So the key is 1. Repeat customers or recurring revenue model. 2. A barrier to entry or a moat. 3. Strong customer relationships. 4. A decent gross margin.
Yep, except in my case, I cover the first 3 points really well, but 4th being low margin basically reinforces my first 3 points even better. I survive, but it's tough.
As a former, and undoubtedly future, entrepreneur, I think you've packed extraordinary value in such a short video. People need to hear about the failures to believe in the real possibility of success.
Yes---Shops have higher overheads. But do they actually per, open/sales day. I found that various local govt fees and pitch fees at Festivals are HIGHER than most shops. As well as more weather reliant.
I used a limousine once on my wedding day. Mrs travelled with her mates from home to registry office. 8+ seats in the back? What's the alternative, minibus or Mercedes Vito van🤷♂️ most can be driven on car licence. I was in the Mercedes saloon. After the wedding someone gets relegated to the merc and I'm in the limo. I do remember the corners of the rear passenger seats were battered from all passengers climbing out. Apart from that, my other impression was from squawking 15 year old girls leaning out the window heckling bystanders. "Proles' Royce" i think the Viz named it😂
Let's be honest. Who needs a stretch limousine in Europe?. Maybe in Los Angeles but in most European countries not very often. There was one in my city but I haven't seen it in years. It's hard to compete with Amazon. Especially if you sell the same products.
From Norfolk. What we’d like to know is how you manage money in the business, who has access to your business bank accounts and how does it work? Trust etc? Can one of your staff just pull money out without you knowing?
Location Base Business: Hotels, Visitor Attractions ,Day Nursery ,Coffee Shops, Ice Cream Parlor. First Business: Stretch Limousine Business. Lesson Learned : - More Capital To Expand, Specialized Staff, Easy For Customers To Forget You, Government Regulations Frequently Changed. Second Business: Party Shops Lesson Learned: - People Need You Occasionally, Too Much Marketing, Everybody Was Selling The Same Stuff, Competitive Market. Third Business : Ice Cream Vans Lesson Learned: - No Contracts, Low Barrier, Chasing Turnovers No Establishments ,No Reliability Too Much Moving. Forth Business : Bouncing Castle Lesson Learned: Low Barrier Entry, Difficult To Sale Equipment's Once You Stop, Weather Can Ruin Income, No Reoccurring Customers. Fifth Business : Festivals Lesson Learned: Pricing Can Get Difficult, Its A One Time Thing.
But what’s to stop another ice cream shop opening a few doors from yours? And, isn’t the ice cream industry at odds with the repeat custom thing where there’s next to nil interest in it from October to April?
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So the key is 1. Repeat customers or recurring revenue model. 2. A barrier to entry or a moat. 3. Strong customer relationships. 4. A decent gross margin.
Yep, except in my case, I cover the first 3 points really well, but 4th being low margin basically reinforces my first 3 points even better. I survive, but it's tough.
@yugioh12fan if your margin is slim you need mega volume
As a former, and undoubtedly future, entrepreneur, I think you've packed extraordinary value in such a short video. People need to hear about the failures to believe in the real possibility of success.
A few days ago the algorithm was kind enough to show me one of your videos.
And bang! You've got a fan.
Love from Italy
Grazie señor
Yes---Shops have higher overheads. But do they actually per, open/sales day.
I found that various local govt fees and pitch fees at Festivals are HIGHER than most shops. As well as more weather reliant.
I used a limousine once on my wedding day. Mrs travelled with her mates from home to registry office. 8+ seats in the back? What's the alternative, minibus or Mercedes Vito van🤷♂️ most can be driven on car licence.
I was in the Mercedes saloon.
After the wedding someone gets relegated to the merc and I'm in the limo.
I do remember the corners of the rear passenger seats were battered from all passengers climbing out.
Apart from that, my other impression was from squawking 15 year old girls leaning out the window heckling bystanders. "Proles' Royce" i think the Viz named it😂
Wedding venues sell to guests too.. tonnes of repeat business/new couples in the diary if you deliver on the day ..
Let's be honest. Who needs a stretch limousine in Europe?. Maybe in Los Angeles but in most European countries not very often. There was one in my city but I haven't seen it in years.
It's hard to compete with Amazon. Especially if you sell the same products.
Interesting phrase “professionally moving money around”, never heard that before! 👍
From Norfolk. What we’d like to know is how you manage money in the business, who has access to your business bank accounts and how does it work? Trust etc? Can one of your staff just pull money out without you knowing?
No waistcoat today! Looking like a pre £10million turnover James Sinclair without a waistcoat.
Location Base Business: Hotels, Visitor Attractions ,Day Nursery ,Coffee Shops, Ice Cream Parlor.
First Business: Stretch Limousine Business.
Lesson Learned : - More Capital To Expand, Specialized Staff, Easy For Customers To Forget You, Government Regulations Frequently Changed.
Second Business: Party Shops
Lesson Learned: - People Need You Occasionally, Too Much Marketing, Everybody Was Selling The Same Stuff, Competitive Market.
Third Business : Ice Cream Vans
Lesson Learned: - No Contracts, Low Barrier, Chasing Turnovers No Establishments ,No Reliability Too Much Moving.
Forth Business : Bouncing Castle
Lesson Learned: Low Barrier Entry, Difficult To Sale Equipment's Once You Stop, Weather Can Ruin Income, No Reoccurring Customers.
Fifth Business : Festivals
Lesson Learned: Pricing Can Get Difficult, Its A One Time Thing.
Great video. It’s ok to start on a not so good Business model. But one should iterate it quickly to be better.
G'day Campers, thank you for sharing your experience James.
Great nuggets in there, What would be your advice or key criteria for selecting a product/niche for ecommerce?
It's less about thr product, more about the margin and your ability to drive traffic
But what’s to stop another ice cream shop opening a few doors from yours? And, isn’t the ice cream industry at odds with the repeat custom thing where there’s next to nil interest in it from October to April?
I think an existing shop would put off a competitor if it was nearby.
Thank good advice
Thanks
I sell used cars im thinking of shrinking it to free up time to bolt on a love want and need business
Good x1.
Show me the Money !!!
Why didn't you do like the Italians?
Content 8, suit 4.5
You talk loads of sense but also a load of shit! I’m torn brother.
What does he say that makes you think he talks shit?