EXPERTS LANE n SMALL BUSINESS DEVELOPMENT
Grow Your Plant
By Malaya Dantzler-Bryan
She has been in business for just over a year
and during her advisory session we began
strategizing the next steps in growing her
business. One of the pain points discovered
during our conversation was, of course, her
need for more capital. She also realized,
after doing much research coupled with
the knowledge from our discussions, that it
was time to transition from a home-based
business to her own office space. She could
easily see the numerous benefits of having
her own office… i.e. meeting clients in her
own conference room instead of taking
them out to lunch, having a space where
potential customers could come in “off the
street” for consultation, and presenting
a more professional image to her clients.
Another realization point was that if she
ever wanted to apply for business lines of
credit, she would need to show that she
operated out of an actual office building
and not her home. This was the next natural
step in growing her business from a small
startup to the national powerhouse that she
envisions. So why did she have so much
trepidation as she was touring potential
office buildings with her real estate agent?
This comes from one of our most primal
emotions that often get in the way of our
dreams both personally and professionally:
FEAR. Could she afford what essentially
was a second rental payment? What if she
didn’t bring in enough money one month?
Would she even really use this new office?
After our discussion, she realized that these
haunting thoughts were mirroring the
same apprehensions she had when initially
starting her business. I asked her, “When
you created a business from nothing into a
8
IBA Success Magazine
n
VOL 5, Issue 2
profitable steady income, what makes you
think you can’t grow what you’ve already
planted?” You have to plant and nurture
the seeds of your own success.
If you are still working out of your home,
I encourage you determine your next step
to success and if it is branching out of
your kitchen table with a laptop, getting a
small office space may be a viable option.
This decision could be a crucial step in
legitimizing your business and perhaps
the most important step in establishing
your business credit. If you ever hope to
expand your business, and you’re not
personally wealthy, you will want to have an
established credit line separate from your
personal credit. Some of the other steps
that will ensure you are on the right road to
achieve your goals through business credit
development would include:
• Establish your business formation –
Incorporation or an LLC (Limited
Liability Company) This separates
your personal credit from that of your
business.
• Get your federal identification number
(EIN). This free service is offered by the
IRS and serves as part of your business
identity.
• Open a business bank account.
• Get a dedicated business phone line
and make sure it is listed under your
full business name. You may also want
a toll-free number. There many
reputable companies that offer great
phone packages. Do your research! You
may be able to leverage this number as
part of your marketing efforts just as I
did with 1-833-ASK SBCS.
• Establish an office outside of your home.
This further helps to separate personal
from business.
• Register with Dun & Bradstreet to
receive your DUNS number. This is a
nine-digit number that is used to
identify each physical location of your
business. This free service is required for
all businesses to register with the federal
government for contracts and grants.
• Apply for a business credit card.
Unfortunately, you may have a higher
interest rate than on your personal
cards. Think of it like when you got your
first credit card. Many cards offer
benefits exclusively geared towards
businesses though. So be sure to do
some research on which card is best
for you. TIP – Don’t apply for any
business credit until you have your
business fundamentals in place.
• Find vendors who are willing to let you
purchase on credit and pay those
vendors back early. Be sure you use
vendors that report to business credit
agencies. This is a great, and quick, way
to grow your business credit score.
• Finally, monitor your business credit
score as you would your personal one.
Be sure the reporting is accurate and
look for any anomalies.
You’ve planted your business, now you just
need to grow it. With a little time and a lot of
work, your company will continue to grow
into the business you’ve always dreamed
of. Taking that next step is scary, but you’ve
come this far. Don’t stop now. Get that
business credit so that you can expand and
go to the next level. Much like when you first
opened your business, you have to believe
in yourself and know that you can do it. Plant
the seed and grow your plant.
Malaya Dantzler-Bryan
is an expert in small
business development
with over twenty
years experience in
assisting small and
disadvantaged
businesses. Her passion for helping "the
underdog" led her to open her own
business where she champions the rights of
small businesses across the state of Florida.
Small Business Contracting Source, Inc.
www.sbcsinc.com
T
here comes a time for every small
business owner when they must
take stock of where they currently
are and where they want to be. It
is easy to become stagnant if we are not
constantly growing. But how do you know
when to take that plunge into the next
phase of your business? Honestly, you can
never know for sure. It requires both a leap
of faith and a belief in yourself. Sometimes
you just have to do it. I was discussing this
with a client last week who is on the verge
of branching out and considering renting
her own office space.