Lifestyle

Making the jump to entrepreneurship: Turning my hobby into a small business with some help from RBC

Over the years, I found myself getting more into photography and through that I’ve been able to take it from a passion project to a small business.

However, since I studied biology and chemistry in school, I didn’t have a lot of knowledge regarding personal or even business finances. For example, I never heard of a “sole proprietorship” and didn’t know about registering for a GST/HST number or why it was necessary. Thoughts of separating personal and business accounts, incorporating my business and figuring out which expenses counted as business expenses all seemed very daunting. And since I work a 9 to 5, I simply did not have the knowledge or the time to figure out this aspect of my business.

 

As a result, I turned to RBC for help. From the start of my journey into business ownership I’ve been able to count on them when it comes to my finances. And aside from banking, they’ve partnered with other organizations to provide special offers and beyond banking business solutions to help make life easier for entrepreneurs like me:

  • E-Commerce & digital marketing (Promote by Acquisio)
  • Streamlining your payroll / HR processes and managing your team (League and ADP)
  • Managing your invoicing & accounting  (Wave, VersaPay, Intuit Quickbooks)
  • Simplifying and optimizing your business operations (WeWork, Moneris, Petro-Canada)

True story – I received a notice recently from the government regarding my 2017 tax return. I did not have any help when doing my taxes and ended up reporting an incorrect amount of income. Tax season is quickly approaching, and I’ve definitely learned my lesson. I will be doing things differently this time around. To start, I will be using RBC’s beyond banking services to organize my finances and reduce the amount of time I spend on invoicing and tracking expenses.

RBC even offers a free* easy-to-use software to send invoices, track expenses, balance your books, and more with Wave. It’s a simple online invoicing and accounting solution that will be super beneficial when tax season rolls around!

Speaking of tax season, if any of you are preparing to file taxes for your business, RBC has partnered up with TurboTax1 to offer 20% savings on TurboTax Online products for businesses. Check it out at Choose your TurboTax.

Another update I’ve recently made to my business was to finally register it. I used Ownr.co and it was such an easy process and an affordable way to register as an incorporation without paying expensive upfront fees for someone else to do it for me. Next step? Separating my business and personal finances. This way I can have a clearer picture of what money is coming in and out of my business accounts to get a full picture of how the business is doing. Now, you can quickly and easily set up a business deposit account online in less than 15 minutes with RBC! By the way, for any of you readers thinking of registering your business as a sole proprietorship, Ownr.co is now offering a promo code (NOFEE29), which means you only need to pay the government fee at checkout!

For all of the aspiring entrepreneurs out there, keep doing what you love, and you never know where it will take you! Focus on the creative aspects of your business and attracting new customers. Look into the different business solutions  RBC offers to ease the burden of your administrative to-do’s so you can focus on the important aspects that will allow you to grow your business.

Check out www.rbc.com/beyondbanking to learn more about services that will help you grow and manage your business.

(This post is sponsored by RBC. All expressed opinions and experiences are my own words.)

 

Legal disclaimers:

*Wave’s invoicing software, accounting software and receipt scanning are free. Wave’s credit card processing and bank payment features are pay-as-you-go services. For more information visit https://www.waveapps.com/pricing

All other trademarks are property of their respective owner(s).

1 Intuit TurboTax is the sole provider of the tax services and offers mentioned herein and is responsible for providing all customer support in connection therewith. Royal Bank of Canada is not responsible for any tax services, related offers or customer support.

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