How to Leverage Business Credit for your Recruiting Agency
Business Credit is the Key to Funding for Recruiters
Let’s be real: being an up-and-coming recruiter isn’t exactly a piece of cake. As satisfying as it is to help companies find their dream employees, it’s also equally stressful at times. You have just about a million responsibilities on your plate…and you can barely catch a break. Plus, let’s not forget about their biggest devil: FINANCES.
You want nothing more than to see your recruiting agency grow and thrive …but none of that is possible without loads and loads of $$$. Needless to say, the vast majority of us aren’t naturally millionaires…which means it’s pretty difficult to gather the funds needed to get things going. So then, what do you do with all those hopes and dreams in your pocket? How do you transform them into reality?
Say hello to business credit; you’ll no longer have to use your personal funds to get your business going.
It’s simple: the more cash you have, the merrier. And in order to receive that financial backup, you need to leverage other people’s money. That means utilizing the banks and private investors so you can have funds for your business. Now the only question remains… how exactly do you get started?
In this blog, we’re going to be giving you the 411 on business credit. Keep reading to see how you can establish some of your own and boost your business!
Keep Tabs on Your Personal Credit
First and foremost, you need to keep a close eye on your personal credit before moving forward. When you’re just starting out, it is important for you to personally guarantee a bunch of your own credit lines. And in order to do that, your credit score naturally needs to be 700+.
Wanna know how you can make sure your personal credit is in order? The answer is utilization!
Picture this. You have two credit cards with a limit of five thousand dollars each and ten thousand collectively. If you carry a balance of, say, a thousand dollars on those cards, you’re using 10% of your credit limit…which means 10% utilization.
Ideally, the optimal utilization rate is about 3%, and this is the number to shoot for if you want to boost your credit score. So in order to improve your percentage, consider asking for a raise in your credit line. Think of it this way. As more and more credit is given to you, banks and investors will begin to perceive you as a trustworthy recruiter.
Moral of the story? Don’t hesitate to ask your credit card companies! Set an event, give them a call, or opt for any other option of your choice. Be sure to make your point sound convincing as you explain your background and make the request. You’d be surprised to see just how quickly dreams can come true at times.
Aside from aiming for a 3% utilization rate and requesting a raise, it is important for you to also pay the bills early. The more effort you put into this right now, the more opportunities you’ll gain access to in the imminent future.
Establish Credibility as a Business
Now that you’ve taken care of your personal credit, the next step is to build credibility as a recruiter. By showing banks and investors that you’re a legitimate business, you’re sure to receive the funds you’ve been seeking in the blink of an eye. So here’s how you do it.
Begin by grabbing your computer and going to Dun & Bradstreet. This is one of the most prominent credit reporting websites for businesses. And did we mention it’s completely free? Use the resource to get your DUNS number, and jot it down in your notes app or journal. We recommend storing all of your company information — your DUNS number, your EIN number, your addresses, and your cards — in a safe place and ensuring that it is easily accessible at all times.
After that, you want to make sure your business address is licensed in a commercial area. Loads of recruiters tend to use their house address instead, but all this does is decrease your credibility in front of banks. The goal is simple: to establish yourself as a legitimate entity and make it easy for banks or investors to look up your firm online. Also, be sure to opt for a physical address and not a P.O. box for optimal results. The good news is that it won’t cost you more than approximately $50 a month.
Once you’ve made sure that you have a real business address, the next step is to naturally make sure you have a real phone number. On paper, these sound like very simple tasks, but you’d be surprised how monumental the impact can be. With that being said, remember not to put your personal cell phone digits as your business number. The key is to enlist the help of companies like Grasshopper and get a 1-800 number for your recruiting agency. The end result? More credibility than you could’ve ever imagined.
Lastly, go ahead and Google Whitepages on the internet to officially register your company. By doing that, you’ll successfully put up your business for the world to see and simultaneously earn credibility in the industry. The coolest part? Individuals will think of you as a booming Fortune 500 company even if you’re only just getting started. It’s only upward and onward from here.
Apply for Different Funding and Loan Grant Opportunities
You’re all set to officially apply for various loans and funds. Because you’ve already gotten those two major steps out of the way and increased the attractiveness of your business, you are now highly qualified to receive access to these opportunities.
Looking for a top-notch way to get some funds? Consider using Hello Skip to get the results of your dreams and save precious time as a recruiter. The company presents all sorts of financing options and helps you both apply and navigate with ease. By leveraging this resource, you’re bound to witness an incredible business growth in the long run.
Feel free to do some research of your own to identify other loans and grants. Take some time out of your schedule to really commit to the process…and see the results for yourself!
From hosting events, and hiring new team members to improve your marketing efforts, there’s so much you can do with the extra funding you’re about to receive. This is the power of business credit! We hope our guide has provided you with all the knowledge and insight you need to leverage this tool for the success of your recruiting firm. Be prepared to unlock a world of possibilities and watch your revenue skyrocket like never before. Everything’s about to change.
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