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Start and Grow Your Business with RBC
Ready to turn your side hustle, passion or idea into a full-time business? We can help you every step of the way.
Plan
Getting Ready—the Planning Stage
From making sure your idea will work to figuring out the money, explore the steps below to find tools, resources and advice to help you plan. Or, download our FREE Starting a Business Guide {pdf}.
You have an idea for a business. Congrats! Before you leave your job and invest your hard-earned savings, make sure your idea is feasible. While it can be tempting to dive right in, some up front research and planning will ensure you’re ready to take the plunge.
Revisit your business idea by asking yourself these 7 key questions {pdf} or use our business idea checklist {pdf} to see the steps you may need to take to get to opening day.
Or, download our Starting a Business guide for tips on:
- Conducting market research
- Developing your competitive advantage
- Identifying your target customer, and more
A well-thought-out business plan explains to others your vision for the business, the gap in the market your business will fill and the steps you will take to succeed. Formally documenting what you want to do, and how you intend to do it, can make the difference between success and failure.
Creating a business plan on your own, however, is not always an easy task. Learn how to create a business plan or, if you’re ready, get started with the Business Plan Builder. It’s a comprehensive tool that guides you through a series of questions, offering resources and providing a framework for success.
Use the FREE Business Plan Builder to:
- Describe what your business will do and the needs it will meet.
- Outline your strengths, weaknesses, opportunities and threats (SWOT). Tip: Use a SWOT Template {pdf} first to make this easier.
- List your startup costs and ongoing expenses—the Cash Flow Forecast Template {pdf} can help you estimate.
- Describe how you will find and market to customers.
Knowing how much money you need to start your business and survive your first year is critical. And it’s wise to figure this out before you invest too much time or money into your idea.
There are two types of costs you’ll want to estimate:
- Startup costs, which are one-time costs such as security and utility deposits, licenses and permits, equipment, etc.
- Working capital, which is the money you need on hand to keep your business running and manage fluctuations in cash flow (for example, salaries, rent, advertising, etc.).
To learn more about these costs, see:
Deciding How Much Money You Need to StartTools to Help You Determine Your Costs
Estimating your startup costs can be daunting, but it’s beneficial to be as realistic and accurate as possible. These tools can help you identify your costs and get a more precise estimate:
Startup Costs Calculator12-Month Cash Flow Forecast Template
Business Cash Flow Calculator
Learn more about cash flow planning:
The Difference Between Cash Flow and ProfitTips for Generating a Cash Surplus
Rent. Utilities. Inventory. These are just a few examples of overhead costs your new business might have. Then there’s the good stuff—the profit you want to make. For your business to succeed, the pricing strategy you set for your products or service needs to account for both overhead costs and profit—as well as what customers are willing to pay.
Learn more about pricing and profit:
Pricing and Costing AccuratelyOptions to Increase Sales
The Difference Between Cash Flow and Profit
Starting a business requires you to make many decisions. And choosing your legal business structure is one of your most important decisions because it affects your taxes, whether you will have personal liability if something goes wrong and more.
In Canada, there are four main business structures:
- Sole proprietorship: You and the business are one and the same.
- Partnership: Two or more people own the business.
- Corporation: The business is considered a separate legal entity.
- Co-operative: The business is controlled by an association of members; often used for non-profits.
Learn more about these business structures and see which one may be right for you.
Register or incorporate with Ownr and get up to $300 back when you open an RBC business account.Legal Disclaimer * Explore Ownr (opens to external site)
What do words like bootstrapping, angels and crowdfunding have in common? They’re a few ways you could fund your new venture.
Some options, such as business credit cards, overdraft facilities and business credit lines can help you establish credit under your business name and allow your business to build a credit history, which can help with qualifying for other types of financing down the road.
Get a run-down of six possible ways to finance a business—and keep in mind that you don’t have to choose just one.
Learn more about business financing resources:
Finding the Money ChecklistGovernment Grants and Assistance
Sources of Funding (Infographic)
Launch
Getting Ready—the Launch Stage
From making everything official to marketing your business, explore the steps below to find tools, resources and advice to help you prep for opening day. Or, download our FREE Starting a Business Guide {pdf}.
Taking the step to make your business official by registering or incorporating is one of the most important things you can do for your new company. In fact, it’s legally required if you choose a corporation as your business structure or you plan to operate a sole proprietorship under something other than your own name.
Registering or incorporating a business involves both federal and provincial requirements and can be confusing. Download the Starting a Business Guide {pdf} to learn more about registering or incorporating your business or check out these resources:
Legal and Compliance ChecklistFind Out if You Need to Register for GST/HST
A word about licenses and permits.
Depending on your industry and province, you may also need to apply for certain licences or permits. For example, if you plan to open a restaurant you will need a licence to sell food and alcohol. Visit your province or territory’s official government site to see what’s required.
Once you have registered or incorporated (opens to external site), you can open a business operating account. A word of caution—don’t use your personal account—it will cause an accounting headache.
If you incorporate, you will need to have a business account anyway because the business will be a separate legal entity. At RBC, we require even sole proprietors operating under their own name to have a business account (opens to external site).
Six Ways a Business Bank Account Can Help You
- Show suppliers, vendors, investors and customers that your business is legitimate
- Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
- Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
- Simplify your tax filing at the end of the year with all your business transactions in one place
- Access services and offers for RBC business clients
- Simplify applying for business credit or additional banking services
Whether you plan to do business online or at a physical location, the right payments and cash management solutions can save you time and money, streamline daily tasks that help you get paid faster. Here are a few ways we can help:
Make It Easy for Customers to Pay You
Receive Payments Online, by Cheque and More
Simplify your collections process and put money in your hands sooner with a range of tools and solutions.
Accept Credit and Debit Card Payments
Allow customers to pay by credit and debit card—online, in-store, or on the go with Payment Solutions by Moneris.
Pay Vendors, Suppliers, Employees and the Government
Make Payments Online, on Credit and More
Improve productivity and increase control over cash flow with our wide range of payment solutions.
Automate Payments to Suppliers
Easily send payments to vendors, consolidate funds from multiple sources and manage your accounts payable in one location with RBC PayEdge.
Streamline Payroll and Taxes
Reduce administrative obstacles and save time with ADP payroll, time-tracking and HR services.
Consider Other Business Software
Depending on your business, you may need other software as well. For example, if you plan to sell products online, you will need an ecommerce platform.
Tip: Before you start taking payments or buying things for your business, get set up on a good accounting platform and link it to your business account(s). Having your accouting system set up correctly from the start can save you a lot of time and hassle down the road.
Build Your Online Store
Get everything you need to take your business online and reach more customers—from site to sales to shipping.
View Moneris Online Offer
Find the Right Digital Solutions
Get help navigating the cloud computing marketplace.
View Sherweb OfferRunning a business requires a significant amount of time and money so it makes sense to protect your investment—and livelihood. Before you start operating, take steps to identify and protect against the key risks your business could face. Here are four areas to look at:
Intellectual Property (IP)
Trademarks, copyright and patents are the most common types of IP. As a business owner, you need to approach IP from two angles—protecting your own IP and making sure you don’t accidentally infringe on someone else’s.
To learn more about IP, check out:
How Intellectual Property (IP) in Canada WorksYou can also visit the Canadian Intellectual Property Office (CIPO).
Business Insurance
Business insurance can help your company survive the loss of a key employee, keep up with loan payments and even protect your family. Be sure to talk to a licensed insurance professional to see what’s right for you.
Fraud and Theft
If you plan to have employees handling money, inventory or the company credit card, take steps to protect yourself against fraud and theft. It’s also important to protect your company’s cashless transactions. For tips, check out: Payments Fraud: How to Recognize it and Protect Your Business.
Cyber Security
Seven out of 10 business leaders say that their cyber security risks are increasing and cyber readiness is more important given the potential risk that an incident poses. In fact, just one cyber event can severely damage your business’ reputation or cause substantial financial losses. To learn how to help your business prepare in advance of a crisis and mitigate certain risks, check out:
How to Plan for and Manage a Cyber Security Crisis Cyber Safety for Business Owners: Taking the First StepCyber Security Crisis Management Template
For more information on IP, business insurance and protecting against fraud or theft, download our FREE guide:
Starting a Business GuideFinding candidates with the right skillset and being able to afford employees are two of the top challenges facing new business owners.
If you plan to hire employees, there are several online recruitment tools available. As an RBC business client, you can use Magnet, which can help match your business to the best young talent via Canada’s largest campus recruiting platform.
Tip: Many business owners cite that networking/word of mouth is one of the top ways they find employees.
Search engine optimization (SEO). Social media. Email. There’s a dizzying array of options out there to promote your business.
Consider using the Business Plan Builder to start sketching out your marketing plan. It will guide you through a series of questions and provide tips to help you complete each section.
As an RBC business client, you can access offers and services to help you find customers:
Promote Your Business
Reach potential customers in your neighbourhood with Nextdoor, a hyper-local network that connects local businesses with their neighbours.
View Nextdoor Offer
Build Your Online Store
Get everything you need to take your business online and reach more customers—from website to sales to shipping.
View Moneris Online Offer
Find Creative and Marketing Pros
Tell helloDarwin about your needs to get matched with creative and marketing company experts, free of charge.
Explore helloDarwin
Get Consumer Insights and Trends
View demographic data, growth patterns and customer buying trends to help you find an ideal location for your business.
RBC InsightEdge for Small BusinessBank
A Business Account Simplifies Your Day-to-Day Tasks.
Choose from a range of accounts—with no minimum balance required.
Explore Business AccountsRegister or incorporate your business with Ownr and get up to $300 back when you open an RBC business account.*
Borrow
Business Loans to Help Your Company Succeed
Find credit and financing solutions to help your business reach its full potential.
CreditLine for Small Business
An unsecured line of credit with the convenience of a credit card.
Royal Business Operating Line
A simple way to access the working capital you need.
Canada Small Business Financing Loan
A government-sponsored loan program for small businesses.
Offers & Services Beyond Banking
Starting a Business is Easier with the Right Support
Take advantage of money-saving offers and services from our partners—available to RBC business clients.
Register or Incorporate
With Ownr and get up to $300 back* - when you open an RBC business account.
Access Resources and Financing
For entrepreneurs age 18-39 who want access to business resources, financing and mentoring.
Find Government Funding
Get preferred pricing from a leader in securing government funding1.
Want to Talk Business?
Get help clarifying your goals, setting up, opening an account and more.
We look forward to meeting with you! Here’s how to get in touch:
Call us 24/7: 1-800-769-2520
Thanks for stopping by. We’re here to help when you’re ready. In the meantime:
Use our FREE step-by-step guide to help make your dream of starting a business a reality.
Starting a Business Guide
Stay up-to-date on the latest resources, money-saving offers and business advice.
Sign Up For UpdatesRBC business advisors can help your company at every stage—from starting up to simplifying operations and funding growth. An RBC business advisor will work with you to:
- Understand your vision and business goals
- Set up the right financial products and solutions
- Explore options to effectively manage cash flow, pay employees and get paid
- Connect you to a suite of business advice and solutions that go beyond traditional banking
More Advice
Find More Business Advice and Inspiration
Do You Have What it Takes to Start a Business?
Three Growth Hacks for Your New Business
Your First Years in Business: From Surviving to Thriving [Webinar Recap]
Preferred pricing for GrantMatch grant writing services consists of the following which is a 20% discount from GrantMatch’s standard pricing for GrantMatch grant writing services:
(1) Hourly rate $175.
Preferred pricing for GrantMatch Premium consists of the following options which are a 20% discount from GrantMatch’s standard pricing for GrantMatch Premium:
(1) an hourly rate $175; or
(2) a percentage fee model which is based on a percentage of approved funding:
- Up to $250,000 = 20% fee (of the first $250,000 of approved funding)
- Between $250,000 - $499,999 =16% (of approved funding)
- Between $500,000 - $999,999 =12% (of approved funding)
- More than $1mm = 8% (of approved funding)
Preferred pricing does not include HST. This Offer is valid from March 22, 2021 to Jan 31, 2022,. GrantMatch Corp., not Royal Bank of Canada, is responsible for all terms and conditions applicable to your GrantMatch services, which are available at: https://ca.grantmatch.com/gm-terms-of-use-ca. Offer may not be combined or used in conjunction with any other offer(s). GrantMatch and RBC each reserve the right to discontinue or modify this Offer at any time.