A great way to leverage your good credit to start your own business. Make sure to follow me on instagram:Timothywilliamsjr0
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Everyone thinks you have to have sooo much money to start a business. In reality if you have good credit you can leverage it to start a business and save money.
There are so many good credit cards that you can sign up for take advantage like mentioned in this video. If this is something you’re interested in doing make sure you save up the money you would have used to fund your business just in case for slow months or if your business isn’t doing well.
A vending machine business is a great company to start with less than $5,000 that can eventually turn into passive income. Vending machine business start up can be very easy, I have a video that you can check out on my channel showing you how to start a vending machine business step by step.
The Wells Fargo active cash card is great mainly because of credit card cashback they give you 2% that you can use however you want, I mainly use it for leverage anytime I want to purchase anything else for my business. While also giving you 0% APR for 15 months so you have a head start to fund your business just by only making the minimum payment every month until your business your credit card off in full.
I recommend that you get your credit score to at least a 690 before thinking about getting any credit card and leveraging it to start a business. Make sure you look at your credit card approval odds before applying as well.
Make sure to get your business structured correctly, get your business entity, EIN, business bank account and everything else. Make sure to make a business plan including your short and long term goals.
Finding the right location for your vending machine business will determine your success. If you don’t have a good location you will be pulling your hair out, and wanting to get rid of the machine. I would strongly recommend that you find the location before thinking about purchasing a machine to place in a location. Then making sure to get a contract in place, and order your machine.
It’s best to purchase your vending machine from “Samsclub.com” because they have a rebate program that allows you to get your money back from the items you purchased in the first 6 months just by sending in your receipts. This is great because once you get the money back everything else is ALL PROFIT.
Leverage your cash back, as well as your credit card welcome bonus to pay back the monthly minimum payment, and once your business starts to produce income make sure to continue to chip at the $5,000 until its paid off.
Make sure you’re investing into a NEED business, something that people need in order to survive. A vending machine business is great because we all need food, and drinks to survive. As long as your location is good, and your business is recession proof.