🌱 Rewiring my brain to love FUNdamentals

Here's your 3.5 insights in 3.5 minutes.

🍄 Business Glow-Up

After starting my business late last year, I put everything into just providing the absolute best service I could for my clients.

I knew none of this admin stuff mattered if I didn't first have a strong foundation: delivering a service that people value and pay for. A key step I think most people overlook. They rush to set up the LLC and the logo before consistently delivering results (aka getting that paper).

So once the work was solid and the business was consistently growing, it was time to get organized. This month I finally filed the LLC, elected S-corp status, opened a business bank account, and got a business credit card. I have an EIN now, a bookkeeper, and all that. (Btw, the business helps founders and VCs grow their personal brand and newsletters online.)

This isn’t just me. Stripe just put out a report called “The Age of the Solopreneur” with data showing how more people are starting businesses than ever. And solo founders are reaching significant revenue faster than they used to.

Now accelerated with AI, I think this trend continues and more people will run their own businesses.

That said, here are a few learnings and resources you might find useful*.

Tax Stuff

• LLC vs S Corp: I filed as an LLC with an S Corp election. Meaning legally it's an LLC under Texas state law, but it's treated as an S Corporation for federal tax. That lets owners avoid the 15.3% self-employment tax on distributions.

• "Reasonable Salary" vs Distributions: Imagine the business makes $150k profit and a reasonable salary is, say, $80k. Only that $80k is subject to the 15.3% self-employment tax. Saving you around $11k ($70k × 15.3%).

Business Resource Stuff

• Business bank account: Mercury. Built for startups and modern small businesses. Great UI, and it has an MCP so it plugs right into my Claude/Cowork setup. And people I know or trust have said great things (Shaan Puri, etc.).

• Bookkeeping + accounting: Collective. I was using QuickBooks at first, then had a great intro call with Collective and was impressed. They handle the books and the accounting. (Bookkeeping = tracking the money moving through the business day to day, vs Accounting = the higher-level work and tax filing.)

• Business credit card: Chase Ink Business Unlimited. No annual fee, a flat 1.5% back on everything. The one knock is a 3% foreign transaction fee, but when I ran the numbers it's a non-issue for me right now. Even if I somehow spent $10k internationally, that's only $300 in fees. I also already have a Chase Sapphire Preferred credit card, so I wanted to keep my points in one place. If I start traveling internationally for work, I'll revisit.

Disclaimer: I am not an accountant. This is not financial advice. None of these are sponsored or even affiliate links. I'm just sharing what I learn.

🏃‍♂️ Checking Myself Into Knee-Hab

I hurt my knee running a few months ago. (Welcome to your late 30s!)

My first instinct was almost comical in hindsight: "I'd only run a mile, this can’t hurt." My logical brain straight up overruled the signal my body was sending. Until later it really hurt.

That's a bigger shift I'm in this season. I grew up playing sports, where the message was always "suck it up" or "push through!" I've since realized that approach later in life is quite dumb. Why would I not listen to my body, it has all the answers.

But this new season of life also comes with the boring stuff. (ahh, admin!)

New insurance, a new primary care provider, setting up an orthopedic appointment for my knee X-ray, then getting a referral to a physical therapist...

Typing this out sounds like a slog. My first reaction was exactly that. YAWN.

But then it flipped on me. How fortunate am I to have a business and life that affords insurance, X-rays, great care, and the freedom to go to rehab in the middle of the work day!

The rehab itself? Actually kind of great. Breaks up the day nicely. I get to goof around with the people there. And after just 3 sessions, I already feel stronger and the exercises are notably easier. (ahh, the lovely feeling of progress!)

As with most new things we try, they can be brutal at first. But then you end up progressing easier and faster than you thought.

Your turn: what's the boring admin thing you've been dreading that's actually a privilege wearing an annoying costume?

🧠 Falling In Love With The FUNdamentals

I'll be real, the fundamentals always look BORING at first.

Kobe was famous for his ability to keep showing up and doing the basic drills better than anyone. In business they're harder to spot, but they work the same way.

Sure, they're unglamorous and repetitive. But by actually doing them, progress happens quickly.

Then it clicked when I actually looked at the word. FundaMENTALs.

The biggest chunk of it is mental. Most of our resistance to doing the basics is just in our head, not in the reps. So if you can reframe that mental part, swapping the annoyance for a little gratitude, you free up room for the other half. The FUN.

That's what happened with my knee, and my business. Once I stopped resenting rehab and started treating it as a good break with cool equipment and fun people helping me quickly progress, the rehab itself got fun.

Same goes with the basics of growing a business, or whatever boring-but-foundational thing you've been avoiding. (I'll try this with my mail soon!)

So this week, try changing the mental story you tell about whatever boring thing is on your plate. Shift the mental part and the fun shows up on its own.

Salud,
Mitchell