Ep6 - Business Money 101: Bank Accounts

10/25/22 - Business Money 101: Bank Accounts

Today we are continuing our foundational mini-series on business money by talking about bank accounts. 

Now, just to be totally transparent here, I didn’t know what I was doing about setting up an account when I first started my business, either. I felt dumb and naive walking into the bank, and I suspect you might be feeling the same way, too.

But I don’t want that for you.

In this episode, I’ll cover:

• Why you want (and need) a separate business account

  • To protect your personal assets

  • To keep things clean for the IRS

• How to use your business bank account - and how to coordinate using it with your personal funds

• My answer to the question “What bank should I use - or not use?”

  • Bigger is better, but not a credit union - and why

  • Why and how you can (and should) make it easy for yourself

  • What to bring with you to set up your business account

• A little bit of “mama bear” advice

Finally, don’t forget your homework. If you don’t have one yet, check out some options for a business account. Look online, ask your peers or local business owners… In other words, start your due diligence. And remember - you got this!

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