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Work & School

My First Business

Most commonly ages 25–45Personal milestoneYou, First customers, An accountant

General information drawn from common experience and public guidance — not medical, legal, or financial advice. For anything urgent or personal to your situation, speak with a qualified professional.

What to expect

Finding customers takes most of your time. Revenue arrives unevenly, and profitable businesses still fail on cash timing. Admin — registration, tax, invoicing, insurance — is a constant background tax on your attention. The first year is long and rarely resembles the plan.

How to prepare

  • Sell something before you build everything — a pre-order or paid pilot beats a survey.
  • Register properly, separate business banking, and set money aside for tax from the first invoice.
  • Model cash month by month, not just profit.
  • Check licences, insurance, and contracts for your sector before trading.

What people say

We were profitable on paper and nearly died waiting sixty days to be paid.

Reported experience, first business

I spent four months building and one afternoon discovering nobody wanted it.

Reported experience, first business

What helps

  • Written terms, deposits, and invoicing the day work is delivered.
  • One clear customer segment and one clear offer at the start.
  • An accountant early — cheaper than the mistakes.
  • Tracking weekly: cash in bank, sales pipeline, and one product metric.

Do and don't

  • Do keep personal savings separate from business risk where you can.
  • Don't take on large personal debt or guarantees for an untested idea.
  • Don't hire before the revenue is repeatable.

When to get help

  • Paying yourself from money owed in tax.
  • One customer representing most of your revenue.
  • Working continuously with no break — burnout ends more small businesses than competition does.

What it costs

Time to revenue

Usually longer than planned

Runway

Aim for 6–12 months of personal costs

Admin

Tax, insurance, accounting, ongoing

Afterwards

Whether it works or closes, the skills transfer. Closing down cleanly — tax, contracts, customers — matters as much as opening did.

Why it matters

You learn what things cost, how sales actually happen, and how much of business is persistence.

Time to revenue

Usually longer than planned

Runway

Aim for 6–12 months of personal costs

Where to turn

Government small business and tax registration guidance

Related firsts

Life first · general information, not professional advice