This post is sponsored by Regions Bank member FDIC. All opinions are my own.
Owning my own business is a dream…it wasn’t “a dream come true” per say as I honestly never imagined I would be a small business owner, but here I am, proudly operating a small business of my very own. Getting to the point that I am at today, wasn’t always smooth sailing…there were a lot of rocky waters with plenty of “learn from this” moments. No one every said owning a small business would be easy but I can say with confidence that when done well, it is soooooo rewarding!
A lot of my confidence as a small business owner has come from truly understanding the financial aspect behind a business. Did this come easily for me…absolutely not! I’m a spender, not a saver, BUT with time, I have learned so much and have grown even more along the way. I’m thankful for Peter as he is a saver and has always had his feet financially planted on the ground…needless to say, he has taught me a lot and has helped me plant my feet as well. In fact, Peter started his own business at the end of 2016 as well so we are both business owners and have gained so much knowledge together over the last couple of years.
Having the support of a bank that you know and trust, along with their ample resources, is so very important when establishing yourself as a small business owner. I’m grateful for Regions Bank, their support, and the many tools and resources that have been available to us to ensure that we are operating effectively and efficiently.
Regions Bank operates near 1,500 branches and 1,900 ATMS across the South, Midwest, and Texas. It is so nice to have Regions Bank right here at home and I’m also excited to share that they will be expanding their presence in the Knoxville, TN market this year as well. This new branch will be technologically-advanced offering the company’s most modern features to-date. Some of these features will include Video Teller Machines, a Deposit/Smart ATM, facial recognition and fingerprint technology, and Regions Virtual Concierge to name a few. You will be able to meet with a Regions Banker who will be available to help with all of your banking needs. I personally love the new technology and the ability to have one point of contact when banking within the branch. The way I see it…it is banking made easy and I value that as a small business owner!
Let’s talk about a few of my personal banking tips as a small business owner:
- Establish a relationship with a local branch representative who will take the time to evaluate and review your small business goals. Relationships are key and building a high level of trust and respect for your branch representative is so important. I value the relationship we have with our Regions Banker and feel confident that he truly has our best interest in mind. He has taken the time to evaluate our goals and make recommendations based on our goals in order to help us achieve them in a smart, financially sound way.
- Understand the tools and resources available to you. What I love about Regions Bank is that their resources are straightforward, easy to understand, and even easier to use. Peter travels a lot for work and I’m on the go quite a bit as well, so having easy access to our accounts is crucial. We are both tech savvy and I love that their tools have become tech savvy too, which enables us to bank on the go! You can bank in a branch, online, or through their mobile channels!
- Save money and plan for retirement. After working in Corporate America for so many years, I was concerned about not having a matching 401K when I decided to take my small business full time. After meeting with our Regions Banker, I was thrilled to learn that I had many options available to me to ensure that I could save money each month and plan for our future retirement. Peter is doing the same thing! Saving for retirement is one thing I’ve always been good at so I can pat myself on the back and say I’m a “saver” (to some extent). Understanding how to save, ways to save, and what avenues to utilize will help you best prepare for your future as you run a successful small business.
- Ensure that you have a money market savings account. This is soooooo important to ensure Uncle Sam doesn’t come looking for you! When I set up my business banking account, I set up a business checking account and a business money market savings account. Any time I deposit revenues, I transfer a certain % of those revenues into my money market savings account in order to pay taxes at the end of every quarter. Regions Bankers are well versed in understanding the structure and banking needs of small business owners. Small tips like this truly helped us get our businesses off the ground and heading in the right direction.
These are just a few of my most important tips to share with you if you are considering starting your own small business. Regions Bank has a wealth of additional information for you as well and their Bankers are professional, courteous, and knowledgeable. Again, ensure that you work with a bank like Regions Bank when starting a new business venture…I know you will be taken care of just as we have been.
Below are a few links that you can click on to check out more information should you wish to:
Conversations you should have with your banker
Creating a Financial Plan
Personal and Small Business Banking: should your accounts share a bank?
Innovation that delivers
For KBStyled readers who live in or around the Knoxville area, be sure to check out the new branch opening on March 4, 2019 at the below location! From the sounds of it, this branch is going to be incredible…I can’t wait to hear what you think!
2289 Valley Vista Road
Knoxville, TN 37932
As always, thanks so much for stopping by…see you back here real soon!