H: iv) Business Banking Costs

Most banks charge either a percentage of the money paid in, or a flat fee for each service. ATM providers can charge a % or a flat fee (depending upon the type of card), and your charge will depend upon the mix of your payments (cash, cheque, card etc), and the expected volume. 

If your business will require change, you will usually have to purchase this from your bank, and if you pay in a lot of change the bank will charge you more. 

You need to shop around to get yourself the best banking deal as there are great variations on the price charged in the current banking market. It is possible to get favourable banking through trade associations etc  and you can also make use of the new incentives on offer for new businesses.

There are enormous variations in costs between banks. Check them out and be prepared to haggle! Ensure that you get written confirmation of any terms you have agreed.

It can be helpful to have a fixed rate of borrowing, over a pre-determined period, so that you know your costs will not increase.  There are a wide variety of lenders available, both domestic and commercial, some of whom may be able to assist you. This may depend a lot on your requirements, and the quality and detail of your business plan.

Many give advice on a wide range of topics, but some are intent on selling you  products which may be desirable, but not affordable. Do your research thoroughly; personalities differ, as does the quality of service. 

It is now time to put all the information that you have so carefully collected into your cashflow forecast. This document is the projected “window” on the financial state of your business in the months and years ahead.