The 5 Steps to Starting a Business

Move closer to being a business owner with the five start-up steps. Each step includes guides, tools, templates and resources to help you implement.

Check if Your Business Is Feasible

If you build it will they come?

Check if Your Business Is Feasible

Before you quit your job and invest your hard earned savings in a new business, be sure the idea is feasible. Doing your homework now will help you move forward with confidence.

  • Identify your target market and confirm their need for your product or service
  • Conduct accurate market research to estimate demand and market size
  • Develop a clear competitive advantage
  • Have the capacity and capability to start
  • Understand the logistics of your industry

A checklist to determine whether your business idea will succeed.

Check Your Business Idea

Key Business Plan questions to consider before you start your business.

7 Key Questions

Finding the Money

Find the funds you need to start and grow.

Finding the Money

Whether you have your own savings, are relying on friends or family, intend to borrow, or possibly a mixture, identify how much capital you will need and the potential source.

  • Calculate how much set up capital you have to raise
  • Determine your working capital needs each month until break-even
  • Decide which is the best source of funding (your own, other peoples, the bank)
  • Identify ways to lower your risk with funding alternatives

Determine your start-up costs to help ensure your business is feasible.

Start-up Costs

Help decide whether your idea will make money before you invest your time and capital.

Startup Costs Calculator

Your Best Business Plan

Documenting your brilliant idea.

Your Best Business Plan

A well written business plan helps explain to others what you are doing, and clarifies the business opportunity in your mind. The act of writing down what you want to do, and how you intend to do it, is a key starting point to achieving your business goals.

  • Describe what you do and why it can become a business
  • Outline your strengths, weaknesses, opportunities and threats (SWOT)
  • Forecast cash flow to check the business model works
  • Identify the best channel to market
  • Develop a targeted marketing plan

Determining whether you have enough money to manage your business means creating a variety of realistic cash flow projections.

Forecast Cash-flow

A business plan helps you fully to think through and vet your business idea before you actually start your business, which will improve your chances of success.

Business Plan Template

Keep Control of Your Cash

Know where your money is.

Keep Control of Your Cash

Keeping tabs on your cash includes knowing how your business is performing, and making regular changes to enhance your profitability within the context of your business.

  • Set up systems to review your cash position regularly
  • Constantly check your margins and find ways to improve them
  • Understand the impact of offering credit
  • Increase your chance of getting paid on time
  • Be aware of possible fraud risks and how to reduce them

Learn how to increase profit without increasing prices.

Increase Profit Checklist

Make sure the price you set for your product or service enables you to make a profit.

Product & Servicing Pricing

Tools & Calculators

Tools to help you find what you need to fund your business start-up, determine your cash-flow and analyze your loan payment options.

Ready to Get Started?

Your RBC Business Advisor will work with you to;
  • Understand your vision and business goals
  • Help you complete a sound business plan
  • Set up the right financial products and solutions to help you get where you want to be

Call our 24/7 Business Helpline

1-800-769-2520

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