Asking Small Business Owners How to Build Business Credit

Рет қаралды 34,367

Күн бұрын

Learning how to build business credit and use it appropriately is critical for aspiring entrepreneurs in 2023. So, I asked real small business owners how they use business credit in an effort to educate and inspire those getting started.
Check out Mercury's IO Credit Card-a great pick for your business. With Mercury, you get instant spending power with no annual fees, plus 1.5% cash back on common business expenses. Learn more: clickurl.ca/LYFE-Mercury
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Timestamps
Preview (0:00)
Intro (0:28)
Rafael (0:46)
Santiago (3:28)
Mercury's IO Credit Card (5:27)
Lala (7:05)
Haziq (11:02)
Reunek (13:36)
Me (18:23)
Venkat (19:18)
Asking Small Business Owners Their Favorite Tax Write-Offs (22:12)
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 60

@averagemoe7879 Жыл бұрын

Biggest problem that no one addressed, first line of credit you apply for will be 50%+ apr. debt traps. Usually have weekly or biweekly minimum payments, eating up your cash flow. you’re expected to use it until you’re offered more reasonable rates. Unless you’re making 300k rev with bare minimum decent net, getting business debt will initially be a debt trap.

@traetonmcglohon4563 Жыл бұрын

This video was fire ! 🔥 so great to see black business owners doing well and looking to grow !

@kanisethorn Жыл бұрын

I love all of the videos on this channel but this one was a fav! Pleaseee do more!!

@LYFEAccounting Жыл бұрын

I’m glad you enjoyed it, thanks for the encouragement. I just may 😉

@lindoskyi Жыл бұрын

I am a business, and everything i do is a write-off!!! Wowwww!!! I love the confidence she exudes. Thanks for this video

@guysfinancex Жыл бұрын

I never realized the importance of building business credit until I watched this video. The tips and insights from small business owners are priceless. Thank you for sharing!...

@bngpressure Жыл бұрын

I started my pressure washing business using a business credit card that had 0% interest for 18 months back in 2019. If you know how to manage a credit card(ie. paying off the debt prior to the interest starting) then there is nothing wrong with starting a company using business credit or credit cards.

@mattv4140 Жыл бұрын

It’s the ppl with the not so great business ideas that are afraid to invest in that matter. They can’t project any high returns because their product or service isn’t that great or they’re mimicking another businesses model. If you know you’re gonna yield a great return you just need the finances to invest and your ready to jump because you know your idea is brilliant and the money will come.

@jalabi99 Жыл бұрын

18:25 Preach!! Get your personal credit in order and two months later you can get those business credit cards real easily!

@TheSoldierBarberLife Жыл бұрын

Great video, it is nice to hear the real life stories of business owners

@LYFEAccounting Жыл бұрын

That was the goal! I’ve made 100+ videos, so I thought it wouldn’t hurt to get some other prospectives

@l80bzttha13 Жыл бұрын

Thine Gems 💎 flowith’ like water🌊 non-stop 👏

@drrob1124 Жыл бұрын

This was an excellent video to hear snippets from these business owners

@ramrab8368 Жыл бұрын

This channel is gold.

@valentine601 Жыл бұрын

Great Video. There was so much great information shared especially for start up and scaling, using financial literacy to create wealth 🤩 Great response and Great questions most people have.🎉

@LYFEAccounting Жыл бұрын

Thanks for watching and commenting. Means a lot to us, Valentine!

@marksaporsky 3 ай бұрын

This is so insightful thanks so much man

@Lisa-nt7wt 4 ай бұрын

I learned alot from this video, thank you !

@LaToya-Danielle Жыл бұрын

Very informative. Thanks

@LYFEAccounting Жыл бұрын

So nice of you, thanks

@jordanrice498 Жыл бұрын

Excellent content, very helpful bro 💪🏿

@LYFEAccounting Жыл бұрын

Appreciate it! 💯

@takeyagarner4940 Жыл бұрын

Amazing video!! Lots of great info👍 absolutely loved it

@almawatkins5902 Жыл бұрын

awesome, confident and very clear on the subject. Well done and presentation was Great. Please do more!

@156bobo Жыл бұрын

Great video! Vital information!

@TaxTimeForever Жыл бұрын

What a great series

@luisl691 Жыл бұрын

You are asking all the right questions

@yodowhatnext9742 Жыл бұрын

This was a great video! Thanks 😊

@LYFEAccounting Жыл бұрын

Glad you liked it! 😀

@Davetips88 Жыл бұрын

Love the girl in the blue dresses answers. You can tell she’s been doing this

@bngpressure Жыл бұрын

Great video, I enjoy your content!

@LYFEAccounting Жыл бұрын

I appreciate that!

@LiniousRHoliday Жыл бұрын

Great video and content. 🔥

@LYFEAccounting Жыл бұрын

Thank you 😊

@ladonnawallacesmith700 Жыл бұрын

Good stuff!!!!

@AtlantaGreekPicnic Жыл бұрын

Reunek was so dope!!!

@SuperBeats21 Жыл бұрын

Great video! How were you able to find an event like that?

@LYFEAccounting Жыл бұрын

I use Eventbrite. This one particular was circled on my calendar for a couple months. This is the Small Business Expo

@mattv4140 Жыл бұрын

Motivational

@WindowsAndWheelsDetailing Жыл бұрын

I hear the talk about an LLC - is there a reason you don’t bring up becoming an S-Corp? Subscribed to your channel, looking forward to watching more 🎉

@LYFEAccounting Жыл бұрын

I like S corps, but just didn’t run into any S corp owners. You should watch my video where I ask small business owners their favorite tax write offs, I talked with an S corp owners for a bit

@WindowsAndWheelsDetailing Жыл бұрын

@@LYFEAccounting Ill definitely check that one out. We’ve been an S corp for several years now and if I understand correctly - that allows for an avoidance of self employment tax on the flow through portion of the income (forgive me if my terminology is incorrect - you’re the expert here so please correct me if I’m messing this up lol). But that being said, we’ve saved a significant amount on our taxes by still paying ourselves a solid salary, but the profit that flows through is taxed at a much lower rate.

@naimmohammed3994 Жыл бұрын

Hello I want to start a new business and I need your advice how to structure it that will be beneficial to me and not fall into the wrong category

@patricksouffrant9307 10 ай бұрын

I am looking for a CPA. can anyone recommend

@AfroSenpai Жыл бұрын

If you only have a will as opposed to a trust, your kids/family will go through probate to get your/their wealth, and the fees and time associated with such are horrendous.

@marcusgilmore4311 Жыл бұрын

How do I check my business credit score

@crimsonblack4786 Жыл бұрын

Get a Duns Number with Duns and Bradford's.

@AmericanBusinessFunding Жыл бұрын

Cash Girl $

@ranblank1970 10 ай бұрын

The German looks like it will keep you out of the line of fire

@ALCRAN2010 Жыл бұрын

"Systemate" ..lol

@Ali-ck2zu 2 ай бұрын

banks will do all it takes to make you go bankrupt to own your money. You gotta be prepared for that if you wanna involve in banking system.

@chrisgayle1623 Жыл бұрын

2nd guy didn’t seem authentic ngl

@hamzakhanfan123 Жыл бұрын

Im sorry, but a lot of these guys are just dumb business owners. You should never start your business through credit card debt. The interest on a credit card alone is disgustingly high and ontop of that some of these guys are leaving their job without any savings? Absolutely crazy and I wish you called out these bad habits. Most of these guys will probably end up failing in their business due to these bad habits that have in place.

@tommyboybeats3906 Жыл бұрын

Sometimes you gotta take a risk. You can always go back to a 9-5 if it doesnt work.

@bulcub Жыл бұрын

I learn NOTHING!!! from this other than seeing these folks were guarding what they know! A TOTAL WASTE OF FILMING!!

@ronnimartin7033 Жыл бұрын

When people make comments like yours, it makes me wonder if you were more concerned with criticizing than learning. It's a short video so no one had hours to share what they know. I bet that you learned SOMETHING.

@LYFEAccounting Жыл бұрын

Right, thanks Ronni for having our back! 💯

@chichikito3618 Жыл бұрын

HUH?? Did you watch the video at all??

@wadethomas1043 Жыл бұрын

Good concept and video. But man.... some of the people were sooo full of shit. Lol