Starting a Business
What You Need to Know When You Are Starting Your Business
Starting a business is both exciting and challenging. If you’re thinking about starting a business, we can help you every step of the way.
Everything you need to know to start.
RBC Starting Your Business Guide
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
- Finding the Money
- The Legal Stuff
- Your Best Business Plan
- Keep Control of Your Cash
Check if Your Business Is Feasible
If you build it will they come?
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
Finding the Money
Find the funds you need to start and grow.
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
The Legal Stuff
Sleep easy at night knowing you’re covered.
It can be tricky navigating all the legal requirements if you’ve never been in business before, but if you understand the basics then it’s not as hard as it seems.
- Find out how to register or incorporate a business and determine your business structure
- Learn what you need to know about paying business tax and GST/HST
- Be aware of any licenses or regulations that you may need to comply with
- Decide how best to pay yourself and know the tax implications
- Find out what you need to do when employing others for the first time
- Access help from professional advisers earlier than later
Key considerations when choosing your optimal business structure.Business Structure
The Canadian Government wants to help your small businesses succeed. There are programs, loan guarantees, tax breaks and more available to help you successfully launch and grow.Government Grants
Your Best Business Plan
Documenting your brilliant idea.
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.
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.
- Get paid faster with integrated invoicing and accounting
- 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
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