Hey there, welcome back to Day 8! 

Being a creative entrepreneur or running a small business means wearing a lot of hats. One of those essential hats is your 'finance hat'. Keeping your personal and business moolah separate is a big part of this, and that's where a dedicated business bank account comes in. It helps you stay on top of things, and it just makes you look more professional. 

But first a few housekeeping items before we get started… 

If any of you are joining here for the first time on Day 8, welcome! I’m thrilled to have you join us! Here’s a run down of what we have accomplished to date (with links to prior days):

• Day 1: Getting Rid of Limiting Beliefs
• Day 2: Goal-Setting
• Day 3: Mapping Out Your Learning Journey
• Day 4: Naming Your Business
• Day 5: Determining Your Legal Structure
• Day 6: Registering Your Business
• Day 7: Obtaining A Federal Employer Identification Number (FEIN)

Today’s task continues to build upon tasks we completed in prior days, so it might make sense for you to at least go back to Days 4-7 first before starting on Day 8 (that is, if you don’t want to go back and start from the beginning on Day 1!) - Remember, this is YOUR creative journey! There is no right or wrong way to tackle everything. I'll be here daily with new posts packed with fresh insights, resources and guidance as you work your way through the 30-Days to Your Creative Business Journal.

One more important note as we work through this information… While I am a Certified Public Accountant (CPA), I'm not your CPA, and the information provided in this blog should not be construed as legal or accounting advice. There may be circumstances specific to you that would need tailored advice in your jurisdiction. I am personally from Colorado in the U.S., but other states and other countries will have their own sets of rules and laws. If you have queries or need assistance, always reach out to your own legal or accounting professional to make sure you’re making the best decisions for your specific circumstances in your particular jurisdiction. They are equipped to help you with your own unique situation.

So, let's dive in… Today, we'll take a look at the why's and how's of having your own business bank account, the process of getting everything set up, and how to avoid those common pitfalls. Plus, we'll cover some tips on how to keep everything running smoothly.

Key Benefits of Having A Dedicated Business Bank Account

Keeping Business and Personal Cash Separate

You know the hassle of trying to untangle your personal spending from your business expenses, right? Well, a dedicated business bank account can help you to avoid this hassle. With it, your business transactions are all in one place, separate from your personal dough. No more pulling your hair out at tax time trying to figure out which is which. Trust me, your future self will thank you.

The Wow Factor of Professionalism

Having a dedicated business bank account is not only about sorting out your finances. It's also about showing that you mean business. Literally! When you're dealing with customers, suppliers, or investors, having a business bank account lifts your game. It's like wearing a business suit to a meeting. It shows your dedication and the fact that you're taking your business seriously. It's not just about playing the part, but about living it. So, go ahead, step into that role and let your business bank account do some of the talking for you.

The Perks of A Good Relationship With Your Bank

Another bonus of having a business bank account comes during those times when you need a bit of extra funds to give your business a push or to tide over a tough phase. A good rapport with your bank can really pay off. Banks often have special loan or credit solutions for businesses with dedicated accounts. Keeping your account in good shape not only helps you manage your finances better, but it might also open doors to those financial pick-me-ups when you need them the most.

More Than Just A Bank Account

Business bank accounts are designed with businesses like yours in mind, and they usually allow for more transactions, because let's face it, businesses have a lot more going on than individual accounts. And that's not all. Your business account could also give you access to specialized services and a whole team at your bank who "get" business banking. They're there to support you.

The Account Opening Process

• Select the Perfect Bank for Your Business: First step, it's time to do a little shopping -- not for
  
  shoes or bags -- but for the right bank that can cater to your business needs. You might want to think about things like fees, the kind of features they offer, how customer-friendly they are, and how handy their branches or online banking options are.

• Arm Yourself with Your Documents: You don't want to be caught off guard when it comes to paperwork. So gather everything you need ahead of time. This might include your Employer Identification Number (EIN) or, if you're a sole proprietor, your social security number, business license, and formation documents (such as articles of incorporation or partnership agreements).

• Apply: Next up, submit your application for a business bank account. You can do this online or by visiting your chosen bank in person. Be prepared to spill some details about your business, its owner(s), and any additional signatories or people who are authorized to use the account.

• Put Money in Your Account: Your business account is all set up; now you just need to put some money in it to make it official. How much depends on your bank and the type of account you've chosen.

• Set Up Your Online Banking and Explore Additional Services: Don't be shy about asking for help if you're finding it challenging to set up and get around the online banking interface. Your bank will have customer support, tutorials, and resources to guide you through it. And, don't forget to look at the other handy services your bank might offer. These might include setting up online bill payments, getting account alerts, or getting to grips with other business-focused features. Remember, online banking is your friend – it's all about convenience and keeping your business finances in check.

Making the Most of Your Business Bank Account

Keeping that Minimum Balance: You know how some business bank accounts have this thing about maintaining a minimum balance? Well, that's something to keep an eye on. Staying above that limit keeps those pesky extra charges at bay.