Published November 13, 2024 • 6 Min Read
TLDR
-
When you’re passionate about your business idea, you’re more likely to weather the ups and downs of entrepreneurship
-
Just Start: Starting small can help you get your business off the ground and set it up for longer-term success
-
The right business support at the right time can be a game-changer
-
A dedicated financial partner can help provide access to both funding opportunities and valuable guidance
The world is filled with businesses of all shapes, sizes, angles and levels of expertise. As different as businesses can be, they all share one thing: every business started with an idea. What makes them successful is the owner’s ability to build off of that idea to address a need and effectively serve clients.
While there’s no concrete proof your business idea will be profitable, the right approach can help make your business idea happen. RBC recently sat down with real Canadian business owners, who revealed valuable tips and lessons to help aspiring entrepreneurs get their businesses off the ground.
Find a mission that drives you
Running a business comes with its share of ups and downs, and when you’re personally and emotionally invested, you’re more likely to weather the challenges — especially during the startup phase.
Lucy Salinas, founder of The Wholeness Warriors, pivoted her business as a personal trainer to founding a company that serves women living with autoimmune disease. Having battled lupus herself for many years, Salinas felt driven by her own experiences. “I have been called for a larger mission, and I have a big vision about where I want to take my business,” says Salinas.
Read: Wholeness Warriors: Turning A Life Journey into a Purpose-Driven Business
Rebecca Swedlove, franchise owner of Aqua–Tots Kanata also started her business from a place of passion. A competitive swimmer and mom of two, Rebecca saw a need for a better swim lesson experience, and she was drawn to North American franchise Aqua-Tots Swim School, with their proven curriculum and inclusive atmosphere. After meeting with the Aqua-Tots franchisors, Swedlove knew she had found her purpose. “It was a moment when everything felt right,” she says. She brought Aqua-Tots to her hometown in Kanata, where she opened a 6,000-square-foot year-round swim school.
Be OK with starting small. But just start!
Starting a business doesn’t have to require a ton of resources. As Drake Squarebriggs proves with his launch of Top Notch Golf, taking a one-step-at-a-time approach can be smart.
Read how Drake got started: 5 Keys to Business Success from Top Notch Golf
“I started the business with $80 a month, being a business of one for the first two years,” he shares. “It’s easy to second guess yourself and wait for the perfect time. But I just had to get started and work on the business as much as I could.”
As he generated more sales, Squarebriggs hired staff to handle invoices, shipping and receiving. And as he grew his inventory and transitioned beyond a drop-ship operation, he opened a storefront where he employs three others.
While a 6,000 square foot swim school may not be considered a “small start,” Swedlove’s launch of Aqua-Tots Kanata was contained to one location, which quickly outgrew its space and capacity. “There’s a huge demand for [a year-round swim lesson experience like Aqua-Tots]. We started small and now need to expand, so we’re adding a second location.”
Both Squarebriggs and Swedlove reveal that by starting smaller, they were able to establish strong processes, create excellent customer experiences and evaluate demand before growing.
Leverage the right business support
Finding the right business support early can be a game-changer in helping your business idea gain traction. Before investing in tools, courses or coaches, it’s wise to understand what you’re paying for and the value you’ll get from it.
“Be careful of what kind of support you pay for to get your business off the ground,” says Salinas, who invested in an online course that didn’t pay off as promised. “The right mentorship could have helped me understand what programs would have been the best value for my money.”
Swedlove, meanwhile, invested in a business coach. “I was putting a lot on the line,” she says. “I knew my coach would share the many lessons learned from his experiences. He was able to talk me through the process, from planning to the launch of my business.”
In launching Top Notch Golf, Squarebriggs leveraged the network he had established working in the golfing industry. “I worked at a local golf retailer for five years, so I knew all the company representatives for Atlantic Canada. I had formed strong relationships with them, so I utilized every avenue to access products, build the website, get on social media and start making sales.”
Find a good financial partner
For Salinas, Squarebriggs and Swedlove, getting support from RBC has been invaluable in their move from idea to action.
“One of the biggest expenses when adding a brick-and-mortar shop was the cost of inventory,” says Squarebriggs. “RBC helped take some pressure off with a line of credit to help me stock my storefront without using all my cash flow.”
Salinas, meanwhile, benefited from RBC’s commitment to providing entrepreneurs with critical guidance. “My RBC branch provided me with resources to register my company and get my GST/HST number. Now I have an official business, and the possibilities are endless.”
In building her Aqua-Tots location, Swedlove required significant financing, which RBC worked with her to secure. “It wasn’t easy opening a 6,000 square-foot school, but my RBC Advisor introduced me to the government-backed Canadian Small Business Financing Loan (CFBFL). She also believed in what I was doing — that partnership and mutual trust certainly helped along the way.”
Launching your business doesn’t need to be a giant leap into the unknown; rather, moving from “idea” to “action” takes small steps toward your goal. It also takes courage, passion and support from the right people at the right time.
Our Turning Point series was developed to help entrepreneurs through every stage of their business. As you progress through your business journey, read about the turning points of other business owners and what they have accomplished around the next corner.
Start and Grow Your Business with RBC
Ready to turn your side hustle, passion or idea into a full-time business? Free tools and advice to get you started.
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.
Share This Article