There are many things to consider when starting a business. A good place to start is a business plan and structure. You might need to register for licences and permits. Of course, choosing a name is the fun part. A vital part of starting a new business is opening separate business bank accounts so you can manage your money more easily.

A sole trader is a simple business structure with typically less paperwork and set-up costs. A sole trader is legally responsible for all aspects of their business including debts and losses. A company is a more complex structure with higher costs and ongoing requirements, but it forms its own separate legal entity.

Yes. If you're a sole trader, it's a good idea to open your own business bank account. Keeping your business transactions separate from your personal bank accounts makes your business banking easier to manage.

Yes. You’ll need an Australian Business Number (ABN) to open a business bank account. You’ll also need to be a registered sole trader or company and provide one form of ID to open a Business+ Account or Business+ Saver. Check full eligibility requirements.

It's a good idea to keep your personal and business bank accounts separate to make it easier to manage and track your business income and expenses.

No. Your business needs to run for a minimum of one year before you can apply for a loan. Opening a Business+ Account and Business+ Saver. is a good way to show trading history when it's time to apply for a loan.

Having a business savings account brings many benefits:

• A savings record helps you get a business loan, overdraft, or credit card
• It gives you access to money when you need it most
• It offers a higher interest rate than a business transaction account
• There are no monthly account fees with a Business+ Saver. so your money stays yours - for a
  full list of fees, please refer to the Schedule of Fees

It's a good idea to keep your personal and business bank accounts separate to make it easier to manage and track your business income and expenses.

A business overdraft is a line of credit with a limit approved by your bank. It lets you to access money as you need it. A business loan is a fixed amount which you receive upfront and is repaid over a set term with regular repayments.

A business overdraft is a line of credit with a limit approved by your bank. It lets you to access money as you need it and can be used to help with reducing cashflow pressures or for unexpected business expenses.

Some banks do charge fees. But you’ll pay no setup costs or monthly account fees on your Business+ Account or Business+ Saver. Plus, you get unlimited free electronic transactions.

The most you can borrow with a business loan depends on your business circumstances and financial situation. The Business+ Unsecured Loan has a range between $20,000 and $50,000.

There are a few things to tick off to be eligible for an unsecured business loan with Great Southern Bank. Firstly, you’ll need to be a registered sole trader or company. You’ll also need to have at least a one-year trading history, be registered for GST and have $75,000 in turnover annually. Find out more.

Yes. You may be able to get a business loan if you’re self-employed. Check out the Business+ Unsecured Loan for details on eligibility.

Unsecured business loans typically have higher interest rates than secured business loans because the lender is taking on more risk by lending money without any collateral.

You don’t need a deposit or security for the Business+ Unsecured Loan. However, you do need to meet certain eligibility requirements to apply. Learn more.

You can use your business loan to fund a wide range of business purposes including:

• covering large, unexpected expenses (including ATO debts)
• working capital to run and expand your business
• purchasing stock, plant and equipment
• investing in productivity improvements
• refinance certain short tem business loans or balloon for an equipment finance loan