If you’re currently in the process of starting a business, there are so many things that you have to think about. You have to come up with a solid business plan. You have to create an amazing marketing strategy. You also have to decide what your specific banking needs are.
When it comes to that last point, this article is going to help you with it and share with you five helpful banking tips that can make starting up your business much easier.
Think about the location. The first thing that you should think about is where you would prefer for your bank to be located. The reason why is because, depending on the size of your company and its financial needs, you may need to go to a physical location several times per week. That’s going to be inconvenient if your bank is more than a 20-30 minute drive away. It’s best to find one that is closer.
Think about if they have a payroll service. Although you could certainly hire a payroll service company to handle your payroll needs, there are actually more and more banks that are offering this as a service to business owners. Knowing that is great to keep in mind when you’re just starting out, you’re on a tight budget and you can’t afford to pay for a payroll service company or an independent bookkeeper. As an affordable alternative, all you have to do is use your bank’s payroll software for free or a very small fee.
Think about what you want to offer your employees. If you’re starting your company with employees, you definitely want to make sure that their needs are met. This would include their health care and retirement plans. Thankfully, there are a lot of banks that offer retirement and health savings accounts for companies. Finding one close to you that does is definitely something that you should take into consideration when choosing the right bank.
Think about if fraud insurance is offered. While banking online is very convenient, it also subjects millions to the possibility of becoming victims of identity theft and fraud. So, aside from doing things like logging on to a secure network, creating a strong password, and not responding to emails and calling your bank directly instead, something else that you should do is choose a bank that offers fraud insurance. That way, you can be confident that you will not incur any losses in your business checking account due to fraudulent activity.
Think about if you need a loan. It’s not uncommon for start-up businesses to need some financial assistance when they’re just starting out. And if you were to speak with someone who works for a company like Chartwell Compliance, they might advise you to look for a bank that is willing to make small business loans. By knowing that your financial institution is willing to support you in this way, it can make you more confident about growing your business. For more tips on starting a business or how to apply for a small business loan, visit SBA.gov.