Jun 13, 2023
Right now is a crucial time to build up your purchasing power. With an uncertain economy and banks collapsing, it's only going to get more difficult to get access to the type of capital that Jack McColl breaks down in this episode. if you have this knowledge and you are prepared, that is going to put you that much further ahead of your competition. If you want to scale your business, buy more inventory, or hire employees without giving away any equity, then this episode is for you. Guaranteed you won’t learn this in business school, so take advantage of the knowledge Jack drops here.
Jack McColl is the founder of CreditStacking.com where he helps entrepreneurs finance their businesses with 0% interest. Jack is a self-made mogul who went from having zero dollars in business credit to being approved for $500,000 in a little more than a year. He took what he learned and created Credit Stacking to share his technique with others.
On this episode of the 365 Driven podcast, Jack shares his expertise on how business owners can increase their purchasing power by building their credit. Jack explains the importance of having access to capital to fund and scale businesses, and how he was able to raise hundreds of thousands of dollars using 0% interest business credit cards.
Join Tony and Jack on this episode as they discuss how to maintain a low-risk business entity, how to avoid paying interest, and which banks offer the best business credit cards. They also share tips on building a strong personal credit profile and getting high-limit credit cards. Jack discusses the importance of having a business checking account and how it can help build a relationship with lenders. He also explains how to liquidate credit cards into cash and use it for real estate deals or other investments.
Quote from the episode:
“Funding businesses on zero percent interest business credit cards is the easiest way to raise money, hundreds of thousands of dollars, and you're not giving away any equity, you're not paying any interest, you're not bootstrapped.” - Jack McColl
Key highlights:
- Personal vs. Business credit
- Why business credit cards are better than giving away equity in your business
- Will business credit cards affect your personal credit score?
- How to get 0% interest for several years
- What do banks look at when approving you for credit?
- How to optimize or repair your personal credit profile
- Are there hidden agendas of 0% offers?
- How to liquidate credit into cash
For resources and links mentioned in this episode, visit: 365driven.com/episode307