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Chapter
2

What are my business bank account goals?

At this point, you know where you are in your freelancing journey and have a general idea of where you’d like your career to go. So how can a bank account help you get there?

Your bank account should prop up your freelance business so you can achieve your goals.

The exercise in this step will help clarify what banking problems you may be facing, so you can find the right account to help resolve them.

Prioritize the ways you want your bank account to improve your business

The goal of this exercise is to inform how you evaluate all of the features that come with a business bank account.‍

By getting specific on what you want your account to do for you, you can find a banking product that aligns with and solves those problems (instead of creating new ones).‍

Below is an overview list of problems:

  1. Read through them in your workbook.

  2. Check off which ones you relate to.

  3. Fill in your level of relatability for the problems you checked off. Use the following labels: very relevant, sometimes relevant, and not relevant.‍

Considerations you may have:

  • I want my business to feel more professional to my clients.

  • I want to reduce liability and protect my personal assets.

  • Tax season is extremely painful for me.

  • My payment and invoicing processes are time-consuming.

  • I want to separate my business and personal finances.

  • My monthly income is erratic and I want to smooth it out.

  • I want to get access to funding for my business.

  • I want to automate or streamline my bookkeeping.

  • I want to protect my personal identity.

  • I want to monitor my business growth.

Recap

  • You figured out what your business needs are so you can choose a banking product that solves your problems.

  • You defined your specific problems and categorized them based on how relevant they are to your personal experience as a freelancer.

  • You gathered the information you need to evaluate bank account features going forward.

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