4.8 • 3.3K Ratings
🗓️ 31 May 2025
⏱️ 6 minutes
🧾️ Download transcript
Should you have more than one business bank account, or is that just extra complexity? In this episode, we break down why multiple accounts can help you manage cash flow, pay yourself better, and build long-term financial stability.
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
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0:00.0 | Lemonada. |
0:02.7 | Is there a purpose in having more than one business bank account? |
0:15.7 | Now listen, some of the first advice I give to new side hustlers is to open a bank account, |
0:20.7 | a business bank account that |
0:21.8 | is apart or separate from your personal account just to track all expenses and, you know, |
0:27.5 | generally keep things separate. So most people do start with a single bank account for this purpose. |
0:32.3 | But as the business grows, you might actually need more than one. You've got some taxes to plan |
0:36.1 | for, reinvesting in the business, |
0:37.7 | and actually paying yourself, which is a big part of what I'm going to talk about here today. |
0:42.0 | The money tends to blur together, and that's not always good. We've got a listener question today |
0:46.6 | about having more than one business bank account. Is that just overcomplicating things? When can it |
0:51.2 | actually make sense and help you run a more profitable and stress-free business? |
0:55.6 | And that's our overall focus, right? Helping you have a more profitable and stress-free life |
0:59.5 | and how your side hustle or small business can be part of that. So let's talk about it. |
1:04.7 | The detailed question and my answer coming up after this quick shout-out to our sponsor. |
1:10.4 | Life in general can be chaotic, but if you're in |
1:12.8 | charge of order fulfillment for an e-commerce business, you know that it is its own special kind of |
1:17.3 | chaos. With Shipstation, you can count on your day-to-day remaining calm. Shipstation makes everybody's |
1:23.5 | life easier. You never need to upgrade. They grow with your business no matter how big it gets. |
1:32.1 | It is in fact the fastest, most affordable way to ship products to your customers, including discounts up to 88% off, deliver a better customer experience, and join over 130,000 companies. |
1:39.3 | Calm the chaos of order fulfillment with the shipping software that delivers. Switch to Shipstation |
1:43.8 | today. Go to shipstation today. |
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