hi I’m Evan Carmichael and 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 gonna answer a question from
video I’m gonna answer a question from
video I’m gonna answer a question from one of my newsletter readers kenosha who
one of my newsletter readers kenosha who
one of my newsletter readers kenosha who was currently running a day care
was currently running a day care
was currently running a day care operation she’s not making any money she
operation she’s not making any money she
operation she’s not making any money she said 99% of the money that she makes has
said 99% of the money that she makes has
said 99% of the money that she makes has to go back into the business and she’s
to go back into the business and she’s
to go back into the business and she’s looking for money to expand the company
looking for money to expand the company
looking for money to expand the company out so Kenosha I think this is gonna be
out so Kenosha I think this is gonna be
out so Kenosha I think this is gonna be a tough one for you if you’re not making
a tough one for you if you’re not making
a tough one for you if you’re not making any money yet it’s gonna be hard for
any money yet it’s gonna be hard for
any money yet it’s gonna be hard for banks for example to give you money to
banks for example to give you money to
banks for example to give you money to grow your business if you don’t have any
grow your business if you don’t have any
grow your business if you don’t have any assets to lend against and you’re not
assets to lend against and you’re not
assets to lend against and you’re not turning a profit yet so it’s hard for
turning a profit yet so it’s hard for
turning a profit yet so it’s hard for them to see that cash flow coming in and
them to see that cash flow coming in and
them to see that cash flow coming in and for investors it might be an opportunity
for investors it might be an opportunity
for investors it might be an opportunity but again you’re not making money and
but again you’re not making money and
but again you’re not making money and it’s not typically the type of business
it’s not typically the type of business
it’s not typically the type of business that investors are really attracted to
that investors are really attracted to
that investors are really attracted to so I think the best bet for you is gonna
so I think the best bet for you is gonna
so I think the best bet for you is gonna be trying to get the money from your
be trying to get the money from your
be trying to get the money from your customers and step once it’s your
customers and step once it’s your
customers and step once it’s your service based business would be provide
service based business would be provide
service based business would be provide awesome service so how can you make your
awesome service so how can you make your
awesome service so how can you make your business the best daycare center around
business the best daycare center around
business the best daycare center around make the kids love coming to your place
make the kids love coming to your place
make the kids love coming to your place the parents feel really comfortable with
the parents feel really comfortable with
the parents feel really comfortable with you when you’re providing basically the
you when you’re providing basically the
you when you’re providing basically the best childcare service out there so
best childcare service out there so
best childcare service out there so think about those options so that you
think about those options so that you
think about those options so that you have people loving what you do wanting
have people loving what you do wanting
have people loving what you do wanting to come back telling their friends about
to come back telling their friends about
to come back telling their friends about it and your business is basically
it and your business is basically
it and your business is basically exploding at the seams you can’t support
exploding at the seams you can’t support
exploding at the seams you can’t support any more people coming into your
any more people coming into your
any more people coming into your facility at that point you’re ready to
facility at that point you’re ready to
facility at that point you’re ready to look at expanding the next thing once
look at expanding the next thing once
look at expanding the next thing once you have that great service that you’re
you have that great service that you’re
you have that great service that you’re offering you start to increase your
offering you start to increase your
offering you start to increase your prices but if you have a lot of demand
prices but if you have a lot of demand
prices but if you have a lot of demand you have a lot of people coming because
you have a lot of people coming because
you have a lot of people coming because you provide this awesome service that
you provide this awesome service that
you provide this awesome service that everybody wants then you should be able
everybody wants then you should be able
everybody wants then you should be able to increase your prices and a lot of
to increase your prices and a lot of
to increase your prices and a lot of entrepreneurs underpriced themselves and
entrepreneurs underpriced themselves and
entrepreneurs underpriced themselves and you know they should be able to make a
you know they should be able to make a
you know they should be able to make a lot more money than they can’t so you
lot more money than they can’t so you
lot more money than they can’t so you could test it out just start with little
could test it out just start with little
could test it out just start with little price increases and that’s a great way
price increases and that’s a great way
price increases and that’s a great way to earn money coming in that you can use
to earn money coming in that you can use
to earn money coming in that you can use to grow your business the last thing you
to grow your business the last thing you
to grow your business the last thing you might want to consider is selling
might want to consider is selling
might want to consider is selling subscriptions so I don’t know how your
subscriptions so I don’t know how your
subscriptions so I don’t know how your model works now but maybe they’re buying
model works now but maybe they’re buying
model works now but maybe they’re buying one month at a time or two months at a
one month at a time or two months at a
one month at a time or two months at a time see if you could sell them for
time see if you could sell them for
time see if you could sell them for longer so can you sell them for a season
longer so can you sell them for a season
longer so can you sell them for a season so all the spring roll of summer or can
so all the spring roll of summer or can
so all the spring roll of summer or can you sell them for the entire year and
you sell them for the entire year and
you sell them for the entire year and you might give a little bit of a
you might give a little bit of a
you might give a little bit of a discount to give them an incentive to
discount to give them an incentive to
discount to give them an incentive to want to do that but the advantages you
want to do that but the advantages you
want to do that but the advantages you get you
get you
get you money upfront which can really help with
money upfront which can really help with
money upfront which can really help with your cash flow and also give you the
your cash flow and also give you the
your cash flow and also give you the money that you need to expand your
money that you need to expand your
money that you need to expand your business so Kenosha I hope that helps
business so Kenosha I hope that helps
business so Kenosha I hope that helps that’s my thoughts on it I’m gonna turn
that’s my thoughts on it I’m gonna turn
that’s my thoughts on it I’m gonna turn it over to a friend of mine Danny Indy
it over to a friend of mine Danny Indy
it over to a friend of mine Danny Indy who has some thoughts as well and he’s
who has some thoughts as well and he’s
who has some thoughts as well and he’s gonna give you his advice
Rochelle thank you very much for your
Rochelle thank you very much for your email I get messages like this very
email I get messages like this very
email I get messages like this very frequently from people who want to
frequently from people who want to
frequently from people who want to expand their business or grow into a new
expand their business or grow into a new
expand their business or grow into a new area or do upgrades or any number of
area or do upgrades or any number of
area or do upgrades or any number of things that are gonna cost Mayan they’re
things that are gonna cost Mayan they’re
things that are gonna cost Mayan they’re wondering where they can go to get that
wondering where they can go to get that
wondering where they can go to get that money and I always point them back to
money and I always point them back to
money and I always point them back to the same place which is asking well why
the same place which is asking well why
the same place which is asking well why don’t they have the money already being
don’t they have the money already being
don’t they have the money already being generated by their business you if you
generated by their business you if you
generated by their business you if you mentioned in your in your message that
mentioned in your in your message that
mentioned in your in your message that 99 percent of the money that comes in
99 percent of the money that comes in
99 percent of the money that comes in goes to pay your bills and to keep the
goes to pay your bills and to keep the
goes to pay your bills and to keep the business running and so forth which
business running and so forth which
business running and so forth which means that you aren’t really making a
means that you aren’t really making a
means that you aren’t really making a profit you aren’t making extra money
profit you aren’t making extra money
profit you aren’t making extra money that can be put aside and that’s very
that can be put aside and that’s very
that can be put aside and that’s very concerning to me it makes me wonder
concerning to me it makes me wonder
concerning to me it makes me wonder what’s gonna happen if there is an
what’s gonna happen if there is an
what’s gonna happen if there is an emergency or something comes up or any
emergency or something comes up or any
emergency or something comes up or any business needs to be making more money
business needs to be making more money
business needs to be making more money than it costs to just keep everything
than it costs to just keep everything
than it costs to just keep everything running and so my advice to you would be
running and so my advice to you would be
running and so my advice to you would be to look at the way your business is
to look at the way your business is
to look at the way your business is structured and find ways to improve your
structured and find ways to improve your
structured and find ways to improve your profitability and at a very basic level
profitability and at a very basic level
profitability and at a very basic level there’s two ways of doing that you can
there’s two ways of doing that you can
there’s two ways of doing that you can lower your costs or you can raise the
lower your costs or you can raise the
lower your costs or you can raise the money that’s coming in either way you
money that’s coming in either way you
money that’s coming in either way you end up with more money in your pocket at
end up with more money in your pocket at
end up with more money in your pocket at the end of the day so you can improve
the end of the day so you can improve
the end of the day so you can improve the amount of money that’s coming in by
the amount of money that’s coming in by
the amount of money that’s coming in by raising your prices which is something
raising your prices which is something
raising your prices which is something that most people don’t think to do but
that most people don’t think to do but
that most people don’t think to do but most people really should be doing a lot
most people really should be doing a lot
most people really should be doing a lot of businesses especially small
of businesses especially small
of businesses especially small businesses aren’t charging as much as
businesses aren’t charging as much as
businesses aren’t charging as much as they should or could you can add an
they should or could you can add an
they should or could you can add an extra product offer or an upsell or
extra product offer or an upsell or
extra product offer or an upsell or cross-sell have something extra to offer
cross-sell have something extra to offer
cross-sell have something extra to offer to the people already doing business
to the people already doing business
to the people already doing business with you you mentioned that you’re
with you you mentioned that you’re
with you you mentioned that you’re running a daycare maybe you could offer
running a daycare maybe you could offer
running a daycare maybe you could offer an extra babysitting service in the
an extra babysitting service in the
an extra babysitting service in the afternoon or you have some products that
afternoon or you have some products that
afternoon or you have some products that you recommend and that you respect and
you recommend and that you respect and
you recommend and that you respect and you think are valuable that the parents
you think are valuable that the parents
you think are valuable that the parents might be interested in getting to use
might be interested in getting to use
might be interested in getting to use with their kids at home and so you could
with their kids at home and so you could
with their kids at home and so you could resell those and add a little bit more
resell those and add a little bit more
resell those and add a little bit more money to what’s coming in you could also
money to what’s coming in you could also
money to what’s coming in you could also look at reducing your cost you could
look at reducing your cost you could
look at reducing your cost you could renegotiate some of your contracts or
renegotiate some of your contracts or
renegotiate some of your contracts or see if you can switch suppliers or just
see if you can switch suppliers or just
see if you can switch suppliers or just find a way to make things cost less if
find a way to make things cost less if
find a way to make things cost less if you can increase
you can increase
you can increase the amount of money that you’re bringing
the amount of money that you’re bringing
the amount of money that you’re bringing in by five or ten percent and reduce
in by five or ten percent and reduce
in by five or ten percent and reduce your costs by five or ten percent that
your costs by five or ten percent that
your costs by five or ten percent that suddenly becomes a very big improvement
suddenly becomes a very big improvement
suddenly becomes a very big improvement to your profit margin and that’s really
to your profit margin and that’s really
to your profit margin and that’s really where the money should be coming from to
where the money should be coming from to
where the money should be coming from to make the kind of improvements and to
make the kind of improvements and to
make the kind of improvements and to grow and expand in the way that you’re
grow and expand in the way that you’re
grow and expand in the way that you’re looking for so I hope that this was
looking for so I hope that this was
looking for so I hope that this was helpful if you have any more questions
helpful if you have any more questions
helpful if you have any more questions you can find me directly at firepole
you can find me directly at firepole
you can find me directly at firepole marketing.com feel free to go there and
marketing.com feel free to go there and
marketing.com feel free to go there and just send me an email I’m happy to
just send me an email I’m happy to
just send me an email I’m happy to answer any further questions and of
answer any further questions and of
answer any further questions and of course you can submit another question
course you can submit another question
course you can submit another question to Evan and he’ll pass it along to me
to Evan and he’ll pass it along to me
to Evan and he’ll pass it along to me thank you very much and have a blessed
thank you very much and have a blessed
thank you very much and have a blessed day
Kenosha I hope that helped I hope what I
Kenosha I hope that helped I hope what I said was useful and I hope what Danny
said was useful and I hope what Danny
said was useful and I hope what Danny said as well can help you grow your
said as well can help you grow your
said as well can help you grow your business good luck I know it’s tough
business good luck I know it’s tough
business good luck I know it’s tough when you’re not making any money you put
when you’re not making any money you put
when you’re not making any money you put so much hard work and effort into trying
so much hard work and effort into trying
so much hard work and effort into trying to get that business off the ground but
to get that business off the ground but
to get that business off the ground but stay with it and try to implement those
stay with it and try to implement those
stay with it and try to implement those ideas that we gave you if you guys liked
ideas that we gave you if you guys liked
ideas that we gave you if you guys liked the video please give it a thumbs up or
the video please give it a thumbs up or
the video please give it a thumbs up or leave a comment below it really helps us
leave a comment below it really helps us
leave a comment below it really helps us make decisions on what new videos that
make decisions on what new videos that
make decisions on what new videos that come up with and hopefully we’ll see you
come up with and hopefully we’ll see you
come up with and hopefully we’ll see you in the next episode as well
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