Page 135 - Winning The Credit Game Bundle (CK Patrick)

for other types of business credit lines that we will discuss
throughout this book. These accounts will ask you to apply for
credit using your EIN and may ask you to pay off your business
credit lines using your business bank account.
Having a business bank account is the safest and easiest way
to grow your business’ credit score, since it is a wall of separa-
tion between your business and personal finances. This allows
you to grow your business’ credit score independent of your
personal credit score and keep your business’s money separate.
This independence protects your personal credit score and
assets in case of bankruptcy, and allows co-owners and future
owners of your business access to the benefits of your business’s
credit since these things are no longer dependent on your
personal finances.
There is one last thing you will probably need to start and
run a successful business. I cannot give you a comprehensive
course on this subject in the space of just one book, but I want
you to be set up to succeed so I am going to address it briefly.
Know that there are many courses on this final subject avail-
able to you online, and local organizations such as your local
SCORE administration office may even be able to offer you free
expert help with this last vital component.
This last vital component is your business plan.

WRITING A BUSINESS PLAN

In its simplest form, a business plan is a document where you
write down exactly how you plan to make a profit from your
business. This document will most often be requested by banks
when seeking a business loan or certain other types of credit
lines. It will also be requested by investors if you choose to seek
those in the future. Its function is to help you create a realistic
plan to optimize the growth of your business, and to prove to
others that your business is worth investing in.
Nine common components of a business plan include:

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