Mate, it's so refreshing that you ask the staff, "what's wrong"?? So many managers/ directors think they know more than the staff on the floor. Good work!
Brilliant advice. I rented a shop near to where I live and not only did I pay a rent deposit, I also had to sign up to a dilapidation clause which meant after I exercised my break clause after 3 years (but 9 months of me paying no rent as I had cancer and had to close the business), I had to repaint the whole shop and put new flooring in. I was so naive. However, even worse was the personal guarantee I had to give…it nearly wiped me out.
First: as usual nobody comes close to how informative and instructional James is with this content - real practical detail on the pitfalls of dealing with business leases. So many people end up in trouble with these especially as new businesses. Secondly: yeah the location is too quiet - you can make and improve as much as you like but if there is no footfall it simply won’t work. Agree that the destination store in central London could be the strategy, although the maths will look frightening!
It would be a struggle to turn that shop round Not enough footfall Costa left for one reason This channel is fantastic and what a inspiration you are Your like a machine just keep going and going with new ventures I wish I had half your motivation 👍
Hi, just to say a quick thanks for your content! 3 years ago I set up a commercial floor cleaning business as a so called side hustle. Fast forward a couple of years and my job became the side hustle and at the end of September I'm actually about to meet my lifelong ambition and sack my boss!!! I intend on putting out some content with my niche being about the diary of a small business owner. Your content has been very inspiring since I discovered it a year or so ago. Anyway, have a great week and thanks again.
thanks James for sharing your business activities and how you deal with workloads etc etc No one else does what you do, transparent, helping us understand and gain experience
I've revived a pizzeria, started a burger take-out and I'm busy with a Cafe start-up at the moment - what you've said is so relatable! I'd take the store but try to beat them down on the rental a little, you can leverage a site like that over the long term.
Best and most authentic entrepreneur - i slways wished for a channel like this. So glad I found you. ps. I sent you an e-mail regarding meals for day nurseries. I think that would fold nicely into your empire
@@JamesSinclairEntrepreneur here is my message again. I hope this is of interest to you Hi James. (I know it is probably not you reading these messages. Hi kind person who is reading this. If this is of any interest to James , please be so kind and forward it to him) My name is Mathias. I am from Vienna, Austria. Here is my question: Do you cook meals for your day nurseries? We run a business catering to day nurseries and schools here in Austria. It ticks all the boxes for you 1. folds in your current business 2. you get long-term customers that pay you on a monthly basis We cook around 7000 meals a day, a portion costs around €4,20 so that is nearly 6000 000 in revenue every year (I am assuming 20 days a month, 10 months a year) and the beautiful part is that my customers have an average life span of 5+ years. You are close to a major metropolitan area. This would be a massive business opportunity for you. You would do double or triple my numbers. I am more than happy to help if you need to know more about the business. I have 10+ years experience and I am happy to help.. Greetings from Austria, Mathias
The strategy of actually going into the shops and asking the people there why it's not performing well is mind-blowingly overlooked by most businesses. Great move. Amazing how you instantly get right down to the crux of the issues if you just ask the people that ought to be familiar with them?? 😂 Others need to learn here!
Definitely not a good shop to rent out, no foot fall and no parking, also very expensive. That would be a no if it was me. Great video as always mate, keep it up man!! 🔥🔥
Just came across your channel. Great insight into how you run an actual business. It is so important to fully understand the lease. Think you done a great job in explaining it. Hope the coffee shops are a success.
£43,000 appears rather steep to me. Prioritising the asking price so highly suggests that the landlord may have concerns about its true value. Perhaps it would be more prudent to opt for a smaller store in a more favourable location.
I would hesitate before taking it on James. It looked quiet as an area. Maybe scope it out to see if it picks up at different times? You could have a great little eatery, but if the traffic isn't there, you're sailing against the wind.
Love the show, learn a lot. Have you considered differential pricing? I’m thinking 75% off for folk who live up north - otherwise it’s just workshops for southerners....
I got caught out on the dilapidation clause when I opened my first office after using a serviced office for a year. Man that clause really screws you over. After spending insane amount of money improving the building...
I think rebranding to Rossi and pushing the coffee would be good. I’m a massive coffee lover and haven’t been into the Southend store yet. Will need to give it a try after see this!
Another great video James ! Gut instinct kicked in as soon as you were stood outside the train station looking over at the old Costa… big no no. Too much traffic, not enough footfall.
James in the shop where you were wearing your pink jacket and sitting down the large looking chalkboards behind you look ripe for menus in a big white type marker…chalk too messy but acts as advertising for down below as they could see large MENU written at top! My 2p 🤗🙂
I do the same management thing with my team, works wonders by bypassing the managers. Any managers who have their ego hurt, find their time with me gets cut short. Also for the property where Costa used to be, it could just be the way things are edited, but it sounds like a terrible deal coming from the agent herself, she doesn't even sound convinced that it's a reasonable asking price.
Investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
I've been waiting for this video, thanks for sharing James. I recall seeing a video with Matt some time ago and have visited their Chelmsford store before - a great location.
Years ago, I worked for a company and they changed the name. The original name gave customers the impression we only did one thing. What really made the company take off was when we franchised.
I personally wouldn’t be renting that particular shop, not enough footfall, especially considering it’s in London, I think you have a good thing going on with the Primark locations once the ATV rate is increased, and would try get into a few more stores, let them do the hard work getting the people into the stores, and you just provide the refreshments. Definitely get rid of the black, I don’t think pastries look too trendy, people want something a bit different.
You need someone walking around collecting rubbish in the farm. Behind you was a water bottle on the floor and some rubbish. It may have only been there a bit but someone just doing the rounds makes a difference. I wouldn’t go after that shop. Looked quiet but might have been the wrong time of day. I used to count footfall for Sayers Bakers when I was in uni. 👍
How about "Too good to go" app. Using the left over good fresh food to make a kind of "meal deal" Which people buy through the app and collect in the last 20 minutes you're open. Less waste and more revenue in. You'll also have people collecting the food in brown paper bags with Rossi on the side. Walking advertisements.
@@JamesSinclairEntrepreneur Haha! Of course you do. Forgot who I was talking to. Just got into your videos the last 2 weeks. I'm addicted. Your energy is amazing. So infectious. I was wondering if you could make a video on how much it costs to employ someone, "fire" or replace employees. Also what you do to keep employees happy and wanting to stay. I'm in Norway working for a great, small but international company called Cobuilder. You should check us out. People have been working here for years. As the environment and freedom is great.
Here’s my average joe opinion on the coffee shops. The black theme looks higher class and in turn… expensive, so I would walk right past without even looking further than that.
@@ThorMotorWerks: Everybody goes to Pret's.... Even Gregg's is now popular too. Light and airy. As Gregg's expand their prices.. people will stop going. And find a new competitor... that is how it goes. But if you have something for the different price point and budgets, people will always come back again and again... That is just the nature of business.
Great insight into real business. I think you've revitalized my interest in the cut and thrust. Seriously, appreciate your detail, table chat format and honesty. Like others, my spidey sense is a definite no for the Costa site. Narrow footpaths also tend to make people want to walk past quickly.
Hello, James. I started watching your videos a few months ago after finding you from Mark Tilbury and I'm really enjoying them so far. I read that you left school at 15, then started your first business at that time. You also seem to know a great deal about accounting, finance, business law, and related subjects. Did you return to school to study or are you mostly (or even entirely) self-taught?
13:48 as you said when you were standing outside of the station, not enough footfall and possibly the franschisee saw a decline over the years and thought it wasn't worth renewing the lease. Also the landlord could've hiked up the rent.
Is Primark the right store to have a nice coffee hub in? Traditionally Primark attracts a people who want to spend a little, they look for t-shirts for £3 so would they really be the target audience for £4 coffees and £4 cakes? You are the expert but the Primark struck me as a strange choice
Exactly what I was thinking. I don't think your average Primark shopper is into £4 coffees. Still worth having a coffee machine though and in some areas Primark is literally the only reason why some people go into a shopping area so it's an excellent location. The original cookies and cones idea is still good I reckon just probably needs to be ran correctly and get more Greggs type products in. Actually aren't there Greggs already in some Primarks? Get some cheap pastries in and you're laughing.
Possibly the more upmarket retail stores either don't want distractions, or they run their own cafe operation eg M&S or Sainsburys. Could there be a shoe/trainer shop that would benefit from a coffee hub?
@@williebobs3830: Do you know how big the Primark in Manchester really is ? It has been there for years, and one of the largest in the North. I remember this one, as well as the large one in London. So yes... a Primark "ought" to be profitable. But as with anything, logic and theories.. and on paper sounds great.. it is the tiny details.. and the execution that matters the most, don't you think ? And to be frank.. under this current climate.. if people don't stay or hold on tight... Then they are just as destructive to the actual market themselves than anything, in all honesty. And I mean.. how many people are there in the UK any way ??? How many of us, have not worked in these kind of sectors at one point in our life time ??? Whether it is when we were students or when we were working or inbetween jobs etc... A lot of people keep saying that they are "investors" but frankly, they are just "robbing Jane to pay for Tim".. kind of scenario. And when you see wealthy individuals who rather build a new house, out of these businesses... Then... you kind of know that, "this is the end of the game". And the fact that these landlords refuses to budge on the rates... Says a lot, don't you think ? Everybody is holding on for that "big fish"... Well... When people are dying and leaving.. and working from home. It is the end of that tea dance. Nothing to it really.
Fantastic video. I realise i'm a year late but really insightful in how you use other business to feed your own businesses. I really can't understand that Estate Agent while you were in the Costa, why didn't she know the rent and business rates? She should know these coming in!
Yeah useless agent, first rule of sales is know your client so she should have researched James and his business before even meeting him to help point out things throughout the tour that would have helped seal the deal. Not knowing the basics of your product like local rates is beyond a joke.
Nice surprise seeing you in Kensal Rise! The girl who I knew to buy a Costa every day must have stopped, she was probably single handedly keeping the place afloat 😂 By the way you want to check out the little cafes on College Road in that area for sake of business model. You're not after high street walk-ins but you're after the yummy mummies who want a boujie, somewhat floral and earthy environment to sit and chat with their friends for hours. They're high value customers who'll pay top dollar for the high end stuff with a side of sourdough avocado toast, but it's probably not the best shop for it given there are quieter streets around which can also provide the outside seating that shop can't.
Good points there. Chamberlayne Road does get busy, but probably around school start/finish times, as you said the yummy mummy crowd. There are places on that street that are always busy eg the Portuguese place, and Gails have moved in, but you need the outdoor seating.
I personally would do a market research to see if people are spending in this economic climate. If the popular cafes are getting half the patrons there used to be, clearly it's a red flag. Problem with cafe, it's highly reliant on footfall traffic. Platform for food delivery apps don't fare well for cafe. Novelty of cafe is to sit down and enjoy the ambience
Closing so early is brutal, I've got a dessert shop and majority of our sales happen at night. Also having it inside a mall/Primark isn't as good as a standalone unit.
Videos are getting better James. BTW, did I hear you say you print your own signs? Agree, as does everyone else it seems, that there's insufficient footfall around that shop. Given the Costa franchise was there for 11 years something has changed, maybe post Covid working from home?
What what I learnt from your business videos. I would say don’t take on that shop. Footfall looks low, too far away from where you ideally want to be located. Lease only too, see if you can buy a shop instead. Focus on cookies and cones first and keep looking for that shop and location. Btw it would be good to hear and see rough cost of rent in and around Covent Garden and how many customer that would translate to be profitable. I expect buying in and close to convent garden is non existent as it is a prime location.
Depends on your strengths and preferences. To get rich with stocks, you have two options: 1. Build a high risk high reward investment strategy and survive long enough to learn from your mistakes. You need to constantly study the market and be able to rely on your own judgement, not just go off advice or trends. You have to understand the market fundamentally and better than the average investor. Really good ROI but theres way more losers than winners. Usually only the obsessive types succeed with this. 2. Get in early and buy shares of companies who arent yet publicly traded, but have high potential for success. The stock prices are a lot cheaper than after a successful IPO. A lot of these opportunities not open to the public so generally you have to be an accredited investor or be friends with entrepreneurs. Stocks are generally meant to be treated as a stash you grow and dont touch, rather than high stakes gambling. The truth is the average daytrader is outperformed by the average employee sticking a percentage of their check in an IRA or fund and forgetting about it. With business, its more hands on the wheel. You have to make all of the decisions and deal with all of the problems. Odds are stacked against you and you have to be okay with that. The upside is your going to be using other peoples money, and how good you can sell your business idea to investors will usually determine if your company will ever exist as an operation. Loans are getting more expensive as the world goes crazy so its going to get harder and harder to get capital for a startup. Which means you have to be ultra competitive in order to just make it to a profitable stage. But if you make it against the odds, youre now sitting on the best possible asset you can own. My personal advice, build a steady income first before trying to get rich. That will be your foundation and when you know you can afford to take risks, fail, and still be okay, you have a higher chance for success. I would look at investments as a whole instead of just stocks specifically. Theres a lot of investment vehicles out there that arent as saturated with competition. And if you do go the business route, think about what problems you can solve. If you can solve the right problem for the right people, you have a successful business. Find a mentor. Stay motivated. Best of luck
I would put the money towards an app and deliver the food/ cakes and coffee to your loyal customers have a reward scheme that gives you data which is new gold and possibly use just eat and deliveroo you have a good base cake business problem is customers maybe do a referral bonus on the reward scheme
I like Italian Ice Creams.... and I love Italian food. I think that 1) you need to focus on keeping the original name. Dump the bakery part. Just call it Rossi's. Also.. I would definitely have a look at how an actual Italian cafe or Italian ice cream parlour works out. I think you will find that they are really nice.. and the flavours are so different as well ? I would also consider holding onto their gelato factory part. Cos frankly, there is a need for this in the UK, still. Light airy ice cream does sell. Again at the end of the day it is all down to execution and price point as well. Since we're supposed to be in a recession.. then surely, something to bridge the gap is a must here? Would also consider selling 1 litre tubs or 5 litre tubs towards actual social enterprises too. Or to even the food banks. And let the labels remain on it. People aren't behaving like they used to... and there is nothing to say that you shouldn't reraise back up that spending powers and to find the people too. And I also don't believe in actually that we don't have the spending powers. Breaking even.. or holding on to break even.. to uplift.. even a small gap.. is kind of what is necessary or needed mostly.
no - vpd (vehicles per day) and fpd (feet per day) is decreasing because of work at home and home delivery services. pull gov appraisals and real estate comps then make an informed offer. Commercial real estate values are going to drop by half over the next ten years before flattening out. Play the radius math game because the magnitude drop will be greater the further the radius out from natural foot traffic - like bus stations, sporting events, factories, etc., math never lies - in real estate it's never about quality - only location.
Impressive approach I can see why you’re a success One plead is to NOT PLAY MUSIC. It’s my pet hate. Nobody listens and it’s often too loud and irritating. Create a light, comfortable atmosphere with decorations and quality product and I’d be in every day But in terms of that ex Costa shop then for me it’s a no. The franchise closed for a reason and I’d wager, if I was a betting man, that it was a lack of trade
Hi James Are you able to say how cookies and cones got into administration? I remember discovering their original tiny shop in an arcade when I visited leigh a few years ago. Was it they just grew the chain too fast?
I think he was trying to dominate the world with expansion. There was an announcement at one point about going over to New York, that didn’t arise. A lot of the shops had broken machines and I think staff retention was an issue. A lot of the times I went there the workers seemed overstretched and stressed!
James we all love the Rossi ice cream, without a doubt. Some of the C&C ice creams and sorbets are amazing though! Would you absorb some of their recipes/flavours into the Rossi brand to keep them going?
That’s already happened! Go to the Rossi parlour and you’ll find all the new flavours from Cookies at your fingertips. Plus the cookies team now make all our cakes and bakes in our Rossi shops.
@@JamesSinclairEntrepreneur Hello. On the London coffee shop, prices seem high but tough negotiations with the landlord was probably a good starting point. Agree with someone else that school children returning could provide greater footfall. What about marketing on bus stops or in the train station. A pop-up marquee giving out free samples might tempt customers into your main shop later on? Good you've purchased Cookies & Cones. It's never drawn me in despite their offering having a good reputation. My nearest are Southend & Rayleigh. (If that's still open?) Price point felt quite steep. Gluten, dairy-free and vegan options would be great as intolerances rule out normal cookies. 🫤 There's empty units in Rayleigh and Rochford if you consider expanding the concept elsewhere. Thurrock Thameside complex desperately needs a proper cafe. It appears that the theatre was saved though council librarians serving 🤮 instant coffee wasn't pleasurable while visting last year. I know the authority is bankrupt and badly run however. Finally, visit Muffin Break for market research. Their model has similarities to Cookies & Cones. (I know my comment was VERY long.) 😂🫤
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Mate, it's so refreshing that you ask the staff, "what's wrong"?? So many managers/ directors think they know more than the staff on the floor. Good work!
Brilliant advice.
I rented a shop near to where I live and not only did I pay a rent deposit, I also had to sign up to a dilapidation clause which meant after I exercised my break clause after 3 years (but 9 months of me paying no rent as I had cancer and had to close the business), I had to repaint the whole shop and put new flooring in. I was so naive.
However, even worse was the personal guarantee I had to give…it nearly wiped me out.
First: as usual nobody comes close to how informative and instructional James is with this content - real practical detail on the pitfalls of dealing with business leases. So many people end up in trouble with these especially as new businesses. Secondly: yeah the location is too quiet - you can make and improve as much as you like but if there is no footfall it simply won’t work. Agree that the destination store in central London could be the strategy, although the maths will look frightening!
Thanks for your lovely words! Thanks for watching
Do you still own this or have you disposed of it?@@JamesSinclairEntrepreneur
It would be a struggle to turn that shop round
Not enough footfall
Costa left for one reason
This channel is fantastic and what a inspiration you are
Your like a machine just keep going and going with new ventures
I wish I had half your motivation 👍
You might need some more data about activity there, but yes it looked quiet. Maybe try to reduce the rent?
Hi, just to say a quick thanks for your content!
3 years ago I set up a commercial floor cleaning business as a so called side hustle. Fast forward a couple of years and my job became the side hustle and at the end of September I'm actually about to meet my lifelong ambition and sack my boss!!!
I intend on putting out some content with my niche being about the diary of a small business owner. Your content has been very inspiring since I discovered it a year or so ago.
Anyway, have a great week and thanks again.
thanks James for sharing your business activities and how you deal with workloads etc etc
No one else does what you do, transparent, helping us understand and gain experience
I've revived a pizzeria, started a burger take-out and I'm busy with a Cafe start-up at the moment - what you've said is so relatable!
I'd take the store but try to beat them down on the rental a little, you can leverage a site like that over the long term.
Best and most authentic entrepreneur - i slways wished for a channel like this. So glad I found you.
ps. I sent you an e-mail regarding meals for day nurseries. I think that would fold nicely into your empire
Where did you send it?
@@JamesSinclairEntrepreneur I own a wholesale drinks company I stock brands such as coca cola would you be interested in a price list
@@yizchaklazarus8637 please send to our buying manager paul.rafferty@rossiicecream.co.Uk
@@JamesSinclairEntrepreneur here is my message again. I hope this is of interest to you
Hi James.
(I know it is probably not you reading these messages. Hi kind person who is reading this. If this is of any interest to James , please be so kind and forward it to him)
My name is Mathias. I am from Vienna, Austria.
Here is my question:
Do you cook meals for your day nurseries?
We run a business catering to day nurseries and schools here in Austria.
It ticks all the boxes for you
1. folds in your current business
2. you get long-term customers that pay you on a monthly basis
We cook around 7000 meals a day, a portion costs around €4,20 so that is nearly 6000 000 in revenue every year (I am assuming 20 days a month, 10 months a year)
and the beautiful part is that my customers have an average life span of 5+ years.
You are close to a major metropolitan area. This would be a massive business opportunity for you.
You would do double or triple my numbers.
I am more than happy to help if you need to know more about the business. I have 10+ years experience and I am happy to help..
Greetings from Austria,
Mathias
I agreed until the end, why does someone worth $40 million need to do a webinar
The strategy of actually going into the shops and asking the people there why it's not performing well is mind-blowingly overlooked by most businesses. Great move. Amazing how you instantly get right down to the crux of the issues if you just ask the people that ought to be familiar with them?? 😂 Others need to learn here!
Definitely not a good shop to rent out, no foot fall and no parking, also very expensive. That would be a no if it was me. Great video as always mate, keep it up man!! 🔥🔥
Just came across your channel. Great insight into how you run an actual business. It is so important to fully understand the lease. Think you done a great job in explaining it. Hope the coffee shops are a success.
£43,000 appears rather steep to me. Prioritising the asking price so highly suggests that the landlord may have concerns about its true value. Perhaps it would be more prudent to opt for a smaller store in a more favourable location.
I would hesitate before taking it on James. It looked quiet as an area. Maybe scope it out to see if it picks up at different times? You could have a great little eatery, but if the traffic isn't there, you're sailing against the wind.
Love the show, learn a lot. Have you considered differential pricing? I’m thinking 75% off for folk who live up north - otherwise it’s just workshops for southerners....
I got caught out on the dilapidation clause when I opened my first office after using a serviced office for a year. Man that clause really screws you over. After spending insane amount of money improving the building...
I think rebranding to Rossi and pushing the coffee would be good. I’m a massive coffee lover and haven’t been into the Southend store yet. Will need to give it a try after see this!
I was impressed how u stopped video to explain legal jargon. Im hooked now what else i can learn from you😅🎉
Another great video James !
Gut instinct kicked in as soon as you were stood outside the train station looking over at the old Costa… big no no. Too much traffic, not enough footfall.
You were standing, not you were stood. Bad grammar marks you down as a probable failure.
James in the shop where you were wearing your pink jacket and sitting down the large looking chalkboards behind you look ripe for menus in a big white type marker…chalk too messy but acts as advertising for down below as they could see large MENU written at top! My 2p 🤗🙂
Great changes to come James..will be in Rossi westcliff at the weekend...brand loyalty is we have not ever eaten in any other place along that front.!
This was great content, please keep the walk and talk and site visits coming
You are so nice and well spoken with people. If someone is brash and harsh....I immediately switch off...if they are like you I cannot help enough.
I know little about business but watching James is like having a business masterclass.
I'm binge watching your content, it's so refreshing and addictive to get ideas from. So much transparancy
Stategic site is the most important part of business, if the london street is not busy, you cannot change the flow.. coffee 101☕ great infos✔️
I do the same management thing with my team, works wonders by bypassing the managers. Any managers who have their ego hurt, find their time with me gets cut short.
Also for the property where Costa used to be, it could just be the way things are edited, but it sounds like a terrible deal coming from the agent herself, she doesn't even sound convinced that it's a reasonable asking price.
Really enjoyed this episode, very informative.
Great video with so many nuggets - thanks for posting
I would choose a savory sandwich over cake to go with my coffee 👍
Dang you'll have so many rules in the UK that slow business down.
Thanks for sharing your work. Fascinating to watch.
Investing in alternate income streams should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
Cryptocurrency investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Telgrm ✍️
I've been waiting for this video, thanks for sharing James. I recall seeing a video with Matt some time ago and have visited their Chelmsford store before - a great location.
That was sound genuine advise James ! Thanks !!
There’s another station entrance on Station Terrace, Kensal Rise. Quieter street traffic and a number of cafes.
WHAT ARE WE DOING WRONG?
This is gold, my friend!!!
Your videos are gems love them
9,000,000 chimney pots.
The chimney pot reference was mentioned to me many years ago.
Question the sites in Primark are they long term agreements. What if they decided to end the contract early.
Another great video, very open with ideas and plans. Love it
Years ago, I worked for a company and they changed the name.
The original name gave customers the impression we only did one thing.
What really made the company take off was when we franchised.
I really do hope and I’m confident you can turn around C&C
Not getting a vote from me James...too quiet on footfall...see you in WEstcliff soon....brilliant to learn from you sir.
Menu boards behind at back wall is worst, above the till on tilting boards makes them readable
Excellent video. Business strategy made simple.
I personally wouldn’t be renting that particular shop, not enough footfall, especially considering it’s in London, I think you have a good thing going on with the Primark locations once the ATV rate is increased, and would try get into a few more stores, let them do the hard work getting the people into the stores, and you just provide the refreshments. Definitely get rid of the black, I don’t think pastries look too trendy, people want something a bit different.
Costa moving out says it all!!
Interesting approach, liking it
You need someone walking around collecting rubbish in the farm. Behind you was a water bottle on the floor and some rubbish. It may have only been there a bit but someone just doing the rounds makes a difference.
I wouldn’t go after that shop. Looked quiet but might have been the wrong time of day. I used to count footfall for Sayers Bakers when I was in uni. 👍
Floors are manmade and inside buildings. The ground is outside and part of nature. Why can't the English learn to speak?
How about "Too good to go" app. Using the left over good fresh food to make a kind of "meal deal" Which people buy through the app and collect in the last 20 minutes you're open. Less waste and more revenue in. You'll also have people collecting the food in brown paper bags with Rossi on the side. Walking advertisements.
We do that already.
@@JamesSinclairEntrepreneur Haha! Of course you do. Forgot who I was talking to. Just got into your videos the last 2 weeks. I'm addicted. Your energy is amazing. So infectious. I was wondering if you could make a video on how much it costs to employ someone, "fire" or replace employees. Also what you do to keep employees happy and wanting to stay. I'm in Norway working for a great, small but international company called Cobuilder. You should check us out. People have been working here for years. As the environment and freedom is great.
Here’s my average joe opinion on the coffee shops.
The black theme looks higher class and in turn… expensive, so I would walk right past without even looking further than that.
There’s a reason Costa use magnolia and a warm dark red.
@@ThorMotorWerks: Everybody goes to Pret's.... Even Gregg's is now popular too. Light and airy. As Gregg's expand their prices.. people will stop going. And find a new competitor... that is how it goes. But if you have something for the different price point and budgets, people will always come back again and again... That is just the nature of business.
Some very smart moves there Mr Sinclair regarding dilapidations.
Great insight into real business. I think you've revitalized my interest in the cut and thrust. Seriously, appreciate your detail, table chat format and honesty.
Like others, my spidey sense is a definite no for the Costa site. Narrow footpaths also tend to make people want to walk past quickly.
Hello, James. I started watching your videos a few months ago after finding you from Mark Tilbury and I'm really enjoying them so far. I read that you left school at 15, then started your first business at that time. You also seem to know a great deal about accounting, finance, business law, and related subjects. Did you return to school to study or are you mostly (or even entirely) self-taught?
University of life for me. I’ve also read a lot of books and been to seminars over the years.
If Costa couldn’t make it work probably not a good sign
It was a franchise...
The strength James has is the other complimentary businesses in the portfolio. This reduces pressure on a single business model.
@@marcevans1284 yes for sure, vertical and horizontal integration
Agree. sad looking place with astronomical lease price.
Thank you James for this ATV idea, rhat was a gold nugget.. I will start using it
Costa don’t have the time to work out what the problems are.
They cut, run and open another up elsewhere
About ATV, would appreciate some teaching on the subject because some huge companies have low ATV but are very lucrative?
Your are right. The high street there is far too quiet. Leave it.
13:48 as you said when you were standing outside of the station, not enough footfall and possibly the franschisee saw a decline over the years and thought it wasn't worth renewing the lease. Also the landlord could've hiked up the rent.
Diligent, teaching ppl some really good info.
Again another great video, never stop.
We need a follow up!
Just stumbled across this channel, brilliant informative channel!
Welcome aboard!
Is Primark the right store to have a nice coffee hub in? Traditionally Primark attracts a people who want to spend a little, they look for t-shirts for £3 so would they really be the target audience for £4 coffees and £4 cakes? You are the expert but the Primark struck me as a strange choice
There's a coffee shop in a Primark
In Manchester. Right at the back of the store. It's permanantly busy.
Exactly what I was thinking. I don't think your average Primark shopper is into £4 coffees. Still worth having a coffee machine though and in some areas Primark is literally the only reason why some people go into a shopping area so it's an excellent location. The original cookies and cones idea is still good I reckon just probably needs to be ran correctly and get more Greggs type products in. Actually aren't there Greggs already in some Primarks? Get some cheap pastries in and you're laughing.
@@gibbson130Needs to be run, not needs to be ran. Why can't the English learn to speak English?
Possibly the more upmarket retail stores either don't want distractions, or they run their own cafe operation eg M&S or Sainsburys. Could there be a shoe/trainer shop that would benefit from a coffee hub?
@@williebobs3830: Do you know how big the Primark in Manchester really is ? It has been there for years, and one of the largest in the North. I remember this one, as well as the large one in London. So yes... a Primark "ought" to be profitable. But as with anything, logic and theories.. and on paper sounds great.. it is the tiny details.. and the execution that matters the most, don't you think ? And to be frank.. under this current climate.. if people don't stay or hold on tight... Then they are just as destructive to the actual market themselves than anything, in all honesty. And I mean.. how many people are there in the UK any way ??? How many of us, have not worked in these kind of sectors at one point in our life time ??? Whether it is when we were students or when we were working or inbetween jobs etc...
A lot of people keep saying that they are "investors" but frankly, they are just "robbing Jane to pay for Tim".. kind of scenario. And when you see wealthy individuals who rather build a new house, out of these businesses... Then... you kind of know that, "this is the end of the game". And the fact that these landlords refuses to budge on the rates... Says a lot, don't you think ? Everybody is holding on for that "big fish"... Well... When people are dying and leaving.. and working from home. It is the end of that tea dance. Nothing to it really.
Fantastic video. I realise i'm a year late but really insightful in how you use other business to feed your own businesses. I really can't understand that Estate Agent while you were in the Costa, why didn't she know the rent and business rates? She should know these coming in!
Yeah useless agent, first rule of sales is know your client so she should have researched James and his business before even meeting him to help point out things throughout the tour that would have helped seal the deal. Not knowing the basics of your product like local rates is beyond a joke.
Love the videos. Keep them coming please!
Wouldn't average spend be revenue divided by transactions?
I work in an office near Kensal Rise and use that tube station when I arrive to work - No, don't take the lease, that area is very quiet.
Nice surprise seeing you in Kensal Rise! The girl who I knew to buy a Costa every day must have stopped, she was probably single handedly keeping the place afloat 😂
By the way you want to check out the little cafes on College Road in that area for sake of business model. You're not after high street walk-ins but you're after the yummy mummies who want a boujie, somewhat floral and earthy environment to sit and chat with their friends for hours. They're high value customers who'll pay top dollar for the high end stuff with a side of sourdough avocado toast, but it's probably not the best shop for it given there are quieter streets around which can also provide the outside seating that shop can't.
Good points there. Chamberlayne Road does get busy, but probably around school start/finish times, as you said the yummy mummy crowd. There are places on that street that are always busy eg the Portuguese place, and Gails have moved in, but you need the outdoor seating.
I personally would do a market research to see if people are spending in this economic climate. If the popular cafes are getting half the patrons there used to be, clearly it's a red flag. Problem with cafe, it's highly reliant on footfall traffic. Platform for food delivery apps don't fare well for cafe. Novelty of cafe is to sit down and enjoy the ambience
Cafe at Reading Primark was only open for short time before it went bust
Closing so early is brutal, I've got a dessert shop and majority of our sales happen at night. Also having it inside a mall/Primark isn't as good as a standalone unit.
Good luck James 👍
Could you please do a video on how to create a successful business system or various business systems
I love these videos
Videos are getting better James. BTW, did I hear you say you print your own signs? Agree, as does everyone else it seems, that there's insufficient footfall around that shop. Given the Costa franchise was there for 11 years something has changed, maybe post Covid working from home?
Really enjoyed this one. Thank you for taking the time to make it. Very insightful. I wouldn't buy that costa spot.
What what I learnt from your business videos. I would say don’t take on that shop.
Footfall looks low, too far away from where you ideally want to be located.
Lease only too, see if you can buy a shop instead.
Focus on cookies and cones first and keep looking for that shop and location.
Btw it would be good to hear and see rough cost of rent in and around Covent Garden and how many customer that would translate to be profitable.
I expect buying in and close to convent garden is non existent as it is a prime location.
What app do you use to track those KPI's so well?
His brain. I joke, I'd love to know too.
Hi James i own a wholesale company for food and drink is there some where I can send a price list to
I like that jacket you're wearing.
Been waiting for this after you mentioned it.
I'd go back when the school holidays have finished, is there schools nearby? Maybe the footfall would look better when kids are back at school
Great video. Need the shop on the side of the train station to have a chance of making it work IMO
Would you say business is best way to get rich? Online I hear people saying stocks since business failure is high? Your thoughts
Yes but only if u have the time and expertise in it. Otherwise stick to stocks or real estate.
@@RafaelsFlixbut could stocks make u a good living tho? That’s the question
Depends on your strengths and preferences. To get rich with stocks, you have two options:
1. Build a high risk high reward investment strategy and survive long enough to learn from your mistakes. You need to constantly study the market and be able to rely on your own judgement, not just go off advice or trends. You have to understand the market fundamentally and better than the average investor. Really good ROI but theres way more losers than winners. Usually only the obsessive types succeed with this.
2. Get in early and buy shares of companies who arent yet publicly traded, but have high potential for success. The stock prices are a lot cheaper than after a successful IPO. A lot of these opportunities not open to the public so generally you have to be an accredited investor or be friends with entrepreneurs.
Stocks are generally meant to be treated as a stash you grow and dont touch, rather than high stakes gambling. The truth is the average daytrader is outperformed by the average employee sticking a percentage of their check in an IRA or fund and forgetting about it.
With business, its more hands on the wheel. You have to make all of the decisions and deal with all of the problems. Odds are stacked against you and you have to be okay with that. The upside is your going to be using other peoples money, and how good you can sell your business idea to investors will usually determine if your company will ever exist as an operation. Loans are getting more expensive as the world goes crazy so its going to get harder and harder to get capital for a startup. Which means you have to be ultra competitive in order to just make it to a profitable stage. But if you make it against the odds, youre now sitting on the best possible asset you can own.
My personal advice, build a steady income first before trying to get rich. That will be your foundation and when you know you can afford to take risks, fail, and still be okay, you have a higher chance for success. I would look at investments as a whole instead of just stocks specifically. Theres a lot of investment vehicles out there that arent as saturated with competition. And if you do go the business route, think about what problems you can solve. If you can solve the right problem for the right people, you have a successful business.
Find a mentor. Stay motivated. Best of luck
another cracking video!
I would put the money towards an app and deliver the food/ cakes and coffee to your loyal customers have a reward scheme that gives you data which is new gold and possibly use just eat and deliveroo you have a good base cake business problem is customers maybe do a referral bonus on the reward scheme
Was this Costa in NW london?
Not enough passing trade, is there no space inside the train station.
I like Italian Ice Creams.... and I love Italian food. I think that 1) you need to focus on keeping the original name. Dump the bakery part. Just call it Rossi's. Also.. I would definitely have a look at how an actual Italian cafe or Italian ice cream parlour works out. I think you will find that they are really nice.. and the flavours are so different as well ? I would also consider holding onto their gelato factory part. Cos frankly, there is a need for this in the UK, still. Light airy ice cream does sell. Again at the end of the day it is all down to execution and price point as well. Since we're supposed to be in a recession.. then surely, something to bridge the gap is a must here? Would also consider selling 1 litre tubs or 5 litre tubs towards actual social enterprises too. Or to even the food banks. And let the labels remain on it. People aren't behaving like they used to... and there is nothing to say that you shouldn't reraise back up that spending powers and to find the people too. And I also don't believe in actually that we don't have the spending powers. Breaking even.. or holding on to break even.. to uplift.. even a small gap.. is kind of what is necessary or needed mostly.
⭐ *9:55** Literally her job to know basic shit like that(Business rates)* .
MAN people are coasting! I'm guessing that was the agent?
Exactly what I thought! You’d expect agents to know that kind of information when showing a property
You mean "woman".
Are you not running after several bunnies in the same time?. It s a grear idea to invest in a coffe shp chain, but the investment is huge .
no - vpd (vehicles per day) and fpd (feet per day) is decreasing because of work at home and home delivery services. pull gov appraisals and real estate comps then make an informed offer. Commercial real estate values are going to drop by half over the next ten years before flattening out. Play the radius math game because the magnitude drop will be greater the further the radius out from natural foot traffic - like bus stations, sporting events, factories, etc., math never lies - in real estate it's never about quality - only location.
Great information
Impressive approach I can see why you’re a success
One plead is to NOT PLAY MUSIC. It’s my pet hate. Nobody listens and it’s often too loud and irritating. Create a light, comfortable atmosphere with decorations and quality product and I’d be in every day
But in terms of that ex Costa shop then for me it’s a no. The franchise closed for a reason and I’d wager, if I was a betting man, that it was a lack of trade
Hi James
Are you able to say how cookies and cones got into administration?
I remember discovering their original tiny shop in an arcade when I visited leigh a few years ago.
Was it they just grew the chain too fast?
I think he was trying to dominate the world with expansion. There was an announcement at one point about going over to New York, that didn’t arise. A lot of the shops had broken machines and I think staff retention was an issue. A lot of the times I went there the workers seemed overstretched and stressed!
So it didn’t sell coffee before?
fascinating. Sometimes the youtubes offer gold!
James we all love the Rossi ice cream, without a doubt. Some of the C&C ice creams and sorbets are amazing though! Would you absorb some of their recipes/flavours into the Rossi brand to keep them going?
That’s already happened!
Go to the Rossi parlour and you’ll find all the new flavours from Cookies at your fingertips.
Plus the cookies team now make all our cakes and bakes in our Rossi shops.
@@JamesSinclairEntrepreneur
Hello.
On the London coffee shop, prices seem high but tough negotiations with the landlord was probably a good starting point. Agree with someone else that school children returning could provide greater footfall.
What about marketing on bus stops or in the train station. A pop-up marquee giving out free samples might tempt customers into your main shop later on?
Good you've purchased Cookies & Cones. It's never drawn me in despite their offering having a good reputation. My nearest are Southend & Rayleigh. (If that's still open?)
Price point felt quite steep. Gluten, dairy-free and vegan options would be great as intolerances rule out normal cookies. 🫤
There's empty units in Rayleigh and Rochford if you consider expanding the concept elsewhere. Thurrock Thameside complex desperately needs a proper cafe. It appears that the theatre was saved though council librarians serving 🤮 instant coffee wasn't pleasurable while visting last year. I know the authority is bankrupt and badly run however.
Finally, visit Muffin Break for market research. Their model has similarities to Cookies & Cones.
(I know my comment was VERY long.) 😂🫤
closing at 6 as an ice cream shop? parents take kids for ice cream BEFORE dinner in the UK? Serious question I'm from the US
It’s a concession …a store within a store. If main shop shuts, they have to
@@IverKnackerov O ok that makes sense then.
Add very good quality Milkshakes!
I really liked golf course music haha