Congratulations, you are now self-employed! Starting a business is an exciting and often grueling affair. There are many questions to ask – about the appropriate legal form, the right business, any necessary insurances and of course there are tax and legal questions. But also the right bank, the suitable account and competent bank consultation are important topics.
Banking for founders: finding the right bank
The choice of the appropriate bank should not be too influenced by the brand image of the respective bank. It is much more important to research the following questions or ask them in your initial meeting with the bank:
- Do small and medium-sized businesses count as core business?
- Are there separate competence centers for corporate customers?
- Which special offers are there for founders, young entrepreneurs, KMU?
Those banks that focus on founders and smes and have their own segments for them
target group, will give you more competent advice, you may even regarding subsidies
be able to clarify the issues and liabilities and offer better solutions.
Find the right account
Of course, the decision for the right banking partner also depends on what the
bank has to offer for solutions. Often there are special offers for new customers or in general
for corporate clients. Most banks offer different account packages and additional services. When choosing an account, the following questions are relevant:
- Do I need a "business" account at all??
- Which functions does my business account need?
- How much income/expenses will go through the account?
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Corporate accounts, which are usually much more expensive than private accounts, may not be necessary for sole proprietors – even if a separate account would give you and your accounting a
get a better overview. A clear online banking, smart apps, interfaces to accounting or data carrier service can offer real added value. Consider what is important to you and find out from the bank what your account or. The online banking can do everything.
The number and amount of account transactions significantly affect costs! To do this, ask the bank what packages they offer and negotiate – sometimes certain fees, such as turnover commission can be "capped".
Finding the most suitable advice
Education and experience are important in banking advice in general, but are especially important when serving corporate customers. Ideal consultants have been entrepreneurs themselves or can put themselves in the position of entrepreneurs particularly well. Another important point is competence! This is not only meant professionally, but also in terms of credit decisions. The advisor should not have to go ask about every small overdraft.
Also consider whether it is relevant that you can discuss ALL your banking issues with the same people. At many banks you get a different contact person for private issues. The "one face to the customer" approach is no longer offered by all banks. Find out about this in advance from the bank.
If you are looking for a way to easily, quickly and even from home contact several banks, ask questions and get quotes, then you should go to baningo.Com look past. You can find advisors from several reputable banks, you can contact them and share information. And all this free of charge.
About the author
Max nedjelik is baningo co-founder and studied business administration at the WU vienna. He has over 10 years of experience in banking, v.A. In sales, including 4 years in management. Max nedjelik is a systemic coach and business trainer.