My Business Credit Journey to 1,000,000

The site has been up and down for me, and I apologize for the tardy postings, I promise it was ready to go yesterday!

Just FYI to all readers.  The services that Mike has been offering have been changed, although that is not yet reflected on the site.  I have a bit of a different view on customer service, and corporate infrastructure than some other business credit companies out there, and I want our readers to know why we are making the decisions that we are.
Soon you will see us comparing and contrasting our new company to some who have been in the industry for years.  It is important to know that there are different types of business credit companies, and the differences are very important, not only to your journey, but also to your wallet!  
Rest assured that we will accurately portray the positives and negatives of working with all of these companies, ad not just talk ourselves up.

There are three different types of business credit companies in the USA, they are: Books & Tapes, Coaching, and Full Service.

Books and Tapes: 
Some business credit companies only sell books and tapes.  These companies will offer you the “secrets” of business credit, or steps to build business credit and sell you everything you need in a book ranging from 200-400 pages.  These companies usually accept PayPal as their main form of payment, and offer little in the form of contact information.

The Good
These companies can give you a broad idea of why you need business credit.  They are very god at whetting your appetite for huge lines, and grand accounts.  Reading about business credit in a book was my first contact with the subject, and look where I ended up!

The Bad
Pretty much everything else.  Books and tape don’t take you much further than the last page of the book.  It’s common sense to incorporate and get a real address, then these books only tell you to find companies to offer you credit.  The problem is, you probably already knew that you needed to find companies.  Books and tapes tend to leave clients with more questions than answers, and they set you up for an up sell, which adds to the cost that you planned to spend.  

The Verdict:
If you like to be teased then these are for you.  This selling system was made popular by real estate gurus in the mid-late nineties, and always involves an up sell.  From a free seminar, to a book, to a Saturday seminar, to a Weekend boot-camp to a super-secret week getaway!  After adding up the total cost of the book plus the upgrades, you could end up spending more than $10,000 to learn about business credit.

Coaching:
Most business credit companies offer coaching.  Coaching is the act of being an expert, and guiding a client through the motions themselves via phone, or via email.  Unlike the business world, business credit coaching companies only charge a flat fee for a period of time (i.e. 6 months), and not an hourly rate. 

The Good :
Coaching companies give the peace of mind to a business owner that someone knows what they are doing, as well as the ability to learn by being in a “hands-on”  role while building their business credit.  The business owner can also move at their own pace in learning, ad building their credit.

The Bad:
Coaching is a great idea for the specialist, but could be a liability for the client.  A possible issue could arise if the client gets distracted by day-to-day business, and misses a few weeks of credit-building.  If you don’t call, nothing happens.  If you don’ build, nothing gets built.  This can leave to some consulting clients feeling like they have gotten nothing for their money.  There needs to be a clear agreement that coaching allows ACCESS to an expert, not RESULTS from an expert.

The Verdict:
Coaching is a really easy way to make money in business credit, and can be a real asset to your clientele.  Unfortunately, it’s also a good way to spend countless dollars and see no results.  Usually it’s the business owners’ fault, but a lack of communication, slow returning of phone calls, and even company disappearances are a reality in this industry.  Coaching is a good service, but research your coach thoroughly.

Full Service:
A full-service business credit company handles all of the details for a small business owner.  The business owner gives their companies details, and then sits back and waits for results.  The customer can be as involved, or uninvolved in the process as they choose.

The Good:
Business Owners are busy people, and being able to delegate this task to a professional will pique the interest of quite a few who have casually looked at business credit but not wanted to do any “dirty work”

The Bad:
Some business owners will not like the idea that someone is acquiring credit for their company and they are not being notified.   This is not an industry that inspires trust in its clients, so this will be a huge barrier to cross

The Verdict:
Full service is the type of company that we are developing here at MBCB, and we feel as if this blog, and our candid advice will give us the trust of our clientele that we need to survive.  We will also be implementing a commission structure for anyone interested in sending us clients and helping us grow.  If we make money, so should our readers. 
Starting next week we will be profiling business credit companies and letting you know how our services stack up to them all.  Informed buyers make the best decisions!
 
–Elijah