6 Worst Business to Start! (but make the most profit)
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- Опубликовано: 1 июл 2024
- Some businesses are a lot more difficult to start than others, but what about profitability? A lot of the world's most successful companies work well because of their scale, if they were small to medium sized businesses, it would be a different story.
In this video I dive into 6 of the worst businesses to start, but if they make scale - they can create some amazing profits.
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Who am I?
My name is James Sinclair and I'm the founder and CEO of The Partyman Group of Companies. I started building my business when I was just 16 as a family entertainer after that I built up an entertainment agency, then moved into building a leisure and day nursery businesses. Today we operate a £30 million business which includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing as well as one of the UK’s oldest Ice cream companies; The Rossi Ice Cream Company.
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⌚️Timestamps:
00:00 Lots of Businesses Fail
00:49 Difficult Business 1
03:06 Difficult business 2
04:55 Difficult Business 3
06:22 Difficult Business 4
07:45 New Podcast Channel
08:23 Difficult Business 5
10:40 Difficult Business 6
There is no quick way or shortcut to make a profitable business. It takes experience and years of hard work in order to form one. I enjoy seeing the honesty through-out your content James.
The best business to be in at the moment surely has to be international arms sales.
Love this, James. You did a Podcast ep with me on my Wholesale business and what you said here makes perfect sense. Just some numbers, if it helps, on a £3M t/o we would net between £150 - £200K but on a forecast of £10-12M you would net between £1,000,000 or £1,200,000. Headcount barely changes, maybe a couple of extra heads. I’d love to know what the multiples are in net profits with the other business types when they get to scale 👍🏻
Excellent to hear about the new podcast RUclips channel 👍
Brilliant video , this a class education , lesson is James is a real outlier a real success, fab bloke , I recall as a small business accountant the 80 per cent failure rate in small business , it’s more like 95 per cent , James has to be really applauded for his success. I’m in the 5 per cent I survived as well but as a lifestyle business , I control my own destiny every day I wake up. Great feeling
James huge respect for teaching us about business in the real world. With honesty and integrity. Thank you
We all want and need the opposite now 😅 Businesses that you can start and be profitable without economy of scale
Thanks James, I was surprised when you mentioned food service business, but you advised to operate with experience based product and b2c model not b2b.
Great stuff, once again James 🙌🏼🙌🏼🙌🏼
Thanks Lee! Check out the new pod channel - just come out too!
ruclips.net/video/sP_7xlzyKWs/видео.htmlsi=iiaM_teXA1ViPeSU
What do you think of laundromats...They seem to be high yielding semi passive type businesses! somewere in the ball park of 30%+ net cash flow...Not bad if you compare to rental properties!
Economies of scale determine normal profits in the short run. Normal profits represent just that of a typical job. What you need to do is find an industry with dis economies of scale ie larger sellers charge more per unit despite scale, rare. But they do exist.
Useful video James, as always, how do you feel on Franchises and buying into them? I've been in the corporate world for many years and been considering buying into a franchise that has become available locally, do you have any experience in this?
I can comment here as a franchisee , if it’s a recurring income model and you get the opportunity to buy a property as I do they can work well. No boss a trusted brand , only the franchisor to keep happy. I do get my fanchisor to get behind my marketing spend so it works for me , it’s a lifestyle business , I don’t need a massive millions business .
This is great and thanks for the feedback@@MrPhilysis1
If I want to create a company that sells food products, for example ice cream
like rossi, without money, what I start with 1/ train myself in ice cream design and develop a product in my kitchen. 2/ to comply with hygiene rules, you need premises, therefore renting premises, or sharing premises with another company 3/ production and distribution, primarily targeting restaurants and hotels. I think that before even launching this type of project, you have to think about the added value that you bring and this is true for all businesses.
I own/run an ice cream company (and have been interviewed on James' podcast). I can tell you for certain the start-up phase is mind-bogglingly expensive! Most people wont make it to the "economies of scale" phase before running out of cash...
Hi James, what are your thoughts on getting into SAAS (Software as a service) type businesses?
Not my area of expertise but as we all know, get software right and you’re on to something beautiful. I think software will get dramatically cheaper with AI and the margins that software companies have enjoyed thus far will be squeezed.
great video
Hey james, 3 questions.
1. Can we get the entrepreneur University online, as the uk can be tricky with visas.
2. How can you offset the low margins, and cash flow issues as an importer/wholesaler?
3. Can we get a video ok good businesses to start, especially with solid margins, and not so high to start.
4. Did party man get a partner in dubai, are you opening it to those interested.
5. Please talk to your social media team to engage with us as much as possible, those that find value in the content.
Party pieces* 6. Can you talk about investment into shares, bonds as alternative to property?
7. How can a trader get into property, especially if he has to build from scratch with no credit?
Always refreshing to watch an entrepreneur who has real bricks and mortar businesses than preaching about drop shipping and other online rubbish.
Do you have any business ideas to operate in maldives?
James! I’ve got the cash - how do you get the management? How do I buy a little cafe for £100k - then get management to keep it going.
The issue is in businesses like a cafe, it’s difficult to get a proficient manager that you can pay a decent wage too, as the profits simply aren’t there unless you have a very high turnover place
basically - dont get into my businesses
Not at all; I’m just saying that scale is the answer.
I'm not going to lie, but this is the way it's coming across. However, James can only comment on businesses that he has personal experience in.
I don't think you listened to the video, if you done the actual businesses he has mentioned, you would understand what he's saying, and take the value in, you have no idea the gems here.
Looking forward to seeing your wholesale business mate. Can I buy your course? 😂
@@wendywolfman now let's say I do have a wholesale business? Then what? You dudes troll for no reason.
James I’m in the wholesale food service business could I get speak too you on your podcast. I can resonate it’s difficult as a start up
You can apply on my website, click on the podcast button,
Website is Jamessinclair.net
@@JamesSinclairEntrepreneur I’ve sent a message across too your team on email but haven’t heard anything as of yet