There is business out there to be done. Whether you are offering a service or product, there are customers to be catered, and a need to be filled. There are various methods of bringing those businesses to you. One of the most common and easily accessible is a bank account for your business. However, there are costs associated with having that account with them.
One of the most important things to consider is whether or not the account your business will be opening is actually going to be a good one for your business. You will want to ask yourself a few important questions when trying to get an account, for instance, do I need to carry any kind of outstanding loans with me? Is the interest rate reasonable (i.e. lower than what you pay as a consumer)?
Another thing to consider is what kind of account pertains to your business. Do you need a business account that will put money in your company account, or will your personal account be used? If you are going to be working on your own, will the account you will be allowed to open be based off your business checking account? These are important topics you may not even think about before opening an account.
Next, you will want to think about what kind of customer account you will want. Will you want a business card account, debit card account, savings account type account or a personal checking account? There are associated fees to consider here, and you should consider all of those before you open an account because it will definitely effect how much you will be able to charge to your customers for lead gen.
These two issues are the really the basics of getting a business account, and those are some of the questions you should ask yourself before you even start to look into what account will best work for your business. It is worth the extra time to sit down and think through all of these issues if you plan to open an account, it will save you time, and help you keep your business costs down as well.
It is a good idea to get an account started as soon as you can, and certainly within a month. You will be able to establish a better relationship with the bank, and you will be able to have better transactions. You will also be able to really analyze what fees will work best for your particular business.
Some people choose to open an account with a checking account, but then use a debit card for their business. There are fees that apply to associations that you cannot get a checking account with, and some people believe it is a better policy to just use your debit card as a business bank account. If you are going to use a debit card, make sure you add an extremely high margin to your rates. You may be surprised with the amount of money you can charge per transaction.
Of course, one of the biggest problems you will face will be getting bank equipment for yourself. There will be a variety of places to look for equipment, but one thing you will want to make sure you do before going into any kind of relationship with a bank or company is make sure you are going to be able to transfer your equipment to another company once your account has been opened. Typically, you will be charged a transaction fee on those transactions.
Speak with other businesses in the area that are doing the same thing that you are trying to do, and see where you can fit into the market better.