00:00:11another edition of ask Evan in today’s
00:00:13video I’m going to answer question from
00:00:14one of our readers you know who is
00:00:16trying to raise capital and asks I need
00:00:18ten thousand dollars to establish my
00:00:20organization which deals with talent
00:00:22that’s acting creative writing poetry
00:00:23singing dancing modeling I’ve written
00:00:25some scripts that need to produce under
00:00:27my organization using actors and
00:00:29actresses in the organization and also
00:00:31produce some other projects with the
00:00:32above talents so he’s asking about
00:00:34raising capital and my thought here is
00:00:37your honesty your best bet is bootstrap
00:00:39this thing start up capital is the
00:00:41hardest money to raise you end up
00:00:43spending most of your time out there
00:00:45trying to raise capital and you get a
00:00:48really bad valuation if you’re going to
00:00:50get an investor an angel investor to
00:00:51give you money they’re going to take a
00:00:52big chunk of your company because you
00:00:55don’t have anything yet you don’t have
00:00:56money coming in and if you’re going to
00:00:58go into a bank you’re going to go to
00:00:59another organization is going to lend
00:01:02you money because you’re so new you’re
00:01:04going to probably have really high
00:01:05interest rate to you always get the
00:01:08short end of the stick when you’re
00:01:09trying to raise capital as a start-up my
00:01:12best advice of you would be trying to
00:01:14boot strap it up try to focus on the
00:01:16services that you can do without
00:01:17spending money and as a new business I
00:01:20hate spending money before making money
00:01:23you know you might have to do a web
00:01:25sites and business cards but try not to
00:01:27spend any money until you have money
00:01:29coming in and that way you know that
00:01:30your product your service is working is
00:01:33a lot of entrepreneurs will spend tons
00:01:35of money on an idea they think is great
00:01:36and then nobody wants to buy it so
00:01:39you’ve flushed all this money down the
00:01:40toilet and so if you can focus on your
00:01:43making money first even if it’s a little
00:01:45bit and invest in those rockets back to
00:01:47the business you know you’re going after
00:01:49market where you can actually make some
00:01:51money so try to focus on those services
00:01:53instead of products the start because
00:01:56there’s no investment besides your time
00:01:58and I would strongly encourage you to
00:02:00try to boot strap it up to the point
00:02:02where you have that money coming in and
00:02:03then you can invest your profits back
00:02:05into your company
00:02:06so maybe not what you want here but the
00:02:09best advice that I can give you based on
00:02:10the question that you asked so I hope
00:02:12that helped I’d love to hear your
00:02:13thoughts and feedback you want to leave
00:02:15a comment below and please give it a
00:02:17thumbs up too if you like the video and
00:02:18stay tuned for the next episode
00:02:29you
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