"Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings." - Jamie Dimon
"Focused on money, focused on growth, staying focused cause my business ain't a joke" - RKease
Small business has been a passion of mine, since the time I started my undergraduate degree in electrical engineering at Carleton University at 21 years old. While, reading Rich Dad, Poor Dad by Robert Kiyosaki I was enlightened at the power of personal and business finance. Even though that was years ago, and I am still not an engineer, at the tender age of 31 years old, I can finally say that I am a small business owner who finally banks at RBC with a digital account servicing my business RKease Company.
This journey started two years ago, at the LeapIN Summer Business Accelerator where I was able to learn how to set up a business account from RBC business banking advisers and from there on, I fell in love with it. When I got my $5000 business grant, I was able to take a portion of the money and set it aside in order to open up my RBC bank account. Through investing in my RBC account, I was able to learn what it took to manage your personal and business finances in order to have true business growth and organisation. There are many benefits to opening a business account and I am going to go through some from my personal experience and through my own research.
According to RBC (https://www.rbcroyalbank.com/business/advice/open-a-business-account.html), there are various reasons as to why someone would open up a business
bank account, such as these reasons below.
Easily track you business expenses
Simplify your tax filing
Establish your business
Easily send and receive business-related payments.
Now setting up a business bank account makes you more credible in the eyes of everyone who does business with you and that's one of the most important aspects of setting up a business bank account, is that the credibility makes you stand out from your competitors. Especially as a musician in the music industry and business, one of the number one ways to separate yourself is not only be creative, but also to have a business acumen in order to allocate the funds properly and grow them effectively and efficiently. With that being said, that's enough for this blog, and I hope you enjoy the rest of my blogs later, peace!
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