This is the eighth and final part of a multi-part series that will help prospective entrepreneurs to develop the tools they need for a successful business venture.

As your dream business draws ever closer to becoming a reality, it’s time to put the last finishing touches on it and tie up a few loose ends. Only two steps remain in the process: applying for the necessary licenses and permits and opening your business bank account.

Licensing can be federal, state, and/or local and the kind of business activity you’ll be conducting and your location will determine the licenses and/or permits your business will need.

Federal licenses and permits are necessary for certain products and business activities, such as those dealing with weapons, energy, wildlife, transportation, agriculture, and broadcasting.

Let’s say you’re planning to open a microbrewery in Huntsville. You’ll need a Business Privilege License, which will be issued by the Madison County Probate Office. If you’re also planning to sell items relating to your business, such as T-shirts and glassware, you’ll also need a store license.

Since you’ll be producing and selling alcohol, you may have to register with the Alcohol and Tobacco Tax and Trade Bureau, depending on which products you produce. You’ll also need to apply for an Alcohol Beverage License with the State of Alabama ABC Office and fill out the City of Huntsville Alcohol Beverage License application, available in the licensing section of the City of Huntsville’s website.

If you’re planning to serve food to go with your beer, a permit will be required from the Madison County branch of the Alabama Department of Public Health.

Once you have your permits and licenses, business formation documents, Employer Identification Number or Social Security Number, and your ownership agreements in hand, the next step is to open a business bank account, which comes with significant perks over standard personal bank accounts.

A dedicated business bank account will include not only checking and savings, but also a credit card account and a merchant services account, which will allow you to accept credit and debit card transactions from your customers.

Business bank accounts are necessary because they help keep your business funds separate from your personal funds. Merchant services also provide purchase protection for your customers and ensure that their personal information is secure.

A business bank account will also provide your business with an extra layer of professionalism. Customers can pay with credit and debit and make checks payable to the business instead of directly to you. Also, you can authorize trusted employees to handle banking tasks on behalf of the business.

Business banking usually comes with a line of credit, which can be used in the event of an emergency or if large expenses come up. Lastly, business credit card accounts can help establish a credit history for your business, providing it with additional purchasing power.

While you may be tempted to use your own personal bank or credit union to open a business account, it’s necessary to do some research before taking that step. Rates, fees, and options vary from bank to bank, so shop around to ensure that you find the lowest fees and best benefits.

Things to consider include introductory offers, interest rates, transaction fees, early termination fees, and minimum account balance fees. Merchant services accounts charge a variety of fees as well, including daily batch fees for settling credit card transactions for the day and monthly minimum fees charged if your business doesn’t meet the minimum required transactions.

Payment processing companies such as Square are becoming increasingly popular as an alternative to traditional merchant services accounts and sometimes provide extra features such as accessories that let you use your phone or iPad to accept credit card payments. The fee categories will be similar to those of merchant services accounts. Once it’s set up and connected to your business checking account, you’re ready to go.

There are a few more odds and ends to deal with, such as getting a business insurance policy and adding the last finishing touches, but congratulations are in order–it’s time to cut that ribbon and turn on the OPEN sign! The adventure is just beginning.

As always, you don’t have to go it alone as a new business owner either. The Catalyst Center for Business & Entrepreneurship and the UAH SBDC/PTAC are invaluable local sources of advice and guidance as your small business develops. In addition, the Huntsville-Madison County Chamber of Commerce provides resources and support to help your business grow and prosper.

Best of luck with your new business!