hi I’m Evan Carmichael welcome to
another edition of ask Evan today I’m
going to answer a question from one of
my Facebook viewers Jasmine who wrote in
a really really long message it’s almost
a page here a message I won’t read the
whole thing but the crux of it is I know
in my heart in mind that it takes money
to make money how do you make money if
you don’t have the finance system to
back it up and that’s the key thing I
wanted to address today I want to get
that notion out of your head it doesn’t
take money to make money it’s not about
how many resources you have it’s about
how resourceful you can be so if you
look at all the the famous successful
entrepreneurs especially in the past a
lot of them didn’t come from wealthy
backgrounds all of them didn’t have huge
investors the bootstrap their way up you
know they make the tough decisions and
did not go out and spend a lot of money
and the key here is not spending until
you’re making money anybody can spend
money right if I give you a hundred
thousand dollars you can go out and
spend it but how can you go out and make
that hundred thousand dollars for your
business that’s the key and you don’t
want to start spending a lot of money
until you know you can make some money
back so forever business you’re starting
try to figure out a way to get it
started with just your time get close to
your customers talk to them about
potential problems they’re having and
try to start with a service because the
service doesn’t cost you anything except
your time to get gone you don’t need
expensive business cards you don’t need
an office you don’t need a website even
to get started you can just get started
and if you see that you’re getting
progress on it then you can start
investing a little bit of the money that
comes in even if it’s a little bit you
invest a tiny bit of money back into the
project that you’re starting with i put
the example like uses these videos so
when i first started i wanted to do it
because I was passionate about it or
they decided I liked helping
entrepreneurs people are asking
questions and I want to be able to
respond in a way that could help them
but also help other people who are
facing the same problem but I didn’t
want to go out and spend a lot of money
on equipment and you know
camera and everything to get everything
started it’s not that I couldn’t do it I
just didn’t want to because for any new
project that we’re doing we always have
to find a way to make it profitable
before we start investing a lot of money
into it and it could have bought the
best camera the best gear done two
videos hated it and then you know I have
wasted all this money on it and that
that happens in a lot of startups you
have an idea one week in another idea
another week another idea another week
and you can spend so much money by an
inventory buying equipment and products
whatever it is and nothing ever ends up
taking off so when you’re doing that
discovery process you want to invest
your time to make sure there’s an
opportunity but not spend a lot of money
doing it so for me you can go back to my
youtube channel you can look at a whole
bunch of really bad videos you know that
the quality of the content was pretty
good but the lighting was bad the camera
was bad the sound was bad I didn’t have
a microphone and then as I figured out a
way to get them sponsored and get some
monetization then I could invest more
into the video so it can get a better
camera and get lighting and get us
stained and get you know microphone and
all the things that you need to be able
to make the quality a little bit better
but those old videos they still get some
good views anyways so I’m as much as I
may look back at them and shudder at how
bad they look there was still some good
value and people enjoy them so for you
you got to just get started with the
service start something really small get
close to your customers try to figure
out a way you can help them build
something around what you’re really
passionate about you feel you can add a
lot of value to people’s lives and help
them solve an important problem in their
lives and then from there you know
investing money back into your business
continue to grow and bootstrap your way
up if you find that you’re able to make
a little bit of money off of you know so
just a time that you have then there may
be an opportunity to go for investment
to rapidly grow that’s part of your plan
but you don’t need to like I’d really
start the focus for any new entrepreneur
is get to the survival point right you
got to get to the point where you’re
able to pay your bills put food on the
table you may not be rich right you know
you’re not rolling in it yet you know
how to buying out you know the new car
the new house yet but you got to get to
the point where you don’t have to go get
a job right you’re you’re enjoying what
you’re doing and you’re able to earn
enough money to pay for your you know
living expenses that’s step one that’s
what you got to get to before you risk
going out and trying to grow too quickly
and invest a whole lot of money into it
once you get past the vagal point if you
see them a way to grow you can keep
doing what you’re doing there may be
ways to ramp it up and get some
investment and continue to grow but I
first try to get to that survival point
and try not to spend any money till
you’re making money and do it through
providing a service remember the the
value that you provide is going to
determine how much money you make if you
want to make a lot of money you got to
provide a lot of value to your customers
and the reward you so hopefully that
helps and answers your question if you
guys watching like the video please give
it a thumbs up below it makes me want to
do more of these for you and if you have
a question about you know making money
your resources or anything else about
your business feel free to leave it in
comments below I always read them and I
almost always reply so thank you and
you’ll see you on the next episode
you
you
another edition of ask Evan today I’m
going to answer a question from one of
my Facebook viewers Jasmine who wrote in
a really really long message it’s almost
a page here a message I won’t read the
whole thing but the crux of it is I know
in my heart in mind that it takes money
to make money how do you make money if
you don’t have the finance system to
back it up and that’s the key thing I
wanted to address today I want to get
that notion out of your head it doesn’t
take money to make money it’s not about
how many resources you have it’s about
how resourceful you can be so if you
look at all the the famous successful
entrepreneurs especially in the past a
lot of them didn’t come from wealthy
backgrounds all of them didn’t have huge
investors the bootstrap their way up you
know they make the tough decisions and
did not go out and spend a lot of money
and the key here is not spending until
you’re making money anybody can spend
money right if I give you a hundred
thousand dollars you can go out and
spend it but how can you go out and make
that hundred thousand dollars for your
business that’s the key and you don’t
want to start spending a lot of money
until you know you can make some money
back so forever business you’re starting
try to figure out a way to get it
started with just your time get close to
your customers talk to them about
potential problems they’re having and
try to start with a service because the
service doesn’t cost you anything except
your time to get gone you don’t need
expensive business cards you don’t need
an office you don’t need a website even
to get started you can just get started
and if you see that you’re getting
progress on it then you can start
investing a little bit of the money that
comes in even if it’s a little bit you
invest a tiny bit of money back into the
project that you’re starting with i put
the example like uses these videos so
when i first started i wanted to do it
because I was passionate about it or
they decided I liked helping
entrepreneurs people are asking
questions and I want to be able to
respond in a way that could help them
but also help other people who are
facing the same problem but I didn’t
want to go out and spend a lot of money
on equipment and you know
camera and everything to get everything
started it’s not that I couldn’t do it I
just didn’t want to because for any new
project that we’re doing we always have
to find a way to make it profitable
before we start investing a lot of money
into it and it could have bought the
best camera the best gear done two
videos hated it and then you know I have
wasted all this money on it and that
that happens in a lot of startups you
have an idea one week in another idea
another week another idea another week
and you can spend so much money by an
inventory buying equipment and products
whatever it is and nothing ever ends up
taking off so when you’re doing that
discovery process you want to invest
your time to make sure there’s an
opportunity but not spend a lot of money
doing it so for me you can go back to my
youtube channel you can look at a whole
bunch of really bad videos you know that
the quality of the content was pretty
good but the lighting was bad the camera
was bad the sound was bad I didn’t have
a microphone and then as I figured out a
way to get them sponsored and get some
monetization then I could invest more
into the video so it can get a better
camera and get lighting and get us
stained and get you know microphone and
all the things that you need to be able
to make the quality a little bit better
but those old videos they still get some
good views anyways so I’m as much as I
may look back at them and shudder at how
bad they look there was still some good
value and people enjoy them so for you
you got to just get started with the
service start something really small get
close to your customers try to figure
out a way you can help them build
something around what you’re really
passionate about you feel you can add a
lot of value to people’s lives and help
them solve an important problem in their
lives and then from there you know
investing money back into your business
continue to grow and bootstrap your way
up if you find that you’re able to make
a little bit of money off of you know so
just a time that you have then there may
be an opportunity to go for investment
to rapidly grow that’s part of your plan
but you don’t need to like I’d really
start the focus for any new entrepreneur
is get to the survival point right you
got to get to the point where you’re
able to pay your bills put food on the
table you may not be rich right you know
you’re not rolling in it yet you know
how to buying out you know the new car
the new house yet but you got to get to
the point where you don’t have to go get
a job right you’re you’re enjoying what
you’re doing and you’re able to earn
enough money to pay for your you know
living expenses that’s step one that’s
what you got to get to before you risk
going out and trying to grow too quickly
and invest a whole lot of money into it
once you get past the vagal point if you
see them a way to grow you can keep
doing what you’re doing there may be
ways to ramp it up and get some
investment and continue to grow but I
first try to get to that survival point
and try not to spend any money till
you’re making money and do it through
providing a service remember the the
value that you provide is going to
determine how much money you make if you
want to make a lot of money you got to
provide a lot of value to your customers
and the reward you so hopefully that
helps and answers your question if you
guys watching like the video please give
it a thumbs up below it makes me want to
do more of these for you and if you have
a question about you know making money
your resources or anything else about
your business feel free to leave it in
comments below I always read them and I
almost always reply so thank you and
you’ll see you on the next episode
you
you
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