Building Business Credit: A Step-by-Step Guide for RV Rental Businesses with Ty Crandall from CreditSuite

In this episode of the RV Rental Secrets Podcast, Garr Russell takes over as the host to interview Ty Crandall from Credit Suite, with a focus on business credit for the RV rental industry. Ty introduces himself as the CEO of Credit Suite and explains their mission to help business owners secure funding and build their business credit.

Garr discusses the importance of setting up an LLC to separate personal and business liabilities and highlights how most RV rental businesses start as personal ventures without considering the potential for growth. Ty emphasizes the significance of business credit in securing funding for various aspects of an RV rental business, such as acquiring inventory, storage facilities, tow vehicles, and more.

Ty and Garr dive into the fundamentals of business credit. Ty explains that business credit is credit for a business, analogous to how consumer credit is for individuals. Business credit establishes a separate credit profile linked to the business's EIN (Employer Identification Number) instead of the owner's personal social security number. This separation limits personal liability and opens up opportunities to access higher credit limits compared to consumer credit.

The conversation moves on to discuss the process of building business credit, starting with the setup of a credible business foundation. This includes having a distinct business address, phone number, website, email, and obtaining any necessary licenses. Ty recommends setting up an entity (such as an LLC) and obtaining a Dunn & Bradstreet number, which is a unique identifier for businesses.

Ty introduces two ways to begin building business credit. The first method is the Credit Line Hybrid program, which offers significant credit lines with zero percent interest, making it suitable for investing in an RV rental business. The second approach involves starter vendors like Uline, Granger, and Murphy's Express, which provide credit without requiring personal guarantees or credit checks and report the credit to business credit agencies.

Once businesses have a few accounts reporting on their business credit profile, they can progress to secure revolving credit from retailers like Home Depot, Lowe's, and others. This revolving credit can be used to further expand the business. Ty points out that the process can be accomplished in a relatively short timeframe, typically within a few months, with expert guidance.

Garr discusses the coaching and mentoring provided by Fireside RV for their franchisees, emphasizing the value of learning from experts who have already blazed the trail. Ty mentions the resources available on Credit Suite's website, including guides, videos, and information on paid programs that can expedite the business credit-building process.

The episode concludes with Garr highlighting the importance of surrounding oneself with knowledgeable mentors and partners to accelerate business growth. 

To learn more about business credit you can visit some of the guides mentioned in today's episode:

EIN Credit Guide

Dun & Bradstreet

Credit Suite