, because I knew that my company would be respected. Not saying that your business isn't respected as a sole proprietorship, it's just that when you spend time and money to form a LLC, it says to your peers, lenders, potential partners and competitors that you mean business. Do yourself a favor the next you come across a business or investment magazine, and take a good look at the types of entities those companies do business as and you'll see what I mean.

Thanks for taking time out of your busy day to read my thoughts. I hope you have found this to be helpfull. If you are still unsure if LLC's are your cup of tea, I suggest you do some further research. Barnes and Noble has a selection of books discussing the ins and outs of LLC's. You should start there. Look for publications by Nolo, that's where I started. I'll explain how to form a LLC online in my next post.