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Wednesday, February 13, 2008

On creating business credit

There's an interesting article in the NYTimes Small Business section about establishing business credit. How to Improve Your Business’s Credit. It has a list of steps to take, none of which sound that hard, that will help your new business establish a credit rating. The basic steps are:
  • Name and establish your business
  • Get an EIN from the IRS
  • Get a business phone number
  • Open a business checking account
  • (all of these steps so far make sense even if you never want credit)
  • Take your business phone bill and checking account info to your local Staples *(or any local/small town merchant who knows you personally) and get a line of credit.
  • Ta-da!

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