Opening a Small Business Bank Account

You will need a business bank account. Before you open one, compare them and see which offers suit you best, and which charges are the most competitive. You can find out at www.bba.org.uk or www.moneyfacts.co.uk Choose wisely and you could save yourself a lot of money and hassle later on. You may already have a good relationship with your existing bank, and they may offer a good small business banking service. It is still worth checking out the alternatives.

Questions to Ask Banks when Comparing

• What is their charging period (monthly or quarterly)?
• What are their standing charges?
• Do they provide interest if in credit?
• Do they offer a cheque card and/or debit card/ATM card?
• Do they provide telephone banking and/or internet banking?
• What are the charges for debits, standing orders and credits?
• What are their overdraft arrangement fees?
• What rates of interest do they offer?
• Can they offer you negotiable terms to give you a better deal?

Questions to Ask Yourself

• Will you be making many deposits or withdrawals each month?
• How will you transact: over the phone, online, or at your local branch?
• Who do you know who runs their own business? Can you ask them who they bank with and whether they're happy?

Now that you've evaluated the money situation in detail, it's time to pick and mix your marketing strategies and collate your materials, so you are ready to shout from the rooftops about your new business as soon as it's launched.