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 episode I’m going to answer questions
episode I’m going to answer questions
episode I’m going to answer questions from one of my four meters Kyle who runs
from one of my four meters Kyle who runs
from one of my four meters Kyle who runs an auto company and wanted to raise
an auto company and wanted to raise
an auto company and wanted to raise money between a quarter million to half
money between a quarter million to half
money between a quarter million to half a million people to buy more cars so we
a million people to buy more cars so we
a million people to buy more cars so we can sell them again at a profit and one
can sell them again at a profit and one
can sell them again at a profit and one of my advice on how to raise capital go
of my advice on how to raise capital go
of my advice on how to raise capital go and do it he said in the past has gotten
and do it he said in the past has gotten
and do it he said in the past has gotten bank loans but the the market isn’t
bank loans but the the market isn’t
bank loans but the the market isn’t working for him anymore is not able to
working for him anymore is not able to
working for him anymore is not able to get the bank loan so one of my bison
get the bank loan so one of my bison
get the bank loan so one of my bison getting it through private equity which
getting it through private equity which
getting it through private equity which is great so private equity means angel
is great so private equity means angel
is great so private equity means angel investor or venture capitalists for this
investor or venture capitalists for this
investor or venture capitalists for this situation that amount of money you’re
situation that amount of money you’re
situation that amount of money you’re not looking at the venture capital so it
not looking at the venture capital so it
not looking at the venture capital so it can more on the angel side you may not
can more on the angel side you may not
can more on the angel side you may not get one person to put in a quarter
get one person to put in a quarter
get one person to put in a quarter million or a half a million so maybe a
million or a half a million so maybe a
million or a half a million so maybe a collection of people but definitely
collection of people but definitely
collection of people but definitely something that people could be
something that people could be
something that people could be interested in if you can show them the
interested in if you can show them the
interested in if you can show them the return on investment so know that you’re
return on investment so know that you’re
return on investment so know that you’re going after kind of rich individuals who
going after kind of rich individuals who
going after kind of rich individuals who have you know hopefully an interesting
have you know hopefully an interesting
have you know hopefully an interesting cars and can be able to afford to drop
cars and can be able to afford to drop
cars and can be able to afford to drop 50 100 200 you know 2 and $50,000 into a
50 100 200 you know 2 and $50,000 into a
50 100 200 you know 2 and $50,000 into a new venture the next thing is what
new venture the next thing is what
new venture the next thing is what people will finance and you’re in an
people will finance and you’re in an
people will finance and you’re in an ideal situation here where you’re trying
ideal situation here where you’re trying
ideal situation here where you’re trying to expand the business so the hardest
to expand the business so the hardest
to expand the business so the hardest type of money of the race is brand-new
type of money of the race is brand-new
type of money of the race is brand-new startup hey I have an idea but haven’t
startup hey I have an idea but haven’t
startup hey I have an idea but haven’t proved anything yet where you’ve already
proved anything yet where you’ve already
proved anything yet where you’ve already done this before you’re looking to
done this before you’re looking to
done this before you’re looking to expand and you’re you know you need
expand and you’re you know you need
expand and you’re you know you need money to grow your business that’s the
money to grow your business that’s the
money to grow your business that’s the easiest type of business to be able to
easiest type of business to be able to
easiest type of business to be able to get money from so in that since you’re
get money from so in that since you’re
get money from so in that since you’re in a good position and trying to go out
in a good position and trying to go out
in a good position and trying to go out there and find these angel investors a
there and find these angel investors a
there and find these angel investors a lot of these deals are done by word of
lot of these deals are done by word of
lot of these deals are done by word of mouth in some cities depending on where
mouth in some cities depending on where
mouth in some cities depending on where you are there are some angel groups so
you are there are some angel groups so
you are there are some angel groups so you can go and present – and each a new
you can go and present – and each a new
you can go and present – and each a new group has their own format if it’s over
group has their own format if it’s over
group has their own format if it’s over dinner or a conference or whatever it is
dinner or a conference or whatever it is
dinner or a conference or whatever it is but most people are not part of an angel
but most people are not part of an angel
but most people are not part of an angel group and for the reason being most
group and for the reason being most
group and for the reason being most people are angel investors if you know
people are angel investors if you know
people are angel investors if you know the minute they go on and say hey I’m an
the minute they go on and say hey I’m an
the minute they go on and say hey I’m an angel investor they’re gonna get
angel investor they’re gonna get
angel investor they’re gonna get bombarded with business plans right
bombarded with business plans right
bombarded with business plans right everybody’s gonna be sending them
everybody’s gonna be sending them
everybody’s gonna be sending them business plans so most angel investors
business plans so most angel investors
business plans so most angel investors prefer to rely on word of mouth people
prefer to rely on word of mouth people
prefer to rely on word of mouth people to get deal flow so you want to be able
to get deal flow so you want to be able
to get deal flow so you want to be able to start talking to people who are
to start talking to people who are
to start talking to people who are potentially connected to angel investors
potentially connected to angel investors
potentially connected to angel investors and a good source is to look at business
and a good source is to look at business
and a good source is to look at business lawyers and
lawyers and
lawyers and because they see a lot of different
because they see a lot of different
because they see a lot of different entrepreneurs and often entrepreneurs
entrepreneurs and often entrepreneurs
entrepreneurs and often entrepreneurs are great source as a potential angel
are great source as a potential angel
are great source as a potential angel investor for you so let them know what
investor for you so let them know what
investor for you so let them know what you’re doing let them know you need
you’re doing let them know you need
you’re doing let them know you need money put it on the radar talk to a
money put it on the radar talk to a
money put it on the radar talk to a couple of you know accountants and
couple of you know accountants and
couple of you know accountants and business lawyers in your city so they
business lawyers in your city so they
business lawyers in your city so they know who you are and even the general
know who you are and even the general
know who you are and even the general public you know as you start talking to
public you know as you start talking to
public you know as you start talking to people the more you tell people
people the more you tell people
people the more you tell people specifically what you’re looking for the
specifically what you’re looking for the
specifically what you’re looking for the easier it is for them to help you you
easier it is for them to help you you
easier it is for them to help you you put it on their radar screen so the next
put it on their radar screen so the next
put it on their radar screen so the next time you know they’re talking to someone
time you know they’re talking to someone
time you know they’re talking to someone who might be a potential investor they
who might be a potential investor they
who might be a potential investor they can say hey I met this guy Kyle it’s got
can say hey I met this guy Kyle it’s got
can say hey I met this guy Kyle it’s got this great idea maybe you should connect
this great idea maybe you should connect
this great idea maybe you should connect so you want us to get in the word out
so you want us to get in the word out
so you want us to get in the word out there but especially to guys like
there but especially to guys like
there but especially to guys like accountants and lawyers when you’re
accountants and lawyers when you’re
accountants and lawyers when you’re bringing on in an investor you want to
bringing on in an investor you want to
bringing on in an investor you want to make sure that they don’t just give you
make sure that they don’t just give you
make sure that they don’t just give you money but hopefully can add something to
money but hopefully can add something to
money but hopefully can add something to your business experience connections
your business experience connections
your business experience connections built with some doors from you can maybe
built with some doors from you can maybe
built with some doors from you can maybe get you some good prices on the cars or
get you some good prices on the cars or
get you some good prices on the cars or can get you some bulk sales or whatever
can get you some bulk sales or whatever
can get you some bulk sales or whatever it is they think they can add to your
it is they think they can add to your
it is they think they can add to your business beyond just giving you money so
business beyond just giving you money so
business beyond just giving you money so that’s always a big boost so you want to
that’s always a big boost so you want to
that’s always a big boost so you want to find somebody ideally who’s a car
find somebody ideally who’s a car
find somebody ideally who’s a car enthusiast likes cars sees the potential
enthusiast likes cars sees the potential
enthusiast likes cars sees the potential has some experience in it you might even
has some experience in it you might even
has some experience in it you might even look at sharing a booth with somebody at
look at sharing a booth with somebody at
look at sharing a booth with somebody at a local Auto Show to see who’s coming
a local Auto Show to see who’s coming
a local Auto Show to see who’s coming through and you know pitch your
through and you know pitch your
through and you know pitch your opportunity and see if you get some
opportunity and see if you get some
opportunity and see if you get some interest there but trying to get
interest there but trying to get
interest there but trying to get somebody who’s who has some experience
somebody who’s who has some experience
somebody who’s who has some experience in the industry and has a passion for it
in the industry and has a passion for it
in the industry and has a passion for it and wants to help you beyond just giving
and wants to help you beyond just giving
and wants to help you beyond just giving you money and wait and see in return so
you money and wait and see in return so
you money and wait and see in return so I hope that helps Kyle if you guys like
I hope that helps Kyle if you guys like
I hope that helps Kyle if you guys like the video please give it a thumbs up it
the video please give it a thumbs up it
the video please give it a thumbs up it makes me want to do more videos for you
makes me want to do more videos for you
makes me want to do more videos for you guys and if you have a comment or a
guys and if you have a comment or a
guys and if you have a comment or a question or something else to add to
question or something else to add to
question or something else to add to help Kyle I’d love to see it if you
help Kyle I’d love to see it if you
help Kyle I’d love to see it if you wanna leave a comment under the video so
wanna leave a comment under the video so
wanna leave a comment under the video so thank you and we’ll see you on the next
thank you and we’ll see you on the next
thank you and we’ll see you on the next episode
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