In 2021 Forbes published an article called ‘Working 9-To-5 is an Antiquated Relic from The Past…” and in retrospect they are not wrong. Many people have realized the devastating hamster wheel of being in an office, making other people rich and not living the life of their dreams.
Understandably a 9 to 5 keeps you safe, with steady income, but is not the path to ‘the American dream’ of riches or wealth like most would hope. The idea of being a “yes-man” to earn recognition and working harder for free with the hopes of getting promoted—never really goes according to plan.
As devastating as the pandemic was, it also was a wake-up call for many to finally get on with their six figure, even million-dollar ideas. With enough energy to see it through, people traded not clocking in and slaving for someone else; for the feet called entrepreneurship.
If you could ask any entrepreneur what it takes to become one; they’d likely tell you it takes courage, sacrifice and not giving up at the sight of financial distress during beginner’s business.
A few of the top major reason’s businesses fail is because of poor management, insufficient capital with no website and no social media presence.
One risk taker you should definitely know about is entrepreneur, Archie Kern. Archie is from Sallis, Mississippi whose focus is helping others understand financial literacy and achieve their business goals.
Archie went from making $60,000 a year to over half a million dollars annually by investing in his consulting business, which was inspired by his own life. He had a lack of knowledge which led to previous bad business decisions due to the absence of funding and knew there were other people like him. Therefore, a desire grew to help others by giving them the blueprint to success.
This led to the development of a trucking company where he initially gained inspiration from his clients that entered his pilot credit program. After seeing their results, he started his own trucking company and in his first year got five trucks. To obtain that many vehicles, usually takes about five years to achieve.
Archie later became the president of an investment group of 70 members and raised over $100,000 for different business ventures. Then developed the knowledge and skills to further his success in business credit, advise others on stocks, real estate and investments; as he would like to share powerful information that could help you do the same.
Understanding Business Credit & Why Everyone Should Have It
On average, it takes two years for a business to gain profit; and one of the major reason’s businesses fail is because companies are using their own money for funding. Speaking from experience of using personal credit cards; Archie found the loophole of success by obtaining business credit. When he began, most of the money was spent out of pocket for marketing to buy services and eventually gain clients; which took a full year. He discovered how resourceful it was to use banks to fund your dreams instead of personal finances.
So, what is business credit?
Business Credit is a company’s use to purchase something now and pay for it later. Outside of not using your own funds; another benefit of using business credit, is that doesn’t affect your personal credit. When developing business credit, you create a business name under an EIN number. Similar to a social security number, the specific nine-digit EIN identifies your business for tax purposes.
Archie established business credit with his trucking company by putting his vehicles under his EIN (business name). Then developed credit with multiple banks giving him the credible reputation to receive greater loans. The six steps he applied to building business and business credit is as follows:
The Six steps to Building Business Credit
1. Eligibility – becoming a credible business on paper (having a website, EIN number and a bank account)
2. Establishing a relationship with a business credit reporter; credit reporters collect information about your company such as credit scores and ratings.
3. Finding tier 1 business vendors that will give you credit without you actually having credit. Tier 1 business vendors will provide the opportunity to establish your credit as a new company to allow your small business to function
4. Tier 2 business vendors supply goods or services to the customer. This can be credit cards or gas cards and will give you credit based on that if you are purchasing under your business name (EIN number).
5. Tier: 3 vendors are in the category of business financing and bank lending. Start getting auto financed in your business name, gas cards amazon, Costco, Sam’s etc.
6. Tier 4 are investors. This is where you would move out of institutional lending and into bigger banks, commerce banks and credit unions. You now have the capacity to get greater loans from these banks. Within six months you can have up to $150,000 and remember to always pay on time.
For more valuable tips, contact and further information on credit enhancement, business credit and stocks from Archie Kern, please visit: www.yourfavoritews.com
- A Readable Adventure