So, you have a business idea, or are in the process of setting up your new small business, but it’s a bit overwhelming to understand how to properly manage your business finances!

We understand that there are lots of aspects to know:

1: How much will It cost for you to start your small business. This is your hard costs, so your website, sample products, ect.

2: How much are your current living expenses?  What are your bill and how much do you need every month to earn to break even?

3: How much are your business expenses going to be? Estimate how much it will cost to run your business. This could be your website subscription, your booking software, your product costs ect.

4: What will you budget for your business? What money will you need for your small business, such as marketing costs and hidden costs.

5: How will you break even? How can you earn enough money to cover your living and business expenses?

6: How will you make a profit? How can you increase your income past breaking even and make a profit to make your business sustainable.

7: How will you prevent yourself from getting into debt?

8: How will you plan to prepare to pay your yearly tax bill?

9: How will you pay for any emergencies that may happen? What if you drop your laptop down the stairs, or you get seriously ill and can’t work!

10: How do you price your business offerings?

In our financial planner, we cover all of that and more! Because we understand that getting information online is limited and can be difficult to understand when you are dyslexic or neurodivergent. Our dyslexic friendly financial guide covers literally everything you need to know how to set up a business and run it financially, effortlessly and it’s affordable! Check it out by visiting our shop.

So, you’re a new start up business, or your ready to take your micro business to the next level and you need a bank account for your work. Which one do you choose?

Today we are talking about finances and managing your money as a small business owner.

Here are our top tips on how to choose the right bank for your small business.

Firstly figure out your business ‘Needs’ each bank will offer different services and knowing what you need for your business will help you make the right decision.

For example if you are a start-up, you have minimal money, so having a bank account that is free and has low rates would suit you better. Meanwhile if you are well established you may want a secure trustworthy bank that has been going for years and won’t fail you.

You most likely need an online bank, so you can do your finances on the go, through your mobile when your busy.

Do you need customer service and prefer 1-2-1, you’d need to choose a physical bank in your area that you can pop into for appointments.

Do you need a bank that offers start-up loans, or a good overdraft, free transaction, if your money is varied and you may need that extra cash flow and stability. Making sure you get the best rates to help keep your overall debt and costs down.

You may want to choose a bank that has an additional savings account attached to it, so you can transfer money across monthly towards your yearly tax bill and your emergency fund, should anything occur and you need to fix it immediately, like equipment failure.

You may also wany to consider the ethos of the bank and make sure you are both on the same core values and it works well with your brand. Linking everything to your brand and core values will help you.

You can go on compare websites and ask in business forums and groups for advice, make sure you make an appointment with each of your bank and speak to them face to face if you can, to help you make the right decision for your company.  

https://www.comparebanks.co.uk/banking/best-bank-small-business

High street bank Vs Challenger banks:

High street banks mean huge, well-known banks including RBS, HSBC, Lloyds, Barclays, Santander and many more. Recently traditional high street banks have been challenged by a multitude of up-and-comers, often called challenger banks.

We hope this post gives you the information you need to feel inspired, empowered and educated.

The Business parents organization.

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