hi I’m Evan Carmichael welcome to
another edition of ask Evan did I
mention a question from one of my face
book readers godson who wrote in saying
I want to go into the magazine
publication business and I don’t have
any capital of my own to start off but I
need your advice and how to go into
magazine publication so thanks for the
question and it’s great to see you on
facebook i love my facebook readers two
quick tips for you first I would look at
going to find a job working for somebody
who’s in that business if you haven’t
had any experience in the magazine
business before go try to work with
somebody else who’s already doing what
you want to do it’ll do a couple things
for you first it will teach you about
the industry so you make some contacts
you learn how to ropes what the ropes
are you’ll learn how to do the business
you’ll be able to see you know how to
basically run the day-to-day operations
so that when you do go out and start
your own business you know what to do
and what not to do so you’re basically
getting paid to make all the mistakes
and learn on somebody else’s watch the
second thing that we’ll teach you is do
you want to do this business or not so
sometimes we get excited about companies
inside of a business ideas but then once
we get into it we realize hey there’s a
lot of work this isn’t what I thought it
was going to be it was a great dream but
I really feel like I should be doing
something else and that’s okay it’s good
that start small test see if it’s for
you or not so by going to work for
somebody else you get those contacts you
get the the experience and the
connections but it also teaches you if
you should be doing this business or not
and again you’re doing it all on
somebody else’s dime and so you’re not
spending your own money yet to do it
it’ll be our first tip the second thing
is I always love as much as possible to
try to create a business without
spending any money so I’ll invest my
time energy effort blood sweat tears but
not my money into starting something new
and so I try to encourage entrepreneurs
is the same thing so your long term goal
may be to create a magazine publication
as your business that’s awesome how can
you start that off on a smaller scale
where you’re not spending any money and
one place you might look to is the web
so create a web version of whatever
magazine you’re trying to do if it’s a
lifestyle or sports or whatever it is
create a website you’re gonna need a
website anyway for your magazine and a
lot of magazines are even going to the
web and
shutting down their magazines because
it’s hard to keep up with the economic
model of having a print magazine but
start online and you’ll start making
connections and start getting some good
story ideas out there and it doesn’t
cost you a lot of money to create a
website or hopefully any money compared
to actually creating the physical
magazine and that will help you start to
grow the business and if you can start
charging some advertising rates on there
make some money and then pour that that
profit back into your business table to
expand it to hopefully your magazine
publication so just those two quick
things those are my quick tips for you
got Santa to get you past the hump one
go work for somebody else has already
done what you’re trying to do to learn
from them and see if this is the type of
business that you want to do and to
figure out a way to start small without
spending any money I would personally
look at doing it online to start you may
find other ways through partnerships or
through working with another company at
the same time to launch a magazine but
again without spending any money try to
figure that out bootstrap it up and then
you can be able to expand from there one
last one last thought a lot of
entrepreneurs do try to go out and raise
capital for their business and it’s
great it’s a it’s a great potential idea
that the two things to keep in mind
first of all it takes up a lot of time
so raising capital so I should be going
for Angel capital or venture capital
almost becomes a full-time job and that
takes away from you being able to
actually run your business so I’d rather
invest that time into making my business
run and and launch instead of just have
an idea on paper that I’m pitching
around to investors the second thing is
if you’re at the really early stage
you’re going to get killed on your
valuation if you go to a bank you’re
going to have to pay really high
interest rates if you go to any kind of
other investor equity investor they’re
going to take a big chunk of your
company just because you have an idea
and you haven’t actually launched your
business so the more you can get
momentum building some real customers
coming in even if you’re not making a
lot of money but you’re making some
money then if you need to make money to
go to expand and get get some angel or
venture capital investors involved
you’ll get a much better valuation
because you have a lot more of a track
record behind you so hopefully that
helps scottson for those of you watching
if you like the video please give it a
thumbs up makes one to do more videos
for you and I’d love to hear what you
have to think you don’t leave a comment
under the video
yo or if you have a question for your
own business I always love hearing those
so thank you and I’ll see you on the
next episode
another edition of ask Evan did I
mention a question from one of my face
book readers godson who wrote in saying
I want to go into the magazine
publication business and I don’t have
any capital of my own to start off but I
need your advice and how to go into
magazine publication so thanks for the
question and it’s great to see you on
facebook i love my facebook readers two
quick tips for you first I would look at
going to find a job working for somebody
who’s in that business if you haven’t
had any experience in the magazine
business before go try to work with
somebody else who’s already doing what
you want to do it’ll do a couple things
for you first it will teach you about
the industry so you make some contacts
you learn how to ropes what the ropes
are you’ll learn how to do the business
you’ll be able to see you know how to
basically run the day-to-day operations
so that when you do go out and start
your own business you know what to do
and what not to do so you’re basically
getting paid to make all the mistakes
and learn on somebody else’s watch the
second thing that we’ll teach you is do
you want to do this business or not so
sometimes we get excited about companies
inside of a business ideas but then once
we get into it we realize hey there’s a
lot of work this isn’t what I thought it
was going to be it was a great dream but
I really feel like I should be doing
something else and that’s okay it’s good
that start small test see if it’s for
you or not so by going to work for
somebody else you get those contacts you
get the the experience and the
connections but it also teaches you if
you should be doing this business or not
and again you’re doing it all on
somebody else’s dime and so you’re not
spending your own money yet to do it
it’ll be our first tip the second thing
is I always love as much as possible to
try to create a business without
spending any money so I’ll invest my
time energy effort blood sweat tears but
not my money into starting something new
and so I try to encourage entrepreneurs
is the same thing so your long term goal
may be to create a magazine publication
as your business that’s awesome how can
you start that off on a smaller scale
where you’re not spending any money and
one place you might look to is the web
so create a web version of whatever
magazine you’re trying to do if it’s a
lifestyle or sports or whatever it is
create a website you’re gonna need a
website anyway for your magazine and a
lot of magazines are even going to the
web and
shutting down their magazines because
it’s hard to keep up with the economic
model of having a print magazine but
start online and you’ll start making
connections and start getting some good
story ideas out there and it doesn’t
cost you a lot of money to create a
website or hopefully any money compared
to actually creating the physical
magazine and that will help you start to
grow the business and if you can start
charging some advertising rates on there
make some money and then pour that that
profit back into your business table to
expand it to hopefully your magazine
publication so just those two quick
things those are my quick tips for you
got Santa to get you past the hump one
go work for somebody else has already
done what you’re trying to do to learn
from them and see if this is the type of
business that you want to do and to
figure out a way to start small without
spending any money I would personally
look at doing it online to start you may
find other ways through partnerships or
through working with another company at
the same time to launch a magazine but
again without spending any money try to
figure that out bootstrap it up and then
you can be able to expand from there one
last one last thought a lot of
entrepreneurs do try to go out and raise
capital for their business and it’s
great it’s a it’s a great potential idea
that the two things to keep in mind
first of all it takes up a lot of time
so raising capital so I should be going
for Angel capital or venture capital
almost becomes a full-time job and that
takes away from you being able to
actually run your business so I’d rather
invest that time into making my business
run and and launch instead of just have
an idea on paper that I’m pitching
around to investors the second thing is
if you’re at the really early stage
you’re going to get killed on your
valuation if you go to a bank you’re
going to have to pay really high
interest rates if you go to any kind of
other investor equity investor they’re
going to take a big chunk of your
company just because you have an idea
and you haven’t actually launched your
business so the more you can get
momentum building some real customers
coming in even if you’re not making a
lot of money but you’re making some
money then if you need to make money to
go to expand and get get some angel or
venture capital investors involved
you’ll get a much better valuation
because you have a lot more of a track
record behind you so hopefully that
helps scottson for those of you watching
if you like the video please give it a
thumbs up makes one to do more videos
for you and I’d love to hear what you
have to think you don’t leave a comment
under the video
yo or if you have a question for your
own business I always love hearing those
so thank you and I’ll see you on the
next episode
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