5. Get A Business Address & Phone

You might not think about it in the digital age, but creating the business address and business phone is important, even today. Lenders like to see a physical address and will use this to gauge a company’s credit and viability.

Creating Your Business Address and Business Phone

A good credit score and ability to be approved for financing is all about the details. One of the details you may not have considered is the address of your business. Make sure you have the exact business legal name listed with the address, including all DBA filings that you plan to use. You don’t need a DBA, but if you use one or more, be ready for any potential issues that could come with it.

Using DBA’s for your LLC or corporation has its uses, but it can create complexities when filing for loans. This is because credit agencies may create a separate account for each name. For example, if your business name is Smith Repair, but you open a credit line as “Smith Repair, DBA Smith Enterprises,” you may have two accounts: one for Smith Repair, and another for Smith Enterprises.

The issue is that you now have credit accounts that are being reported separately. So activity on one only gets counted to that credit account, while activity on another goes to the second account; you want all activity to be reported on one single account to maximize your credit potential. When using a DBA, be extremely diligent to avoid creating duplicate credit lines. Everything must be opened at “Smith Repair, DBA Smith Enterprises,” to ensure consistent results. This should include office leases, utilities, credit accounts, and bank accounts.