hi I’m Evan Carmichael welcome to the tune of ask Evan today mention a
tune of ask Evan today mention a
tune of ask Evan today mention a question from one of our newsletter
question from one of our newsletter
question from one of our newsletter readers Alister who wrote in saying hi I
readers Alister who wrote in saying hi I
readers Alister who wrote in saying hi I haven’t just a quick question you have
haven’t just a quick question you have
haven’t just a quick question you have any examples when would be the best time
any examples when would be the best time
any examples when would be the best time to expand the business my situation is I
to expand the business my situation is I
to expand the business my situation is I bought an existing business was quite
bought an existing business was quite
bought an existing business was quite successful for a small town but the
successful for a small town but the
successful for a small town but the previous owner lost my spot here did not
previous owner lost my spot here did not
previous owner lost my spot here did not want to expand I have four years until
want to expand I have four years until
want to expand I have four years until loans are paid off but I’m Connie in the
loans are paid off but I’m Connie in the
loans are paid off but I’m Connie in the neutral zone it’s a sign business with a
neutral zone it’s a sign business with a
neutral zone it’s a sign business with a good customer base but I now have some
good customer base but I now have some
good customer base but I now have some local competition so I’m wondering if I
local competition so I’m wondering if I
local competition so I’m wondering if I should be pushing and going more risky
should be pushing and going more risky
should be pushing and going more risky forward or wait until depths debts are
forward or wait until depths debts are
forward or wait until depths debts are paid off and then expand alliston lists
paid off and then expand alliston lists
paid off and then expand alliston lists there ok so thanks for the question
there ok so thanks for the question
there ok so thanks for the question great question uh so my thoughts here I
always like testing things and trying to
always like testing things and trying to make money before them spending money so
make money before them spending money so
make money before them spending money so especially if you’re in debt obviously
especially if you’re in debt obviously
especially if you’re in debt obviously you want to try to pay off your debt
you want to try to pay off your debt
you want to try to pay off your debt before you spend a huge amount of money
before you spend a huge amount of money
before you spend a huge amount of money on a risky venture but I don’t like
on a risky venture but I don’t like
on a risky venture but I don’t like being too risky as an entrepreneur and I
being too risky as an entrepreneur and I
being too risky as an entrepreneur and I think you have an opportunity here to
think you have an opportunity here to
think you have an opportunity here to look at potential expansion projects I
look at potential expansion projects I
look at potential expansion projects I don’t know what you have in mind to
don’t know what you have in mind to
don’t know what you have in mind to expand the business so you had you know
expand the business so you had you know
expand the business so you had you know three or five big ideas to be able to
three or five big ideas to be able to
three or five big ideas to be able to try to expand your business try to pick
try to expand your business try to pick
try to expand your business try to pick your top three three different ways and
your top three three different ways and
your top three three different ways and I try to find a way to get it started
I try to find a way to get it started
I try to find a way to get it started without spending money as much as
without spending money as much as
without spending money as much as possible on a small scale without
possible on a small scale without
possible on a small scale without spending money look at how you might be
spending money look at how you might be
spending money look at how you might be able to grow your business in each of
able to grow your business in each of
able to grow your business in each of those lines and it’ll be it’ll be small
those lines and it’ll be it’ll be small
those lines and it’ll be it’ll be small right it’s not the big vision that you
right it’s not the big vision that you
right it’s not the big vision that you had but I’d also don’t want I don’t want
had but I’d also don’t want I don’t want
had but I’d also don’t want I don’t want to see you risk your business and go
to see you risk your business and go
to see you risk your business and go into something where you’re going to
into something where you’re going to
into something where you’re going to lose a lot of money and not you don’t
lose a lot of money and not you don’t
lose a lot of money and not you don’t get the returns that you’re looking for
get the returns that you’re looking for
get the returns that you’re looking for and potentially have to close down it’s
and potentially have to close down it’s
and potentially have to close down it’s kind of a worst-case scenario no you
kind of a worst-case scenario no you
kind of a worst-case scenario no you don’t want to have the banks come and
don’t want to have the banks come and
don’t want to have the banks come and take your business away or your home or
take your business away or your home or
take your business away or your home or you know worse but I also don’t want to
you know worse but I also don’t want to
you know worse but I also don’t want to just see you sit by and I’ll do anything
just see you sit by and I’ll do anything
just see you sit by and I’ll do anything you know you have competition coming in
you know you have competition coming in
you know you have competition coming in and status quo is not a good business
and status quo is not a good business
and status quo is not a good business strategy right you can only do that for
strategy right you can only do that for
strategy right you can only do that for so long before your business is taken
so long before your business is taken
so long before your business is taken away from you by your competition and
away from you by your competition and
away from you by your competition and market changes so you always have to be
market changes so you always have to be
market changes so you always have to be you always have to be finding ways to
you always have to be finding ways to
you always have to be finding ways to expanding and jump on a new curve and
expanding and jump on a new curve and
expanding and jump on a new curve and look at ways of doing things better and
look at ways of doing things better and
look at ways of doing things better and bringing in more customers and creating
bringing in more customers and creating
bringing in more customers and creating a better experience so that’s also one
a better experience so that’s also one
a better experience so that’s also one of the fun things of being entrepreneurs
of the fun things of being entrepreneurs
of the fun things of being entrepreneurs is going through those things and coming
is going through those things and coming
is going through those things and coming up with new ideas and thinking of ways
up with new ideas and thinking of ways
up with new ideas and thinking of ways to expand but i wouldn’t say be safe you
to expand but i wouldn’t say be safe you
to expand but i wouldn’t say be safe you know wait until four years before you
know wait until four years before you
know wait until four years before you try to expand maybe that’s the advice
try to expand maybe that’s the advice
try to expand maybe that’s the advice you get from your banker but I don’t
you get from your banker but I don’t
you get from your banker but I don’t think that’s a great strategy I don’t
think that’s a great strategy I don’t
think that’s a great strategy I don’t think that puts your business in the
think that puts your business in the
think that puts your business in the best position possible because for years
best position possible because for years
best position possible because for years from now your competition may be way
from now your competition may be way
from now your competition may be way ahead of you and they may be eating your
ahead of you and they may be eating your
ahead of you and they may be eating your lunch they may see a market opportunity
lunch they may see a market opportunity
lunch they may see a market opportunity where you know you’ve just been doing
where you know you’ve just been doing
where you know you’ve just been doing the same thing over and over again and
the same thing over and over again and
the same thing over and over again and they’re growing and topping new markets
they’re growing and topping new markets
they’re growing and topping new markets that you haven’t be able to get into
that you haven’t be able to get into
that you haven’t be able to get into because he played it too safe but again
because he played it too safe but again
because he played it too safe but again at the same time I don’t want you to
at the same time I don’t want you to
at the same time I don’t want you to risk everything go crazy and lose your
risk everything go crazy and lose your
risk everything go crazy and lose your business so I would try to find the
business so I would try to find the
business so I would try to find the three ways that look at expanding my
three ways that look at expanding my
three ways that look at expanding my business whatever ideas you have in mind
business whatever ideas you have in mind
business whatever ideas you have in mind and start something on a small scale and
and start something on a small scale and
and start something on a small scale and invest your time and your energy into
invest your time and your energy into
invest your time and your energy into trying to make those things work even on
trying to make those things work even on
trying to make those things work even on a small scale if you can show that you
a small scale if you can show that you
a small scale if you can show that you can get a little bit of return on a
can get a little bit of return on a
can get a little bit of return on a small scale then it’s worth expanding
small scale then it’s worth expanding
small scale then it’s worth expanding you know your three ideas you may find
you know your three ideas you may find
you know your three ideas you may find that one is a lot better than the others
that one is a lot better than the others
that one is a lot better than the others and that’s great you know at the start
and that’s great you know at the start
and that’s great you know at the start you never know you have great ideas you
you never know you have great ideas you
you never know you have great ideas you have great projections but you really
have great projections but you really
have great projections but you really never know which one’s going to work out
never know which one’s going to work out
never know which one’s going to work out it sounds great in theory but you’re not
it sounds great in theory but you’re not
it sounds great in theory but you’re not sure until you get into it if it’s going
sure until you get into it if it’s going
sure until you get into it if it’s going to work or not so start on three things
to work or not so start on three things
to work or not so start on three things test it really small put your time into
test it really small put your time into
test it really small put your time into it see if you can get some results if
it see if you can get some results if
it see if you can get some results if you can find that people are hooking
you can find that people are hooking
you can find that people are hooking into it and are picking up on it and
into it and are picking up on it and
into it and are picking up on it and they’re coming in and they’re buying
they’re coming in and they’re buying
they’re coming in and they’re buying from you again even on a small scale
from you again even on a small scale
from you again even on a small scale that’s worth expanding and when you
that’s worth expanding and when you
that’s worth expanding and when you expand again you’re starting small when
expand again you’re starting small when
expand again you’re starting small when you’re starting to put money in you
you’re starting to put money in you
you’re starting to put money in you don’t go plowing a whole bunch of money
don’t go plowing a whole bunch of money
don’t go plowing a whole bunch of money into the project you start on a small
into the project you start on a small
into the project you start on a small scale again to make sure you’re not
scale again to make sure you’re not
scale again to make sure you’re not making mistakes because chances are the
making mistakes because chances are the
making mistakes because chances are the first dollar just bet they’re not going
first dollar just bet they’re not going
first dollar just bet they’re not going to be spent perfectly you know you’re
to be spent perfectly you know you’re
to be spent perfectly you know you’re going to make mistakes doing it and so
going to make mistakes doing it and so
going to make mistakes doing it and so better than make your mistakes on a
better than make your mistakes on a
better than make your mistakes on a small scale and it’s a great position of
small scale and it’s a great position of
small scale and it’s a great position of being where you have a successful
being where you have a successful
being where you have a successful business you’re you’re you know you’re
business you’re you’re you know you’re
business you’re you’re you know you’re profitable you you have debt but you’re
profitable you you have debt but you’re
profitable you you have debt but you’re slowly paying that back and so you have
slowly paying that back and so you have
slowly paying that back and so you have a base to build on if you can situate
a base to build on if you can situate
a base to build on if you can situate your company so that
your company so that
your company so that you can spend most of your time not
you can spend most of your time not
you can spend most of your time not running the business but looking at
running the business but looking at
running the business but looking at growth opportunities as a child for a
growth opportunities as a child for a
growth opportunities as a child for a lot of entrepreneurs is there so in
lot of entrepreneurs is there so in
lot of entrepreneurs is there so in their business that they can’t spend the
their business that they can’t spend the
their business that they can’t spend the time working on growing it but at least
time working on growing it but at least
time working on growing it but at least have you know carve out some time for
have you know carve out some time for
have you know carve out some time for you to focus on new projects to build
you to focus on new projects to build
you to focus on new projects to build your business and you’re putting your
your business and you’re putting your
your business and you’re putting your time in you’re making sure that it works
time in you’re making sure that it works
time in you’re making sure that it works then you invest a little bit of money to
then you invest a little bit of money to
then you invest a little bit of money to expand and then if that works then it’s
expand and then if that works then it’s
expand and then if that works then it’s worth going for the bigger dollars and
worth going for the bigger dollars and
worth going for the bigger dollars and may have to get a loan but I again just
may have to get a loan but I again just
may have to get a loan but I again just try to go out and bootstrap it as much
try to go out and bootstrap it as much
try to go out and bootstrap it as much as possible but you’ve shown that it
as possible but you’ve shown that it
as possible but you’ve shown that it works right when you’re going to put big
works right when you’re going to put big
works right when you’re going to put big money into it you’ve already shown that
money into it you’ve already shown that
money into it you’ve already shown that by putting your time into it works am I
by putting your time into it works am I
by putting your time into it works am I putting a little bit of money into it
putting a little bit of money into it
putting a little bit of money into it works and so the risk is a lot lower I
works and so the risk is a lot lower I
works and so the risk is a lot lower I don’t think you have to take massive
don’t think you have to take massive
don’t think you have to take massive risk to be a successful entrepreneur you
risk to be a successful entrepreneur you
risk to be a successful entrepreneur you just have to take small calculated risks
just have to take small calculated risks
just have to take small calculated risks and continue to expand upon that so
and continue to expand upon that so
and continue to expand upon that so hopefully that helps maybe not the
hopefully that helps maybe not the
hopefully that helps maybe not the answer you’re looking for I’m a been
answer you’re looking for I’m a been
answer you’re looking for I’m a been taking the middle road a little bit here
taking the middle road a little bit here
taking the middle road a little bit here but I don’t think it’s the best strategy
but I don’t think it’s the best strategy
but I don’t think it’s the best strategy to just wait for four years and I also
to just wait for four years and I also
to just wait for four years and I also don’t want you to go crazy risky and
don’t want you to go crazy risky and
don’t want you to go crazy risky and potentially lose your business so that’s
potentially lose your business so that’s
potentially lose your business so that’s how we do it that’s how I’ve built all
how we do it that’s how I’ve built all
how we do it that’s how I’ve built all my businesses is bootstrap small scale
my businesses is bootstrap small scale
my businesses is bootstrap small scale invest your time show that it works and
invest your time show that it works and
invest your time show that it works and then expand beyond that and it’s it’s a
then expand beyond that and it’s it’s a
then expand beyond that and it’s it’s a great way to build a solid long-lasting
great way to build a solid long-lasting
great way to build a solid long-lasting profitable business that you can enjoy
profitable business that you can enjoy
profitable business that you can enjoy for a long time or sell at a great
for a long time or sell at a great
for a long time or sell at a great premium to whoever wants to come in buy
premium to whoever wants to come in buy
premium to whoever wants to come in buy it so hopefully that helps Alastair good
it so hopefully that helps Alastair good
it so hopefully that helps Alastair good luck with the business for those of you
luck with the business for those of you
luck with the business for those of you watching if you liked the video please
watching if you liked the video please
watching if you liked the video please give a thumbs up makes me to do more of
give a thumbs up makes me to do more of
give a thumbs up makes me to do more of these for you and if you have a comment
these for you and if you have a comment
these for you and if you have a comment for Alastair or comment about this video
for Alastair or comment about this video
for Alastair or comment about this video or a question for your own company feel
or a question for your own company feel
or a question for your own company feel free to leave it in the section below I
free to leave it in the section below I
free to leave it in the section below I always read those and I try to respond
always read those and I try to respond
always read those and I try to respond as soon as i can and i’d love to try to
as soon as i can and i’d love to try to
as soon as i can and i’d love to try to answer question for you guys as well so
answer question for you guys as well so
answer question for you guys as well so thank you and i’ll see you on the next
thank you and i’ll see you on the next
thank you and i’ll see you on the next episode
”
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