A Business Savings Account

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 account.

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.

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