10 Tips for the First Time Business Owner

Are you getting ready to launch your first small business and need advice on how to do it right? Read on for 10 tips for the first time business owner.

Did you know half of all new small businesses fail within the first five years?

As a first-time business owner, those first few years can seem like an impossible hurdle. It may even deter you from starting the business altogether.

Don’t let the numbers scare you, though. Entrepreneurship has led many to success, and you could be next.

To help you get there, we’ve compiled ten of the best business tips for newcomers. Read on to see how you can avoid pitfalls and make the most of your time and money.

1. Address Excuses As A First Time Business Owner

The number 1 reason a first-time business owner fails? It isn’t lack of cash or clientele; it’s fear. Fear will kill your business before it even launches. You have to address it first and move past it if you hope to succeed.

Find what holds you back–family, distractions, lack of confidence, to name a few–and confront it. Once you’ve done that, you can then…

2. Define Your Goals

Every sailor knows that, without a heading, it’s easy to get lost. The same goes for a first-time business owner.

Your goals help navigate your direction and motivate you to action. When you define them, be specific and honest. Outline realistic revenue goals. Determine where you want your business in two years, then five years.

Start with achievable goals first and then make plans for the more difficult ones. Speaking of which…

3. Make a Business Plan

Every first-time business owner needs a business plan. It documents how you’ll meet the goals you’ve set, what your market looks like, and how your product or service will meet the market’s demands.

Take Dee Kay Dental for example. Their market demanded a hassle-free (and less metallic) way to straighten teeth.

Dee Kay’s solution? An invisible aligner that does the job of braces without all the hardware. Read more here.

Your plan should take a similar approach. You’ll need it to if you want funding from investors.

4. Make a Budget

Money doesn’t grow on trees. If it did, it’d be pretty worthless. Make the most of yours by creating a budget.

Don’t stop with your business, either.

Even though you’re a first-time business owner, you still have to, you know, live. Determine what your personal expenses are and arrange them by priority. For example, your rent or mortgage and utility bills will have a higher priority than entertainment or eating out.

Prioritizing your bills will show you what you need to pay and what you can sacrifice.

5. Learn the Legalese

Now for the boring stuff. As a first-time business owner, you have to know the laws surrounding your new venture, or else you could find yourself in trouble.

On a basic level, you have to account for your revenue and expenses to pay taxes. Hiring an accountant specialist will help you keep your books in order, and they’ll know the tax laws you can take advantage of.

They’ll also help you register your business in your state and form a legal structure. You’ll also have to familiarize yourself with employer specific laws once you hire your team.

6. Get on Social Media

Three words will help you succeed in business: sell, sell, sell. Selling means marketing and marketing means social media.

Advertise on every platform: Facebook, Twitter, Instagram, the more you use, the faster people will see you and get interested.

Once you have their interest, build a website for them to look through. You’ll have a thriving customer base before you know it.

7. Earn and Save

Just because you’re a first-time business owner doesn’t mean you should quit your day job. Most new businesses won’t turn a profit until at least year three. You’ll need cash to keep you going.

Add what you bring home to your budget. Figure out what you need to spend (bills and groceries) and what you can save. It may mean saying no to the latest gadget or new clothes, but you’ll be better off in the long run.

8. Ask Questions

No person’s an island. Throughout the process of launching your business, you’ll have questions. Ask them. Seek out other entrepreneurs and draw on their experience.

Browse the internet for forums or follow influencers on your social media. It’s an excellent way for you to get sound business advice and grow your network.

9. Roll with the Punches

As a first-time business owner, you’ll have more ups and downs than an elevator. Remember to take each in stride.

Celebrate your successes, but don’t get overconfident. Arrogance and hubris often lead to stupid decisions resulting in failure.

On the other hand, don’t get discouraged by your mistakes. Use them as a teaching tool. Nothing’s perfect, least of all business. If you let your mistakes take over your mindset, it could cost you your business.

10. Maintain Work-Life Balance

We’ve saved the best tip for last. We’ve hinted at maintaining balance–at least in the business world–but you have to maintain your personal balance too.

While you may not work a typical 9-5, take time out for yourself now and again. Setting aside work allows you to refresh your brain, making you more productive when you pick work back up again.

So go out with your friends, take the kids to the park, or curl up by the pool (or the fire) with a good book. You’ll be less stressed, and your loved ones will thank you for it. Your business will too.

More Advice for the First-Time Business Owner

These ten tips won’t bring you instant success; instead, they’re things to keep in mind as you start your business. What determines your success is you: your passion, your smarts, and your creativity.

You’ll need each one to be at its best as you climb the business ladder. And we can help you there.

At JCount, we’re all about startups. We advise on the best practices, cover the latest tech and more.

Contact us today with more questions or log onto to our blog to read more in-depth articles. We can’t wait to hear from you.