hi I’m Evan Carmichael welcome to another edition of ask Evan in today’s
another edition of ask Evan in today’s
another edition of ask Evan in today’s episode I’m going to answer question
episode I’m going to answer question
episode I’m going to answer question from one of our readers Tommy who wrote
from one of our readers Tommy who wrote
from one of our readers Tommy who wrote in on the Telus talks business blog with
in on the Telus talks business blog with
in on the Telus talks business blog with a question now this particular post is
a question now this particular post is
a question now this particular post is brought to you by tell us they have a
brought to you by tell us they have a
brought to you by tell us they have a new challenge for the given away a
new challenge for the given away a
new challenge for the given away a hundred thousand dollars to a Canadian
hundred thousand dollars to a Canadian
hundred thousand dollars to a Canadian business who could talk about the
business who could talk about the
business who could talk about the challenges they’re facing and how they
challenges they’re facing and how they
challenges they’re facing and how they could use one hundred thousand also help
could use one hundred thousand also help
could use one hundred thousand also help them I’m one of the judges so make sure
them I’m one of the judges so make sure
them I’m one of the judges so make sure you go in and boats talk a little more
you go in and boats talk a little more
you go in and boats talk a little more but at the end of the video so Tommy’s
but at the end of the video so Tommy’s
but at the end of the video so Tommy’s question is about raising capital he is
question is about raising capital he is
question is about raising capital he is an entrepreneur with a golf clothing
an entrepreneur with a golf clothing
an entrepreneur with a golf clothing line and one my advice on how to raise
line and one my advice on how to raise
line and one my advice on how to raise money for the business so Tommy a couple
money for the business so Tommy a couple
money for the business so Tommy a couple things to think about first off you have
things to think about first off you have
things to think about first off you have to know what investors will finance and
to know what investors will finance and
to know what investors will finance and depends on what stage you are with your
depends on what stage you are with your
depends on what stage you are with your business if you’re looking for money to
business if you’re looking for money to
business if you’re looking for money to grow your company’s you’ve already you
grow your company’s you’ve already you
grow your company’s you’ve already you know set up a business and you’re
know set up a business and you’re
know set up a business and you’re looking for money to expand it that’s
looking for money to expand it that’s
looking for money to expand it that’s easiest type of money to get marketing
easiest type of money to get marketing
easiest type of money to get marketing money expansion capital is the easiest
money expansion capital is the easiest
money expansion capital is the easiest type of money to be able to get to grow
type of money to be able to get to grow
type of money to be able to get to grow company if you’re in the startup page
company if you’re in the startup page
company if you’re in the startup page you’re not quite sure what you’re going
you’re not quite sure what you’re going
you’re not quite sure what you’re going to do you haven’t Sochi suppliers yet
to do you haven’t Sochi suppliers yet
to do you haven’t Sochi suppliers yet that’s really early stage and it’s not
that’s really early stage and it’s not
that’s really early stage and it’s not that it’s impossible to get money for
that it’s impossible to get money for
that it’s impossible to get money for it’s just a lot harder and they’re going
it’s just a lot harder and they’re going
it’s just a lot harder and they’re going to take a lot more of your business so
to take a lot more of your business so
to take a lot more of your business so if you’re expanding or if you’re close
if you’re expanding or if you’re close
if you’re expanding or if you’re close to the expansion phase you can position
to the expansion phase you can position
to the expansion phase you can position yourself as already having a business on
yourself as already having a business on
yourself as already having a business on you need money to expand you’re more
you need money to expand you’re more
you need money to expand you’re more likely to get better terms and more
likely to get better terms and more
likely to get better terms and more money so that’s kind of the first thing
money so that’s kind of the first thing
money so that’s kind of the first thing to think about you’re probably in the
to think about you’re probably in the
to think about you’re probably in the angel investor category so you can get
angel investor category so you can get
angel investor category so you can get money from venture capitalist angel
money from venture capitalist angel
money from venture capitalist angel investors which are wealthy individuals
investors which are wealthy individuals
investors which are wealthy individuals who want to invest money instead of in a
who want to invest money instead of in a
who want to invest money instead of in a stock market into companies you can go
stock market into companies you can go
stock market into companies you can go to banks you can go to a couple other
to banks you can go to a couple other
to banks you can go to a couple other companies this is probably too small for
companies this is probably too small for
companies this is probably too small for a venture capitalist to look at but you
a venture capitalist to look at but you
a venture capitalist to look at but you might get an angel investor usually
might get an angel investor usually
might get an angel investor usually angels will invest anywhere up to half a
angels will invest anywhere up to half a
angels will invest anywhere up to half a million dollars that’d be a really big
million dollars that’d be a really big
million dollars that’d be a really big angel but anything less than that you’re
angel but anything less than that you’re
angel but anything less than that you’re looking in the angel realm and not
looking in the angel realm and not
looking in the angel realm and not venture capital and what’s important is
venture capital and what’s important is
venture capital and what’s important is that you try to find somebody who can
that you try to find somebody who can
that you try to find somebody who can give you more than just money so it’d be
give you more than just money so it’d be
give you more than just money so it’d be great to get the money
great to get the money
great to get the money you need but you want someone who can
you need but you want someone who can
you need but you want someone who can also give you contacts and experience
also give you contacts and experience
also give you contacts and experience and can you know help your company grow
and can you know help your company grow
and can you know help your company grow beyond just cutting you a check so
beyond just cutting you a check so
beyond just cutting you a check so sometimes angels are dentists or doctors
sometimes angels are dentists or doctors
sometimes angels are dentists or doctors or people with disposable income and
or people with disposable income and
or people with disposable income and they may not have a passion for golf and
they may not have a passion for golf and
they may not have a passion for golf and just want to see a return those aren’t
just want to see a return those aren’t
just want to see a return those aren’t the ones that you want to go after you
the ones that you want to go after you
the ones that you want to go after you want to go up to people who you know
want to go up to people who you know
want to go up to people who you know understanding industry and can help you
understanding industry and can help you
understanding industry and can help you make some sales open some doors for you
make some sales open some doors for you
make some sales open some doors for you as well as give you the money that you
as well as give you the money that you
as well as give you the money that you need so those are potential angels the
need so those are potential angels the
need so those are potential angels the last thing I think about is you may not
last thing I think about is you may not
last thing I think about is you may not need to get funding for this trying to
need to get funding for this trying to
need to get funding for this trying to raise capital can be a full-time job for
raise capital can be a full-time job for
raise capital can be a full-time job for your business and takes a lot of your
your business and takes a lot of your
your business and takes a lot of your time away from you able to actually run
time away from you able to actually run
time away from you able to actually run your business since you’re running a
your business since you’re running a
your business since you’re running a golf apparel company I think that you’d
golf apparel company I think that you’d
golf apparel company I think that you’d be able to go get some corporate
be able to go get some corporate
be able to go get some corporate sponsors golf in such a golf is such a
sponsors golf in such a golf is such a
sponsors golf in such a golf is such a corporate game that I would try to go
corporate game that I would try to go
corporate game that I would try to go after corporate sponsors to buy the
after corporate sponsors to buy the
after corporate sponsors to buy the shirts right put their logo on it
shirts right put their logo on it
shirts right put their logo on it whatever response to the shirt at their
whatever response to the shirt at their
whatever response to the shirt at their upcoming golf tournament their charity
upcoming golf tournament their charity
upcoming golf tournament their charity events and that might be a way for you
events and that might be a way for you
events and that might be a way for you to get your customers to help you
to get your customers to help you
to get your customers to help you sponsor and fund your business instead
sponsor and fund your business instead
sponsor and fund your business instead of having to go to not you’re trying to
of having to go to not you’re trying to
of having to go to not you’re trying to raise capital for so a couple things to
raise capital for so a couple things to
raise capital for so a couple things to to think about I hope that helps if you
to think about I hope that helps if you
to think about I hope that helps if you guys are interested in that $100,000
guys are interested in that $100,000
guys are interested in that $100,000 contest is for Canadian entrepreneurs
contest is for Canadian entrepreneurs
contest is for Canadian entrepreneurs you can go to the global mail com / the
you can go to the global mail com / the
you can go to the global mail com / the challenge and the details are there how
challenge and the details are there how
challenge and the details are there how you can enter and I’m gonna be one of
you can enter and I’m gonna be one of
you can enter and I’m gonna be one of the judges so I want to see you guys in
the judges so I want to see you guys in
the judges so I want to see you guys in there entering your your entries to see
there entering your your entries to see
there entering your your entries to see how well you guys are going to do so
how well you guys are going to do so
how well you guys are going to do so good luck and if you guys like this
good luck and if you guys like this
good luck and if you guys like this video please give it a thumbs up below I
video please give it a thumbs up below I
video please give it a thumbs up below I love seeing those come in and if you
love seeing those come in and if you
love seeing those come in and if you have a question or you have something
have a question or you have something
have a question or you have something else to add to commies question feel
else to add to commies question feel
else to add to commies question feel free to leave it in the comments below
free to leave it in the comments below
free to leave it in the comments below and we’ll see you on the next episode
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