Many people dream of trading in their day jobs and owning their own business. The concept of building something from the ground up and enjoying the fruits of your labor is a powerful motivator. While some are successful in this pursuit, the journey to success can be hard. Among the many different factors that contribute to coming out on top, money is often at the top of the list.
Money and personal finances play a significant role in creating a business. Entrepreneurs must have the financial means needed to invest in their startups. In addition to cash on hand, funding sources like small business loans and investors can help get a business off the ground. However, poor credit and financial history can limit these options. Fortunately, financial solutions like ONE provide the foundation that entrepreneurs need.
What Is ONE?
ONE is a new mobile bank that is making headway in helping consumers take control of their finances and achieve their wildest dreams. Established in 2019, ONE customers have access to tools and resources to help them organize, manage, spend, and save their money more efficiently.
How Does ONE Help Hopeful Entrepreneurs?
Banks hold a key role in maintaining the financial wellbeing of businesses worldwide. Here are some specific ways that ONE benefits those interested in starting a business:
Multiple Ways To Save
The more money you have, the easier it is to launch your business. However, most people don’t have enough cash to set aside to accomplish their goals. As a ONE customer, you can take advantage of multiple ways to save towards your goals:
- No Fees – Many banks charge account holders fees that eat away at their available balances. There can be fees for minimum balances, monthly maintenance, overdrafts, insufficient funds, and ATM withdrawals. Separately, these fees may not amount to much, but they quickly add up. ONE believes in a fee-free banking concept and, in turn, doesn’t charge its customers to complete everyday transactions.
- High-Yield Savings – Placing money in savings is one of the simplest ways to earn money while you sleep. However, most banks don’t offer much return for your investment. ONE wants savings to offer returns. They offer 1% APY for all money transferred to savings.
- Auto-Save Feature – ONE’s Auto-Save feature rounds your bank card transactions up to the nearest dollar and deposits the money into savings, where you can earn 3.00% APY. With automatic deposits, you can see your savings grow over time without having to lift a finger.
Get Organized And Improve Your Finances
Saving money is one way to fast-track your way to entrepreneurship. However, that’s not the only way ONE can help you achieve your goals. Account-holders can also create Pockets, which are sub-accounts that ultimately help you budget your money and improve your finances.
Budgeting is an essential financial management practice. When used correctly, a budget can be instrumental in helping you to reduce unnecessary spending, increase your savings, and develop habits that improve your financial history.
At ONE, there are three primary Pockets: Spend, Save, and Auto-Save. However, customers can create and customize up to 99 Pockets to correlate with their household budgets. When you receive funds, you can distribute money into designated Pockets and use them to pay bills or complete transactions with your bank card.
Pockets make it easier to track your spending and make adjustments to reduce waste. You can deposit the extra money to the Save Pocket to accrue interest or use it to pay down debts. Setting money aside in each Pocket also helps account holders ensure they’re paying their bills on time (which is essential to improving your credit history).
Entrepreneurship On The Horizon
Building a startup requires significant cash flow and a healthy financial status. Luckily, ONE has many banking solutions to help entrepreneurial hopefuls achieve these goals. After banking with ONE, customers can put themselves in a position that makes owning a business a reality. With more money in the bank and an improved financial history, you can secure a small business loan and seek out investor contributions to ensure that your business gets off to the right start.