how to raise $20,000 so I got a great question for one of my YouTube viewers
question for one of my YouTube viewers
question for one of my YouTube viewers love you guys johnathan who wrote in to
love you guys johnathan who wrote in to
love you guys johnathan who wrote in to say excellent advice Evan I’m on the
say excellent advice Evan I’m on the
say excellent advice Evan I’m on the expansion capital train right now got a
expansion capital train right now got a
expansion capital train right now got a product of customers but I’m struggling
product of customers but I’m struggling
product of customers but I’m struggling the scale because our software needs an
the scale because our software needs an
the scale because our software needs an algorithm update any advice in that
algorithm update any advice in that
algorithm update any advice in that front wouldn’t take more than $20,000
front wouldn’t take more than $20,000
front wouldn’t take more than $20,000 great question Jonathan and honestly you
great question Jonathan and honestly you
great question Jonathan and honestly you don’t have a lot of options the reason
don’t have a lot of options the reason
don’t have a lot of options the reason is because you’re not really on the
is because you’re not really on the
is because you’re not really on the expansion capital train expansion
expansion capital train expansion
expansion capital train expansion capital is when you are improving your
capital is when you are improving your
capital is when you are improving your concept and now you need marketing
concept and now you need marketing
concept and now you need marketing dollars to help you grow right so you’ve
dollars to help you grow right so you’ve
dollars to help you grow right so you’ve tackled this one market and now you’re
tackled this one market and now you’re
tackled this one market and now you’re ready to grow to another market and you
ready to grow to another market and you
ready to grow to another market and you need to hire a salesperson or you need
need to hire a salesperson or you need
need to hire a salesperson or you need more marketing dollars to help you
more marketing dollars to help you
more marketing dollars to help you expand that’s expansion capital what you
expand that’s expansion capital what you
expand that’s expansion capital what you need is R&D money you got to put money
need is R&D money you got to put money
need is R&D money you got to put money back into product development and
back into product development and
back into product development and investors hate funding that that’s the
investors hate funding that that’s the
investors hate funding that that’s the worst kind of funding to go and ask for
worst kind of funding to go and ask for
worst kind of funding to go and ask for help me make my product nobody wants to
help me make my product nobody wants to
help me make my product nobody wants to invest into that and so at the amount
invest into that and so at the amount
invest into that and so at the amount that you’re looking for 20k
that you’re looking for 20k
that you’re looking for 20k you’re not going to get it from a
you’re not going to get it from a
you’re not going to get it from a venture capital this is way too small in
venture capital this is way too small in
venture capital this is way too small in angel investor usually looking at a 50
angel investor usually looking at a 50
angel investor usually looking at a 50 thousand dollar limit so you’re beyond
thousand dollar limit so you’re beyond
thousand dollar limit so you’re beyond you’re you’re too small for that you’re
you’re you’re too small for that you’re
you’re you’re too small for that you’re really looking at your personal savings
really looking at your personal savings
really looking at your personal savings you know visa maybe bank loan on a
you know visa maybe bank loan on a
you know visa maybe bank loan on a personal guarantee the government grants
personal guarantee the government grants
personal guarantee the government grants and loans but there’s a huge cycle you
and loans but there’s a huge cycle you
and loans but there’s a huge cycle you have to wait to get it honestly your
have to wait to get it honestly your
have to wait to get it honestly your best bet is to grace’ from your
best bet is to grace’ from your
best bet is to grace’ from your customers right if this feature was so
customers right if this feature was so
customers right if this feature was so valuable and so helpful and your
valuable and so helpful and your
valuable and so helpful and your customers are asking for you either use
customers are asking for you either use
customers are asking for you either use the capsule that you’re getting from
the capsule that you’re getting from
the capsule that you’re getting from your business or if somebody really
your business or if somebody really
your business or if somebody really really really really has to have it then
really really really has to have it then
really really really has to have it then you have them pay for your development
you have them pay for your development
you have them pay for your development this is something that I did over and
this is something that I did over and
this is something that I did over and over again with my first software
over again with my first software
over again with my first software company it was biotech software and it
company it was biotech software and it
company it was biotech software and it was started by these two founders and I
was started by these two founders and I
was started by these two founders and I joined as an owner and they they were
joined as an owner and they they were
joined as an owner and they they were the programmer so they put all in all
the programmer so they put all in all
the programmer so they put all in all their time to create the product and any
their time to create the product and any
their time to create the product and any new features it would have to do
new features it would have to do
new features it would have to do themselves but when we got a new feature
themselves but when we got a new feature
themselves but when we got a new feature request if it was widespread enough that
request if it was widespread enough that
request if it was widespread enough that we felt like everybody could benefit
we felt like everybody could benefit
we felt like everybody could benefit from this
from this
from this we used the cash flow that we have from
we used the cash flow that we have from
we used the cash flow that we have from our business to
our business to
our business to support and say okay here’s what we’re
support and say okay here’s what we’re
support and say okay here’s what we’re going to go and create but if somebody
going to go and create but if somebody
going to go and create but if somebody really really really really wanted a
really really really really wanted a
really really really really wanted a feature you know we had one customer who
feature you know we had one customer who
feature you know we had one customer who needed to have it translated to Spanish
needed to have it translated to Spanish
needed to have it translated to Spanish like I had to be in Spanish like that’s
like I had to be in Spanish like that’s
like I had to be in Spanish like that’s not our market yet we’re not ready to go
not our market yet we’re not ready to go
not our market yet we’re not ready to go there we have to have it in Spanish so
there we have to have it in Spanish so
there we have to have it in Spanish so we charged them for and they paid for
we charged them for and they paid for
we charged them for and they paid for our development cost okay we can make it
our development cost okay we can make it
our development cost okay we can make it for you in Spanish we can add this
for you in Spanish we can add this
for you in Spanish we can add this feature in but it’s going to cost X
feature in but it’s going to cost X
feature in but it’s going to cost X amount dollars more and they made a
amount dollars more and they made a
amount dollars more and they made a decision and a lot of the times people
decision and a lot of the times people
decision and a lot of the times people said okay I’m okay with that
said okay I’m okay with that
said okay I’m okay with that and we weren’t making a huge margin
and we weren’t making a huge margin
and we weren’t making a huge margin offer but those were our our costs to
offer but those were our our costs to
offer but those were our our costs to actually go out and create this new
actually go out and create this new
actually go out and create this new feature but then we could roll that out
feature but then we could roll that out
feature but then we could roll that out into the product for everybody else to
into the product for everybody else to
into the product for everybody else to benefit from as well so you’re in a zone
benefit from as well so you’re in a zone
benefit from as well so you’re in a zone that’s really hard man it’s like that’s
that’s really hard man it’s like that’s
that’s really hard man it’s like that’s a tough area to be where you’re trying
a tough area to be where you’re trying
a tough area to be where you’re trying to raise money to make your product
to raise money to make your product
to raise money to make your product better instead of sales and marketing
better instead of sales and marketing
better instead of sales and marketing dollars and you’re such a low amount
dollars and you’re such a low amount
dollars and you’re such a low amount that you’re really dealing with you’re
that you’re really dealing with you’re
that you’re really dealing with you’re you know you’re excluding the angels and
you know you’re excluding the angels and
you know you’re excluding the angels and the VCS and the bigger money so honestly
the VCS and the bigger money so honestly
the VCS and the bigger money so honestly your best bet is funded through your
your best bet is funded through your
your best bet is funded through your customer since you already have a
customer since you already have a
customer since you already have a business and it may not be exploding out
business and it may not be exploding out
business and it may not be exploding out yet but it will soon and and see if they
yet but it will soon and and see if they
yet but it will soon and and see if they pay a premium they get that specific
pay a premium they get that specific
pay a premium they get that specific feature in belief those are watching
feature in belief those are watching
feature in belief those are watching like the video you can subscribe to the
like the video you can subscribe to the
like the video you can subscribe to the channel see more videos just like this
channel see more videos just like this
channel see more videos just like this thank you so much I’ll see you soon
”
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