Many crafters who run a business
do not open a separate business banking account, with checks, a credit
card, line of credit and all the other goodies that come with a business
Why? Because some banks charge
more for a business banking account with a low number of transactions
or balance. If you haven't yet registered a business name, the bank will
also not permit you to open a banking account in your business name.
But if there is something you
should do, is open a seperate banking account for the sole purpose of
business savings. Any money you save or earn through your craft business
should be put into this special savings account, even if it is just a
seperate banking account in your personal name.
You can use this as a bank
account that you do not touch for personal reasons unless absolutely necessary.
You should consider this savings account for business use only.
And you can then save money
with this account for purchasing an expensive piece of equipment or specialized
supplies for your business, for the entry fee to a trade show, or for
a conference which would enhance your business.