One of the first things you will need to set up is a bank account. We recommend a large bank because:
They have locations everywhere
They have longer hours
They will probably buy out your local community bank anyway
If you are an owner/operator of a small business, you will appreciate having a Debit or ATM card for your business. They also have easy to read statements for merchant accounts, little or low fee checking accounts, locations in the grocery store, weekend banking, business credit cards (VISA or MC), small business loans, auto loans and leases, etc. If you run a lot of locations and are expanding your business you might even ask the local manager to fax you weekly confirmation of daily deposits made during the week.
When opening an account always ask about checking account fees, primarily deposits per check charges. Try to have these reduced or eliminated. If you wish to shop banks and fees, don't forget to shop service. We recommend these ten tips when selecting a bank.
Make an honest list of the services you want and those services you really need and then interview banks to see which services they provide on your 'shopping list'. Be careful at big banks. Ask for the branch manager and not the new accounts sales girl. Chances are she's just out of college and doesn't even understand real world banking relations or hand-shaking deals at the Rotary Club or golf course. She'll be too 'By-The-Book' to answer any real questions.
Start seeking referrals from long standing community and business leaders. Perhaps a local CPA, home based business consultant or small business owner. Make sure you get advice from people you respect.
Geography is important, but it should not in all cases be the deciding factor. You should start with nearby banks.
Visit the bank. Are there long teller lines? Is the staff courteous? Do they smile, etc.?
Sit down with a bank officer and don't be afraid to ask the tough questions: Do you really want our small company's business? Are you interested in long-term relationships? Will I be able to work with a certain specific person on a continuing basis? Will you treat me like a number? What is your turn around time on loan applications? How many layers of management are there until I get to the president? What's his or her name? Have you ever met them? May I?
Make clear exactly what you want and need from a banking relationship. Will you be looking for a loan soon? Like any other relationship, communication is the key to a good banking relationship.
Don't fall for flashy ads that promise you stuff and they forget your name next week. You might even come back the next day and ask "Do you remember my name? If they don't, smile and walk out.
Try not to be misled by free toasters or mouse pads if you open an account. These free items won't help your car wash business thrive, but a good banking relationship can.
Remember, that a bank's service is gauged by the service it provides, not it's brochures, gimmicks, signage or billboard ads.
Evaluate the relationship when you have been with a new bank for six months. Honestly evaluate how things are going and share your conclusions with your banker. The best banking relationship is one where both parties are open and forthright and where issues can be discussed that will lead to a long-term mutually beneficial partnership for the expansion and betterment of your car wash franchise.
Check Ordering For Business Account
Why does ordering checks and replacement checks cost so much?
Because banks make a profit on the checks you order. For a little less than one-half the cost you can order your own checks and eliminate the middleman ? that's the bank. Call:
Current Check 1-800-426-0822;
Checks In The Mail 1-800-733-4443;
Deluxe Checks 1-800-4DELUXE
All three firms guarantee that their checks meet industry standards. We've ordered from all three. Deluxe is faster if you're out of checks, but still have money left. They do cost an average of $4.00 more per box.
Interest Bearing Accounts
If you choose an interest bearing checking account, be sure to take a close look at the other associated fees. It may say it's a free account with no fees and that it's interest bearing, but if you fall below a pre-determined balance you may pay exorbitant fees or if you have high activity such as lots of checks written or deposited, you may be charged a fee anyway. If it's a per check fee it will undoubtedly be higher than a normal basic account.
You should not pay fees on a business savings account if fees are charged for your checking account you may seriously want to consider switching banks.
Choosing a good bank for your small business is very important, please take this initial step in your business seriously, you'll be glad you did.
"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.worldthinktank.net/wttbbs
Chicago limo Skokie ..One thing I have noticed in my travels to different... Read More
Many years ago, I had warned the carwash industry of... Read More
TACTIC #1 -- Never simply slash your prices, unless you're... Read More
What does buying a fat pig have to do with... Read More
It has been discussed allowing Franchising companies to electronically disclose... Read More
Why would you use an event pass?Event passes are often... Read More
The choice to incorporate a small business in Florida has... Read More
1. Leadership Is Learned ? While many people appear to... Read More
Hi, Charles...here, Your Cap and t-shirt guy From Texas. How... Read More
Just when the entire state was kissing Wichita goodbye, economically... Read More
Debt collection letters--an overview"Debt collection letter" in the singular may... Read More
There are many factors to be considered when you are... Read More
When you feel like you're always busy working on your... Read More
First you have to start with knowing your budget and... Read More
The bad things starts with the letter 'O'?.like Obstacles, Obstruction,... Read More
Attorneys and Lawyers are ruining the franchise industry. It is... Read More
Think of all of your business ideas as tiny seeds... Read More
If you've been considering incorporating your small business, you've probably... Read More
Mobile detailers will find themselves with lots of competition even... Read More
Becoming a contractor or sub-contractor for the U.S. government can... Read More
Writing a business plan for your Solo Entrepreneur business doesn't... Read More
Are you a home or small business owner and you're... Read More
You can make your trade show experience much easier by... Read More
There are almost as many opinions and views on marketing... Read More
1. Know Where You're Going ? Coach Herb Brooks had... Read More
limo O'Hare Bonfield ..The bad things starts with the letter 'O'?.like Obstacles, Obstruction,... Read More
Last summer the FTC put forth a report and then... Read More
It has been discussed allowing Franchising companies to electronically disclose... Read More
Tammy, a skilled and gifted horticulturist, called me to discuss... Read More
A recent survey indicated that clean Taxi Cabs Fleets have... Read More
Everyone is talking about small businesses. In 1993, when it... Read More
Due to the over regulation in the Franchising Industry and... Read More
How do window cleaning franchise businesses start? It is a... Read More
There are several well-known truck washes in the Great State... Read More
You've heard marketing and advertising gurus quip, "Sell the sizzle,... Read More
Company mottos can easily be printed on a business card.Sometimes... Read More
Car Wash Crime in the Hood. Apparently not everyone is... Read More
If you run a mobile car wash, mobile fleet washing... Read More
You know what makes me really happy? Drinking a Starbucks... Read More
Announcements can be handed out as a business cardAnnouncements can... Read More
If you are worried about how many different business cards... Read More
The single most important activity you can do in your... Read More
There's been a recent rise in the number of elderly... Read More
How to do itPeople skim through newspapers and magazines and... Read More
The Dynamics of Daylight Savings Time changes the way we... Read More
Every business starts with an idea or a dream. To... Read More
Would it help you as a real estate investor to... Read More
The Federal Trade Commission decided to sit down and revamp... Read More
This year, some 700,000 American businesses will be sold. Most... Read More
What are the best methods for keeping a good business... Read More
Small Business |