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Hey ,

We’re in a bustling era of business-building. Yelp’s recent Business Openings Report shows  637,590 new businesses opened across America in 2022, a 12 percent increase from 2019.

New business openings exceeded pre-pandemic levels in nearly every US state. There was a particular boom in home and local services business openings, alongside huge upticks in new hotel and travel businesses in metro regions.

Are you among this batch of business builders? Then it’s important you avoid one of the most common mistakes new entrepreneurs make: keeping your personal and business finances together. Does one or more of these situations sound familiar?

• You started your business as a short-term income-earner

• You were unsure if it would take off at first, but you’re now seeing real sales growth

• You chose to manage business funds with personal accounts, because it felt simpler

These situations are understandable. Many businesses are opened almost by accident. And then they become successes through your intentional efforts, commitment, and drive.

When the business starts to feel real — and grow — is around the same time you need to get serious about separating your personal and business finances. Above all, it will help you stay sane as you manage the complexities of your financial responsibilities at home, and at work.

Jordan Buckner

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