Today, in 10 minutes or less, youāll learn:
- š¦ What is my remote business financial stack
- š§° 8 financial tools from business banking to virtual mailbox to payments
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šļø Launch your newsletter in 2024
Since January 2023, Iāve run my newsletter on Beehiiv.
Itās been an excellent all-in-one newsletter platform.
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š§° 8 financial tools for US-based remote businesses
In January 2023, I started two remote businesses:
Product consulting and Money Abroad (courses and media).
While plenty of people write about US-based remote businesses, not enough people talk about how they setup the financial and operational plumbing that runs their businesses.
If youāre an entrepreneur looking to setup your business in the US, then this article is for you.
In this newsletter, I dive into the financial tools I would suggest for entrepreneurs looking to setup a US-based remote business.
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Timeline of My Remote Business Journey
Hereās a few milestones from building my businesses:
- January 2023: Launched Money Abroad as a free newsletter
- March 2023: Crossed 1,000 newsletter subscribers; for consulting, got my first two product advising clients
- May 2023: Made my first $$$ with my newsletter (ads and events)
- September 2023: Pivoted my positioning from advising to fractional consulting
- December 2023: Crossed 5,000 newsletter subscribers, 5xāed my Linkedin followers since January, and launched my course beta program; for consulting, got my first two product consulting clients
- May 2024: Launched my first official Remote Side Hustle Cohort Program
Fast forward to today.
I generate revenue through b2b consulting, 1:1 coaching, a course, affiliates, and ads.
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What is my remote business financial stack?
Hereās the financial and operational stack I would suggest for business owners. Nearly all of the tools I list here are ones Iāve personally used in my business.
Without them, I would have to find a replacement quickly or risk serious issues.
Disclaimer: Some of the links below are affiliate links. I will never work with a brand that I don't personally use or believe in.
Tool #1: Doola
Doola is my go-to LLCĀ formation service.
I incorporated my Delaware-based LLC before Doola was started, but my wife incorporated her Wyoming-basedĀ LLCĀ as an Australian founder, and it was a smooth experience.
Founded in 2020, Doola is a newer entrant, but it's grown rapidly due to providing a simple and cost-effective incorporation service for remote businesses, startups, and freelancers.
Why an LLC?
- Flexibility to run your business as a separate legal entity with pass-through taxation
- Biggest perk is that it shields you from the businessās debts, obligations, and legal liabilities
- Good fit for many small business owners like solopreneurs, fractional workers, consultants, coaches, etc.
If I were to go back and incorporate my business all over again, Iād use a service like Doola.
Try Doola (15% off with affiliate link & MONEYABROAD15 code)
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Tool #2: Mercury
Mercury is my business banking solution.
As a small business owner, Iāve been disappointed by my business banking experiences in the past. While consumer banking apps had risen to a high standard, it felt like business apps fell behind.
Even though I just setup Mercury in November last year, Iāve been blown away by its easy-to-use dashboard, automated transfer rules, free wires, and simple integrations. Did I mention, no monthly fees?
Iāve used Mercury to:
- Get paid by clients and partners
- Integrate with my accounting tool directly
- Gain visibility into my money-in and money-out
- Automate my banking operations using Profit First system
Try Mercury and get $150 when you deposit $10k in your first 90 days.
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Tool #3: Wise Business
Wise Business is my top pick for international business money transfers.
Iāve used it whenever I need to pay vendors overseas due to its low fees, fast transfer times, and versatility (over 50 currencies offered). As a bonus, it also offers helpful features like team management and expense tracking.
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Tool #4: Stable Mailbox
My US business virtual mailbox. Stable provides you with a permanent street address in a premium location and the ability to manage your physical mail online.
Iāve used Stable for:
- Forwarding my replacement credit cards
- Scanning all kinds of mail, including PIN codes
- Storing my mail and packages before forwarding
- Listing a virtual business address for various services
Try Stable Mailbox. (get 20% off)
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Tool #5: Google Voice
To be honest, Iāve used my free personal Google Voice account until now.
Google Voice is a voice over Internet protocol (VoIP) phone service for personal or professional use cases.
Itās been perfect for my use case so far, but I will likely move to a business line soon to separate my personal + business messages.
Iāve used it for:
- Making and receiving phone calls
- Sending text messages
- Responding on smartphone and web
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Tool #6: Stripe
Stripe is my go-to online payments platform.
Iāve been using Stripe to reliably and securely handle all my online payments since 2016. Itās worked like a charm.
Hereās a few examples of Iāve done with it:
- Accepted credit card payments from global clients
- Execute rebates easily in a few clicks on the dashboard
- Integrate with Shopify, Calendly, and Acuity (booking platform)
- Create payment links and invoices for my consulting engagements
If you Google payment processors, youāll discover a shocking number of horror stories of high fees, payouts being held hostage, chargeback hell, etc. Payments can honestly be a nightmare (I know, Iāve worked in the industry).
I count myself lucky. So far, Stripe has been a smooth operator for my remote businesses.
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Tool #7: Deel
Deel has helped me simplify my global independent consulting workflow.
Since early 2023, Iāve been consulting for growth-stage startup clients. And Iāve been fortunate to have worked with multiple clients who used Deel to onboard me as a consultant.
The consultant-facing flow has been relatively painless, so Iām motivated to explore using Deel for my own hiring efforts down the road.
Iāve used it for:
- Signing contracts with my clients
- Getting paid for my consulting services
- Keeping a record of contracts and payments
- Downloading my tax documents (eg 1099-NEC)
In general, international hiring, compliance, and payroll can be a giant pain in the ass. Iām grateful for Deel to have made this much simpler.
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Tool #8: Xero
Xero is my go-to accounting software.
Before this year, I used Quickbooks. But I switched to Xero due to its simpler UI/UX, lower price, and better customer support.
I also hired a part-time bookkeeper who helps me manage my books for a few hours per month.
Iāve used it for:
- Categorizing, updating, and organizing my monthly transactions
- Keeping records of invoices and receipts for transactions
- Generating monthly income and balance sheet statements
- Integrating with my bank accounts like Mercury and payments like Kajabi/Stripe
Try Xero for free for 30 days.
šĀ Beyond your borders
š³ļø Is Maximizing Credit Card Rewards Worth It? (link)
š„° This Young Professional Left Her Job in Finance After Her Remote Side Hustle Took Off and Made $76,000: 'My Idea Solves a Universal Problem' (link)
š©ļø The best and worst airports to have a layover, according to a travel expert who flies 200,000 miles a year (link)
