hi I’m Emma 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 going to answer question from
video I’m going to answer question from
video I’m going to answer question from one my reader Santosh who was asking
one my reader Santosh who was asking
one my reader Santosh who was asking about how to start a book store without
about how to start a book store without
about how to start a book store without any money
any money
any money and one of my advice so he wrote in
and one of my advice so he wrote in
and one of my advice so he wrote in asking dear M and I want to start my own
asking dear M and I want to start my own
asking dear M and I want to start my own book shop but I don’t have any capital
book shop but I don’t have any capital
book shop but I don’t have any capital how should I approach and generate the
how should I approach and generate the
how should I approach and generate the amount please guide me Santosh so
amount please guide me Santosh so
amount please guide me Santosh so Santosh you can potentially go and get
Santosh you can potentially go and get
Santosh you can potentially go and get investors for this I think it’s going to
investors for this I think it’s going to
investors for this I think it’s going to be really challenging for a bookshop you
be really challenging for a bookshop you
be really challenging for a bookshop you know if you have really good personal
know if you have really good personal
know if you have really good personal line of credit you can’t talk to the
line of credit you can’t talk to the
line of credit you can’t talk to the banks otherwise it’s not going to be an
banks otherwise it’s not going to be an
banks otherwise it’s not going to be an opportunity they would look at and for
opportunity they would look at and for
opportunity they would look at and for angel investors you might find the right
angel investors you might find the right
angel investors you might find the right person to invest but usually angels are
person to invest but usually angels are
person to invest but usually angels are looking for opportunities where they can
looking for opportunities where they can
looking for opportunities where they can earn a much higher return on their
earn a much higher return on their
earn a much higher return on their capital than a bookshop they want to see
capital than a bookshop they want to see
capital than a bookshop they want to see higher growth type of companies and it’s
higher growth type of companies and it’s
higher growth type of companies and it’s a lot harder because you don’t have
a lot harder because you don’t have
a lot harder because you don’t have anything set up right it’s just an idea
anything set up right it’s just an idea
anything set up right it’s just an idea at this point so where a lot of
at this point so where a lot of
at this point so where a lot of entrepreneurs make a mistake especially
entrepreneurs make a mistake especially
entrepreneurs make a mistake especially not getting into retail operations that
not getting into retail operations that
not getting into retail operations that they’re setting up stores or cafes or
they’re setting up stores or cafes or
they’re setting up stores or cafes or restaurants you burn through a lot of
restaurants you burn through a lot of
restaurants you burn through a lot of money and setting up that operation and
money and setting up that operation and
money and setting up that operation and a lot of times it doesn’t work out and
a lot of times it doesn’t work out and
a lot of times it doesn’t work out and you’ve maybe eliminated your life
you’ve maybe eliminated your life
you’ve maybe eliminated your life savings you’ve upset your investors and
savings you’ve upset your investors and
savings you’ve upset your investors and so what I always encourage entrepreneurs
so what I always encourage entrepreneurs
so what I always encourage entrepreneurs to do is you can think big but start
to do is you can think big but start
to do is you can think big but start small and try not to start spending too
small and try not to start spending too
small and try not to start spending too much money until you’re earning money
much money until you’re earning money
much money until you’re earning money coming in so it’s a couple ways to do it
coming in so it’s a couple ways to do it
coming in so it’s a couple ways to do it for your idea and hopefully these can
for your idea and hopefully these can
for your idea and hopefully these can help you guide that business forward so
help you guide that business forward so
help you guide that business forward so the first thing I would do is instead of
the first thing I would do is instead of
the first thing I would do is instead of launching your own book store to start
launching your own book store to start
launching your own book store to start partner up with other retailers and see
partner up with other retailers and see
partner up with other retailers and see if you could have a little book rack
if you could have a little book rack
if you could have a little book rack within their business and what that does
within their business and what that does
within their business and what that does is helps them drive new people into the
is helps them drive new people into the
is helps them drive new people into the store you give them a little bit of the
store you give them a little bit of the
store you give them a little bit of the profit and you can also see what type of
profit and you can also see what type of
profit and you can also see what type of books sell and what types of books don’t
books sell and what types of books don’t
books sell and what types of books don’t sell right so instead of setting up your
sell right so instead of setting up your
sell right so instead of setting up your own book store buying the wrong books
own book store buying the wrong books
own book store buying the wrong books and spending all this money you can
and spending all this money you can
and spending all this money you can quickly test with pretty low cost way
quickly test with pretty low cost way
quickly test with pretty low cost way and it’s a plus for the retailer because
and it’s a plus for the retailer because
and it’s a plus for the retailer because they can get new people coming into
they can get new people coming into
they can get new people coming into their store it works better when it’s a
their store it works better when it’s a
their store it works better when it’s a smaller retailer small output that
smaller retailer small output that
smaller retailer small output that you’re working with
you’re working with
you’re working with and hopefully you can set up these types
and hopefully you can set up these types
and hopefully you can set up these types of profit or relationships to test your
of profit or relationships to test your
of profit or relationships to test your concept the second thing I would do is
concept the second thing I would do is
concept the second thing I would do is try to partner up with other
try to partner up with other
try to partner up with other organizations that may not be retail
organizations that may not be retail
organizations that may not be retail operations but also serve your same
operations but also serve your same
operations but also serve your same target market so if you’re selling
target market so if you’re selling
target market so if you’re selling religious books partner up with
religious books partner up with
religious books partner up with different churches if you’re selling
different churches if you’re selling
different churches if you’re selling books about coffee partner up with
books about coffee partner up with
books about coffee partner up with different cafes and again offered to
different cafes and again offered to
different cafes and again offered to sell books within their establishment
sell books within their establishment
sell books within their establishment give them a little bit of the profit and
give them a little bit of the profit and
give them a little bit of the profit and you’re going to help drive people to
you’re going to help drive people to
you’re going to help drive people to learn more about their organization I
learn more about their organization I
learn more about their organization I get how lets you test to see if the
get how lets you test to see if the
get how lets you test to see if the model works or not and you not you’re
model works or not and you not you’re
model works or not and you not you’re not out a lot of money to set up that
not out a lot of money to set up that
not out a lot of money to set up that type of business the last thing I would
type of business the last thing I would
type of business the last thing I would do is with retail operations it’s really
do is with retail operations it’s really
do is with retail operations it’s really important to get the location right
important to get the location right
important to get the location right right you can spend a lot of money
right you can spend a lot of money
right you can spend a lot of money sitting up your bookstore but it’s in
sitting up your bookstore but it’s in
sitting up your bookstore but it’s in the wrong location even if you have the
the wrong location even if you have the
the wrong location even if you have the right books you’re not going to be able
right books you’re not going to be able
right books you’re not going to be able to turn a profit so it’s really good to
to turn a profit so it’s really good to
to turn a profit so it’s really good to be able to test different locations to
be able to test different locations to
be able to test different locations to see which one works before you commit a
see which one works before you commit a
see which one works before you commit a lot of money to set up your bookstore so
lot of money to set up your bookstore so
lot of money to set up your bookstore so what I would try to do is set up
what I would try to do is set up
what I would try to do is set up partnerships with different retailers
partnerships with different retailers
partnerships with different retailers and different locations to see what
and different locations to see what
and different locations to see what works and what doesn’t work you can also
works and what doesn’t work you can also
works and what doesn’t work you can also have book sale days and set up you know
have book sale days and set up you know
have book sale days and set up you know outside different stores just for one
outside different stores just for one
outside different stores just for one time and see if it works see if you’re
time and see if it works see if you’re
time and see if it works see if you’re able to draw people see if it’s the
able to draw people see if it’s the
able to draw people see if it’s the right type of demographic that you want
right type of demographic that you want
right type of demographic that you want to target or not and it’s a quick way
to target or not and it’s a quick way
to target or not and it’s a quick way again the test to see if you’re
again the test to see if you’re
again the test to see if you’re attracting the right people are not
attracting the right people are not
attracting the right people are not before you go out and invest all that
before you go out and invest all that
before you go out and invest all that money into creating the bookstore but by
money into creating the bookstore but by
money into creating the bookstore but by doing all these little things I partner
doing all these little things I partner
doing all these little things I partner with different organizations you’re able
with different organizations you’re able
with different organizations you’re able to test see what works what books people
to test see what works what books people
to test see what works what books people like what location works start building
like what location works start building
like what location works start building up a list of customers people who like
up a list of customers people who like
up a list of customers people who like you know you want to buy more from you
you know you want to buy more from you
you know you want to buy more from you and you have money that starts to come
and you have money that starts to come
and you have money that starts to come in which then you can use to go on
in which then you can use to go on
in which then you can use to go on actually create your book store and if
actually create your book store and if
actually create your book store and if you do decide to go and try to get
you do decide to go and try to get
you do decide to go and try to get investment at this point you have some
investment at this point you have some
investment at this point you have some traction you have some momentum you have
traction you have some momentum you have
traction you have some momentum you have something behind you more than just an
something behind you more than just an
something behind you more than just an idea and it’ll be a lot easier to go
idea and it’ll be a lot easier to go
idea and it’ll be a lot easier to go upgrades that happily looking for so I
upgrades that happily looking for so I
upgrades that happily looking for so I hope that helps Santosh if you guys
hope that helps Santosh if you guys
hope that helps Santosh if you guys liked the video please give it a thumbs
liked the video please give it a thumbs
liked the video please give it a thumbs up below and I’d also love to hear your
up below and I’d also love to hear your
up below and I’d also love to hear your thoughts and feedback if you want to
thoughts and feedback if you want to
thoughts and feedback if you want to leave a comment under the video and stay
leave a comment under the video and stay
leave a comment under the video and stay tuned for the next episode
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