I had noticed over the years when I helped clients that 90% of them did not have a business account. They were operating by cash only, didn’t have good credit to open a business account, or simply never got around to actually opening a business account. One of the excuses I have heard why they had not opened a business account was that they did not want the government to access their money. I still hear this same excuse in 2022. Why is this? I believe that most people still don’t trust the government, want to get away with not following the rules, and because they just don’t know how to open an account. Is this you? This attitude will pose challenges to you down the road if you want to advance and be a successful business owner. You will miss out on opportunities to help your business and enhance your wealth. Wealth will allow you to carve out a legacy and make a difference in your life and in that of others.
When you have a business account, it holds you accountable. When COVID-19 reared its ugly head and the government made PPP available, many business owners couldn’t apply for the funds because they didn’t have separate business accounts. Your personal bank account will simply not work!
You must learn how to manage the funds in your business account, pay expenses and employees from your account, and show lenders/creditors that your business is real and you are ready to do business.
Trust and your reputation as a business owner are imperative. If you look at successful business owners, they have a business account and business credit. These business owners had a vision/dream and did not allow fear and their past to stop them. What’s stopping you?
Check out my blog: 3 Reasons Why You Need Business Credit. It will help you get established and learn more about business credit. If you are wondering which business bank accounts you should get, look at the list below:
Open your business account today!
Be aware, be informed!