Your Questions About Business Online Services Group

Jere answers:

A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner

Small Business

Owner Initial Underwriting Group

Jere answers:

Here are some things to consider when choosing your name:-

Are you starting the business, with the intention of selling the business down the track? It may be easier to sell a generically named business, than one with your own personal name.

You have told us what your business intends to do, in its first year, but from my experience dealing with businesses, what they start doing and what they end up doing may be totally different things, because the opportunity presents itself. Don’t limit your business by your business name.

If you have a passion or an inspiration from somewhere else use it. Explaining why you choose your name can attract people to your business, and your enthusiasm. DR Evils cat, Fluffy chinchilla’s, Tabby Cat, Nine Lives, Purrrrfect are all great names for someone who likes cats.

Do you need to tell the customers about the prices of your products, discount, affordable, Bi-Lo, best quality at cheapest prices?

Make sure that it is easy to spell, and pronounce. If someone hears it on the radio, can they google the name, and find you?

Do you want to limit yourself by using the suburb, city, or state you reside in, or do you want to encourage the community to shop locally.

In fact if you do choose a name ~ Google it ~ What comes up, is it already in existence somewhere in the world. If you Google my businesses name the only other entry that comes up is a single entry in the Netherlands.

What are your competitors called? Make a list of all of your competitors…do you want to sound like them or do you want to be distinguished from them?

Here in Australia a company has started called VIRGIN STAR http://www.virginstar.com.au/ ~they are an internet & IT service provider. They have gained a huge amount of exposure, because they have used both the name Virgin, from the Richard Branson empire, and Star, we have a fleet of planes here called Jet Star. The simple choice of their name has gained them a huge amount of exposure.

Another story ~ a client of mine ran a well known business in a county of England. A similar sounding business started up in the next suburb. There business wee not similar the new business sold training infrastructure such as projectors. My clients business used to receive cheques (b.t.w. Correct spelling here in oz?), in his companies name, that were probably intended for the other company. Well of course he would give the money back…but he also received orders that were intended for the other company, purchase orders would come through on his fax machine…he would source the equipment, and sell it to them making a tidy & easy profit.

I always say if you have a product or a service that someone will pay money for then you have a business. Yes there is a market for generating innovative & catchy names. Online you can visit http://www.namingtoolbox.com/ this websites catch phrase is “The Ultimate Online Guide for Naming Your Business or Product” and includes links to a software product they sell called the NameRazor, plus listing details of naming consultants, who can help you out, if your brainstorming sessions fail. (I have no affiliation with this group – just found them thru a search)

Hope that helps a bit.

Jere answers:

I like selling products that are 100% recession proof. No matter how bad the economy gets… People will still turn on their lights & still take warm showers. You need no inventory, justa desire to save people money on their Gas & Electric they are alredy using. Get paid a comission & residual for each client you sign up & help save up to 10% on the utilities the are Already Using. YOU Could Make A 6 Figure Income in 6-months or less. Have a friend that just signed a group of Hospitals that will soon be receiving a check for over $4,000 a month, Month after Month after Month untill they are tired of saving money. Many other products as well as energy (Telecom, Healthcare & Legal services). Know a lady in florida that has signed over 400 businesses up CA & is earning a 6 figure income IN LESS THAN A MONTH. Ca is the newest state to open up (April). Currently saving residential over 10% in MI, NY & NJ.

Jere answers:

A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer “business” credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.

Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for “strong business credit” (just like that in quotes) to find services that sell the information.

Good luck,

Ilya Bodner
Small Business Owner
Initial Underwriting Group

Jere answers:

This is advice on small business financing from the Federal Consumer Information Center and the Small Business Administration:

One key to a successful business start-up or expansion is your ability to obtain appropriate financing. Raising capital is the most basic of all business activities. There are several sources to consider when looking for financing. Explore all your options before making a decision. These include:

personal savings,
friends and relatives,
banks, Co-operative Societies and credit unions
venture capital firms
Customers/Clients
Private Equity
Angel Investors
Industries Development Board of Governments/States

To be successful in obtaining a small business loan, you must be prepared and organized. You must know exactly how much financing you need, why you need it, and how you will pay it back. You must be aware of the bank’s loan policies. Lending institutions generally require fully secured loans and sufficient commitment of capital by the borrower.
Small Business Loans

The U.S. Small Business Administration (SBA) assists small business owners to start and expand their businesses by helping them get loans through private banks and financial institutions.
SBA Loans for Veterans – offers a few loan programs to assist veterans and members of the military community
USDA Rural Development Loans – If your business is located in a rural community, you might consider the U.S. Department of Agriculture (USDA) has a Business and Industry (B&I) Guaranteed Loan Program.
Other federal loan programs serving small business concerns, visit GovLoans.gov, the U.S. Government’s central database of government loan programs.
State and Local Loan Programs – Many state and local governments also offer low-interest loan programs that they guarantee through commercial lenders. Contact your local Small Business Development Center to get assistance with locating state and local funding sources for your small business.

Venture Capital Financing

Small Business Investment Companies (SBIC) – In 1958, Congress created the Small Business Investment Companies (SBIC) program to help small U.S. Companies raise capital. SBIC’s are privately owned and managed investment firms that provide venture capital and start-up financing to small businesses.
Active Capital (formerly Angel Capital Electronic Network – ACE-Net) -Active Capital is a nationwide listing service that connects entrepreneurs with angel investors. Potential investors can obtain information on start-ups and expanding small businesses seeking $250,000 to $5,000,000 in venture capital. Active Capital’s main benefit is that it allows entrepreneurs to directly access a nationwide network of investors while complying with federal and state securities regulations.
There are lots of places you can get funding for a small business idea. Avoid people offering quick money solutions online – instead, approach respected lenders, trusts, and groups that specialize in small businesses – you can find a lot of help from your local government, and many banks offer special advisers too.
Write a good plan that covers your first year to 18 months of trading. Do a basic cash flow forecast so that you can show trends in how well your business will do – is demand all year round, or seasonal? Often business are profitable in the long term, but it is short cash flow issues that cause problems – when you have you pay your bills with 30 days, for example, but your customers don’t pay you for 45 – you will need to show that you always have enough money to cover your expenses.
SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.