Just as important, perhaps even a more noteworthy first step for up & coming startups is to establish a separate bank account! It's true, no need to rush into

Just as important, perhaps even a more noteworthy first step for up & coming startups is to establish a separate bank account! It's true, no need to rush into incorporation. But there should be an urgency to setup a separate bank account (any kind of account, a savings would do) so you can make your bookkeeping simple. The money you spend on your startup as a sole proprietor can be tax deductable. And besides that, its a good practice to show potential investors or lenders exactly how much you have invested yourself. Having one account where you can pull that data makes these kinds of bookkeeping/accounting tasks incredibly easy. For credit card transactions, try to get a new card just for the startup - or even use an existing card but make sure to dedicate that card exlusively to the startup so months and god forbid, years later, you're not having to go line-by-line through stacks of statements picking & deciphering what was business and what was personal (not fun).