Mitchell and Scott outline the basic things you need to get a business going: which legal entity to pick, how to register for it, how to setup a bank account, and more. As Scott underlines, the most important thing for starting a business, that comes before anything else, is a customer! In Scott's view, the customer comes even before the product, and should be the primary focus of the young entrepreneur.
Mitchell agrees. Many people get hung up on setting up an LLC, opening a business bank account, and other legal and administrative tasks before they even have a viable business. As he explains, while those things are very important, you have plenty of time to set them up after you've started making money. Since you may change your product or service, and maybe your whole business model, after getting into the market and interacting with customers, you shouldn't let legal tasks block you from just starting.
Mitchell and Scott's list of items, in order of importance and complexity:
- A customer
- Incorporation, EIN, tax status (S Corp vs C Corp vs Partnership)
- Bank Accounts
- Credit Cards
- Accounting software
- Insurance
- Office Space
- PEO/Payroll service
Get in touch with the hosts!
Mitchell Baldridge
Twitter: @baldridgecpa
https://baldridgecpa.ck.page
https://baldridgefinancial.com
Scott Hambrick
Twitter: @hambrickscott
IG: @ogscotthambrick
https://onlinegreatbooks.com
