An Imposter's Guide to Building Your Small Business in 2025

I am not sure what kind of merit I have to be writing this guide... but I am a seeker of information and I love to share. I don't even consider myself a small business owner to be honest, I just love making things and going to markets with my mom and family.

That being said, I have learned a LOT in the past year (since Feb, 2024) of running this micro business and these are some of things I would do (I'm actually even implementing some of them this year too) if I was starting again in 2025:

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Step 1: Choose Your Business Structure and Register!

The first decision you’ll need to make is the type of business you’ll register. Here’s a quick overview of the most common options:

Sole Proprietorship:

• Best for: Side hustles and solo operations.

• Why: It’s the easiest and cheapest to set up, but you’re personally liable for any debts.

• How: Register your business name with the Alberta government, and get your CRA business number for taxes.

I personally have this type of business and I did everything with Ownr. I am a homebody through and through. I am also extremely asocial. So having Ownr set up my entire business for me without have to set foot out the house was PERFECT. I have a referral link, so let me know if you'd like one! We both get a $50 credit if you register your small business. (This is also not sponsored, it's just a feature Ownr has on their portal).

Partnership:

• Best for: Businesses with two or more owners.

• Why: It’s straightforward and allows you to split responsibilities, but make sure to draft a partnership agreement to avoid any future disputes.

• How: Register with Service Alberta and decide how you’ll handle taxes.

Fun Fact: My sisters and I actually have a partnership for a small wedding planning company serving our city called The Wedding Belles.

Corporation:

• Best for: Businesses looking for growth or those in higher-risk industries.

• Why: It separates your personal assets from your business liabilities. Plus, corporations are eligible for certain tax advantages in Canada.

• How: Incorporate federally or provincially. Alberta’s online portal makes it pretty simple.

This is solely my opinion, but for MOST crafters/makers like I am, a corporation might not make the most sense AT FIRST.

There are a few caveats: first, if your product/small business service is HIGH RISK, then incorporating for the liability protection might make sense for you; second, if your small business is not-so-small financially, then it might makes sense to incorporate to save you from taxes! Corporations typically have access to lower tax rates and you can defer your personal taxes by leaving profits in the incorporation.

For myself, I am a sole proprietor with no plans for the future to incorporate because I do not plan to scale up my small business. However, the option to transition into an incorporation will always remain! If you're unsure about what type of business you'd like, chat with a business consultant or an accountant. Many offer free consultations to help you get started. Conversely, artisan goods (as in, things you've made personally with your own two hands. NOT DROPSHIPPED) can also be sold at farmers markets and craft markets without an official, registered business. So, this is also an option for you if you're taking a more casual approach. (I am personally afraid of getting in trouble, so I would recommend you register lol).

Source for image below: https://cpa4it.ca/sole-proprietor-vs-incorporation1/

Source: CPA4it.ca

Step 2: Open a Business Bank Account

This is something I regret not doing right away for my small business. I thought that my Excel skills could make up for not having a separate business bank account... I mean, for the most part, I did fine tracking expenses and payments using Excel. However, my mom also purchases raw materials (yarn) for the business and let's just say... She doesn't track her purchases as neurotically as I do.

So my advice: Keep your personal and business finances separate. Most major Canadian banks offer business banking accounts tailored to small businesses. Look out for perks like low transaction fees or free e-transfers.

Step 3: Set up a Basic Online Presence

I hate to break it to you... but in today’s world, your business needs an online presence.

If you’re short on time like I am, keep it simple:

• Pick Two Social Media Platforms:

  • Instagram: Ideal for visual businesses like crafts, food, or retail.

  • LinkedIn: Perfect for B2B or professional services.

  • Facebook: Great for local communities and event-based businesses.

  • TikTok: Excellent for trending or video-heavy businesses. Although, I heard they might be getting banned in the USA soon?

  • YouTube: I am highly considering doing this myself... but I can't get over my camera shyness haha.

• Don’t overwhelm yourself. Choose two platforms where your target audience hangs out and focus on posting consistently.

• Set Up a Website: Use a simple platform like Wix or Shopify. You don’t need all the bells and whistles right away—just a homepage, contact info, and a way for people to buy or inquire about your products/services. If you choose to use Square payments for your markets, Square has their own free-to-use site platform as well! You don't get to choose your own domain name, but hey, its a start!

Step 4: Plan Your Finances

I won't lie. When I started Mama's Makery, my number one goal was not to make money but to help my mom socialize and be creative - both things that would help her mental health. I did not anticipate the 'business' growing as it did. We are not HUGE by any means, but we sell enough that I wish I had taken the time to plan our finances a bit better.

Here are some things to consider:

• Start with a basic spreadsheet (Google Sheets works great) to track your income and expenses.

• Use accounting software like QuickBooks or Wave to make tax season less of a headache. I did not do this. Now I am paying for it. (Helllllpppp).

Step 5: Build Your Network

Edmonton’s small business community is lively and SUPER supportive. Get involved by:

• Attending events - not necessarily as a vendor, but as a customer. Chat those vendors up and pick their brains!

• Joining Booth Buddy!!! Lol. Also consider joining local Facebook groups for small businesses, vendors, and entrepreneurs.

• Visiting networking meetups like Startup Edmonton’s events.

  
  

These connections can open doors and save you from making rookie mistakes.

The Most Important Step: Just Start

Here’s the thing: Starting is the hardest part. It’s easy to feel paralyzed by all the unknowns, but don’t let analysis paralysis stop you. As someone who knows what it’s like to squeeze work time into academic breaks or evenings after a long day, I’ll tell you this: You don’t need to have it all figured out to take the first step.

And, let's talk about something many of us face - the dreaded imposter phenomenon. It’s that nagging voice in your head saying, “Who am I to start a business? What if I fail? What if I’m not good enough?” Here’s the truth: Every successful entrepreneur (or person for that matter) has felt this way. You’re not alone. The key is to acknowledge those feelings but not let them control you. Focus on your strengths, and remember that nobody has all the answers when they start. Confidence builds through action, not overthinking.

So, register your business name. Post your first Instagram reel. Sell your first product. Whatever that first step is, just take it. You’ll learn and adapt as you go. Expect to stumble - that's part of the process! But with every small win, you'll gain the momentum to keep moving forward. And remember, every big business started small.

Good luck <3,

Your Booth Buddy, Joy.