hi I’m Evan Carmichael walk another
edition of ask Evan in today’s episode
I’m going to answer a question from one
of my newsletter readers been thinking
of starting the business and what did my
bites so wrote in saying hi Evan we were
looking a certain opportunity for own
business for a couple of years now first
one to buy butchery but then we had a
closer look the butchery was not as busy
as a current owner said it was so we
left it there then we went to buy a
truck which is currently still an option
but there’s another option available in
our town how do we get started and what
we need for the bank except for a
business plan so thanks for the question
been a couple of ideas in there so the
first thing when you’re starting a
business number one rule you have to do
something around your passion you got to
start a business around something you’re
really excited about doesn’t you wake up
you want to go do every morning this is
an exciting opportunity as an
entrepreneur you get the pic your job
you get to pick what you wake up and go
and do every morning so why not do
something that gets you really excited
on top of that when you are really
excited about it and you bring a lot of
passion to your business then more a lot
of people to be successful at you’re
more likely to push through all the hard
times that are ahead of you and you’re
more likely to build up a company that
that you can really be proud of you see
entrepreneurs who start a business just
to make money they rarely do you should
because they’re not really excited about
the business and they fail at the first
sign of trouble they quit and they want
to go off and do something else so it
may be being a butcher it may be doing a
truck business those are two seemingly
completely different ideas but is there
something you could bring to that that’s
uniquely you and it you have a strong
passion for so if you’re examining those
businesses because you really feel an
intense desire to do it that’s a
potential if you’re looking at it just
something to do and hopefully make some
money then I would try to search for
something else that you think you have a
better shot of a really enjoying and
really love doing so it’s kind of number
one rule of entrepreneurship at least
for me it’s you got to build around
something
you’re super fashion button if you look
at the famous entrepreneurs and how they
got started look at any famous
successful entrepreneur admire look back
at their story and it would always be
they started their business because they
had a really strong passion for what
they were doing one of the change the
way something was done in their industry
or they’re really frustrated with
something it wasn’t I set out to make a
lot of money so again usually guys who
just start to try to make money really
end up making a lot of money so got a
certain on your passion the next second
bit of advice for you would be the
amount of money that you’ll make will be
in direct proportion to how much value
you add to your customers so think about
what you can bring this unique to
whatever business that you’re starting
and how can you add this is an
overwhelming amount of value to your
customers the more value you can bring
the more money you’re going to make so
how can you be super useful super
helpful go above and beyond and as many
areas as you can and that’s where when
you’re really passionate what you’re
doing you’ll start to get those kind of
ideas if you’re if you’re just doing it
for the money it’s going to be hard to
come up with you know unique ideas to be
able to grow it beyond where it
currently is hopefully that helps give
you a starting point there’s no you no
right or wrong answer if you’re really
passionate about it and you’re able to
provide a lot of value to your customers
that’s a good recipe for success right
there and it could be any industry and
your second part was about what you need
to go to the bank with besides a
business plan for a start-up to be
honest banks are not really a super
friendly place to go for entrepreneurs
they want to risk a very little capital
in ventures that they seem as being
risky or startup so the chance of you
getting a loan for business are pretty
poor typically they want to see at least
three years of history and that you’re
profitable they’re thinking if your
business goes under what can they take
right so if it if it is a trucking type
of company there’s that truck that they
can tape they want an asset that they
can take back if it’s a more service
type of business or you’re carrying
inventory that no they would have a hard
time selling that’s a lot harder to
finance then just something where they
can actually pull you know equipment or
land
there are other assets back so the only
other way to do would be to have a
personal guarantee so if you have your
own personal credit then yes it’s for
the business but your personally
guarantee me that if the business goes
on there you’re still on the hook for
whatever loan that you are that you want
to take out so hope that helps I always
try to recommend bootstrapping if you
can banks are typically not a great
source for startups there may be some
some government programs you’ll be able
to get an angel investor but your best
bet is especially the start is too dry
to bootstrap it as much as you can get
it to the point where at least you’re
making some money coming in from
customers and then see if you want to
expand my going out and get an investor
or a loan which would be a much more
favorable rates because you’ve done the
hard work of starting up or you continue
the bootstrapping if you think you’re
going to have a big go at it so
hopefully that helps answer some of your
questions been if you guys liked the
video please give it a thumbs up below
makes me want to do more of these videos
for you guys if you have a question
about starting the business or raising
capital or a different question that you
want to answer it feel free to leave in
the comments below I always check those
out and I try to answer as many as I can
so thank you and we’ll see you on the
next episode
you
edition of ask Evan in today’s episode
I’m going to answer a question from one
of my newsletter readers been thinking
of starting the business and what did my
bites so wrote in saying hi Evan we were
looking a certain opportunity for own
business for a couple of years now first
one to buy butchery but then we had a
closer look the butchery was not as busy
as a current owner said it was so we
left it there then we went to buy a
truck which is currently still an option
but there’s another option available in
our town how do we get started and what
we need for the bank except for a
business plan so thanks for the question
been a couple of ideas in there so the
first thing when you’re starting a
business number one rule you have to do
something around your passion you got to
start a business around something you’re
really excited about doesn’t you wake up
you want to go do every morning this is
an exciting opportunity as an
entrepreneur you get the pic your job
you get to pick what you wake up and go
and do every morning so why not do
something that gets you really excited
on top of that when you are really
excited about it and you bring a lot of
passion to your business then more a lot
of people to be successful at you’re
more likely to push through all the hard
times that are ahead of you and you’re
more likely to build up a company that
that you can really be proud of you see
entrepreneurs who start a business just
to make money they rarely do you should
because they’re not really excited about
the business and they fail at the first
sign of trouble they quit and they want
to go off and do something else so it
may be being a butcher it may be doing a
truck business those are two seemingly
completely different ideas but is there
something you could bring to that that’s
uniquely you and it you have a strong
passion for so if you’re examining those
businesses because you really feel an
intense desire to do it that’s a
potential if you’re looking at it just
something to do and hopefully make some
money then I would try to search for
something else that you think you have a
better shot of a really enjoying and
really love doing so it’s kind of number
one rule of entrepreneurship at least
for me it’s you got to build around
something
you’re super fashion button if you look
at the famous entrepreneurs and how they
got started look at any famous
successful entrepreneur admire look back
at their story and it would always be
they started their business because they
had a really strong passion for what
they were doing one of the change the
way something was done in their industry
or they’re really frustrated with
something it wasn’t I set out to make a
lot of money so again usually guys who
just start to try to make money really
end up making a lot of money so got a
certain on your passion the next second
bit of advice for you would be the
amount of money that you’ll make will be
in direct proportion to how much value
you add to your customers so think about
what you can bring this unique to
whatever business that you’re starting
and how can you add this is an
overwhelming amount of value to your
customers the more value you can bring
the more money you’re going to make so
how can you be super useful super
helpful go above and beyond and as many
areas as you can and that’s where when
you’re really passionate what you’re
doing you’ll start to get those kind of
ideas if you’re if you’re just doing it
for the money it’s going to be hard to
come up with you know unique ideas to be
able to grow it beyond where it
currently is hopefully that helps give
you a starting point there’s no you no
right or wrong answer if you’re really
passionate about it and you’re able to
provide a lot of value to your customers
that’s a good recipe for success right
there and it could be any industry and
your second part was about what you need
to go to the bank with besides a
business plan for a start-up to be
honest banks are not really a super
friendly place to go for entrepreneurs
they want to risk a very little capital
in ventures that they seem as being
risky or startup so the chance of you
getting a loan for business are pretty
poor typically they want to see at least
three years of history and that you’re
profitable they’re thinking if your
business goes under what can they take
right so if it if it is a trucking type
of company there’s that truck that they
can tape they want an asset that they
can take back if it’s a more service
type of business or you’re carrying
inventory that no they would have a hard
time selling that’s a lot harder to
finance then just something where they
can actually pull you know equipment or
land
there are other assets back so the only
other way to do would be to have a
personal guarantee so if you have your
own personal credit then yes it’s for
the business but your personally
guarantee me that if the business goes
on there you’re still on the hook for
whatever loan that you are that you want
to take out so hope that helps I always
try to recommend bootstrapping if you
can banks are typically not a great
source for startups there may be some
some government programs you’ll be able
to get an angel investor but your best
bet is especially the start is too dry
to bootstrap it as much as you can get
it to the point where at least you’re
making some money coming in from
customers and then see if you want to
expand my going out and get an investor
or a loan which would be a much more
favorable rates because you’ve done the
hard work of starting up or you continue
the bootstrapping if you think you’re
going to have a big go at it so
hopefully that helps answer some of your
questions been if you guys liked the
video please give it a thumbs up below
makes me want to do more of these videos
for you guys if you have a question
about starting the business or raising
capital or a different question that you
want to answer it feel free to leave in
the comments below I always check those
out and I try to answer as many as I can
so thank you and we’ll see you on the
next episode
you
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