TLDR
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Ready to start a business? Here’s practical advice to help you get it off the ground, start earning and get building.
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Make it official: register your business, open a business account and set up your GST/HST number.
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You may want to run a lean operation, but you’ll need to line up some funding. You’ve got options.
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Business is people: your customers, your network, your mentors and trusted advisors. Lean into them.
You’ve done the thinking. Maybe even started earning. Now it’s time to get serious. Here are five steps to getting your business off the ground.
1. Kick things off
Just start. Overthinking kills more businesses than failure ever will. Second-guessing comes easy – but starting takes intention. And that is the very thing that separates the talkers from the builders. Look at Drake Squarebriggs, founder of Top Notch Golf. He launched with $80 and a Facebook page. No fancy business plan. Just action. So, start with the basics: get a simple website up, know what you’re offering and figure out how you’re going to deliver it to your customers, and of course, how you’re going to get paid. Then go. You can refine as you grow.
2. Make it official
Taken the first step? Great. Now it’s time to make things official. That means registering your business, opening a business account and getting your GST/HST number sorted.
Why bother? There are a few good reasons. A business account keeps your business and personal expenses separate, makes tax time much easier and gives you access to business-friendly features that can actually save you time and money. And keep in mind, the cost of your business account is a valid business expense – so you can claim it on your tax return as a deduction.
As for the GST/HST number, you’ll need one if you make over $30,000 in a year. If you think you’ll reach that threshold, check this off your list now so you’re ready when the time comes.
You’ll also want to decide on your business structure – sole proprietorship, partnership or incorporation. Not sure what’s best? Ownr has a handy quiz to help you figure it out, plus a special offer for those who open an RBC business account within 60 days of registering.
If you want to go a step further, this article covers a few ways to make your business look more professional from day one.
3. Finding the money to start up your business
It’s a common myth that you need piles of money to start a business. The truth is, plenty of businesses start lean – and many stay that way. Not every idea needs a big upfront investment.
That said, you’ll need some source of funds to get started and stay afloat. Before you pour too much time or money into your idea, it’s worth estimating your startup costs so you’ll know what it will take to launch and keep things running. This involves two key types of costs:
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Startup costs – One-time expenses like permits, gear, equipment and deposits. You can calculate them here.
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Working capital – The cash you need to fuel your daily activities, like salaries, rent or marketing. Try forecasting it now. Or use the Business Cash Flow Calculator.
Use these tools. The more realistic your numbers, the better your chances of staying in control.
And if it turns out you need funding? You’ve got options. From startup grants to small business loans and programs like Futurpreneur, there’s support out there for new entrepreneurs. You just need to know where to look. (This is where a business plan comes in handy – banks, investors and other funders will want to see you’ve got the money side figured out).
4. Build your customer base
“If you build it, they will come” might work in movies, but not in business. Attracting and engaging customers takes more than a great product. That’s where marketing comes in.
Good marketing raises awareness, builds trust and sparks action. It helps people understand what you offer and why they should choose you. Here are a few ways to make it work for your business:
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Create a strong brand identity. Your brand tells your story. It reflects your mission and values, sets you apart from the competition, and helps you connect with your audience. For Sheepdog Brew Co., a craft cold brew company, building a distinct brand identity was one of the first steps, laying the foundation for everything from packaging to promotion.
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Establish a solid online presence. With 97% of consumers using the internet to research businesses, being easy to find online is essential. A strong digital presence builds credibility, increases brand awareness and gives people the info they need to take the next step.
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Meet customers where they are. Whether it’s social media, email or in-person events, focus your efforts on the channels your customers actually use. Visibility in the right places builds trust – and business.
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Connect the dots. A well-rounded marketing strategy lets you reach different people in different ways – but consistency matters. Make sure your message, tone and visuals align across every platform to deliver a seamless brand experience.
Get inspired by these real Canadian business owners, who share their strategies for building a brand, reaching customers and driving growth.
5. Get the right people in your corner
No one builds a business alone. Whether you need advice, encouragement or just someone to bounce ideas off, having support in your corner matters more than you think.
Lean on your network – friends, former colleagues, and even online communities. You’d be surprised how many people are willing to help, make an intro or share hard-earned advice.
It’s also smart to build a relationship with a financial partner early on. An advisor can help you think through cash flow, funding options and what to expect as your business grows.
And don’t overlook small business mentorship programs. From local groups to national organizations, there are people out there who’ve done this before – and who want to help you succeed.
Starting a business isn’t hard. Starting with no plan, no cash flow and no support is. The good news? We can help make it easy.
Ready to treat your side hustle like the business it’s becoming?
Find a business bank account designed to grow along with you.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
