Local Setup Checklist: Banking, Licenses, Insurance (Week 1)

Going solo is exciting - and it also means you’re now responsible for the “boring basics” that keep a business compliant and stable.

This checklist is general information, not legal, tax, or insurance advice. Requirements vary by location and industry. When in doubt, talk to a qualified professional in your jurisdiction.

Week 1 Priorities (In Order)

1. Separate your business finances
2. Confirm required registrations/licenses
3. Get appropriate insurance coverage (if applicable)
4. Set up basic bookkeeping/record keeping
5. Set up how you’ll get paid
6. Put simple agreements in place

1) Separate Finances (Do This First)

• Open a dedicated business checking account (and a savings account if you want to set aside taxes).
• Use a dedicated card/account for business expenses.
• Pick one place where receipts and invoices live (a folder, drive, or bookkeeping tool).

Mixing personal and business transactions creates confusion and makes taxes/bookkeeping harder later.

2) Confirm Registrations and Licenses

Make a list of where you operate (city/county/state) and what you do (service category). Then verify:

• Business registration requirements
• Professional licensing (if you’re in a regulated profession)
• Local permits (e.g., signage, home-based business rules)
• Sales tax registration (if you sell taxable goods/services in your region)

Start with official government sources and your local small-business office.

3) Insurance (If You Need It, Don’t Guess)

Insurance needs vary widely. Common categories include:

• General liability (slip-and-fall, property damage)
• Professional liability / errors & omissions (advice/services risk)
• Commercial auto (if you use a vehicle primarily for work)
• Workers’ comp (if you hire employees; rules vary)

Talk to a broker/agent and ask: “What’s typical for my trade/profession in this area?”

4) Basic Bookkeeping Setup

You don’t need an advanced finance stack on day one. You do need consistency:

• Choose a bookkeeping method (spreadsheet, bookkeeping software, or a bookkeeper).
• Define categories (income, cost of goods, subcontractors, software, mileage, etc.).
• Decide how often you reconcile (weekly is a good default).

The goal is simple: you can answer “what came in, what went out, and why” without stress.

5) Payments and Invoicing

• Decide how you’ll invoice (email + PDF, invoicing tool, etc.).
• Decide how you’ll accept payments (ACH, card, checks, online payments).
• Set expectations up front (due date, late fees if you use them, what “paid” means).

6) Agreements and Scope

Even for friendly clients, write down:

• What you’re delivering (scope)
• What the client is responsible for (inputs, access, approvals)
• Timeline assumptions
• Payment terms
• What happens if the project pauses or changes

If you use templates, consider having them reviewed by a qualified professional for your jurisdiction and business model.

7) Optional: A Simple “Admin Hour”

Block one recurring slot to handle:

• invoicing and payment follow-ups
• receipt capture
• calendar/admin cleanup
• next week planning

This keeps small tasks from becoming an end-of-quarter crisis.