Starting a small business is exciting, but it’s also a lot of work. I can’t tell you how many people dive into their business without setting up the basics, only to struggle later. Here are three simple, but critical, steps you need to take right away if you’re serious about building a successful business.

1. Keep Business and Personal Finances Separate

One of the biggest mistakes new business owners make is mixing their personal and business expenses. From day one, open separate bank accounts and get a credit card dedicated solely to your business. This will make bookkeeping easier, help protect your personal assets, and give you a clearer picture of how your business is performing.

2. Set Up Systems Early

Don’t wait until you’re buried in receipts and client details to get organized. Whether it’s a CRM for tracking customers or QuickBooks for managing finances, get your systems in place from the beginning. Trust me—if you wait until the end of the year to categorize your expenses, you’ll hate yourself when tax season rolls around. Investing time in organization early on will save you a huge headache later.

3. Put Money Aside for Taxes

This one is huge, especially if you’re commission-based or receiving irregular income. It’s tempting to spend your earnings, but you need to set aside money for taxes immediately. Put away more than you think you’ll need—trust me, it’s better to have a cushion when tax season comes. You’ll thank yourself when the bill arrives, and you’re not scrambling to find the funds.

Pro Tip: Being financially prepared for tax time is a serious flex in the small business world!

What Would You Add?

These are the basics, but I’d love to know—what’s your must-do tip for starting a small business? Drop a comment below!

If you’re thinking about starting a business or investing in real estate, whether in Virginia or beyond, I’d love to help. And if you’re outside of Virginia, I can connect you with someone in my network who specializes in helping business owners and investors nationwide.