Why Do I Need a Business Bank and How to Find One?
Day five for the 30 Day Challenge is all about business banks. And everyone wants to know what a business bank is and how they go about tracking one down. So I’m going get into the weeds and demystify this whole business bank confusion.
You’re probably wondering the difference between a business bank and a regular bank. You may not even know what banks are business banks.
I first learned about a business bank from my lender. She told me to put $100 into an account at a business bank and just let it sit there. And of course, I thought, “WHY?!” A bank is a bank, right?
Wrong. Business banks are all about building relationships. You don’t just walk in and say hi to whatever teller is working behind the glass. At a business bank, you get a banker who you can personally sit down with and talk to. You don’t have to wait in line or deal with people in there cashing paychecks. Business banks offer services specific to businesses like credit cards and lines of credit.
How To Find a Business Bank
The bank I used is hanging everyone up. In other posts, I’ve mentioned getting stuck in the details. And getting hung up on this is the detail that I’m talking about. You’re too focused on how and what I did instead of just executing.Start with Google-ing “commercial banks” or “small business banks.” It shouldn’t take you more than 10 minutes to come up with two options.
- An actual business bank in your area
- A commercial bank that offers business banking services (if there really aren’t business banks in your area, you can always talk to your current bank)
Get Business Services and Build Rapport
Once you find a bank, make time in your day to take a little visit to whatever bank you choose. Explain that you are a small business and you want to open a business account and work with a banker that you can meet with, face-to-face. Ask, “What types of accounts and services do you offer for small businesses?”
The point of establishing a relationship with a business bank is to build rapport, and not just with a teller behind a window.
Using a business bank has done so much for me. I still use the same business bank that I started with over 10 years ago. I have an awesome relationship with my banker. I’ve made a lot of connections through my business bank and I want you to be able to do the same.
Get out there and make it happen.