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A practical guide for starting a small business

Small Business Bank Accounts

Can Friends be Small Business Bank Accounts?

Banks vary greatly in terms of the type of services that they offer to small businesses.  So take your time and evaluate your options carefully.  One word of caution.  Once word gets around that you are about to open a small business, you will have lots of people who want to be your friends and sell you things.  There are many examples of financial scams preying on the vulnerable small business owner such as interest free loans.  Let the cliché slogan be your guide:  "if it sounds too good to be true, then it probably is".

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Small Business Bank Accounts - Commercial Banking


Steps to Opening Small Business Bank Accounts

  1. DBA (Doing Business As) - Be sure that you have filed for a DBA which is your business name without using your personal name.
  2. Pick a Check Style - Unless you are going into the arts or design type of small businesses, don't get carried away with fancy check styles. Pick a professional style.  Remember the way your checks look also communicates who and what you are as a business.
  3. Quantity of Checks - purchase the minimum quantity for now until you get a feel for how many you go through per month and you are certain that you will not change your company information on your check.  If you are starting from your home but you plan to move out in a year, then that's a good reason not to produce a lot of soon to be outdated checks.
  4. Other Things to Remember - Get an ATM card to have access to your account 24 X 7.  Invest in overdraft protection.  Having personal bounced checks may be an embarrassment for you but having bounced business checks could prove to be fatal to your business.