MCP035: Building Business Credit and Protecting Personal Finances w/ Paul Childers
- E36
- 35:33
- July 17th 2024
On this episode of the #MeetCoolPeople Podcast, I had a powerful conversation with Paul Childers, a business owner who specializes in helping other businesses secure smart loans without risking personal assets.
Paul took his extensive knowledge from his background in the automotive industry and commercial leases to really see what’s possible for businesses to leverage better business practices in their financial practices by leveraging business credit. No more funding your business via your personal credit cards!
Here are a few of our take-a-ways:
- **Separation of Personal and Business Finances:** Paul emphasizes the importance of structuring your business as an LLC or corporation and keeping your finances separate. This not only protects your personal assets but also helps in building a stronger credit profile for your business.
- **Building Business Credit Despite Personal Credit Hurdles:** Paul reassures that even with poor personal credit or past financial difficulties like bankruptcy or a felony, it's still possible to build strong business credit independently.
- **DUNS Number Importance:** We dive into the value of obtaining a DUNS number from Duns and Bradstreet. This free service is a crucial step towards establishing your business as credible in the eyes of business bureaus, enabling more funding opportunities.
- **EIN for Business Credit:** Understanding the role of an Employer Identification Number (EIN) is key. While business credit is not a one-size-fits-all solution, it can be a game-changer depending on your business goals.
- **Choosing the Right Business Credit Card:** Not all business credit cards report to personal credit bureaus. It's essential to ask the right questions before choosing a card to ensure it serves your business needs without impacting your personal credit score.
Paul and I also explored how solopreneurs can effectively use business credit to finance equipment, property, and separate their personal and business expenses. Through practical advice and years of experience, Paul shared invaluable ways to transition from using personal credit to fully leveraging business credit.
If you want to stop treating your business like a hobby and get it in order, listen in. This show will give you many great tips on how to step up your business and leverage credit like a pro!
Be sure to connect with Paul and to see if he can help you create a line of business credit that keeps your personal assets in check, visit his website at: https://blueskybizsolutions.com/
#MeetCoolPeople
We have this amazing technology that keeps us closer than we've ever been yet we're less connected than ever and have become slaves to our technology.
The same technology that was meant to be a tool to help us make life easier and be closer.
The #MeetCoolPeople Movement is to change that.
It's a reminder to put the phone down and pay attention to the people you're with right now.
It's a reminder that social media is there to connect and add value to the people of the world. Use it to Promote what you love, not bash what you don't.
It's a reminder to use that technology to reach out to someone that you can help and be there for them. Find out what they need right now and use your vast network to help make their day better.
It’s a reminder to thank someone for helping you out.
It’s a reminder to introduce someone you meet to someone you know can help them.
And it's a reminder that we can grow to amazing successes but not alone. It requires the help of others.
So surround yourself with people that make you better and make it your mission to #MeetCoolPeople!
Thank you again for helping spread the word and have an amazing day!