hi I’m Evan Carmichael welcome to the
edition of ask Evan today I’m answering
a question from one of our Facebook
readers love you guys named Roderick so
Rodrick wrote insane
hi Evan what are what are businesses the
service businesses that do not require a
lot of capital can you give me a list in
the ways
thank you Robert so thanks for the
question Roderick if you look at a
service based business almost every
service based business is a way to start
off without a lot of capital because
you’re starting with your time and
you’re not investing a lot of money into
having a location and equipment and
vehicles and that kind of stuff I would
maybe flip the question on its head
because I want to make sure you approach
it from the right way you don’t want to
approach a business just trying to make
a lot of money so a lot of entrepreneurs
they’ll pick up a magazine and say is
it’ll say you know the top hundred new
businesses that get into or the cheapest
businesses to start or the biggest
trends that jump on you’re likely not
going to have success going up to those
businesses what you want to do is chase
something that you’re really extremely
passionate about and that’s gonna be
something that you have a much greater
chance of turning into a profitable and
long-term successful company often when
you’re just going into a business
because it’s trying to make money you
really do and if you look at the most
successful entrepreneurs in the history
go back and look at any entrepreneur if
you admire if you look at why they
started and you look at why they’re
still doing it now you never see making
money as a top priority for them they
are passionate about what they’re doing
they’re really excited about changing
the way their industry works and adding
a lot of value to the customers that
they’re serving and that’s their primary
driver and if you’re adding a lot of
value you’re helping a lot of people out
you’re gonna make money as a byproduct
of it so the more you can pour yourself
your energy your passion your excitement
into your business and into helping your
customers then you’re more likely to be
a successful long-term so I love the
idea of starting with the service based
business even if you’re a longer term
goal is to have a product I always like
starting with the service because it
ties you to your customers more you get
better feedback from them
you have lower overhead and you can
improve your cash flow more quickly and
then expand to products if that’s your
longer-term goal but in terms of what
industry to pick I pick something that
you’re really excited about it’s
something you have a lot of passion for
and something where you feel you can add
a lot of value to your customers we have
a worksheet on the site that we sell
that helps you identify your passion and
figure out how you want to what’s the
best way to grow your businesses but
apart from that I’d look at ways look at
things that you’ve done in the past and
get you excited look at things that
you’ve done where you’ve helped people
out and they’ve said thank you so much
it’s really helpful a lot of times it’s
the things that you do naturally things
you just gifted out and you’re good at
you enjoy helping people with that you
never thought could be turned into a
business that sometimes make the best
businesses and so by looking at it that
way instead of looking for ways to start
a business without spend a lot of money
what are the most low cost businesses
that get started you’ll have a greater
chance of success instead of approaching
it from you know what does it keep as
businesses start I go for what am I
really passionate about and what can it
really help people with and then how can
I bootstrap it at the beginning to make
it cheap to get started and then I can
expand from there if you approach it
that way you’ll have a much greater
chance of success
you’ll make more money you’ll add more
value you have a greater contribution
and you’ll be happier you know if you do
what you love you’re gonna wake up
happier a happier entrepreneur then if
you don’t do what you love and running
the business is hard enough as it is you
might as well be doing something that
you’re excited about to help get you to
all the tough times that are ahead so
thanks for the question Roderick thanks
for the question with Facebook all your
Facebook guys I appreciate it
so if you’re watching if you like the
video please give it a thumbs up below
makes me to do more for you and if you
have a comment about this video or
question about your own business or
challenges I’d love to try to help
answer for you if you want to leave it
in the comment section below thank you
and I’ll see you in the next episode
edition of ask Evan today I’m answering
a question from one of our Facebook
readers love you guys named Roderick so
Rodrick wrote insane
hi Evan what are what are businesses the
service businesses that do not require a
lot of capital can you give me a list in
the ways
thank you Robert so thanks for the
question Roderick if you look at a
service based business almost every
service based business is a way to start
off without a lot of capital because
you’re starting with your time and
you’re not investing a lot of money into
having a location and equipment and
vehicles and that kind of stuff I would
maybe flip the question on its head
because I want to make sure you approach
it from the right way you don’t want to
approach a business just trying to make
a lot of money so a lot of entrepreneurs
they’ll pick up a magazine and say is
it’ll say you know the top hundred new
businesses that get into or the cheapest
businesses to start or the biggest
trends that jump on you’re likely not
going to have success going up to those
businesses what you want to do is chase
something that you’re really extremely
passionate about and that’s gonna be
something that you have a much greater
chance of turning into a profitable and
long-term successful company often when
you’re just going into a business
because it’s trying to make money you
really do and if you look at the most
successful entrepreneurs in the history
go back and look at any entrepreneur if
you admire if you look at why they
started and you look at why they’re
still doing it now you never see making
money as a top priority for them they
are passionate about what they’re doing
they’re really excited about changing
the way their industry works and adding
a lot of value to the customers that
they’re serving and that’s their primary
driver and if you’re adding a lot of
value you’re helping a lot of people out
you’re gonna make money as a byproduct
of it so the more you can pour yourself
your energy your passion your excitement
into your business and into helping your
customers then you’re more likely to be
a successful long-term so I love the
idea of starting with the service based
business even if you’re a longer term
goal is to have a product I always like
starting with the service because it
ties you to your customers more you get
better feedback from them
you have lower overhead and you can
improve your cash flow more quickly and
then expand to products if that’s your
longer-term goal but in terms of what
industry to pick I pick something that
you’re really excited about it’s
something you have a lot of passion for
and something where you feel you can add
a lot of value to your customers we have
a worksheet on the site that we sell
that helps you identify your passion and
figure out how you want to what’s the
best way to grow your businesses but
apart from that I’d look at ways look at
things that you’ve done in the past and
get you excited look at things that
you’ve done where you’ve helped people
out and they’ve said thank you so much
it’s really helpful a lot of times it’s
the things that you do naturally things
you just gifted out and you’re good at
you enjoy helping people with that you
never thought could be turned into a
business that sometimes make the best
businesses and so by looking at it that
way instead of looking for ways to start
a business without spend a lot of money
what are the most low cost businesses
that get started you’ll have a greater
chance of success instead of approaching
it from you know what does it keep as
businesses start I go for what am I
really passionate about and what can it
really help people with and then how can
I bootstrap it at the beginning to make
it cheap to get started and then I can
expand from there if you approach it
that way you’ll have a much greater
chance of success
you’ll make more money you’ll add more
value you have a greater contribution
and you’ll be happier you know if you do
what you love you’re gonna wake up
happier a happier entrepreneur then if
you don’t do what you love and running
the business is hard enough as it is you
might as well be doing something that
you’re excited about to help get you to
all the tough times that are ahead so
thanks for the question Roderick thanks
for the question with Facebook all your
Facebook guys I appreciate it
so if you’re watching if you like the
video please give it a thumbs up below
makes me to do more for you and if you
have a comment about this video or
question about your own business or
challenges I’d love to try to help
answer for you if you want to leave it
in the comment section below thank you
and I’ll see you in the next episode
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