We’re living in a world of startups. Small, niche business are cropping up across the country — not to mention world — offering new products and new ways of doing things. With such a cornucopia of possibilities available to up-and-coming business owners, getting started seems easier than ever.


Before you go slapping down capital to get that dream business started, however, there are a few things you need to consider — and be aware of. It’s estimated that around 82% of businesses fail due to cash flow problems; this means you need to have your finances sorted and handled well before you open those company doors to the world. Step one involves finding an institution that meets your business checking account needs. Let’s examine what you should be looking for in these commercial checking accounts.


  • Services Offered: This means focusing on both in-branch and online banking services. At the very least, in-branch services should include the ability to deposit cash and checks, make cash withdrawals, and get cashiers checks if needed. Customer service should be available 24/7.

    Online, you should be able to view and review account balances and recent transactions, as well as take advantage of online bill pay services. Additionally, you may want to make your business checking account at the same bank as your personal account; that way, you’ll be able to access everything in the same app and location.


  • Maintenance Fees: Most business checking accounts have monthly fees, although they range from free to thousands of dollars depending on the bank and your personal needs. As your business grows and expands, don’t be surprised if the fees do, too.


Once you’ve got your business checking account taken care of, you can move forward in your business plan; you’ll be able to look into commercial lending services, compare and contrast small business loans, and maybe even take out commercial real estate loans for a brick-and-mortar store. Remember: don’t rush! If you take the time to do things right, you’ll end up in that successful 18% of small businesses that make it through.

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