you need to charge enough for your products or services so that you could
products or services so that you could
products or services so that you could take yourself out of running your
take yourself out of running your
take yourself out of running your business and focus your time on building
business and focus your time on building
business and focus your time on building your business hi I’m Evan Carmichael
your business hi I’m Evan Carmichael
your business hi I’m Evan Carmichael your friend and all things
your friend and all things
your friend and all things entrepreneurship and today i’m answering
entrepreneurship and today i’m answering
entrepreneurship and today i’m answering a question from one of my readers a bell
a question from one of my readers a bell
a question from one of my readers a bell who’s in the private education business
who’s in the private education business
who’s in the private education business and has been teaching people with her
and has been teaching people with her
and has been teaching people with her business in September of 1998 and wrote
business in September of 1998 and wrote
business in September of 1998 and wrote in asking how she can get more money to
in asking how she can get more money to
in asking how she can get more money to grow her business thanks for the
grow her business thanks for the
grow her business thanks for the question of Bell I know with this kind
question of Bell I know with this kind
question of Bell I know with this kind of business it’s very time intensive
of business it’s very time intensive
of business it’s very time intensive right it’s you going in and teaching and
right it’s you going in and teaching and
right it’s you going in and teaching and I know what can feel like you’re
I know what can feel like you’re
I know what can feel like you’re spending all your time in the business
spending all your time in the business
spending all your time in the business and teaching and not able to do things
and teaching and not able to do things
and teaching and not able to do things to to grow the company and money would
to to grow the company and money would
to to grow the company and money would solve a lot of that problem this kind of
solve a lot of that problem this kind of
solve a lot of that problem this kind of business can be bootstrapped and you’ve
business can be bootstrapped and you’ve
business can be bootstrapped and you’ve been doing it and you’ve been surviving
been doing it and you’ve been surviving
been doing it and you’ve been surviving since 98 so congrats to you but really
since 98 so congrats to you but really
since 98 so congrats to you but really if you go out and try to find money for
if you go out and try to find money for
if you go out and try to find money for this business it’s going to be your
this business it’s going to be your
this business it’s going to be your full-time job it’s going to be hard to
full-time job it’s going to be hard to
full-time job it’s going to be hard to do you’re not going to get the terms
do you’re not going to get the terms
do you’re not going to get the terms that you want and your best bet is to
that you want and your best bet is to
that you want and your best bet is to try to do it yourself and I really feel
try to do it yourself and I really feel
try to do it yourself and I really feel with this company you’re not charging
with this company you’re not charging
with this company you’re not charging enough you’re not charging enough for
enough you’re not charging enough for
enough you’re not charging enough for the value that you’re providing and if
the value that you’re providing and if
the value that you’re providing and if you’re going into these you know
you’re going into these you know
you’re going into these you know classrooms or homes and doing your
classrooms or homes and doing your
classrooms or homes and doing your teaching you need to find a way that you
teaching you need to find a way that you
teaching you need to find a way that you can make enough money charge more so you
can make enough money charge more so you
can make enough money charge more so you can afford to hire instructors to go in
can afford to hire instructors to go in
can afford to hire instructors to go in reduce how much time you have to spend
reduce how much time you have to spend
reduce how much time you have to spend on it so you can actually focus on
on it so you can actually focus on
on it so you can actually focus on building the business I want to give you
building the business I want to give you
building the business I want to give you a quick example the salsa dance school
a quick example the salsa dance school
a quick example the salsa dance school that I’m involved in here in Toronto
that I’m involved in here in Toronto
that I’m involved in here in Toronto it’s kind of similar its private
it’s kind of similar its private
it’s kind of similar its private education we’re not teaching kids but
education we’re not teaching kids but
education we’re not teaching kids but it’s teaching adults how to dance salsa
it’s teaching adults how to dance salsa
it’s teaching adults how to dance salsa and when I first met the owner she was
and when I first met the owner she was
and when I first met the owner she was doing almost everything herself
doing almost everything herself
doing almost everything herself choosing all the admin work almost all
choosing all the admin work almost all
choosing all the admin work almost all the teaching seven days a week she was
the teaching seven days a week she was
the teaching seven days a week she was teaching and you can imagine you can
teaching and you can imagine you can
teaching and you can imagine you can only do that for so long before you go
only do that for so long before you go
only do that for so long before you go crazy and you burn out and you start to
crazy and you burn out and you start to
crazy and you burn out and you start to hate your business and so I helped her
hate your business and so I helped her
hate your business and so I helped her delegate that work automate some of that
delegate that work automate some of that
delegate that work automate some of that work we’re now she’s teaching three days
work we’re now she’s teaching three days
work we’re now she’s teaching three days a week and hand it off a lot of you had
a week and hand it off a lot of you had
a week and hand it off a lot of you had been tasks and she loves it a lot more
been tasks and she loves it a lot more
been tasks and she loves it a lot more and the business has been able to grow
and the business has been able to grow
and the business has been able to grow when she first started she had 300
when she first started she had 300
when she first started she had 300 students every semester which would be
students every semester which would be
students every semester which would be every three or four months 300 students
every three or four months 300 students
every three or four months 300 students she was rented from different locations
she was rented from different locations
she was rented from different locations and now should get up to 5,000 students
and now should get up to 5,000 students
and now should get up to 5,000 students and has her own central location as well
and has her own central location as well
and has her own central location as well as satellite locations that she rents
as satellite locations that she rents
as satellite locations that she rents from and the business keeps growing and
from and the business keeps growing and
from and the business keeps growing and she’s able to spend more time building
she’s able to spend more time building
she’s able to spend more time building the business instead of being in the
the business instead of being in the
the business instead of being in the business teaching and it comes from
business teaching and it comes from
business teaching and it comes from making sure that you have a model with
making sure that you have a model with
making sure that you have a model with your company that you can afford to
your company that you can afford to
your company that you can afford to spend that time growing your business
spend that time growing your business
spend that time growing your business you have to be able to charge enough for
you have to be able to charge enough for
you have to be able to charge enough for whatever you’re selling so you can
whatever you’re selling so you can
whatever you’re selling so you can afford to hire people to go in and do
afford to hire people to go in and do
afford to hire people to go in and do the work you can’t do all the work
the work you can’t do all the work
the work you can’t do all the work yourself if you want to grow a
yourself if you want to grow a
yourself if you want to grow a successful enterprise you’ve got to find
successful enterprise you’ve got to find
successful enterprise you’ve got to find people to help you and you’ve got to
people to help you and you’ve got to
people to help you and you’ve got to make sure that you’re paying them
make sure that you’re paying them
make sure that you’re paying them appropriate real wages and that comes
appropriate real wages and that comes
appropriate real wages and that comes from having higher prices for your
from having higher prices for your
from having higher prices for your business most entrepreneurs don’t charge
business most entrepreneurs don’t charge
business most entrepreneurs don’t charge enough you got to test your pricing you
enough you got to test your pricing you
enough you got to test your pricing you could probably increase your prices
could probably increase your prices
could probably increase your prices thirty percent without having a massive
thirty percent without having a massive
thirty percent without having a massive impact on your business from losing
impact on your business from losing
impact on your business from losing customers but it’ll definitely help your
customers but it’ll definitely help your
customers but it’ll definitely help your top line
top line
top line so encourage you to try to check that
so encourage you to try to check that
so encourage you to try to check that out increase your prices look at ways to
out increase your prices look at ways to
out increase your prices look at ways to delegate some of the work look at ways
delegate some of the work look at ways
delegate some of the work look at ways to automate some of the work so you
to automate some of the work so you
to automate some of the work so you could spend your time working how to
could spend your time working how to
could spend your time working how to grow your business and running it
grow your business and running it
grow your business and running it instead of just spending all your time
instead of just spending all your time
instead of just spending all your time in it I know it’s hard and it’s not
in it I know it’s hard and it’s not
in it I know it’s hard and it’s not going to happen overnight it is a
going to happen overnight it is a
going to happen overnight it is a process it could take a little bit of
process it could take a little bit of
process it could take a little bit of time to get going but start start small
time to get going but start start small
time to get going but start start small test it out try one thing and then try
test it out try one thing and then try
test it out try one thing and then try another one thing and another one thing
another one thing and another one thing
another one thing and another one thing and eventually you’ll start finding you
and eventually you’ll start finding you
and eventually you’ll start finding you have more time to keep doing these
have more time to keep doing these
have more time to keep doing these things as you build your team around you
things as you build your team around you
things as you build your team around you good luck keep me posted I want to hear
good luck keep me posted I want to hear
good luck keep me posted I want to hear about your progress for those of you
about your progress for those of you
about your progress for those of you watching if you like the video if you
watching if you like the video if you
watching if you like the video if you agree please give it a thumbs up below I
agree please give it a thumbs up below I
agree please give it a thumbs up below I always love seeing those come in and I’d
always love seeing those come in and I’d
always love seeing those come in and I’d love to hear what you have to think
love to hear what you have to think
love to hear what you have to think about this video or question for your
about this video or question for your
about this video or question for your own business feel free to leave it in
own business feel free to leave it in
own business feel free to leave it in the comment section below I always read
the comment section below I always read
the comment section below I always read those one of the first things I do when
those one of the first things I do when
those one of the first things I do when I open my computer see those comments
I open my computer see those comments
I open my computer see those comments come in so I appreciate it and I’ll see
come in so I appreciate it and I’ll see
come in so I appreciate it and I’ll see you on the next episode
”
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