I want to start a daycare in Ohio

kellandjohnkellandjohn subscriber Posts: 1
I want to start a daycare in Ohio but I don`t have the money. I have a business plan and a building ready to lease but I don` t have about 50,000 to spend on supplies and renovations. I have bad credit and my family doesn`t have the money to give for loans.

Comments

  • JackedeJackede subscriber Posts: 1
    Eric,

    I appreciated your feedback. I too  am starting a new business. I
    have incorporated and have worked with a couple of vendors who
    requested payment in advance. I am working with virtually no capital.

    What are the advantages to obtaining a Duns number?

    Thanks,

    Jack
  • MeanMachineMeanMachine subscriber Posts: 0
    Hi Jackede,



    A DUNS number is the worldwide accepted equivalent of what your
    Social Security number is used for in the states. It allows creditors, companies
    who do business with, potential clients and lenders to get to know about your
    company, many lenders and venders will not issue credit without a DUNS number,
    D&B issues a credit rating based upon history.



    Without a DUNS number or good credit standing in DUNS then
    the banks will require you to personally co-sign loans etc so they will take
    your house or car if the loan does not get paid back. Vendors will want to get
    paid in advance as they have no recourse to pursue or ability to judge bad loan
    from good loan.



    In other words having a DUNS number is essential to doing
    business if you need a loan, or credit. It gives lenders a way to measure your
    risk at paying them.



    If you ever want to do business with the government you will
    be required to have a DUNS number.



    Also having a DUNS number will make you more credible in the
    industry and taken seriously as business. (Otherwise why go through the time
    effort and scrutiny??)



    Now getting DUNS is free, Dunn and Bradstreet will track
    your data, etc. However they have several programs to choose from that will
    cost. Like a credit building program which takes more data. I think it cost
    $250. You can go to the site and choose which program fits what you want to do.
    (They always sucker you in with the free stuff then hit for the cash before you
    can get out the door.)



    If you are not under financial pressures then you can take
    it slow get the free DUNS and build your good credit record. If you want to
    fast track it then you will need to pay a fee.





    It all depends upon your need.http://www.dnb.com/us/





    What a sample DUNS report shows about a business:https://www.dnb.com/product/birsampl.htm



    I hope this information is helpful,Eric
  • JackedeJackede subscriber Posts: 1
  • MeanMachineMeanMachine subscriber Posts: 0
    I am happy to be of service.

     

    Take care,

     Eric
  • KwillimasonKwillimason subscriber Posts: 1 Member
    Your DUNS Number will be directly linked to your company’s credit file and will play an important role in your company’s search for credit and financing. With a DUNS Number and business credit report; lenders, suppliers, and creditors will now be better able to assess the creditworthiness of your business.

    Thanks

    Kevin Williamson
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