hi I’m Evan Carmichael walk another edition of ask Evan in today’s episode
edition of ask Evan in today’s episode
edition of ask Evan in today’s episode I’m going to answer a question from one
I’m going to answer a question from one
I’m going to answer a question from one of my newsletter readers been thinking
of my newsletter readers been thinking
of my newsletter readers been thinking of starting the business and what did my
of starting the business and what did my
of starting the business and what did my bites so wrote in saying hi Evan we were
bites so wrote in saying hi Evan we were
bites so wrote in saying hi Evan we were looking a certain opportunity for own
looking a certain opportunity for own
looking a certain opportunity for own business for a couple of years now first
business for a couple of years now first
business for a couple of years now first one to buy butchery but then we had a
one to buy butchery but then we had a
one to buy butchery but then we had a closer look the butchery was not as busy
closer look the butchery was not as busy
closer look the butchery was not as busy as a current owner said it was so we
as a current owner said it was so we
as a current owner said it was so we left it there then we went to buy a
left it there then we went to buy a
left it there then we went to buy a truck which is currently still an option
truck which is currently still an option
truck which is currently still an option but there’s another option available in
but there’s another option available in
but there’s another option available in our town how do we get started and what
our town how do we get started and what
our town how do we get started and what we need for the bank except for a
we need for the bank except for a
we need for the bank except for a business plan so thanks for the question
business plan so thanks for the question
business plan so thanks for the question been a couple of ideas in there so the
been a couple of ideas in there so the
been a couple of ideas in there so the first thing when you’re starting a
first thing when you’re starting a
first thing when you’re starting a business number one rule you have to do
business number one rule you have to do
business number one rule you have to do something around your passion you got to
something around your passion you got to
something around your passion you got to start a business around something you’re
start a business around something you’re
start a business around something you’re really excited about doesn’t you wake up
really excited about doesn’t you wake up
really excited about doesn’t you wake up you want to go do every morning this is
you want to go do every morning this is
you want to go do every morning this is an exciting opportunity as an
an exciting opportunity as an
an exciting opportunity as an entrepreneur you get the pic your job
entrepreneur you get the pic your job
entrepreneur you get the pic your job you get to pick what you wake up and go
you get to pick what you wake up and go
you get to pick what you wake up and go and do every morning so why not do
and do every morning so why not do
and do every morning so why not do something that gets you really excited
something that gets you really excited
something that gets you really excited on top of that when you are really
on top of that when you are really
on top of that when you are really excited about it and you bring a lot of
excited about it and you bring a lot of
excited about it and you bring a lot of passion to your business then more a lot
passion to your business then more a lot
passion to your business then more a lot of people to be successful at you’re
of people to be successful at you’re
of people to be successful at you’re more likely to push through all the hard
more likely to push through all the hard
more likely to push through all the hard times that are ahead of you and you’re
times that are ahead of you and you’re
times that are ahead of you and you’re more likely to build up a company that
more likely to build up a company that
more likely to build up a company that that you can really be proud of you see
that you can really be proud of you see
that you can really be proud of you see entrepreneurs who start a business just
entrepreneurs who start a business just
entrepreneurs who start a business just to make money they rarely do you should
to make money they rarely do you should
to make money they rarely do you should because they’re not really excited about
because they’re not really excited about
because they’re not really excited about the business and they fail at the first
the business and they fail at the first
the business and they fail at the first sign of trouble they quit and they want
sign of trouble they quit and they want
sign of trouble they quit and they want to go off and do something else so it
to go off and do something else so it
to go off and do something else so it may be being a butcher it may be doing a
may be being a butcher it may be doing a
may be being a butcher it may be doing a truck business those are two seemingly
truck business those are two seemingly
truck business those are two seemingly completely different ideas but is there
completely different ideas but is there
completely different ideas but is there something you could bring to that that’s
something you could bring to that that’s
something you could bring to that that’s uniquely you and it you have a strong
uniquely you and it you have a strong
uniquely you and it you have a strong passion for so if you’re examining those
passion for so if you’re examining those
passion for so if you’re examining those businesses because you really feel an
businesses because you really feel an
businesses because you really feel an intense desire to do it that’s a
intense desire to do it that’s a
intense desire to do it that’s a potential if you’re looking at it just
potential if you’re looking at it just
potential if you’re looking at it just something to do and hopefully make some
something to do and hopefully make some
something to do and hopefully make some money then I would try to search for
money then I would try to search for
money then I would try to search for something else that you think you have a
something else that you think you have a
something else that you think you have a better shot of a really enjoying and
better shot of a really enjoying and
better shot of a really enjoying and really love doing so it’s kind of number
really love doing so it’s kind of number
really love doing so it’s kind of number one rule of entrepreneurship at least
one rule of entrepreneurship at least
one rule of entrepreneurship at least for me it’s you got to build around
for me it’s you got to build around
for me it’s you got to build around something
something
something you’re super fashion button if you look
you’re super fashion button if you look
you’re super fashion button if you look at the famous entrepreneurs and how they
at the famous entrepreneurs and how they
at the famous entrepreneurs and how they got started look at any famous
got started look at any famous
got started look at any famous successful entrepreneur admire look back
successful entrepreneur admire look back
successful entrepreneur admire look back at their story and it would always be
at their story and it would always be
at their story and it would always be they started their business because they
they started their business because they
they started their business because they had a really strong passion for what
had a really strong passion for what
had a really strong passion for what they were doing one of the change the
they were doing one of the change the
they were doing one of the change the way something was done in their industry
way something was done in their industry
way something was done in their industry or they’re really frustrated with
or they’re really frustrated with
or they’re really frustrated with something it wasn’t I set out to make a
something it wasn’t I set out to make a
something it wasn’t I set out to make a lot of money so again usually guys who
lot of money so again usually guys who
lot of money so again usually guys who just start to try to make money really
just start to try to make money really
just start to try to make money really end up making a lot of money so got a
end up making a lot of money so got a
end up making a lot of money so got a certain on your passion the next second
certain on your passion the next second
certain on your passion the next second bit of advice for you would be the
bit of advice for you would be the
bit of advice for you would be the amount of money that you’ll make will be
amount of money that you’ll make will be
amount of money that you’ll make will be in direct proportion to how much value
in direct proportion to how much value
in direct proportion to how much value you add to your customers so think about
you add to your customers so think about
you add to your customers so think about what you can bring this unique to
what you can bring this unique to
what you can bring this unique to whatever business that you’re starting
whatever business that you’re starting
whatever business that you’re starting and how can you add this is an
and how can you add this is an
and how can you add this is an overwhelming amount of value to your
overwhelming amount of value to your
overwhelming amount of value to your customers the more value you can bring
customers the more value you can bring
customers the more value you can bring the more money you’re going to make so
the more money you’re going to make so
the more money you’re going to make so how can you be super useful super
how can you be super useful super
how can you be super useful super helpful go above and beyond and as many
helpful go above and beyond and as many
helpful go above and beyond and as many areas as you can and that’s where when
areas as you can and that’s where when
areas as you can and that’s where when you’re really passionate what you’re
you’re really passionate what you’re
you’re really passionate what you’re doing you’ll start to get those kind of
doing you’ll start to get those kind of
doing you’ll start to get those kind of ideas if you’re if you’re just doing it
ideas if you’re if you’re just doing it
ideas if you’re if you’re just doing it for the money it’s going to be hard to
for the money it’s going to be hard to
for the money it’s going to be hard to come up with you know unique ideas to be
come up with you know unique ideas to be
come up with you know unique ideas to be able to grow it beyond where it
able to grow it beyond where it
able to grow it beyond where it currently is hopefully that helps give
currently is hopefully that helps give
currently is hopefully that helps give you a starting point there’s no you no
you a starting point there’s no you no
you a starting point there’s no you no right or wrong answer if you’re really
right or wrong answer if you’re really
right or wrong answer if you’re really passionate about it and you’re able to
passionate about it and you’re able to
passionate about it and you’re able to provide a lot of value to your customers
provide a lot of value to your customers
provide a lot of value to your customers that’s a good recipe for success right
that’s a good recipe for success right
that’s a good recipe for success right there and it could be any industry and
there and it could be any industry and
there and it could be any industry and your second part was about what you need
your second part was about what you need
your second part was about what you need to go to the bank with besides a
to go to the bank with besides a
to go to the bank with besides a business plan for a start-up to be
business plan for a start-up to be
business plan for a start-up to be honest banks are not really a super
honest banks are not really a super
honest banks are not really a super friendly place to go for entrepreneurs
friendly place to go for entrepreneurs
friendly place to go for entrepreneurs they want to risk a very little capital
they want to risk a very little capital
they want to risk a very little capital in ventures that they seem as being
in ventures that they seem as being
in ventures that they seem as being risky or startup so the chance of you
risky or startup so the chance of you
risky or startup so the chance of you getting a loan for business are pretty
getting a loan for business are pretty
getting a loan for business are pretty poor typically they want to see at least
poor typically they want to see at least
poor typically they want to see at least three years of history and that you’re
three years of history and that you’re
three years of history and that you’re profitable they’re thinking if your
profitable they’re thinking if your
profitable they’re thinking if your business goes under what can they take
business goes under what can they take
business goes under what can they take right so if it if it is a trucking type
right so if it if it is a trucking type
right so if it if it is a trucking type of company there’s that truck that they
of company there’s that truck that they
of company there’s that truck that they can tape they want an asset that they
can tape they want an asset that they
can tape they want an asset that they can take back if it’s a more service
can take back if it’s a more service
can take back if it’s a more service type of business or you’re carrying
type of business or you’re carrying
type of business or you’re carrying inventory that no they would have a hard
inventory that no they would have a hard
inventory that no they would have a hard time selling that’s a lot harder to
time selling that’s a lot harder to
time selling that’s a lot harder to finance then just something where they
finance then just something where they
finance then just something where they can actually pull you know equipment or
can actually pull you know equipment or
can actually pull you know equipment or land
land
land there are other assets back so the only
there are other assets back so the only
there are other assets back so the only other way to do would be to have a
other way to do would be to have a
other way to do would be to have a personal guarantee so if you have your
personal guarantee so if you have your
personal guarantee so if you have your own personal credit then yes it’s for
own personal credit then yes it’s for
own personal credit then yes it’s for the business but your personally
the business but your personally
the business but your personally guarantee me that if the business goes
guarantee me that if the business goes
guarantee me that if the business goes on there you’re still on the hook for
on there you’re still on the hook for
on there you’re still on the hook for whatever loan that you are that you want
whatever loan that you are that you want
whatever loan that you are that you want to take out so hope that helps I always
to take out so hope that helps I always
to take out so hope that helps I always try to recommend bootstrapping if you
try to recommend bootstrapping if you
try to recommend bootstrapping if you can banks are typically not a great
can banks are typically not a great
can banks are typically not a great source for startups there may be some
source for startups there may be some
source for startups there may be some some government programs you’ll be able
some government programs you’ll be able
some government programs you’ll be able to get an angel investor but your best
to get an angel investor but your best
to get an angel investor but your best bet is especially the start is too dry
bet is especially the start is too dry
bet is especially the start is too dry to bootstrap it as much as you can get
to bootstrap it as much as you can get
to bootstrap it as much as you can get it to the point where at least you’re
it to the point where at least you’re
it to the point where at least you’re making some money coming in from
making some money coming in from
making some money coming in from customers and then see if you want to
customers and then see if you want to
customers and then see if you want to expand my going out and get an investor
expand my going out and get an investor
expand my going out and get an investor or a loan which would be a much more
or a loan which would be a much more
or a loan which would be a much more favorable rates because you’ve done the
favorable rates because you’ve done the
favorable rates because you’ve done the hard work of starting up or you continue
hard work of starting up or you continue
hard work of starting up or you continue the bootstrapping if you think you’re
the bootstrapping if you think you’re
the bootstrapping if you think you’re going to have a big go at it so
going to have a big go at it so
going to have a big go at it so hopefully that helps answer some of your
hopefully that helps answer some of your
hopefully that helps answer some of your questions been if you guys liked the
questions been if you guys liked the
questions been if you guys liked the video please give it a thumbs up below
video please give it a thumbs up below
video please give it a thumbs up below makes me want to do more of these videos
makes me want to do more of these videos
makes me want to do more of these videos for you guys if you have a question
for you guys if you have a question
for you guys if you have a question about starting the business or raising
about starting the business or raising
about starting the business or raising capital or a different question that you
capital or a different question that you
capital or a different question that you want to answer it feel free to leave in
want to answer it feel free to leave in
want to answer it feel free to leave in the comments below I always check those
the comments below I always check those
the comments below I always check those out and I try to answer as many as I can
out and I try to answer as many as I can
out and I try to answer as many as I can so thank you and we’ll see you on the
so thank you and we’ll see you on the
so thank you and we’ll see you on the next episode
”
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