Business banking is another important factor to think about when starting your business. It is not advisable to operate your business through your personal account, as you should maintain a wall between the transactions of your business and personal transactions. Additionally, the benefits of a business bank account outweigh the costs in most cases. As it will allows for easier tracking and reconciliation of transactions. In addition, many financial institutions accounts integrate into systems that allow for simpler transactions such as direct deposits for payroll, and electronic bank transfers, including even tax payments.

However, business bank accounts do typically carry higher fees than personal accounts. Meeting with an advisor and doing some due diligence prior to opening an account can go a long way to helping to lower the costs you might incur. Business banking is also a great time to figure out how you will be accepting payments and managing your day-to-day cashflow.