The Stay-Scrappy Guide to Setting Up Payments, Banking & Invoicing

The Afternoon Business Launch: How to Set Up Your Entire Business Foundation in Just a Few Hours

One of the biggest myths in entrepreneurship is that setting up the legal and financial foundation for your business is complicated, expensive, and time-consuming. This misconception keeps countless would-be business owners stuck in the planning phase, sometimes for months or years.

The truth? You can establish the entire legal and financial backbone of your business in a single afternoon.

Video: Set Up Your Business Legally in ONE AFTERNOON

The 4ish-Hour Business Setup Framework

As Jacob and Parker explain in the video, the core elements of your business infrastructure can be established remarkably quickly:

1. Form Your LLC (1 Hour)

• Visit your state's Secretary of State website
• Complete the online LLC formation process
• Pay the filing fee (typically $50-300 depending on your state)
• Download your Articles of Organization/Incorporation and FEIN number

Despite what legal services might suggest, this process is straightforward enough for most entrepreneurs to handle without assistance. The online form typically takes less than 30 minutes to complete, with approval coming either instantly or within a few hours.

2. Open a Business Bank Account (30 min)

With your LLC paperwork in hand:

• Visit your local bank (or complete the process online with many national banks)
• Bring your Articles of Organization and EIN (Federal Employer Identification Number)
• Open a business checking account
• Consider opening a separate savings account for taxes (as Jacob recommends in the video)

This critical step creates the all-important separation between your personal and business finances—something that protects you legally while making accounting infinitely simpler.

3. Set Up Your Payment System (1 Hour)

Once your bank account is established:

• Sign up for QuickBooks Self-Employed or a similar platform (Xero, Fresh Books, etc)
• Connect your new business bank account
• Set up your invoice templates
• Configure payment options for clients/customers

As Jacob mentions, the most basic version of QuickBooks Self-Employed costs around $15/month and offers tremendous value for new business owners, including invoice creation, payment processing, expense tracking, and even mileage tracking.

4. Create Basic Financial Organization (1 Hour)

• Set up folders (physical or digital) for receipts and important documents
• Create a simple system for tracking expenses
• Establish a practice of moving a percentage of income to your tax savings account

Even Scrappier Options

If you're looking to start even more minimally, Parker and Jacob suggest:

• Accept payments through Venmo or PayPal
• Track income and expenses in Google Sheets (free)
• Gradually upgrade your systems as your business grows

While these ultra-minimal approaches work in the beginning, remember that proper separation of business and personal finances becomes increasingly important as your business grows.

Why This Matters: The True Cost of Procrastination

The cost of delaying these basic setup steps isn't just missed opportunities—it's potentially:

• Tax complications and penalties
• Personal liability for business obligations
• Accounting nightmares when you try to separate transactions months later
• Unprofessional appearance to clients when accepting payments

All of these consequences cost far more in time, money, and stress than the few hours it takes to set things up properly from the start.

Beyond the Basics: Growing Your Infrastructure

Once you've established these foundations, you can gradually add more sophisticated elements as your business grows:

• Bookkeeping software
• CRM systems
• Project management tools
• Email marketing platforms
• E-commerce capabilities

The beauty of the scrappy approach is that you can add these elements as you need them and as your revenue supports them, rather than paying for complex systems before you've even made your first sale.

Take Action Today

The simplicity of this process means there's no excuse for delay. Block off an afternoon this week to establish your business foundation—by dinnertime, you'll have transformed from "someone with a business idea" to a legitimate business owner ready to accept your first payment.