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I had the pleasure of meeting and chatting with Mike Warren. He is a man with a plan who had some great advice to share with an audience of appreciative female entrepreneurs.  Later, we chatted in the hall of riches to get some personal advice about how to take my business to the next level.

Mike buys businesses. What gets your business to a place where a man like Mike would be making an offer to purchase has a lot to do with capital. How much you have access to and how well you invest it in R&D, product development, marketing and PR.

How to Get Access to 200,000-400,000

There are two key ingredients to make  the investment capital and the money picture work. First, never personally guarantee the business capital.  Second, never personally qualify for the capital.  What this means is you are not getting credit or loans as a person, you are getting them for your corporation. The loans or investors capital is run through the corporation.

Business credit is capitol or trade credit to companies for business.  He recommended his book ‘Guerilla Credit’.

5 Golden Rules for Business Capital

1. Don’t walk into a bank. This is not where the credit and money flows for your investment money.
2. Pay no personal taxes for the capital.
3. No personal financials, i.e. your taxes and credit report.
4. No personal guarantees. This is a business loan and does not affect your personal property.
5. No personal credit checks on your credit record.

Getting Compliant  

To get compliant, you will want to take action at the right time. Below is a list of some of the items you will need to do to meet the criteria of the investors. He mentioned that the TV show Shark Tank is a great example of this process. When folks show up without their homework done they do not get funded.

The key ingredient to getting compliant is having established business credit.

He suggested a number of places to do this.  For example Stapes, Office Max, Apple, Dell and any virtually supplier who provides you materials. Of course establishing credit means using the credit and timely payback.

There are five main ingredients to getting your dream business funded. I’ve included the percentage of importance so you can put the puzzle together for yourself and your business.

1. Credit history 35%
2. Amount your corporation owes 30%
3. Length of your business credit history 15%
4. Types of credit used 10%
5. New credit 10%

You must put all business assets into the business

In other words, your computer, and printer, desks and business property is an asset of the corporation.

These are just a few of his capital insights for building wealth and a profitable business.

The nuts and bolts of business take study and perseverance. Getting compliant is an important step to bringing in the capital needed for a launch and marketing a campaign. He suggested a 10-12 month time frame for getting you ducks in a row and getting compliant.

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