Get your business up and running

Image Credit: Tim Gouw via Unsplash

By News Canada

If you’ve been thinking about making your business ownership dream a reality, here are steps to help get you started and set up for success:

Finalize your business plan. A business plan is your road map and an important exercise in defining what your business is all about, and what success looks like to you. Key components of the plan include an outline of your business’ strengths, weaknesses, opportunities and threats; a forecasted cash flow; your channels of distribution; and a detailed marketing plan that includes research on your competitors, target customers and advertising tactics. Digital marketing solutions like Acquisio’s Promote can help owners reach new customers with targeted online advertising campaigns. 

Create your brand. A successful business needs a great brand identity. More than just a pretty graphic, your brand is the essence of how you want to be perceived and your promise to your customers about what they can expect. Once you’ve defined your brand’s purpose, mission and key messages, create a logo and visual identity. Consider working with a graphic designer for more professional guidance.

Explore financial tools and integrated solutions. Entrepreneurs should consider signing up for invoicing software like Wave to simplify the process of invoicing, tracking expenses and balancing books. There are many other companies that offer helpful things like payroll assistance and free templates to create profit and loss statements.

More information at rbc.com/beyondbanking