hi I’m Evan Carmichael welcome to another edition of ask Evan this is a
another edition of ask Evan this is a
another edition of ask Evan this is a special edition brought to you by Telus
special edition brought to you by Telus
special edition brought to you by Telus they have launched a campaign where
they have launched a campaign where
they have launched a campaign where they’re giving $100,000 away to a
they’re giving $100,000 away to a
they’re giving $100,000 away to a Canadian entrepreneur I’ll talk a little
Canadian entrepreneur I’ll talk a little
Canadian entrepreneur I’ll talk a little bit about it at the end of the video so
bit about it at the end of the video so
bit about it at the end of the video so stay tuned for the end in this episode
stay tuned for the end in this episode
stay tuned for the end in this episode I’m going to answer question from one of
I’m going to answer question from one of
I’m going to answer question from one of our Telus talks business readers who
our Telus talks business readers who
our Telus talks business readers who wrote in asking about how to increase
wrote in asking about how to increase
wrote in asking about how to increase sales so the question was thanks for the
sales so the question was thanks for the
sales so the question was thanks for the advice I’m also running a company but
advice I’m also running a company but
advice I’m also running a company but struggling to increase my sales cash
struggling to increase my sales cash
struggling to increase my sales cash flow and I’m failing to pay my suppliers
flow and I’m failing to pay my suppliers
flow and I’m failing to pay my suppliers and my bank loans in time I need more of
and my bank loans in time I need more of
and my bank loans in time I need more of your good advice because I want to make
your good advice because I want to make
your good advice because I want to make a breakthrough so thank you for that
a breakthrough so thank you for that
a breakthrough so thank you for that question really tough situation and a
question really tough situation and a
question really tough situation and a lot of entrepreneurs do get themselves
lot of entrepreneurs do get themselves
lot of entrepreneurs do get themselves in a huge cash crunch by spending more
in a huge cash crunch by spending more
in a huge cash crunch by spending more than they’re making and that that is
than they’re making and that that is
than they’re making and that that is often a recipe for failure and I want to
often a recipe for failure and I want to
often a recipe for failure and I want to you know really feel for you and I hope
you know really feel for you and I hope
you know really feel for you and I hope that you can get out of this I’m gonna
that you can get out of this I’m gonna
that you can get out of this I’m gonna give you some tips too to help you go
give you some tips too to help you go
give you some tips too to help you go through that
through that
through that the first thing is really stop spending
the first thing is really stop spending
the first thing is really stop spending money and anybody can spend money this
money and anybody can spend money this
money and anybody can spend money this is what we saw a lot with my venture
is what we saw a lot with my venture
is what we saw a lot with my venture capital days
capital days
capital days anybody can spend money it’s not hard to
anybody can spend money it’s not hard to
anybody can spend money it’s not hard to spend money they gave me a million bucks
spend money they gave me a million bucks
spend money they gave me a million bucks you can go out and spend a million bucks
you can go out and spend a million bucks
you can go out and spend a million bucks if you you get the hundred thousand
if you you get the hundred thousand
if you you get the hundred thousand dollars from tell us if so you can go
dollars from tell us if so you can go
dollars from tell us if so you can go out and find a hundred thousand ways to
out and find a hundred thousand ways to
out and find a hundred thousand ways to use it but not only buddy can make money
use it but not only buddy can make money
use it but not only buddy can make money and so the important thing to do as an
and so the important thing to do as an
and so the important thing to do as an entrepreneur is try to make money before
entrepreneur is try to make money before
entrepreneur is try to make money before you’re spending money I hate spending
you’re spending money I hate spending
you’re spending money I hate spending money until I’m making money and I’ll
money until I’m making money and I’ll
money until I’m making money and I’ll invest my time and energy in new
invest my time and energy in new
invest my time and energy in new projects and trying to get them to go
projects and trying to get them to go
projects and trying to get them to go wait before I’ll spend my money and that
wait before I’ll spend my money and that
wait before I’ll spend my money and that should be the approach so I think you
should be the approach so I think you
should be the approach so I think you should take and a lot of entrepreneurs
should take and a lot of entrepreneurs
should take and a lot of entrepreneurs should take look for ways to spend your
should take look for ways to spend your
should take look for ways to spend your time and energy to go out and earn money
time and energy to go out and earn money
time and energy to go out and earn money but don’t spend your money to do it once
but don’t spend your money to do it once
but don’t spend your money to do it once you see that you can make the work on a
you see that you can make the work on a
you see that you can make the work on a small scale then it’s okay to spend
small scale then it’s okay to spend
small scale then it’s okay to spend money to experience you know what’s
money to experience you know what’s
money to experience you know what’s working but at the beginning don’t spend
working but at the beginning don’t spend
working but at the beginning don’t spend money a quick example even with these
money a quick example even with these
money a quick example even with these YouTube videos that you guys are
YouTube videos that you guys are
YouTube videos that you guys are watching go back to my earlier videos
watching go back to my earlier videos
watching go back to my earlier videos and they were really bad right a lot of
and they were really bad right a lot of
and they were really bad right a lot of it was because I didn’t want to spend
it was because I didn’t want to spend
it was because I didn’t want to spend money to invest in the equipment to
money to invest in the equipment to
money to invest in the equipment to create the videos until I knew that I
create the videos until I knew that I
create the videos until I knew that I was going to commit to it and there was
was going to commit to it and there was
was going to commit to it and there was a potential
a potential
a potential revenue model down the down the line for
revenue model down the down the line for
revenue model down the down the line for me so the first videos are really bad
me so the first videos are really bad
me so the first videos are really bad it’s on a really old camera the lighting
it’s on a really old camera the lighting
it’s on a really old camera the lighting is terrible the audio was terrible the
is terrible the audio was terrible the
is terrible the audio was terrible the content was still pretty good but the
content was still pretty good but the
content was still pretty good but the you know the money that would be spent
you know the money that would be spent
you know the money that would be spent on video editing and having a nice
on video editing and having a nice
on video editing and having a nice camera and happy to do microphone and
camera and happy to do microphone and
camera and happy to do microphone and have a good lighting that is much better
have a good lighting that is much better
have a good lighting that is much better in the videos now I started to spend
in the videos now I started to spend
in the videos now I started to spend money on that once I started making
money on that once I started making
money on that once I started making money from the videos and it was as
money from the videos and it was as
money from the videos and it was as simple as that so I used the momentum
simple as that so I used the momentum
simple as that so I used the momentum from the early days to get it going
from the early days to get it going
from the early days to get it going don’t spend a lot of money and then as I
don’t spend a lot of money and then as I
don’t spend a lot of money and then as I started making my name is able to invest
started making my name is able to invest
started making my name is able to invest back into the business and was able to
back into the business and was able to
back into the business and was able to build it up and it’s not that I couldn’t
build it up and it’s not that I couldn’t
build it up and it’s not that I couldn’t have spent money to buy a camera and
have spent money to buy a camera and
have spent money to buy a camera and lighting it’s just it’s easy to go and
lighting it’s just it’s easy to go and
lighting it’s just it’s easy to go and spend money on new projects that never
spend money on new projects that never
spend money on new projects that never take off so I always try to make sure
take off so I always try to make sure
take off so I always try to make sure that I’m finding a way to make money on
that I’m finding a way to make money on
that I’m finding a way to make money on these projects I’ll guess my time into
these projects I’ll guess my time into
these projects I’ll guess my time into it and energy but I won’t spend money
it and energy but I won’t spend money
it and energy but I won’t spend money until I find a way to make some of that
until I find a way to make some of that
until I find a way to make some of that money back so that’s kind of step one
money back so that’s kind of step one
money back so that’s kind of step one that can be kind of general advice and
that can be kind of general advice and
that can be kind of general advice and oh how do i implement that the next
oh how do i implement that the next
oh how do i implement that the next thing is go off their companies and
thing is go off their companies and
thing is go off their companies and build around them so try to build your
build around them so try to build your
build around them so try to build your product your service around customers so
product your service around customers so
product your service around customers so I don’t know what you’re selling didn’t
I don’t know what you’re selling didn’t
I don’t know what you’re selling didn’t mention in your comment but go out and
mention in your comment but go out and
mention in your comment but go out and try to find guys and talk to them
try to find guys and talk to them
try to find guys and talk to them potential customers will pay you to
potential customers will pay you to
potential customers will pay you to solve their problem the more you can
solve their problem the more you can
solve their problem the more you can build your product or service around
build your product or service around
build your product or service around somebody who has a problem in willing to
somebody who has a problem in willing to
somebody who has a problem in willing to pay you for it the better your cash flow
pay you for it the better your cash flow
pay you for it the better your cash flow is gonna be right so we made this
is gonna be right so we made this
is gonna be right so we made this mistake in my first software company we
mistake in my first software company we
mistake in my first software company we spent all this time building this one
spent all this time building this one
spent all this time building this one feature that as it turns out nobody
feature that as it turns out nobody
feature that as it turns out nobody really wanted and I was an awesome
really wanted and I was an awesome
really wanted and I was an awesome feature but we thought it was awesome
feature but we thought it was awesome
feature but we thought it was awesome but our customers didn’t really care and
but our customers didn’t really care and
but our customers didn’t really care and so what was the point of that if we had
so what was the point of that if we had
so what was the point of that if we had spoken to our customers earlier in find
spoken to our customers earlier in find
spoken to our customers earlier in find out what they wanted and build around
out what they wanted and build around
out what they wanted and build around their pain points and their problems we
their pain points and their problems we
their pain points and their problems we would have had the more money coming in
would have had the more money coming in
would have had the more money coming in we would have been a more successful
we would have been a more successful
we would have been a more successful company earlier on I know luckily we had
company earlier on I know luckily we had
company earlier on I know luckily we had enough good features in our software
enough good features in our software
enough good features in our software that people still wanted to buy from us
that people still wanted to buy from us
that people still wanted to buy from us but the the one thing we spent so much
but the the one thing we spent so much
but the the one thing we spent so much time working on nobody cared and I think
time working on nobody cared and I think
time working on nobody cared and I think a lot of entrepreneurs have that same
a lot of entrepreneurs have that same
a lot of entrepreneurs have that same thing where they spend a lot of time and
thing where they spend a lot of time and
thing where they spend a lot of time and energy on something that people don’t
energy on something that people don’t
energy on something that people don’t really care that much about you’re not
really care that much about you’re not
really care that much about you’re not really solving a problem so you want to
really solving a problem so you want to
really solving a problem so you want to talk to your customers build around what
talk to your customers build around what
talk to your customers build around what their problems are and you
their problems are and you
their problems are and you have a study no cash flow coming in it’s
have a study no cash flow coming in it’s
have a study no cash flow coming in it’s great if you can talk to companies
great if you can talk to companies
great if you can talk to companies instead of individuals because if you
instead of individuals because if you
instead of individuals because if you can have had a blast and impact with the
can have had a blast and impact with the
can have had a blast and impact with the company they’re gonna hire you back it’s
company they’re gonna hire you back it’s
company they’re gonna hire you back it’s gonna be bigger dollars it’s gonna be
gonna be bigger dollars it’s gonna be
gonna be bigger dollars it’s gonna be ongoing commitment and they’re likely to
ongoing commitment and they’re likely to
ongoing commitment and they’re likely to tell their you know other companies
tell their you know other companies
tell their you know other companies about you as well so it’s great to have
about you as well so it’s great to have
about you as well so it’s great to have those relationships we’re selling to
those relationships we’re selling to
those relationships we’re selling to consumers can be really tough where they
consumers can be really tough where they
consumers can be really tough where they may love it but they’ll buy much smaller
may love it but they’ll buy much smaller
may love it but they’ll buy much smaller quantities won’t have as much need for
quantities won’t have as much need for
quantities won’t have as much need for you so it’s a lot harder to do consumer
you so it’s a lot harder to do consumer
you so it’s a lot harder to do consumer oriented business than business and the
oriented business than business and the
oriented business than business and the last tip would be to start with a
last tip would be to start with a
last tip would be to start with a service and I don’t know if you’re
service and I don’t know if you’re
service and I don’t know if you’re selling a service or if you’re selling a
selling a service or if you’re selling a
selling a service or if you’re selling a product but I definitely geared toward
product but I definitely geared toward
product but I definitely geared toward to serve this notion of you know cash
to serve this notion of you know cash
to serve this notion of you know cash crunch his service doesn’t cost you a
crunch his service doesn’t cost you a
crunch his service doesn’t cost you a lot of money it’s your time which
lot of money it’s your time which
lot of money it’s your time which eventually you want to you know try to
eventually you want to you know try to
eventually you want to you know try to break free of but at the beginning you
break free of but at the beginning you
break free of but at the beginning you got to get to survival or you got to get
got to get to survival or you got to get
got to get to survival or you got to get the point where you’re able to make you
the point where you’re able to make you
the point where you’re able to make you know enough money to pay your bills you
know enough money to pay your bills you
know enough money to pay your bills you pay your bank pay your suppliers and
pay your bank pay your suppliers and
pay your bank pay your suppliers and you’re making you know a comfortable
you’re making you know a comfortable
you’re making you know a comfortable living so you gotta get to that survival
living so you gotta get to that survival
living so you gotta get to that survival point and a lot of entrepreneurs never
point and a lot of entrepreneurs never
point and a lot of entrepreneurs never hit that and that’s why they have to
hit that and that’s why they have to
hit that and that’s why they have to shut down so a great way to do that
shut down so a great way to do that
shut down so a great way to do that start a service talk to companies again
start a service talk to companies again
start a service talk to companies again solve their problems do it with the
solve their problems do it with the
solve their problems do it with the service do it with investing a lot of
service do it with investing a lot of
service do it with investing a lot of time into it and as you get closer to
time into it and as you get closer to
time into it and as you get closer to your companies and close to your
your companies and close to your
your companies and close to your customers you really understand their
customers you really understand their
customers you really understand their needs and the needs of the market then
needs and the needs of the market then
needs and the needs of the market then you’re able to introduce a product that
you’re able to introduce a product that
you’re able to introduce a product that can help them even more and you can
can help them even more and you can
can help them even more and you can expand part companies are typically more
expand part companies are typically more
expand part companies are typically more expensive take longer to get going have
expensive take longer to get going have
expensive take longer to get going have a higher failure rate then if you can
a higher failure rate then if you can
a higher failure rate then if you can start with a service really you’ll get a
start with a service really you’ll get a
start with a service really you’ll get a cash flow stream coming in and be able
cash flow stream coming in and be able
cash flow stream coming in and be able to build on that then your bigger vision
to build on that then your bigger vision
to build on that then your bigger vision may be to have products on the line but
may be to have products on the line but
may be to have products on the line but I’d start with the service especially if
I’d start with the service especially if
I’d start with the service especially if you’re in a cash crunch and in the last
you’re in a cash crunch and in the last
you’re in a cash crunch and in the last point is just your your income is gonna
point is just your your income is gonna
point is just your your income is gonna depend on how much value you provide to
depend on how much value you provide to
depend on how much value you provide to your customers so the more value
your customers so the more value
your customers so the more value provides your customers the more money
provides your customers the more money
provides your customers the more money you’re gonna be able to make if you need
you’re gonna be able to make if you need
you’re gonna be able to make if you need more money faster provide more value
more money faster provide more value
more money faster provide more value faster it’s really as simple as that
faster it’s really as simple as that
faster it’s really as simple as that entrepreneurs will make as much money as
entrepreneurs will make as much money as
entrepreneurs will make as much money as they’re able to the charge more because
they’re able to the charge more because
they’re able to the charge more because they’re offering a lot more value if
they’re offering a lot more value if
they’re offering a lot more value if you’re not able to get the prices that
you’re not able to get the prices that
you’re not able to get the prices that you want because you’re not giving your
you want because you’re not giving your
you want because you’re not giving your customers enough value so look for ways
customers enough value so look for ways
customers enough value so look for ways to add incredible overwhelming value to
to add incredible overwhelming value to
to add incredible overwhelming value to ideally business customers and it’s a
ideally business customers and it’s a
ideally business customers and it’s a service
service
service and hopefully I’ll get you you’ll get
and hopefully I’ll get you you’ll get
and hopefully I’ll get you you’ll get your company off to that next level and
your company off to that next level and
your company off to that next level and get you out of this cash crunch that
get you out of this cash crunch that
get you out of this cash crunch that you’re facing
you’re facing
you’re facing hopefully that was really helpful again
hopefully that was really helpful again
hopefully that was really helpful again this video is sponsored by Telus they
this video is sponsored by Telus they
this video is sponsored by Telus they have a challenge going on where they are
have a challenge going on where they are
have a challenge going on where they are giving away $100,000 of Canadian
giving away $100,000 of Canadian
giving away $100,000 of Canadian entrepreneur you can enter at the global
entrepreneur you can enter at the global
entrepreneur you can enter at the global male slash the challenge and I’m gonna
male slash the challenge and I’m gonna
male slash the challenge and I’m gonna be one of the judges we’re looking at
be one of the judges we’re looking at
be one of the judges we’re looking at the end of May to be able to give away
the end of May to be able to give away
the end of May to be able to give away this money so check it out I’d love to
this money so check it out I’d love to
this money so check it out I’d love to see you guys there if you did like this
see you guys there if you did like this
see you guys there if you did like this video please give it a thumbs up below
video please give it a thumbs up below
video please give it a thumbs up below and love seeing those come in it always
and love seeing those come in it always
and love seeing those come in it always makes my day when when you do that so
makes my day when when you do that so
makes my day when when you do that so thank you and if you have any questions
thank you and if you have any questions
thank you and if you have any questions about this video or other questions to
about this video or other questions to
about this video or other questions to your business feel free to leave it in
your business feel free to leave it in
your business feel free to leave it 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’d be happy to answer for you
out and I’d be happy to answer for you
out and I’d be happy to answer for you as well so thank you and we’ll see you
as well so thank you and we’ll see you
as well so thank you and we’ll see you on the next episode
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