Guest Contributor

Start the New Year Right With Your New Business

By | Charlie Fletcher

We’ve all heard the daunting statistic about how most new businesses won’t make it out of their first year. Still, it doesn’t stop thousands of hopeful owners from launching new businesses each year.

How we launch and nurture a new business evolves year after year, and 2022 won’t be any different.

New business owners should move into the new year with a strategy, solid support system, and focus on growth if they want the best chance at longevity.

Here are five tips for starting the new year right with your new business.

Define Goals for the New Year

Unfortunately, many new business owners neglect the importance of setting goals for their businesses. But when you have clearly defined goals, you know what you’re working toward, why, and have a plan for getting there.

Be as specific as possible when defining your business goals for the new year. Each goal should be attached to a particular timeline and have a clear set of directions for how you’ll measure progress.

It’s also a good idea to set goals for each department in your business so that your entire operation is growing collectively. Furthermore, be sure to write your goals down or document them digitally.

Next, take an in-depth look at your business finances.

Reflect on Your Finances

Reflecting on your finances is incredibly important for any business heading into the new year, especially new businesses. If your business finances are a wreck, chances are your company won’t make it past a few months into the new year.

Take ample time to reflect on your finances. Answering the following questions can help ensure your business finances are healthy: 

  • What are your business expenses?
  • Have you created a budget?
  • What are your profit projections for the year?
  • How does your business make money?
  • Have you established business credit?
  • What are your financing options?
  • Do you have money set aside for your launch?
  • When will you break even?
  • What are your tax obligations?
  • Are all of your financial documents accessible and organized?
  • Have you opened your business accounts?
  • Do you have business insurance?
  • What investments do you want to make in your business?

Another tip to start the new year right with your business is to brush up on common pitfalls for new business owners.

Beware of Common Pitfalls for New Business Owners

One of the best ways to be a successful business owner is to learn from the mistakes of others.

Become highly knowledgeable of common pitfalls that new business owners fall victim to and implement tips that help you avoid them.

For instance, many new business owners make the mistake of overselling their products and services. Instead of making promises you can’t keep, understand what your product or service can do realistically and market it with accuracy and authenticity.

You should also focus heavily on health and safety in your new business.

Focus on Health and Safety

Health and safety should be top priorities in your business going into 2022. As we continue to navigate the COVID-19 pandemic, health benefits that support your employees’ holistic health are in high demand. You should offer as much support as you can to your team to ensure their physical, mental, and spiritual health remains intact.

You should also focus on safety. On-the-job injuries can be the downfall of any business.

New business owners can avoid the adverse effects of workplace injuries by first making sure they’re aware of the most common on-the-job work injuries, like slips and falls, falling objects, vehicle accidents, or burnout. Then, ensure all your employees follow safety protocols, have access to any safety equipment they need, and are adequately supported should an injury happen.

Lastly, be sure to embrace innovation and adaptation.

Embrace Innovation and Adaptation

If the last couple of years has taught us anything, it’s that things will change fast. So, if you want to be a successful business owner in 2022, you must embrace innovation and adaptation.

Doing so seamlessly starts with your ability to recognize when fear of failure decision-making is creeping up on you.

Instead of allowing fear of failure to dictate your decision-making, learn to embrace failures and challenges as learning opportunities. Your business can’t grow in its comfort zone, so allow yourself to go for it. Celebrate what’s working and learn from what isn’t.

Ultimately, when you embrace innovation and adaptation, you can take risks in your business and adopt creative solutions to the challenges that are sure to arise in the new year.


We hope that the above tips help you start the new year right with your new business and catapult your operation into long-lasting success. Although it’s more common to sink in your first year of business, you don’t have to.

Adequately prepare your new business for 2022 by first defining your business goals for the year and taking an in-depth look at your business finances. Then, beware of common pitfalls for new business owners and do all you can to avoid them. Also, make health and safety a top priority in 2022. And finally, be sure to embrace innovation and adaptation so that you can take your business to new heights.

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