I’ve been learning so much about entrepreneurship and how to be a successful small business owner. One important aspect that is mentioned repeatedly… open a business bank account.
Well, that seems simple enough, right? All kinds of people have small businesses, they must have figured it out, right? I don’t hear that opening a bank account is a difficult process, if it was, there wouldn’t be so many small businesses, right? I’m determined to do this the right way, so this will be a painless process, right?
Here are my top 5 tips when opening a business account at a bank:
5. Even if your husband isn’t a small business owner, maybe you should listen to his insights a bit more.
As hard as it is to believe, it isn’t easy to see the whole picture when you are trying to build it all at the same time. Accept observations and advice from the outside-in!
4. Don’t deposit all your checks at once.
When you open a new bank account, checks will take at least 7-10 days to clear. You won’t have access to your hard-earned funds (even if they tell you you’ll be able to get it the following morning – nope.) Don’t learn the hard way, like I had to.
3. Do you have to pay for a business account?
I think, with most banks, there are ways around paying for a business account. With Bank of America, I can get a free bank account by paying myself once a month. – This is one of the positives from opening my account.
2. You get checks… and a deposit stamp.
Maybe it is the childhood-entrepreneur in me… I love checks and stamps!! When I opened my account on line, they didn’t tell me I got FREE checks (and a FREE stamp)! When I went into the branch office, she quickly got me hooked up and I got my packages in the mail just a couple days later! It’s for real now!!!
1.Don’t use the online-option! Go into a office and work with a person you can see and who can see you!
Working with an experienced small business banker [at a banking center] will make your experience much less painful and you’ll probably get advice about other aspects of you business along the way. More than likely, the information will be consistent… unlike talking to 5 different people over a week and getting 5 different answers and information.
Be educated, flexible and ready to work for what you need. It may not end up being productive or an efficient use of your time, but it is always progress [whether you move ahead or have to learn from getting behind] – soon you’ll be able to say, “Show me the money!”
So, that is my life-lesson in opening my business account at the bank. For important information you should know before opening your business account, CLICK HERE. (Just ignore the first suggestion – I obviously don’t support that advice. Sorry, SBA.)
Just for the record, HERE is your other option!