329: Why Separate Bank Accounts? with Shannon Crow

The Connected Yoga Teacher Podcast

329: Why Separate Bank Accounts? with Shannon Crow

 

Description:

Do you have a separate bank account for your yoga business? It is such an important part of starting and growing a business that many yoga teachers overlook or do not prioritize!

 

In this episode, Shannon Crow shares seven reasons why you should have a separate bank account for your yoga business. She touches on taxes, being more professional in your business, and even the mindset shifts that come with having a business bank account. Shannon also has some homework for you to start getting your yoga business finances on the right track.

 

If you have been putting off opening a bank account for your yoga business, this episode is for you!

 

Key Takeaways:

[1:52] Shannon introduces her topic for this episode - Why you need separate bank accounts for your yoga business.

[4:01] Having a separate bank account for your yoga business can make a world of difference to your business.

[5:43] Having a separate bank account makes tax time so much easier.

[7:26] Shannon gives a shout out to OfferingTree.

[9:28] If you have a separate bank account for your yoga business, you can build your business credit score.

[9:56] The third reason to have a separate bank account is in case you plan to sell your business in the future.

[11:29] Another reason to start a separate bank account is in case you get audited.

[12:22] Shannon shares a clip from Hannah Smolinski (an accounting professional) about why it's so important to have a business bank account from the start.

[13:40] Having a business bank account helps you shift into the mindset of being a business owner and makes it easier to see how well your business is doing.

[14:58] A separate bank account makes it easier for you to track your income and expenses.

[15:32] If you want to be seen as a professional and have people take your yoga business seriously, a separate bank account can help.

[16:43] Shannon invites you to set up a bank account for your yoga business if you do not already have one!

[17:47] Shannon has bonus homework for you - to implement Profit First in your business.

[18:40] Shannon shares some insights about the topics she has been covering in the podcast this year.

[21:32] What other questions do you have about being a yoga teacher or yoga business owner? Share them with Shannon!

[22:40] Interested in hanging out with Shannon in real time? She shares some upcoming calls in Pelvic Health Professionals where you can do that!

 

Links:

• ‌Thread about having separate bank accounts on the Connected Yoga Teacher Group on Facebook

• Podcast episodes and Resources mentioned:

• What Expenses Can I Claim as a Yoga Teacher? - The Connected Yoga Teacher

• 104: Legal Answers for Your Yoga Business with Saerin Ally Cho - The Connected Yoga Teacher

• 254: 3 Must-Have Legal Agreements with Erika Kullberg - The Connected Yoga Teacher

• 154: Bookkeeping for Yoga Teachers with Kelly Christian - The Connected Yoga Teacher

• 044: Accounting for Yoga Teachers with Hannah Smolinski - The Connected Yoga Teacher

• 280: Get Paid as a Yoga Teacher with Shannon Simmons

• ‌308: Time to Rest and Refuel with Shannon Crow - The Connected Yoga Teacher

• 309: Four Seasons of Business with Shannon Crow - The Connected Yoga Teacher

• 310: How To Create a Yoga Routine with Shannon Crow - The Connected Yoga Teacher

• 311: A Small Seed of Personal Practice with Shannon Crow - The Connected Yoga Teacher

• 314: Plan Your Breaks with Shannon Crow - The Connected Yoga Teacher

• 315: Let's Talk Time Off with Shannon Crow - The Connected Yoga Teacher

• 316: Holidays, Vacation & CEO Days with Shannon Crow - The Connected Yoga Teacher

• 318: Questions to Ask Before Any YTT with Shannon Crow - The Connected Yoga Teacher

• 319: Do I Need Another Yoga Training? with Shannon Crow - The Connected Yoga Teacher

• 320: What to Pack for a YTT with Shannon Crow - The Connected Yoga Teacher

• Book a Consultation Call with Shannon

• Shannon Crow on Instagram

• The Connected Yoga Teacher Facebook Group

• Pelvic Health Professionals

 

Gratitude to our Sponsor, OfferingTree.

 

Quotes from this episode:

“I have seen the difference in my own business and [having a separate bank account] is one of the top things I suggest to yoga teachers, especially when they're working with money mindset stuff.”

 

“Ask yourself, are you building your business to possibly sell it someday?”

 

“I really like that idea of thinking about your business as its own entity and its own organism, if you will. Because when you separate it out, you're starting to say, “OK, this is important, this is different from my personal”.