I researched some banks today in regards to opening a small account for my new (self) publishing business! Yay!
Look- there’s my exclamations! They’ve returned!
I fantasize about becoming world-renowned and banking millions as an overnight success, same as everyone else, but I’m slightly sure it might not turn out that way. I’ll sacrifice some personal money just as something to keep into the account as sales trickle in, but transactions will be very low and right now, deposits are unplannable. Doesn’t matter. It’s only a simple checking account, right?
One of the multitude of books I read stated, after claiming your DBA, to open an account in your publishing name and have all proceeds from CreateSpace/Lightning Source, etc get deposited directly into it, and expenses paid directly out of it. Tax purposes and many other well-founded and no longer remembered reasons. It makes perfect sense. Just need to choose a nearby bank, and everything will be set. Cover artist, here we go!
Minimum balance requirements of $3,000-10,000.
Minimum monthly deposit amount of $5,000. Or charged a fee.
I don’t think I need to go on. WTH? This should have been the easiest part of this process! Err. Maybe I should see about a savings account? Maybe that’ll be easier without actually costing me.
I’ve started something of an expense log since I sent out my application. PO box, DBA and publication fees. Go big or go home, write? 😛 (pun intended) If I’m branding myself as a publisher, I’m going to behave as one to the best of my knowledge. Organization memberships, cover art, ISBN purchases, bar codes, interior designer, all that is to be charged to my DBA. Which I’m not going to do, as at the moment, I’m paying more than my DBA has made. As I’ve made nothing. And do not have a checking account to put it in.