Advice for new entrepreneurs

Newcomers to Canada and millennials – people born around 1980 – are both emerging business segments in Canada. RBC is offering advice to entrepreneurs from both groups to help them meet their goals and bottom line. 
The courageous decision to leave their home country for a new life in an unfamiliar place is often filled with uncertainty – but also with great promise. For some, the journey becomes entrepreneurial, so when starting a business, it is important to develop a business plan. Take the opportunity to learn more about your market, your customers and your competition. Next, build a credit history. A limited credit history can impact your access to financing, so build a trusting relationship with your bank. Learn to manage your cash flow and keep separate business and personal banking accounts. By keeping your financial records in order, you reduce accounting costs incurred from additional administration, and streamline tax payments. 
For millenials, RBC suggests joining a professional association. These organizations provide an opportunity for engagement and increased access to industry networks.
Seek both digital and traditional advice, because although digital channels are efficient, asking for advice from experienced sources like market and financial experts can also deliver timely, relevant and meaningful information. Ask for feedback on your ideas and perspectives and invest time in a mentor. Finally, learn how to sell yourself. Given the number of channels including websites, social media and blogs, it is important to define your marketing plan ahead of time. Know what will differentiate you and your business.  
Find additional business advice at www.rbcroyalbank.com/business.