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Realise you're new at this, there will be bumps.

Realise that you're all in this together. The GM is just another player with different responsibilities - it should not be or seem like it's GM vs. Players (or the other way round).

Identify goals and expectations up front.

Pay attention to pacing the action. Sometimes shopping can be just saying I want this and that, or it can be role-played to any degree of detail that makes the game enjoyable.

Play within your capabilities - for example, if you don't know all the magic rules, don't use magic until you do. This minimises the time you will take flipping through the book(s).

If you're going to be combat heavy game, you need to know the ins and outs of combat. It's the slowest part of the game, so you need to make it as fast as possible.

Your playstyle will develop as you play.

I think the back section of Rifts Ultimate Edition covers it fairly well: start small, work your way up.

First off, welcome to GMing. I've found it to be very addicting, tiring, inspiring and draining all at the same time.
Second, I agree with what others have said in the previous posts.

Third, here are some things that I've experienced and had to get used to:

Combat:
It's one of those necessary time consumers that the players pretty much strive to be better at. They'll take any advantage that they can to have more of an edge than the enemy. They'll get cocky fast and probably won't retreat very often. Bottom line, it's fun to see your character's skills at work. When they blow up your carefully planned enemy weapon, don't take it personally or get discouraged. Mass combat is daunting. Just concentrate on what they're doing while the rest of the battle rages on.
If you don't want too much fighting, reward them handsomely with XP for things other than combat.

Bad guys aren't usually as stupid as movies or TV:
They will protect themselves. They do like to stay alive (for the most part). They will run or surrender. They do try to get revenge. They should act as people. Their actions should make sense, to you at least. Like any good story, they should be consistent to what you understand them to be. The players may not understand, yet, but as things unfold, they will. Some henchmen can be stupid. But don't always go with the cliche henchmen. One of my most favorite scene from a movie is where this huge guard is standing by the prison door. The characters think that they can disguise themselves and get past the 'dumb' guard. Where it usually works in movies, it didn't this time. The muscle-headed sentinel had more than cobwebs in his head.

Natural consequences:
This can be one of the most realistic, dangerous and challenging things in the game. Take it and run with it. If you can bring back the consequences for something in previous game sessions, (even age old ones) you'll ad depth and enjoyment to the game for both you and the players. You'll find that the storylines will flow and come more naturally as you bring back past events. Did the gang boss they brought down a month ago have a brother, girlfriend, wife, and/or children? Was he the lesser of other evils and now things are worse? Did you disrupt something that the city was relying upon? Was the group lied to and used as pawns? Did the bad guy manage to escape (these are fun to do repeat enemy sequels). The law may not always see things from their point of view. They may become famous or infamous by their actions.
If they're being annoying about something they want, give it to them.... with strings attached. There are always consequences to things, prices to pay and work to be done to maintan their advantage. There should be a natural downside to anything

Go with the flow:
My GM style used to have everything planned out as best as time would allow. I kept getting frustrated when things didn't work as well as I wanted or when it wasn't even used. I finally just allowed the group go where the wanted. I often gave them compelling choices and reasons to go here or there, but they usually had a choice. I generally had in mind what I wanted to put them against or encounter. So, I would just find a good reason to put these things in their way. Modify the map and ideas to fit the surroundings if needed. Scenarios don't have to always be 'fight the bad guys'. They can be things like; find information, track someone or something, travel somewhere, transport an item, build something and get the materials. Anything you want.

Players go where ever they think they can go. They may not want to go where you plan:
See go with the flow. You can't ever predict what your players will decide. A damsel in distress reward may not seem like it's worth it. They may not want to step into that room. They may find a way to detect a trap that you didn't think of. Don't get discouraged. Reward them or penalize them accordingly. Clever ideas and actions should warrant more xp than combat. If you do this, they'll learn that beating things to bits isn't the most effective way to level.


Players often give inspiration by what they say and joke about:
Don't be afraid to change things if a player suggests a solution that would fit better than yours. Or maybe their concept could be used later. Listen to what they're worried about. Are they careful not to protect something? Are they overly cautious in battle? Are they reckless? Let all of these things be good sometimes and bad others. Keep them from getting comfortable too often.

Allow things to be funny or silly:
Allow them to do stupid stuff that is possible. We had a few juicers decide that 'buffalo chucking' was a good sport to introduced. They competed to see who could throw the buffalo the furthest and best form. NPC's can also be funny. Think of the characters you've seen on movies and shows. Bring those types of people into the picture as people to interact with. Name their vehicles something silly.

Find inspiration in the smallest things:
Even tiny bits of nature or life can be used to write a cool encounter. There are many things that we take for granted in life. Imagine what would happen if one went away. I found that GMing is a good reason to learn and remember things that you are learning. I would come home from college with my mind running a million miles an hour from a brainstorm from what I just learned.

If you don't have a rule, make one up.
Give the players a say in what they think would be logical and fair. Use attributes, skills or logic to help. You'll quickly find that real life physics hinders things some because all it does is make things overly complex if you let it. Physics should be a guideline and mot much more.

Most of all, have fun. Enjoy being in the know of all what's really going on. Don't let it stress you out too much.

Good luck and keep us informed on how things go.

Zor

Glad to hear. I figured you'd find GMing to your liking. All it takes is one little nudge and you're on the path... We sure hooked you in didn't we? Now you'll always think like a GM. MWAHAHAHAHA

Actually, it's really helped me in my career. I've learned good skills that allow me to think ahead, to plan for contingencies, to run meetings (just look at everyone like it's a gaming session but with more professionalism), to build project plans, to think on the fly better, and to be creative with solutions. It's training for leadership and life skills.

Please keep us informed of how things go.

every gm has to start somewhere, take your time and do small adventures(one night one shot), after asked players how they like it.Take the good with the bad, Communication is big part, of the game.