While Hsieh has a point, especially when it comes to finding your startup passion, the fact of the matter is that you do need some capital when launching a startup – no matter how small it is.
And you certainly need a business bank account.
Perhaps your needs are simple (a separate business checking account). Maybe they are slightly more complicated (a line of credit). Wherever you are on the spectrum, and whatever niche your company operates in, you want to be working with a bank that you can count on for the long haul.
While you must not solely concentrate on your current needs (always be looking forward), the fact is that how you utilize your bank and your banking relationship can play a significant role in growing your company.
Here are four ways to use your bank to achieve your startup goals.
1. To obtain necessary financing
During the development of your small business, there is a high likelihood that you are going to want to obtain the necessary financing to take your company’s operations to the next level.
So, you may be asking about how to get a loan in Dubai (or wherever your business is located)?
When you are shopping around for a bank for your startup, ensure you ask about their small business loans and whether they have any types of loan products available for your firm’s needs.
Additionally, if you require startup capital, your bank will be able to discuss various solutions such as guarantees, receivable finance, and import and export finance solutions. These are significant if you want to engage in international trade.
While there are some other options for obtaining financing (hey, friends and family!), your best choice is to go with a bank.
2. To get a business credit card
There are many reasons why having a business credit card is an essential part of growing your startup.
However, one of the most important is the fact that having a business credit card will make it a lot simpler for you to keep your business and personal expenses separate. It also provides for an accurate record of your business expenses.
If you opt to apply for a business credit card, make sure you choose a bank that offers you substantial cashback and bonus points whenever you use it.
3. To stay organized online
Similar to #2, your bank can aid in keeping your startup finances organized. In order to do this, you want to be utilizing their online banking tools.
Even as a startup, your records must be carefully reported, accurate and comprehensive. Therefore, as long as your bank works in conjunction with online software (such as QuickBooks, Mint, Freshbooks and Wave Accounting), then it can significantly aid you in staying organized.
A bank that is technologically capable will allow you to securely access and read records online, and will enable you to perform online payments as well as schedule them.
The service ADCB international transfer allows for fast, simple and safe fund transfers all over the world, thanks to the bank’s competitive exchange rates and established global network of banks.
4. To protect your business
One of the most meaningful ways in which your bank can assist you as a startup is by providing you with insurance. As you undoubtedly know, diving into the deep end and starting your own business does not come without substantial risks.
For this reason, you want to be guaranteed that you have exercised the necessary steps to safeguard your business and personal assets.
Prior to selecting a bank, speak with the bank manager about the types of insurance they provide to protect your business and decrease the danger you assume when you become your own boss.
For your best interests
When embarking on your startup journey, keep in mind that one of the most valuable relationships you will develop is with your banking institution. You want to nurture and grow that relationship because it will only work to your advantage in the long run!
Put it this way: your bank manager will guide you, advise you, direct you, assist you and help you accomplish your business goals.
As your business progresses, so will your day-to-day banking needs. And you would definitely want to ensure that you are working with someone who has your (and your firm’s) best interests at heart, and who will be looking out for the interests and welfare of your company.