AFS Consulting, LLC

09/13/2024

If anyone is still interested in attending The Money Multiplier Mastermind from Oct 10-12, today is the last day for the room block.

07/16/2024

Day 5 of 5 - Securing Unlimited Funding Sources 🚀💰

Hey everyone!

Today, we’re taking a giant leap forward! 🌟 You’re going to learn how to find and secure your own unlimited funding sources. This is all about empowering you to build a network of supportive financial institutions. Let’s dive in!

🔍 Finding the Best Banks for Business Funding:

Leverage SBA Lenders:

- Why SBA Lenders? Even if you're not looking for an SBA loan right now, banks that are top SBA lenders are often generous with business credit. They're experienced with small businesses and likely to offer substantial funding options.
- How to Start: Check out the top SBA lenders in your state. Sort them by approval count to see which banks are most active.

Using Bank Research Tools:

- Local Bank Insights: Use tools like bank branch locators to find banks in your area. It’s not just about who’s big; it’s about who’s right for your business needs.

Engage with Local Banks and Credit Unions:

- Visit Branches: If they’re nearby, step into the banks, meet face-to-face, and ask questions like, “Which credit bureau do you pull from?” Personal interactions can significantly boost your chances of securing favorable terms.
- Call Up: For banks without local branches, a phone call can be just as effective. Prepare your questions and aim to build rapport with bank reps over the phone.

Networking through Chamber of Commerce Events:

- Why Attend? Local Chamber of Commerce events are networking goldmines. You’ll meet bank reps and managers in a relaxed setting, making it easier to form genuine connections.
- Building Relationships: These personal interactions are invaluable. Discussing your business casually over coffee can lead to more significant opportunities than formal appointments or online applications.

📋 Assignment:
Start by researching the top SBA lenders in your state and create a list of banks to reach out to. Bank branch locators can be useful here too. (https://www.bankbranchlocator.com/)

This week is all about putting yourself out there and starting to build those crucial banking relationships that will support your business now and in the future. Let’s make it happen! 💪

Stay tuned for more tips and strategies! 🚀

07/15/2024

Day 4 of 5 - Setting Up Your Custom Funding Sequence 🚀

Today, we're diving into an exciting part of our journey: creating your custom funding sequence for business credit cards. This strategic approach will help you maximize your approvals and minimize any negative impact on your credit score.

🔍 The Fundamentals of Building a Funding Sequence:

Strategic Applications: Plan to apply for 6-9 credit cards, aiming for 2-3 approvals per credit bureau (Experian, Equifax, and TransUnion) to spread out your hard inquiries.

🔍 Key Considerations for Selecting Banks:

1. Geographic Availability: Does the bank operate in your area?
2. Product Suitability: Do they offer credit products that align with your needs?
3. Existing Relationships: Can you leverage any existing relationships with the bank?
4. Type of Institution: Is it a national bank, regional bank, or credit union?
5. Credit Pulls: Which bureau does the bank pull from, and do they perform soft or hard pulls?
6. Underwriting Process: Does the bank use a third-party underwriter like Elan, or do they underwrite in-house?
7. Application Sensitivities: Are there specific rules or sensitivities, such as a high number of inquiries or new business applications?

🔍 Understanding Specific Bank Rules:

- Chase's 5/24 Rule: Avoid applying if you've opened five or more credit cards in the past 24 months.
- American Express's 2 in 90 Rule: Limit your applications to two credit card approvals every 90 days.
- Bank of America: Allows up to three business cards per business entity.
- Elan Financial: Typically restricts to two card applications per business entity.

📋 Today's Assignment:

Plan your funding sequence by choosing business credit cards and banks that match your needs. Prioritize cards based on the bureau they pull from and the likelihood of approval, considering all the factors we discussed.

🎁 If you are interested in finding out what 0% APR Business Credit Card you can aim for, DM me to hop on a quick call to go over your situation and options.

🔍 Additional Tips:

1. Freeze Unnecessary Credit Bureaus: Before applying, consider freezing the credit bureaus you don’t want to be pulled. This focuses inquiries where you want them.
2. Apply Strategically: Start with national banks and then move to regional or local ones.
3. Manage Responses: If you face denials or low limits, contact customer service to negotiate better terms.
4. Reconsideration Calls: If denied, use the denial letter as a tool to call and minimize each negative item to argue your case for approval. Be prepared with supporting documents and a solid business rationale.

This week is all about laying the groundwork for successful funding applications. By the end of this sequence, you'll have a solid plan and, hopefully, some new credit lines to help your business grow.

Stay tuned for Day 5! 🚀

Book for a free call below:
https://calendly.com/afs_consulting/general-consult-meeting

07/14/2024

Today, we're diving into a crucial step if you're aiming for financial growth and stability.

Building Your Business Credit:

Understanding Business Credit Bureaus:
Key Players: Experian Business, Equifax Business, and Dun & Bradstreet.

Getting Started: First up, grab a DUNS number from Dun & Bradstreet—it's free and a must-have for your business credit profile.

Types of Credit Accounts:

Vendor Accounts: Think suppliers or service providers that offer you payment terms (like Net 30, or Net 60). These are great for building credit as they report your payment history to credit bureaus.

Financial Accounts: These include business bank accounts, credit cards, and loans. How you manage these can significantly impact your credit history.

Action Steps to Build Business Credit:

Net 30 Vendor Accounts: These accounts allow you to pay within 30 days. They're like short-term credit lines that can boost your credit profile. I've compiled a list of over Net 30 accounts for this purpose. Reach out to me for the list.

Nav Prime Account: This is one of my 1st go to vendors. It reports to both Experian and Equifax and includes detailed credit reports and a charge card. It's proven to boost business credit scores significantly in just a few months!

Pro Tip: Aim to have at least one account reporting to each business credit bureau, except DnB, which requires 3 to produce a Oaydex score. At least 1 for Experian and at least one for Equifax for the best results.

Building Relationships with Banks:

Why It Matters: Depositing money regularly into business accounts at various banks, especially regional ones and credit unions, is one of the best way to build strong banking relationships.

Types of Banks:

Credit Unions: Member-owned and often more personal. Great for relationship banking.

Regional Banks: Smaller than national banks but larger than local banks, they can offer more tailored services.

National Banks: Like Chase and Bank of America, useful for building a history of banking activity.

Relationship Banking: It's like nurturing a friendship—the more you put into it, the more benefits you see. Begin with your local or regional banks where personal relationships can lead to better rates and more favorable terms.

Assignment:

Visit a Local Bank: Start setting up accounts! If possible, visit in person to establish a face-to-face relationship. Especially for national banks like Chase and Wells Fargo.

Open Business Accounts: Start by opening both personal and business checking accounts at a mix of bank types—national, regional, and credit unions.

Deposit at least the minimum amount to satisfy the account requirements, but $1k-$5k would be ideal for business accounts.

Use Net 30 Accounts: Select vendors that make sense for your business and start establishing credit lines with them.

This process will set you up for future rounds of funding.

Let me know in the comments how you made out, or DM for some guidance.

07/13/2024

One of the most important steps in launching your business—the setup.

Today’s Focus: Choosing the Best Business Structure

Let’s break down what types of business structures are out there and figure out which one might be the best fit for you.

1. Corporations: When you want to think big

Why go corporate? If you're planning on building a large business with lots of employees, this could be for you. Corporations protect your personal stuff (like your house or car) if things get rocky financially. Plus, you can raise money by selling stock.

2. Limited Liability Companies (LLCs): My favorite and the structure I chose for my business AFS Consulting, LLC.

Why an LLC? They blend the best parts of corporations and partnerships. Your personal assets get some protection, and they're great for taxes since business losses can reduce your personal tax bill. Perfect for small to medium businesses.

3. Partnerships:

If you’re teaming up with others, this structure lets you share skills and resources effectively. Tax-wise, it’s similar to LLC’s.

4. Sole Proprietorships: Simple but risky.

Downside? Banks aren’t too fond of lending to sole proprietorships. Also, Your personal assets can be taken if your business faces debt or legal issues.

Setting Up Your Entity:

1. Name Check: Before choosing a business name, make sure it's available. Use your state’s Secretary of State website and tools like Namechk.com to check if your desired name (and social media handles) are available.

2. Filing Made Easy: Not sure where to start with the paperwork? Sites like incfile.com are great. They handle everything.

3. Smart Naming: Choose a name that doesn’t box you into being seen as a 'high-risk' business by lenders. Something general like adding "Consulting" or "Solutions" could give you an edge.

Tips:

EIN Application: When applying for your Employer Identification Number (EIN), make sure all your details are consistent across the board.

Business Address: Starting out from home? That's totally fine, but if you want to really increase fundability, consider a virtual office. It gives your business a professional look without the cost of a physical office.

Next Steps:

Get your digital presence sorted with a website and a professional email linked to your domain. This not only boosts your credibility but also makes you look all the more official.

Register your business phone number and list it. I use FreedomVoice and yellow pages. Being in the yellow pages makes your business easier to verify and adds a layer of trust.

Assignment:

This week, your are to start writing out which structure fits your business the best and begin the setup process.

It’s a big step towards making your business dreams a reality.

Write in the comments and sound off what action steps you’ve done so far.

Can’t wait to see what you choose. If you would like hands on assistance, I can assist with building out your business structure to be findable in the eyes of the lender. DM me for help.

07/11/2024

I'm excited to kick off a 5-day journey where we'll dive into the nitty-gritty of building and enhancing your business credit. By the end of this series, you'll be well-equipped to unlock significant funding opportunities for your business. Today, let’s start by understanding the essential aspects of personal credit and its direct impact on securing business funding.

🔍 Key Insights on Personal Credit for Business Funding:

1. Personal vs. Business Credit:

What’s the difference? Business credit is tied to your company's EIN, not your personal SSN. Initially, you’ll need to act as a personal guarantor, meaning you’re personally on the hook for the debt.

2. The Importance of a Clean Personal Credit Report:

Why does it matter? A spotless credit history tells lenders you’re a reliable borrower, lowering their risk and boosting your approval odds for business loans.

3. Managing Credit Inquiries and Utilization:

Best practices? Keep your credit inquiries minimal and your utilization under 10%. This shows lenders you’re not overly reliant on credit, making your business more attractive.

4. Maintaining a Strong Recent Credit History:

Why is this crucial? Avoid late payments in the last 24 months. This heavily influences your credit score and builds lender trust.

5. Preparing for Application:

What steps should you take? Ensure your personal credit cards have high limits and low usage. This proves to lenders you can handle substantial lines of credit.

📋 Your Task for Today:

Pull your current credit reports from all three bureaus for free via the Annual Credit Report website. Then, get your free Experian and Equifax FICO scores to see where you stand regarding credit score, inquiries, and utilization rates. Spot any areas needing improvement.

I'm looking forward to seeing your progress as we embark on this journey together! DM me any questions you have along the way, or comment below.

Stay tuned for Day 2! 🚀

07/11/2024

Hello, fellow entrepreneurs!

I’ve been away on social media for a while working on some parts of my business, but I'm thrilled to re-introduce myself to both old friends and new followers. My name is Stephen Alonso, and I’m passionate about helping individuals and businesses achieve financial freedom and success.

🌟 What I Do:

👔 Business Consulting: I specialize in setting up robust business foundations that are fundable in the eyes and criteria of lenders. Whether you're a startup or an established business, I can guide you through creating a strong financial structure that attracts funding and investments.

💰 Business Funding: Need capital to grow your business? I help entrepreneurs and business owners secure the funding they need to expand and thrive. From loans to lines of credit, I navigate the complex world of business finance to find the best solutions for you.

🏦 Infinite Banking: Imagine taking back control of your finances and becoming your own bank! I teach individuals how to leverage infinite banking strategies, allowing you to manage your money, grow and use it at the same time, while compounding uninterrupted to build wealth and achieve financial independence on your terms.

07/08/2024

Building a Business? Make it Creditor-Ready from the Start!

I help new entrepreneurs like YOU set up a compliant and fundable business structure. This means getting the credit you need to grow and scale.

Here's what I offer:

Business entity selection (LLC, S Corp, etc.)
Strategies to establish creditworthiness
Get access to multiple types of funding options

Schedule a FREE call today and let's build a business that's ready for success.

Click the link below to learn more and book your consultation!

https://calendly.com/afs_consulting/general-consult-meeting

12/29/2023

Now licensed in CA as well. Looking to learn more about infinite banking and recapturing up to 90% of your hard earned money? DM me, or setup a call here at:

Https://Go.oncehub.com/StephenAlonso

Pick a date and time that works for you - it's fast and easy.

12/05/2023

See Below For The Difference Between an IUL and Whole Life Insurance 💼🏠

📈 Indexed Universal Life (IUL) Insurance:
Access to Funds: Early years offer no access to funds, a potential hurdle for liquidity-driven investments. 💸
Policy Performance: Funds are locked in the initial years, not ideal for short-term investment opportunities. 🔒
Use Case: Think of it as a long-term play, similar to a retirement fund. Great for future planning, not for immediate reinvestment. 🌱
Guarantees & Fees: Offers a safety net against market downturns with a zero percent floor. But, there are increasing fees as you age. ⚠️
Flexibility: Less adaptable, especially in the early years, which might clash with dynamic investment strategies. 🔄
Long-Term Performance: Improves over time but be wary of the early negative returns. 📉

🛡️ Whole Life Insurance:
Access to Funds: Quick access to funds post-investment, a big plus for seizing new real estate deals. 🏡💰
Policy Performance: Immediate fund growth and accessibility (within the first 30 days), aligning perfectly with fast-paced investment needs. 🚀
Use Case: Extremely versatile, ideal for leveraging in various investment scenarios, such as Gator/PML. 🔄
Guarantees & Fees: Solid guarantees with stable fees, making it increasingly efficient over time. 👍
Flexibility: Offers significant control over your funds, aligning well with diverse investment strategies. 🌐
Long-Term Performance: Consistently strong returns, making it a reliable partner for both short and long-term investment goals. 📊

While IUL has its charm for long-term planning, Whole Life insurance stands out for its immediate benefits and flexibility, crucial for real estate investing and lending. 🏗️📈

🤔 As a real estate investor and/or lender, which policy aligns better with your strategy? Have you integrated either into your financial portfolio?

I’m here as a resource to the community if anyone here wants/needs more information about setting up infinite banking strategies. I also can show examples of how an IUL will perform against a specially engineered Whole Life policy by year. Let's exchange insights/experience in the comments! 👇


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10/23/2023

Ready to work towards your financial freedom? 🚀 Let the experts at AFS Consulting guide you on your journey. Reach out to us today and start your path to financial success. 💰💼