"Business Credit and Funding: Laying the Groundwork"

In this episode of “The Distraction Advantage," Shannon Stone speaks about laying a financial foundation for your business, emphasizing the importance of building business credit separate from personal credit. Addressing entrepreneurs at the start or expansion of their businesses, she shares her experiences and lessons learned. She discusses how establishing credit tiers, net-30 accounts, and EIN-based credit cards, among other strategies, can help businesses grow without major loans. Stone recommends getting an EIN, properly registering businesses, and paying bills on time—as early as possible—to start building credit worthiness. She also mentions options like local economic development programs, grants for businesses owned by women and minorities, and revenue-based funding, urging listeners to prepare financially before they’re in dire need of money. The next episode will explore passive income as an alternative revenue source for service-based businesses.