Fashion Business Pricing: Using Bank Accounts Wisely (Part 3)
Smart Banking & Account Management for Fashion Entrepreneurs
In the last two parts (part 1, part 2) of this series, we talked about how pricing affects your growth, and the step-by-step guide to calculating what you should actually charge.
But knowing your price is just half of the profit story. The next level is being wise with the money you earn.
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In this third part, I want to show you how to make the most of your money; even if you’re not making millions yet. It’s not just about how much you earn, but how well you structure it.
Let’s dive into how you can start using multiple accounts, digital wallets, and savings tools in a way that protects your profit and helps you grow sustainably—without feeling overwhelmed.
Why Multiple Accounts Matter
Running everything from one account (personal or business) creates confusion and makes it hard to:
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Track profits accurately
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Save for growth
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Plan for slow seasons
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Avoid unintentional overspending (you just buy fabrics like that, and hoard... NO!)
So yes, using multiple accounts is highly recommended. But the key is to do it strategically, especially when bank charges are involved.
The Wise Way to Split Your Business Income
Here’s a flexible way to structure your money with at least 4 accounts or wallets (including digital platforms):
A. Main Business Account
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All payments from clients come here
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Use this to pay staff
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Keep a buffer to cover transfer or withdrawal charges
B. Overhead cost Account
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For every job... from the price calculation in part 1, you should already know the overhead cost associated with it. Send the money to this account
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This is your account for:
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Repairing machines
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Buying new tools
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Paying rent , etc
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My advice is that you use a platform that gives you interest and make it harder to impulsively withdraw.
C. Profit Account
- This is the business reward, for risk, and it is fuel for future growth.
- It can be used to build a cushion for slow months.
- Reinvestment: in equipment, team training and business growth,
D. Salary Account Pay Account (CEO's)
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Pay yourself and your staffs from here monthly
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It helps you respect yourself as a staff in your own business
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Don’t overspend from your business account—transfer your salary from here to your Personal Account, and the account of your staffs at the right time.
But What About Bank Charges?
Yes, there are bank charges, but it is not always bad. (Please share with us how you minimize bank charges in the comment)
Think of it this way:
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The charge on a transfer is cheaper than mixing your business and personal money
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You lose more money when you don’t know where it went
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Some fintech platforms offer free transfers or low fees
So weigh the cost of charges versus the cost of disorganization.
Tips to Keep Things Wise and Accountable
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Give every account a name (in your records, not the bank):
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Income / Staff Salary Account
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Overhead cost Account (holds the money for rent, electricity bill, internet subscription, data, maintenance, repairs, office supplies, marketing, etc. These are expenses not directly related to the cloth being made, but necessary for business.
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CEO Salary Account (your personal account)
Profit Account: What is left after your expenses, and it should be caluated as explained in part 1, into your pricing
Materials Account: These are expenses directly related to the cloth being made.
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Reconcile monthly: You can use a Google Sheet to check that your savings, profits, and spending align
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Save for tax: Even if you’re not registered with CAC yet, start putting aside 5-10% for taxes or levies. In Kano State, we have Local Government tax, Kano State tax (KIRS), Signboard tax , and so on. I am sure that you know that business in Nigeria pay a yearly return to CAC.
Conclusion: It’s Not About Big Money, It’s About Structure
You don’t need to be making millions before you act like a CEO.
When you split and track your money wisely:
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You feel in control
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You prepare for growth
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You protect your peace of mind
At Osas Olumese Training Institute, we don’t just teach you how to sew. We prepare you to run a sustainable fashion business—including how to price right, save smartly, and grow confidently.
As we wrap up this part, I hope you’re beginning to see that fashion business success isn’t just about sewing beautifully—it’s about structuring your money intentionally.
In the next part of this series, we’ll explore how to track your time, avoid profit loss when giving discounts, and plan for long-term savings using real tools you can start with today.
Don’t keep this to yourself—share it with your fellow fashionpreneurs who are still struggling with “money vanishing syndrome.” Let's grow together. 💛
