How to deal with terms of service and privacy policy for SaaS

Hey,

I'm working on Habitscript which is a vs code extension that tracks your coding time and sends data points like file name, project name, programing language to display it on a web app

I'm looking for tools, tips, and advice to generate terms of service and privacy policy for SaaS

Are GDPR Compliant SaaS Business needed to work legally? and can we get it after launch the SaaS Business

I'm looking forward to hearing your experience to deal with this