Some links in this post are partner links. If you open an account through one, TRH earns a little and it costs you nothing extra. I only list what I use with my own money or what I am comparing for my own setup, and I say which is which. Nothing here is personalized, legal or tax advice.
Where I am today: I'm a sole proprietor, so there is no business bank account yet. My business money and its buckets live at SoFi, and my personal money lives at a brick and mortar bank with fewer perks that still feels safe for this season of my life. Next year, once the second edition of my book is out, I'm making the business official, now that I'm trademarked and fully indie. So this post is the checklist I'm already running for that account, in public, and the compare page below is the list I'm choosing from. When I open it, I'll come back and tell you which one I picked and why.
Chapter 14 of my book is about negotiating your worth. The chapter after the negotiation, the one nobody writes, is what you do with the money when it lands. Here is the version I run.
One account, every deposit, every expense
Open a business checking account and route every brand payment, every freelance invoice, every book royalty into it. Every business expense (the ring light, the beehiiv plan, the Costco run for the care package mailers) leaves from it. Your personal checking never touches business money in either direction except for one thing: a scheduled transfer to yourself, which is your pay.
At tax time you hand your accountant one statement instead of a highlighter and a prayer. That sentence alone is worth the account.
What I am checking as I compare
No monthly fee at a low balance, because month one you will have a low balance. Free incoming ACH and wire, because brands pay by both. Sub accounts or buckets so the tax money is set aside the day the deposit lands (a set percentage of every deposit, moved before you can feel rich). And an invoicing or payment link built in if you do not already have one, because "how do I bill you" should never delay a yes.
Compare business checking accounts on the page money.com built for me: the compare page (partner link).
Pay yourself on a schedule
The move that makes it feel real: a transfer from the business account to your personal bills account on the same day each month, a set amount, like a paycheck. That is the plan I am setting up, and I will report back on how it feels the first month. The business account balance belongs to the business, and that mindset is what keeps the tax bucket alive.
Before the account, the deposit
If you have not landed the first paid deal yet, the Creator Starter Kit has the pitch and rate card pieces that get you there, free: https://mail.therichhermana.com/products/the-creator-starter-kit. And the Opportunities channel inside Hermana HQ is where I pass along the brand deals and partner perks that come my way: https://mail.therichhermana.com/community
Comment BUSINESS on any of my posts and I will send you the business checking compare page in your DMs.
Con amor,
Ixamar 🪴