Published October 16, 2024 • 16 Min Read
We asked, and business owners answered. In response to our request for their best advice, we received an overwhelming number of insightful contributions from RBC business owners across Canada – thank you!
We’ve carefully curated the top 50 pieces of wisdom to share in celebration of Small Business Month. Whether you’re an aspiring entrepreneur or a seasoned business owner, these real-world insights—drawn from firsthand experiences, challenges, and successes—offer inspiration and guidance to help you realize your business ideas and goals.
Our latest poll backs up many of these insights. In fact, more Canadian small business owners and aspiring entrepreneurs cite meaningful work (93%) over making more money (87%) as a motivation for owning their business. Moreover, Canadians are following unique pathways to transition to entrepreneurship. Read the new RBC Small Business Report to learn more about the experiences of the business owners of today – and tomorrow.
Click on the images below to read what Canadian business owners have to say about what they’ve learned by following their entrepreneurial calling.
(Owners’ submissions may have been edited for clarity)
Just Start
Two-thirds (66%) of RBC business clients polled wished they had started their business sooner. No owner said they jumped in too soon. While you might want to have all your ducks in a row before starting your business, sometimes it’s worth it to start with what you’ve got. As these business owners will tell you, don’t overthink it – just start!
Kay L.
Kayambi
“One key piece of advice I’d give to new owners is to just get started — you’re ready before you think you are. Too often, we get caught up in trying to make everything perfect before we launch or take the next step. But the truth is, progress always beats perfection. The pursuit of perfection can become a trap that holds you back from making real progress. So, divorce perfection. Start with what you have, where you are, and trust that you can tweak, adjust, and improve as you go. Remember, it’s the forward momentum that counts. You’ll learn, adapt, and grow along the way, but it all starts with taking that first step.”
Melanie M.
MM Entertainment
“Just start. Start unknowing, start scared, start messy. Just start. You will learn as you go and as your grow. Your actions will guide you! Do not focus on the result, stay in the journey.”
Rochelle S.
The Pretty Little Flour
“I started my business as a passion project. The key to transforming it into a viable business was a combination of strategic planning and relentless commitment. By understanding my market, continuously refining my approach, and staying adaptable, I was able to scale my initial passion into a sustainable and successful venture.”
Richard L.
You & I Tax Services
“When starting out, be careful of your spending habits. Also keep your GST/HST collected on your invoices in a separate account.”
Gabriela K.
Tienda Movil Latin Supermarket
“I started my business during the pandemic from home because I lost my job. The pandemic was the perfect opportunity for me to create my whole business and become successful.”
Audrey B.
Cocoa Bistro Inc.
“Make sure you LOVE what you do. If making money is the main purpose, it will be harder to keep the passion alive when times get tough. Keep networking, show your passion, and the money will come.”
Senator B.
Senator Bespoke
“If you operate in retail, you must know that location is the most important factor, and correct financial planning is the second.”
Tracey W.
Rave! Design Inc.
“Here’s the secret to my success: Always provide excellent customer service. Always work hard. Do what you say you will do. Respond. Do a good job. Be nice.”
Maria C.
Chiru Counselling & Psychotherapy
“Make sure you have a website, as these days, an online presence is essential. And, business insurance to protect yourself and your business.”
Kenneth N.
Reface Magic
“I started a business to make a better life for me and my family and I choose something that I loved to do and that I was good at. You have to be able and willing to put in a lot of hard work and hours in to make the business viable and to be successful.”
Connections Drive Success
Ask any entrepreneur, and they’ll tell you: business is built on relationships—whether with clients, suppliers, employees or partners. Those who succeed know that strong connections aren’t just helpful, they’re essential for building a thriving business.
Haitham A.
Scent of Dubai
“One key piece of advice for new small business owners is to focus on building strong relationships with your customers. While having a great product or service is essential, it’s the relationships you build that can drive long-term success. Listen to your customers’ feedback, engage with them personally, and make them feel valued. Happy, loyal customers not only return but also become advocates for your business, helping to drive growth through word-of-mouth and positive reviews.”
Mike H.
Halder Group
“Focus on building strong relationships with customers and partners. Prioritize clear communication, deliver exceptional service, and actively listen to feedback. By doing so, you’ll establish trust and loyalty, which are critical for long-term success. Remember, a satisfied customer or partner is not only likely to return but can also become an advocate for your brand, helping you grow through word-of-mouth referrals.”
Courtney F.
@fraserlegalgroup
“Seek out a mentor who can guide and support you through your journey.”
Mark P.
Relative Company Inc.
“I started as a side hustle. I was fortunate to have established a decent network ahead of starting my business. We have a saying: It’s go to network. Then go to market.”
Heather C.
Thor Insurance
“Focus on your customers and provide them with real value. Remember: We make a living by what we get; we make a life by what we give.”
Ahmad G.
Go2Grad Tutors
“Creating a business plan was crucial as it helped clarify the essential aspects of starting and running a business. However, don’t get caught in analysis paralysis! It’s just as important to take action, be consistent and not give up.”
Micah B.
Criterion House UI/UX Web Design Agency
“Focus less on having a successful business and more on how your business can solve problems and help the people around you. Solving real peoples problems will result a successful business.”
Muhamad K.
Comfort Union
“While my business began as a side project, I quickly realized that cash flow is the lifeline of any venture. Business owners need to understand the potential deficits in cash flow – being overly optimistic won’t help. Instead, planning for how to address those deficits, even in worst-case scenarios, can give you the time and flexibility to succeed.”
Thanh P. V.
Agriwork Connect
“Start ups: conduct marketing research to validate your assumptions on product design and to identify niche markets.”
David J.
It’s Worth Framing
“Slow and steady wins the race! Make sure you allow enough marketing capital for awareness.”
Meaningful Work, Meaningful Life
More entrepreneurs than ever are choosing to start their businesses out of a desire to pursue a passion, make a positive impact and/or create a lifestyle that makes room for people and pursuits that truly matter to them. Owners agree: when your business is fueled by passion, it’s easier to weather the tough times that come with entrepreneurship.
Kyla D.
Foxy Box Laser & Wax Bar
“Owning a business truly lets you create your own ceiling. You’re in control of how high you want to go—whether you want to shoot for the stars or create a balanced routine that suits your lifestyle. You get to shape your career, hire your team, and work with people you enjoy being around. Plus, it gives you the freedom to give back to the community or support the causes that matter to you. I always say, since we spend so much of our time at work, it should be something we genuinely enjoy. If we’re not having fun and making an impact, what’s the point?”
Maureen M.
Rewired2Change Executive Coaching Inc.
“I get to help people create what they want their reality to look like. We partner together to uncover and acknowledge what matters most, then move on to taking steps to make those important things happen. I love the freedom I have within my own business. I love the impact I have on the people, whose paths I cross. I get to be creative and feel energized each day doing what I love.”
Irene E.
I.E. Consulting Corp
Being a business owner has allowed me to travel all over the world, to continue being a professional musician, and to work with some wildly talented people. I would never go back to a desk job making money for someone else to live their dreams.
Smriti P.
PawzNDogz
“Having something of my own helps me manage me time, which is the most precious commodity in a business where I wear multiple hats. It also helps me to maintain work/ life balance – I can juggle priorities that include both my family and business.”
Paul B.
FORGED-IN-FIRE Handcrafted Glass
“We work from our home, which gives some flexibility in the day. However, it also means it is too easy to work seven days a week. Glass Torch Work is my passion, so it does give me the opportunity to do what I love.”
John G.
JTG Systems
“Owning a business has provided me the freedom to shape my career according to my values and goals. It has allowed me to pursue meaningful work that aligns with my passions and interests. This autonomy means I can lead a balanced, purpose-driven life, focusing on areas that matter most to me and where my work feels fulfilling and impactful.”
Veronika C.
FIG Studio Kitchen
“We work from our home, which gives some flexibility in the day. However, it also means it is too easy to work seven days a week. Glass Torch Work is my passion, so it does give me the opportunity to do what I love.”
Adijat A.
TML Ventures
“Owning a business has provided me the freedom to shape my career according to my values and goals. It has allowed me to pursue meaningful work that aligns with my passions and interests. This autonomy means I can lead a balanced, purpose-driven life, focusing on areas that matter most to me and where my work feels fulfilling and impactful.”
Jim E.
J.R. Millwrights
“Have a good plan, be organized, don’t give up, and know success takes time.”
Julie O.
Lola’s Beauty Gallery
“I don’t have to report to anyone because I am my own boss. Being able to set my own hours gives me the opportunity to balance my work/life schedule and to give back to the community by making jobs available for others and donating to various local organizations.”
The Reward is Worth the Risk
While starting a business involves risk, it’s not a four-letter word to be avoided, according to these business owners—especially if you build a strong support network around you. A calculated risk, one that offers the potential for great reward, is worth taking. After all, just imagine the payoff.
James B.
Nockta
“There is much more reward in business than there are risks. Pre-entrepreneurs are always working on the risks. Avoiding risk is not the way to the reward. Chasing reward is the way to the reward. Once you start your own business, you will understand what I mean — when you realize most of the risks you were worried about do not actually exist, and the reward is much bigger than you envisioned.”
Sumana J.
Jeddy Wellness
“My advice for new business owners: Your idea is great, but it will evolve. Embrace a flexible mindset rather than a fixed one. You’ll gain clarity by taking action, so dive in and do the work—especially alongside others. Build a supportive business community to share the journey, because entrepreneurship can feel isolating without it.”
Allan F.
The Executive Edge Inc.
“Marketing drives leads, which drives the business. Get really good at marketing or find a company that can do that for you and do it well.”
Greg K.
The Diving Locker
“My side hustle teaching diving put me through 5 years of university – that turned out to be the bright light for me to begin my diving business and develop a clear vision. I developed a strong sales and marketing program that is still the foundation of the business 50 years later.”
Boris A.
MB Homereno
“I started this business in my country, Ukraine, many years ago. I am an engineer by training and continued my construction business in Canada. Canada is a wonderful country with great potential and opportunities. And it is in this country that you can show yourself and your skills.”
Gloria S.
Pulp Fiction Coffee House
“Three main loves: coffee, books and puppies all led us to being successful. Just make sure you are able to withstand environmental, financial constraints for three to five years.”
Catherine H.
Intellix Business Solutions
“Every small business looks for the next best thing to bring them success. What they rarely do is look back into the history of those who came before them. This tactic is the go-to for large businesses when they’re in trouble and for those who see a challenge ahead. Why? Because old school strategies work.
Mitch W.
BRT Leadership Inc.
“I’m retiring from my current position but i started planning my new company and career 3 years ago. Have a solid business plan; get outside independent advice.”
Hans M.
Maas BBQ
“My business started as a hobby- when times became tough the drive to develop the passion into a business kicked in. Still today work still doesn’t feel like work.”
Raju B.
License Law
“We help deploy tech tools to enhance the business value chain. Customer satisfaction is always the number one priority for us while focusing on business goals and rewarding accomplishments.”
You’ve Got This
There are many adjectives that describe entrepreneurs—resilient, persistent, resourceful, innovative. But one of the most fitting is “optimistic.” When starting a business, you need to believe in yourself and believe in your idea—even if at times it feels like the cards are stacked against you. As these business owners will tell you, mindset matters.
Melanie M.
MM Entertainment
“My business was both a passion project and side hustle. I started part time, and it was when I built enough confidence in myself that I took the leap to focus solely on business. It takes a lot of courage yet more than ever it’s mindset. We give ourselves so many sabotaging thoughts that are not real and it’s when we overcome those thoughts though personal development and experience that we gain the courage to believe in ourselves.”
Kyla D.
Foxy Box Laser & Wax Bar
“Fail forward is such a powerful mindset for new owners. Embrace challenges and mistakes as opportunities to learn and grow. In business, you’re going to encounter roadblocks, but the key is to treat them as stepping stones, not setbacks. Every misstep brings valuable insight, and the quicker you can adapt and innovate, the stronger your business will become. Take risks, stay resilient, and don’t be afraid to learn through failure. Success is built on persistence and the lessons that come from pushing through the tough moments.”
Chris C.
Hutchison Lea ConneXions Inc
“Be open to all things and eliminate all doubt. With these two pieces of advice and the ability to work hard, you will be surprised at the success that you will achieve.”
Ashley D.
Willow & Ash Designs
“My biggest piece of advice to new business owners is to embrace patience and persistence. Building a business takes time, and success doesn’t happen overnight. There will be challenges along the way, but each one is an opportunity to learn and grow.”
Roman B.
MADPI GLOBAL
“Vision beats startup capital; small consistent steps beat experience; loving what you do beats everything!”
Roula E.
Fingerprint Leadership
“Always use the 3Cs: Stay Curious, be Creative and enhance Collaboration”
Kul S.
NVR Mortgages
“Be patient but persistent. Building a successful business doesn’t happen overnight. You’ll face challenges and moments of uncertainty, but it’s crucial to stay focused on your long-term goals. Adaptability is also vital – learning to navigate through both the highs and lows will help you find solutions and grow.”
Frank M.
Tstone Mailing
“Trust in yourself, you got this. Don’t let doubt stop you. Owning a business has helped both me and my family. It gave my kids a place to work as they went through college. It has allowed me to create the work environment that I have always dreamt about. After 37 years, it gives great pleasure to watch my employees grow and develop.”
Peter C.
New Aurora Corp
“Take action is the first step of your business success. The key to turning a side hustle into a viable business lies in maintaining passion, validating the market, building gradually, managing time effectively, and continuously adapting based on customer needs and market changes.”
Erick O.
Groupe E&E Construction Inc.
“The main key to my success is the professionalism and dedication towards my workmanship that not only satisfies my clients, but also gives me a piece of mind knowing that a project is done to perfection with safety and quality being my top priority. It takes time to enjoy the fruits of success!”
Starting a business is tough work but we hope you feel encouraged and inspired to take the next step towards becoming an entrepreneur or growing your business. After all, these business owners think it’s worth it. Keep their wise words in mind as you consider the next step in your journey. And, as always, we’re here if you need us.
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.
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