What tools you need to start a business

I’ve started a 6+ business over the past few years. Not all my businesses will work, but I always invest upfront in having the right structure:If you’re thinking about starting a business, here’s what you need:

Boring Legal Stuff  

You could do this, but I like connecting with a lawyer to make sure you have the correct approach.

• Business Liability Insurance
• Business License
• EIN: Want to employ people? Want to get paid by companies? You need an EIN. Spend 10 minutes online and you can get it done.
• Operating Agreement: If you have partners, this is a no brainer. If you don’t have partners, this is still a no brainer.
• Corporate Structure: Based on your goals, decide whether you should be a C-Corp, Sole-prop, S-Corp, etc.

Banking & Accounting

• Mercury:  If you use any other bank, it’s your fault. This is the no-brainer online bank that provides better service than any of the larger banks.
• Quickbooks Online: Best spot to manage your accounting and invoices. You can do the books yourself for simple businesses. If it’s complicated, hire a bookkeeper.
• Gusto: Need to pay W2s and Contractors? Benefits? Employment Tax Compliance?  Do it all through Gusto.
• Wise: Offshore payments made easy.
• Stripe: Best way to accept online payments.

Website

• Domain: I spend an embarrassingly large amount at GoDaddy
• Webflow: Best place to build and host websites. They’re taking over the world. If you need a website for your biz, happy to share a few recs for people who build great sites affordably.
• Google Analytics: You need to track your web statistics. This is the place to do it.

Other Tech

• Email: Just use G-Suite
• Slack: Async communication for the win. You can now chat via video live or with recordings via slack.
• Hubspot: A great CRM with a free-option that will work until you get serious sales. Tracking data, customer contacts, and deals is essential to build a strong infrastructure.

Random

• Goal Setting: Before starting your business, what are your goals? What do you want to avoid? These should be number driven, but don’t have to be focused on just revenue and profit. I always like to have a time allocation goal. Check in on this weekly.
• Data Tracking: Build a data dashboard to understand what is important in your business and how you’re performing against your KPIs
• Long-Term To-Dos: I use apple notes to keep track of things I want to do, but aren't a priority at this moment. That way, when I have time, I go through the note to determine which LT project I should focus on.