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 video I’m going to answer questions from
video I’m going to answer questions from
video I’m going to answer questions from one of my newsletter readers Julie who
one of my newsletter readers Julie who
one of my newsletter readers Julie who is a fashion design student wants to
is a fashion design student wants to
is a fashion design student wants to start her own business in the fashion
start her own business in the fashion
start her own business in the fashion industry and doesn’t have money to get
industry and doesn’t have money to get
industry and doesn’t have money to get started so wanted my advice if you
started so wanted my advice if you
started so wanted my advice if you should go to the bank so how she should
should go to the bank so how she should
should go to the bank so how she should get the capital to start your business
get the capital to start your business
get the capital to start your business so Julie Thanks for writing in first of
so Julie Thanks for writing in first of
so Julie Thanks for writing in first of all with the banks usually what they’re
all with the banks usually what they’re
all with the banks usually what they’re going to look at is your personal credit
going to look at is your personal credit
going to look at is your personal credit so it’s a new business ideally for a
so it’s a new business ideally for a
so it’s a new business ideally for a business loan they want to see that
business loan they want to see that
business loan they want to see that you’ve been in business for three years
you’ve been in business for three years
you’ve been in business for three years or more and have some kind of track
or more and have some kind of track
or more and have some kind of track record before they’ll give you money on
record before they’ll give you money on
record before they’ll give you money on your business so that means everything
your business so that means everything
your business so that means everything that you get from the bank is going to
that you get from the bank is going to
that you get from the bank is going to be personally liable so if you can’t pay
be personally liable so if you can’t pay
be personally liable so if you can’t pay it they’re going to come after your
it they’re going to come after your
it they’re going to come after your house a car whatever assets you have and
house a car whatever assets you have and
house a car whatever assets you have and it’s really depending on how good a
it’s really depending on how good a
it’s really depending on how good a credit score you have so if you have
credit score you have so if you have
credit score you have so if you have really good credit then it’s easy to get
really good credit then it’s easy to get
really good credit then it’s easy to get money from the bank and if you don’t
money from the bank and if you don’t
money from the bank and if you don’t have great credit then you’re not going
have great credit then you’re not going
have great credit then you’re not going to get money from the bank for you
to get money from the bank for you
to get money from the bank for you though I think the best thing you can do
though I think the best thing you can do
though I think the best thing you can do when you’re starting up a new business
when you’re starting up a new business
when you’re starting up a new business is not start paying money don’t start
is not start paying money don’t start
is not start paying money don’t start spending money until you’re making money
spending money until you’re making money
spending money until you’re making money so it’s not about how much resources you
so it’s not about how much resources you
so it’s not about how much resources you have is about how resourceful you are so
have is about how resourceful you are so
have is about how resourceful you are so go out there and try to make sales
go out there and try to make sales
go out there and try to make sales before you’re starting to spend money on
before you’re starting to spend money on
before you’re starting to spend money on your business so you can design
your business so you can design
your business so you can design potential clothes ideas that you have
potential clothes ideas that you have
potential clothes ideas that you have you can go out and maybe even make one
you can go out and maybe even make one
you can go out and maybe even make one prototype if you absolutely have to and
prototype if you absolutely have to and
prototype if you absolutely have to and try to get people to buy on the sample
try to get people to buy on the sample
try to get people to buy on the sample and the prototype go to retailers you
and the prototype go to retailers you
and the prototype go to retailers you know maybe boutique retailers where you
know maybe boutique retailers where you
know maybe boutique retailers where you can actually talk to the owner see if
can actually talk to the owner see if
can actually talk to the owner see if they like the idea and try to get orders
they like the idea and try to get orders
they like the idea and try to get orders just on off of your sketching you design
just on off of your sketching you design
just on off of your sketching you design before going out and spend a lot of
before going out and spend a lot of
before going out and spend a lot of money creating your clothes that way it
money creating your clothes that way it
money creating your clothes that way it gets you closer to your customer you
gets you closer to your customer you
gets you closer to your customer you have a cash flow source coming in and
have a cash flow source coming in and
have a cash flow source coming in and you’re much more likely to see if you
you’re much more likely to see if you
you’re much more likely to see if you find that you don’t really know enough
find that you don’t really know enough
find that you don’t really know enough about the business yet and you really
about the business yet and you really
about the business yet and you really want to make sure you have a stable
want to make sure you have a stable
want to make sure you have a stable income while you’re building your
income while you’re building your
income while you’re building your business thing you can do is go work for
business thing you can do is go work for
business thing you can do is go work for a company that you respect so you know
a company that you respect so you know
a company that you respect so you know going to get a job isn’t the end of the
going to get a job isn’t the end of the
going to get a job isn’t the end of the world as long as you can learn from it
world as long as you can learn from it
world as long as you can learn from it so go find a company who you want to be
so go find a company who you want to be
so go find a company who you want to be like so a small fashion design house
like so a small fashion design house
like so a small fashion design house where you can go and learn the ropes of
where you can go and learn the ropes of
where you can go and learn the ropes of the business you can start your business
the business you can start your business
the business you can start your business on the side be making money from your
on the side be making money from your
on the side be making money from your job I’m
job I’m
job I’m some important industry contacts to help
some important industry contacts to help
some important industry contacts to help you when you do grow your business and
you when you do grow your business and
you when you do grow your business and you learn as much as you can about the
you learn as much as you can about the
you learn as much as you can about the actual business itself by working in
actual business itself by working in
actual business itself by working in that type of company so don’t get a job
that type of company so don’t get a job
that type of company so don’t get a job just to make money get a job to actually
just to make money get a job to actually
just to make money get a job to actually learn something that will help you
learn something that will help you
learn something that will help you eventually grow your business so I
eventually grow your business so I
eventually grow your business so I wouldn’t count on the banks and summary
wouldn’t count on the banks and summary
wouldn’t count on the banks and summary we encounter the banks has a good source
we encounter the banks has a good source
we encounter the banks has a good source unless you have really good personal
unless you have really good personal
unless you have really good personal credit I try to boost up my business on
credit I try to boost up my business on
credit I try to boost up my business on the start so go try to make some sales
the start so go try to make some sales
the start so go try to make some sales talk to customers talk to potential
talk to customers talk to potential
talk to customers talk to potential retailers and boutique shops and get
retailers and boutique shops and get
retailers and boutique shops and get them to make a purchase decision based
them to make a purchase decision based
them to make a purchase decision based off your sketch or maybe a sample and if
off your sketch or maybe a sample and if
off your sketch or maybe a sample and if you really need cash to kind of get
you really need cash to kind of get
you really need cash to kind of get started then thought trying to find a
started then thought trying to find a
started then thought trying to find a job with somebody who you respect in
job with somebody who you respect in
job with somebody who you respect in your industry that you can learn a lot
your industry that you can learn a lot
your industry that you can learn a lot from before you start your business and
from before you start your business and
from before you start your business and then circuit business on the side so
then circuit business on the side so
then circuit business on the side so hopefully that helps Julie if you guys
hopefully that helps Julie if you guys
hopefully that helps Julie if you guys like the video please give it a thumbs
like the video please give it a thumbs
like the video please give it a thumbs up below it’s what makes me want to keep
up below it’s what makes me want to keep
up below it’s what makes me want to keep making more of these videos for you guys
making more of these videos for you guys
making more of these videos for you guys and if you have other thoughts for Julie
and if you have other thoughts for Julie
and if you have other thoughts for Julie as well feel free to leave a comment
as well feel free to leave a comment
as well feel free to leave a comment under the video a lot of seeing those
under the video a lot of seeing those
under the video a lot of seeing those come in and we’ll see you on the next
come in and we’ll see you on the next
come in and we’ll see you on the next episode
”
Be First to Comment