329: Why Separate Bank Accounts? with Shannon Crow
Do you have a separate bank account for your yoga business? It is such an important part of starting and growing a business that many yoga teachers overlook or do not prioritize!
In this episode, Shannon Crow shares seven reasons why you should have a separate bank account for your yoga business. She touches on taxes, being more professional in your business, and even the mindset shifts that come with having a business bank account. Shannon also has some homework for you to start getting your yoga business finances on the right track.
If you have been putting off opening a bank account for your yoga business, this episode is for you!
[1:52] Shannon introduces her topic for this episode – Why you need separate bank accounts for your yoga business.
[4:01] Having a separate bank account for your yoga business can make a world of difference to your business.
“I have seen the difference in my own business and [having a separate bank account] is one of the top things I suggest to yoga teachers, especially when they’re working with money mindset stuff.” ~ Shannon Crow
[5:43] Having a separate bank account makes tax time so much easier.
[7:26] Shannon gives a shout out to OfferingTree.
[9:28] If you have a separate bank account for your yoga business, you can build your business credit score.
[9:56] The third reason to have a separate bank account is in case you plan to sell your business in the future.
“Ask yourself, are you building your business to possibly sell it someday?” ~ Shannon Crow
[11:29] Another reason to start a separate bank account is in case you get audited.
[12:22] Shannon shares a clip from Hannah Smolinski (an accounting professional) about why it’s so important to have a business bank account from the start.
[13:40] Having a business bank account helps you shift into the mindset of being a business owner and makes it easier to see how well your business is doing.
[14:58] A separate bank account makes it easier for you to track your income and expenses.
[15:32] If you want to be seen as a professional and have people take your yoga business seriously, a separate bank account can help.
“I really like that idea of thinking about your business as its own entity and its own organism, if you will. Because when you separate it out, you’re starting to say, “OK, this is important, this is different from my personal”. ~ Shannon Crow
[16:43] Shannon invites you to set up a bank account for your yoga business if you do not already have one!
[17:47] Shannon has bonus homework for you – to implement Profit First in your business.
[18:40] Shannon shares some insights about the topics she has been covering in the podcast this year.
[21:32] What other questions do you have about being a yoga teacher or yoga business owner? Share them with Shannon!
[22:40] Interested in hanging out with Shannon in real time? She shares some upcoming calls in Pelvic Health Professionals where you can do that!
Podcast episodes and Resources mentioned:
Gratitude to our Sponsor, OfferingTree.