Hey! Welcome to Money Mindset Lab—how to set up your business banking edition.

In case you are not familiar, my name is Ceres Chua, and I am the founder of Money Mindset Lab. I run a finance education community for women solopreneurs, and what you are getting below is a step-by-step process to set up your business bank accounts, taken directly from the resources available to community members. If you are interested in learning more about the community, connect with me on LinkedIn.

Let’s get to it!

Below, you will find a 7-step process to help you set up your business banking accounts. Whether you are new to solopreneurship or you want to get your business finance in order, the step-by-step process will walk you through what you need to accomplish each step.

At the end of the step-by-step process, you will also find an action checklist to help you track your progress as you set up your system.

Let’s do it.

Opening Your Business Accounts

STEP 1: Open your business checking account (if you haven't already)

Time required: 20-30 minutes

What you need: ID, Social Security number or EIN, business name

Action:

  1. Choose where you're opening it (online bank, local bank, credit union)
  2. Fill out the application online
  3. Fund it with your initial deposit ($25-$100, whatever the minimum is)
  4. Wait 1-3 days for approval

Pro tip: Don't overthink this. You're not married to this bank. You can always change later. Just pick one and open the account.

STEP 2: Open your business savings/tax account

Time required: 10 minutes (usually can do it same time as checking)