Thinking of starting your own business?
(NC) In an era of unprecedented connectivity and technological advancement, a new side gig economy has emerged. Even some of us who don’t officially own a business are engaging in entrepreneurial activity to supplement our income, whether through a passion project, hobby or testing an idea for a future business.
“When it comes to realizing their business ownership dreams, many prospective entrepreneurs tell us they would take the step to turn their sidehustle into a small business if they were equipped with or had better access to the tools, knowledge and resources they need to get a business up and running,” says Jason Storsley, vice president of small business at RBC.
If you’re currently testing the waters of entrepreneurship and are thinking about taking your idea to the next level, Storsley offers the following tips:
Reflect on your intentions. People work sidehustles for many reasons, but if you think your side gig could turn into more, clarify your personal and business objectives and create a business plan. Are you looking for a shift in your career? What purpose and market need will your business fulfill? What do you want to achieve professionally with your business in the short and long term?
Register your business. There are many benefits to registering your business. Chief among them is the credibility it brings. A straightforward, affordable, online service like Ownr.co can save you valuable time and money.
Open a business bank account. Regardless how much your business is earning today, it’s important to separate your personal and business income for accounting purposes. Doing so will give you a clear picture of your cash flow and performance, and eliminates the hassle of having to untangle your finances down the road.
Whether sidehustling or taking a business full time, seek a financial services provider that offers advice, tools and resources that go beyond banking to help entrepreneurs start, manage and grow their business.