You should open a business bank account strictly for your business income and expenses.

To select the best bank for your business, scout around and look for a bank that is friendly, courteous and helpful to small or home based business.

“One bank I dealt with didn’t want my business because I was a single mom at the time. Even though I had 8 years of income tax records showing a lucrative small business income and profits, they wanted a co-signer on a small loan I was requesting. Oddly enoug, the bank down the road was happy to accommodate me and they’ve now earned my personal accounts as well as my business accounts as a result.”

Try your best to pre-determine your banking needs, and then by telephone or in person, query bank managers in your area.

Ask questions about maintaining an account balance for pre-approved loans, qualifications necessary to obtain a line of credit, varieties of available loans, policy regarding check amounts and deposits, and any other questions you may come up with.

It’s important to know that different banks specialize in different varieties of businesses. While you’re researching the best bank for your business, you’ll likely find banks that specialize in real estate transactions, home based business, import-export businesses, franchising and even manufacturing operations. Choose a bank that is comfortable with your business and your business needs.

Why?

Let’s forecast a little into the future here…

Let’s say you are planning to sell a fairly expensive item, and some of your customers might require  financing. With the right type of business banking relationship in place, you could work with your bank to help the customer secure that financing as a value added service that both your customer and your bank will appreciate.

One consideration here…establish a respectful first-name-basis relationship with your bank manager and tellers and you’ll find that the service you receive and concessions made for you will be over and above standard bank policy. You’ll be amazed at what a little friendliness will get you!

When you run your own business you quickly realize that everyone is a master in his own game, and while dealing with others ensure you give them the credit that is due them - this will endear them to give your business the best deals and service they can possibly return.

Find similar: Home Based Business

 

Last Modified : January 5th, 2006 Filed under : Home Based Business Navigate : Previous post / Next post