Self Employed - Doing it your way
From plumbers to consultants, many people are opting to set up their own business and go out on their own. If you have taken or are considering taking the step into the business world, Bank of Ireland is here to help you.
Selecting the right bank account
As a small business, you will be very busy, so every little activity you can do to make life easier will help you. Opening a specific Business Current Account is crucial, as it allows you to keep your personal and business expenses separate, making it easier to monitor your cash flow. In our experience, knowing your cash flow is one of the most important pieces of information you could have.
Furthermore, as a business customer, you will also benefit from a wide range of products and services that we have developed specifically for you including:
- Your local Business Adviser is on hand to help you with all your business needs. We have a dedicated Business Adviser in every branch throughout the country. Our Business Advisers are all Qualified Financial Advisers with an average of 12 years experience. They are available to give you advice and support and would be delighted to talk to you. Arrange a meeting with your local Business Adviser today.
- Our award winning Business Start-Up Package, which incorporates a range of current account banking services free of charge for 2 years.
Even as a business customer, you will have personal banking requirements. We provide a range of personal products and services to cater for your needs, including Home Mortgages, Home Insurance, Travel Insurance, Personal Loans, Savings Accounts, and Credit Cards.
Saving time
Being Self Employed, you have limited time. That's why Bank of Ireland is here to help you manage the everyday activities of your business and free up your precious time.
Business On Line - provides 24hour telephone / online access to your accounts, enabling you to manage your accounts as well as make and receive payments within and outside of Ireland.
Branch services - all of our branches offer a Secure Cash service for business customers in addition to Night Safes and Express Lodgement facilities, to ensure that you can lodge and withdraw cash as conveniently as possible.
Helpful Hint
Bank of Ireland believes all small business owners should have access to their bank account online. Cashflow management is easier with online banking as it gives you 24/7 access to your account information.
Financing your business
Are you using the most appropriate and cheapest form of credit available? Bank of Ireland offers a variety of short, medium and long-term finance options to help manage your day-to-day cashflow needs.
Business Laser / Credit Cards - our Business Laser Card allows you to pay for goods and services and withdraw cash directly from your Business Current Account, at home or abroad. You could also manage your business expenses by using our Visa Business Cards.
Overdrafts - a flexible and convenient form of short-term working capital. Variable rates apply.
Loans - Our Small Business Loan offers competitive rates and flexible repayment options.
Equity Release - a very cost effective means of borrowing which could help you raise the capital needed to start your own business.
Helpful Hint
Match the life of your finance to the life of the asset e.g. If you buy a new van for your business and plan on replacing it in 5 years, ensure the term of your finance does not exceed 5 years.
Making the most of your money
Once your business is up and running, you may find that you have some surplus funds. Make sure you benefit from our business savings products that provide attractive rates, together with the ability to access funds.
Business Surplus Deposit: There are no minimum or maximum lodgment amounts, and you can withdraw any amount without giving notice, once every calendar month.
Term Deposits: Invest amounts from 3k upwards for a specified time period - 4, 13, 26, or 52 weeks.
3-month Investment Bond: Amounts from €25K upwards can be invested for 3 months with no penalty for early withdrawals
Deposit Line: Amounts from €50K upwards can be placed on deposit for an agreed period.
During that period withdrawals and lodgment are allowed but a 50% average balance must be maintained.
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Planning for the future
Planning for your future may not be top of your mind when you are starting out, but once you are up and running, this soon becomes a priority. Bank of Ireland's Insurance and Investment Managers are here to help you plan and prepare for all of your future needs.
Pension - our Personal Pension Plan is a tax-efficient way to save for retirement with additional protection options such as Life Cover and Disability Cover.
Life cover - provides a lump sum to help your family in the event of your untimely death.
Disability cover - provides an income should you be unable to work due to a long-term illness or disability.
Payment Protection insurance - you can take out Payment Protection Insurance to cover repayments on your loans should you find yourself unable to work.
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So what's next?
So you've made your decision to set up your own business, but what's next?
- Planning is essential for the successful running of any business. Review our Guide to writing your business plan and our online training course which provide a great template for drafting your business plan.
- Register your company with the Company Registration Office.
- Make an appointment with your local Bank of Ireland Business Adviser to open your Business Current Account.
Key documentation required for account opening include:- Proof of name e.g. passport, driving licence
- Proof of address e.g. utility bill, car insurance certificate
- Other: Certificate of Registration of Business Name
- Make the most of all available resources; these are some of our favourites:
Helpful Hint
When we meet small business people, they are invariably busy. Home and work life is often a blur. This is where a Visa Business card can help.
Picture the scenario: Having started your own business, you need to buy goods and services, and you pay for them in a variety of ways: cash, cheque, via the internet or by card. You diligently keep your receipts filed 'neatly' in a shoebox or similar. Once every couple of months you empty the shoebox and spend a few hours in the evening piecing together your purchases. This probably leads to stress before bed time as you realise a few are missing. With a Visa Business card, your shoebox is replaced with 12 monthly statements, and night time filing and stress becomes a thing of the past.
What's more, you can get up to 37 days interest free credit.
Source: Noel Kenny, Business Adviser