A Guide To Opening A Business Bank Account

Whether you will be starting a small or large venture, one of the important tasks that you have you do is to set up a business bank account. Although you may think this is just an additional task that will eat up your time and may even be unnecessary (since you have a personal account you can use), having a business bank account can be really advantageous, especially for your start-up company.

One of the important reasons why your company should have its own account is that even if your venture is a sole proprietorship, an official business bank account makes it easier for you to keep your business expenses separate from your personal ones. Also, having a separate account will make it easier for you (or your accountant) to compute and pay the necessary taxes for your business. Lastly, a business bank account can help make your company look more like a genuine, professional business as opposed to a small and possibly untrustworthy operation.

If it’s your first time to open a business bank account, below is a guide and some helpful tips that can help you with the whole process:

1. Be on the lookout for any specials or promos offered by banks, both local and commercial ones. There are many banks today that offer cash bonuses, fee-free credit card transactions, and other incentives to attract new business customers. Take advantage of these offers so that you’ll gain greater flexibility and save more money that you can use to invest in the operation of your business.

2. If you already have a personal checking and savings account, visit your bank. Ask the representatives about the business bank accounts they offer. You may be able to get a better deal by keeping both your personal and business accounts at the same bank

3. Ask the bank representative for a rate sheet that shows the current interest rate on business checking and savings accounts. If you plan on keeping a huge balance in your business bank account, earning some interest will be a really nice perk.

4. Select a business account that meets your requirements. Choose an account that won’t charge you maintenance fees or per-check charges. In addition, make sure that you will be able to meet the minimum balance requirement to avoid incurring service charges.

5. Once you have opened your business bank account, wait a few days for the funds to settle in your new account. Check the balance to be sure that your initial deposit has been credited. Get in touch with the bank if there are any discrepancies with the initial deposit or if you have not received any account paperwork within a week of opening the account.

Read more tips about opening a business bank account here.

Small Business Banking

As a small business owner, you will want to focus on banking features that are available, useful and help you realize success with your company. Each financial institution offers unique small business banking programs and packages. There are free business checking accounts, business savings accounts, loans and credit card services as well as online features from credit unions and banks to consider while conducting business. You will want to become familiar with their products so you can choose which will work for you and your business.

When looking at the selection of credit unions and banks, you will see many types of small business banking services that can meet your needs. Some credit unions and banks offer free business checking accounts, while others require a minimum balance. You may need after hour depositing and many small business banking programs include this. Most banks and credit unions offer a debit card or check card with the opening of a free business checking account. This can prove to be a convenient and efficient way to make purchases for your business. You may have an option of an unlimited amount of transactions when you start a free business checking account with your credit union or bank. Check with your financial institution, as there may be limits on usage and account balances.

You will have plenty of options when you open a business savings account. Overdraft protection can certainly be useful when you use your business savings account to cover any overages by your business checking account. Your business funds can earn money with an interest bearing savings account. Each financial institution will set their terms for the amount and the length of the deposit for this type of business savings account. CD’s and money market savings accounts are offered as another source of generating money with your business savings account.

Most small businesses need capital for start up, growth and expansion, and even help through lean times. Credit Unions and banks offer loans and even business credit cards to cover these needs. Many small companies take advantage of business credit cards for convenience and flexibility with their working capital. An example of this would be when using your card to cover the gap in payment for goods and services that your business has invoiced. Small business loans can be an essential element for expansion in the event that you do not have the capital to cover the cost of growing your company. While you can’t predict the future, knowing that your business can take on a loan to assist you through difficult times can put your mind at ease.

Small business banking has grown with the digital age and most banks and credit unions now extend online services to their business customers in addition to free checking and savings accounts. Such services can include taking of care of your accounts payable online, monitoring free business checking and business savings account activity, receiving account alerts at your email or mobile device, bill payment and transferring funds between accounts with the push of a button. Statements through the mail can literally be a thing of the past with online banking. Online small business banking services even allow for the use of accounting software such as Quicken® or Microsoft Money® so that your financial picture can be managed with great ease.

5 Internet Marketing Tips Small Business Owners Need to Know

Online corporate giants almost always intimidate small business owners who are starting a business online. After all, these corporate giants have the money, time, and professionals in order to make their website businesses profitable. Online marketing for business may cost thousands of dollars, and because of this discourages some small business owners to not follow through with the e-business strategies they have in mind.

However, most people don’t know that business internet marketing is not always costly- it just always has to be effective. For small business owners who want to figure out business marketing online by themselves, here are five internet marketing tips that can help you work on internet business marketing effectively and for FREE:

Why Spend When There are FREE Tools?
Inexperienced small business owners can easily be persuaded to purchase expensive internet marketing tools because of advertisements with “flowery” and promising words. Our advice to SMO’s is this: use Free Internet Marketing Tools to market your site, generate traffic, and learn the Internet Marketing process through experience. You may purchase professional Internet Marketing software only when you understand how it works, lest you want to waste money on a product whose potential you cannot maximize.

Work on Your Email Campaign
The email campaign is the most intimate and effective approach for internet marketing for business. Connect with people who are already interested in your products or services. In this way, your marketing efforts will pay off through direct sales that are most likely made from customers who have subscribed to updates from you (which means that they want your products and services).

Embrace Social Media Marketing
Connect with as many people as you can for FREE by using Facebook, Twitter, and any other social networking site. Signing up is free and it’s easy to find contacts (and prospective clients) by simply adding friends and regularly posting updates. The beauty of social media marketing is this: the network of contacts is virtually endless and it’s up to you to make your own network grow.

“Give in order to receive”
A clean method of internet marketing for small business is offering free eBooks and software downloads that can lure interested site visitors. Join forums and share your knowledge and expertise. Prove that you are a company with a genuine interest in your clients rather than merely being a money-making effort by a work-at-home individual.

Let YouTube Help Your Business
People have the tendency to watch videos over reading boring text, so make it a point to be active in YouTube and post related videos. This approach for internet marketing for local business is especially effective in reaching out to young audiences.

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