All About That Money
Wanting to open a business is just the beginning of your journey. Between deciding on products, where to sell, who your suppliers will be, your mind can be buzzing! Getting paid sounds simple and the easiest solution would be to dump those funds right into your own personal checking account. I mean it’s YOUR money, you worked for it, so why not? If you only take ONE piece of advice from me, let it be this one – open a business bank account!
Keeping your business money separate from your personal money is going to help you keep your taxes somewhat square when it comes time to file them at the start of the year. But opening a bank account won’t help if you don’t keep your purchases separate as well. What should you separate though? The short answer to that is everything.
Opening and using separate accounts will help you keep track of your income across various selling platforms and your expenses from various sites. It will help define YOUR business and you can, at a glance, see where your money is coming and going. I also suggest applying for and opening a business credit card. When shopping for a credit card, try to find one that has awesome perks like cash-back which will help offset the costs of running a business. I love American Express Business Credit Card account. I also have a Paypal business account with a credit card (mostly because If I don’t have my main card on hand, I can use that on most sites to check out. They also offer 6 months no intrest if the purchase is large enough so that’s a big bonus for me. *Disclaimer – PLEASE use credit cards responsibly!
Where Can You Get A Free Account
I shopped around for my accounts for a while before I found mine. I noticed that a lot of banks want to charge you a monthly fee for a business account. Just starting out, I did NOT want to pay for a monthly fee. While I can appreciate “that’s the cost of running a business”, that’s not something that I wanted to take on at the time. I finally found that Ameris Banking offered FREE business checking accounts. I did have to deposit I believe 100 to open the account, but the fact that it was free was fantastic.
One thing to keep in mind that FREE does have restrictions. You are limited to your monthly transactions but you have over 1,000 transactions available. As long as you are not swiping hundreds of time a day, you should be okay with their free account.
[ ] Free Bank account
[ ] Friendly customer service
[ ] Debit card and credit cards available
[ ] Popcorn and lemonade in the lobby (as told by my son)
[ ] Website isn’t the “coolest”
[ ] Limited monthly transactions
[ ] Minimum required to open account.