MCP035: Building Business Credit and Protecting Personal Finances w/ Paul Childers

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/