Do you know what industry code Dun & Bradstreet or Experian Business has for your business? Business bureaus, banks, & other lenders will have on file a business code linked to your business. If you didn’t provide the information, they could have an incorrect high-risk code associated with your business. Every industry has an identification code. All plumbers have the same code. All hair salons will have the same code. The U.S. Government tracks Gross Domestic Product Revenue (GDP) using these codes and it makes it easier to identify the primary activity of the business on tax forms. The two main codes used are the SIC Code and NAICS Code. Standard Industrial Classification code and the North American Industry System Classification code. Lenders, banks, insurance companies and business credit reporting agencies use the two business classification systems to determine if your business is a high-risk industry classification. This means that you could get a denial for a loan or a business credit card. And it could be based solely on your business classification. Some codes trigger automatic turndowns, higher premiums, and reduced credit limits. The choice of Industry code is yours. There is nothing wrong with choosing the SIC code which will not get you automatically denied by lenders. My Favorite SIC/NAICS Codes: SIC code 8741/NAICS code 541611, Management Services SIC Code 8742/NAICS code 561110, Management Consulting Services SIC Code 8748/NAICS code 541618, Business Consulting Services. Remember when speaking with lenders or providing your code to the business bureaus, instead of actively being in your industry, use codes that indicate you are a consultant in that industry. Example: Instead of being a real estate investor (which is a high-risk industry), be a business consultant to real estate investors. SIC Code 8748/NAICS code 541618. Or provide management services to real estate investors SIC Code 8741/NAICS code 541611. The codes above are all generic, lender friendly, and can be applied to almost any business and industry. Make sure the business bureaus have the correct code for your business by purchasing your business reports. If you find it indicates a high-risk industry or is incorrect, provide the bureaus with your correct code.

...Incase you missed it last week, there's a FREE Funding Masterclass every Sunday night at 7:30pm CST via ZOOM‼️ Be prepared to take notes about credit and funding, get some quick wins, and ask alll of your burning questions LIVE on the call.. 🔥 Drop the word “WEB” to register for FREE! 🔗

SCORE, the organization, stands for Service Corps of Retired Executives. It is a nonprofit organization (part of the SBA) that provides free and confidential business mentoring and resources to entrepreneurs and small business owners. SCORE can help you start, grow or successfully exit a business. Need help with marketing, branding, processes, sales, etc.? Be guided by executives that have “been there and done that”. Working with SCORE is like having a board of directors and fractional CEO on your team for FREE. https://www.score.org/ SCORE is great for guidance. If you want actual help, hire a virtual assistant. VA’s are one of the best value decisions you’ll make in your business. If you have tasks others can do, let them. You worry about growing your business. The VA will ensure the tasks you want done are completed.

Everyone talks about “starting an LLC”… But no one talks about why the wealthy never stop at one. Here’s the play they don’t teach you in school (or even in most business programs): 👉🏾 LLC #1 The Operator This one runs the show. It’s your main business entity that collects revenue, pays expenses, and keeps you compliant. 👉🏾 LLC #2 The Asset Holder This company owns your intellectual property, real estate, and brand assets. It rents them back to LLC #1 creating a deductible expense. 👉🏾 LLC #3 The Management Company This one handles “management services,” admin, and consulting, often taxed differently depending on how you structure it. Together, these three build a tax-efficient fortress that the rich quietly use to reduce liability and keep more of what they earn… all 100% legal. 🧐 Want me to break down how to set this up properly (without crossing any IRS lines)? Drop a 🔥 below and I’ll post the full breakdown in the next post.

Hello fellow members. To get the most out of this awesome group, with tons of knowledge and successful members, is to PARTICIPATE. Ask questions specific to your business and situation. Get answers. Take action. Do something everyday that propels your business and dreams forward. Even if it’s a small step. You are the CEO of your business (and life). If you don’t take action who will? Are you REALLY ready to take your business to the next level? Then it’s up to you to start today! Ask questions, participate, and implement what you learn. Be an Action Taker. A Virtual assistant can help you grow. Delegate tasks that can be done by others while you grow your business. A VA is one of the most cost-effective ways to grow quickly.