Washing baby clothes

Hi all. Might be common sence, but Id like tips on washing babys clothes for the first time...

I bought the free and clear detergent, and dryer sheets made for baby... but worried about the bright colors running and ruining other clothes washed with them... (obviously, I wont be putting whites in with colors) Also concerned about shrinking... my plan is to use cold water, and low dryer setting... any other tips?? I am also bummed that ill have to remove tags... as babies grow so fast, and I wont be able to return unworn clothes... sighhhh... maybe Im over thinking this?!