Corporate Admin.

Today, we’re talking about the basics of company setup and administration.

1. First and foremost, you don’t need an established organization to start talking to customers. Don’t let admin tasks slow down the much more important work of figuring out what people need you to build.

2. Keep the setup process simple. Make use of online resources like Stripe Atlas or Clerky to establish your corporate structure in a standardized manner. Try to avoid using lawyers for this, as it usually causes problems later, even if the lawyer is a trusted friend with extensive experience.

3. The “Move fast and break things” philosophy may have worked 20 years ago, but nowadays, if you behave that way in some industries, like fintech or healthcare, you might be in serious trouble. So get advice from other founders to strike the right balance for your market.

4. Lastly, please do not spend time on filing patents until you have 7 figure revenue. Even if you believe patents are essential in your chosen market, the reality is that for the vast majority of businesses, patents do not help you get customers, and that’s what matters.

Best of luck out there.

Today, we’re talking about company administration and early progress.

1. First, it’s easy to get sidetracked by admin tasks like company setup, bank account creation, and legal document preparation. These tasks can absorb days or even weeks of time that we need to use efficiently elsewhere.

2. While company administration is necessary, it’s rarely urgent, and it’s certainly not a differentiator for your customers. Checking off a slew of admin jobs from your task list may provide a sense of accomplishment, but it will not help you get customers.

3. My advice: Prioritize talking to customers, even before the company is officially established. When you eventually decide to register your company and formalize things, those tasks should still be a lower priority, compared to customer discovery.

Best of luck out there.

Best of luck out there.

Today, we’re talking about keeping your company setup process simple.

1. The golden rule here is to opt for online tools over professional services, like lawyers and accountants. The online tools are usually designed to provide the standard setup that most investors prefer.

2. In the US, Stripe Atlas is a popular choice, which does company setup and also provides a range of services like banking and even server credits. If you’re in the UK, the HMRC site offers a low cost, online setup, with startups often choosing HSBC, Revolut or Monzo for banking.

3. Lastly, even if the lawyer or accountant is someone you know and trust, it’s still better to start with the standardized, online approach and tweak as necessary down the line. I’ve seen “unusual” elements in documents absorb weeks of time as investors try to understand the problem and how to fix it.

Best of luck out there.

Best of luck out there.