5 Businesses I Failed and Why

[@readmycomment3157]

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.

[@yugioh12fan]

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.

[@readmycomment3157]

@yugioh12fan if your margin is slim you need mega volume

[@Bedtimechums]

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.

[@flvflv4712]

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

[@JamesSinclairEntrepreneur]

Grazie señor

[@wonderfulwillow]

Wedding venues sell to guests too.. tonnes of repeat business/new couples in the diary if you deliver on the day ..

[@cosmeticcompetitions]

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?

[@asfeastasteaw]

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.

[@EppingForest304]

Interesting phrase “professionally moving money around”, never heard that before! 👍

[@atb88]

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?

[@MrJeffHead]

No waistcoat today! Looking like a pre £10million turnover James Sinclair without a waistcoat.

[@ybother]

Great video. It’s ok to start on a not so good Business model. But one should iterate it quickly to be better.

[@lukecarr9570]

Great nuggets in there, What would be your advice or key criteria for selecting a product/niche for ecommerce?

[@readmycomment3157]

It's less about thr product, more about the margin and your ability to drive traffic

[@johnbuckley1533]

G'day Campers, thank you for sharing your experience James.

[@marialara9400]

Thanks

[@SM_TheTraveller]

Thank good advice

[@nicecarsdarlington]

I sell used cars im thinking of shrinking it to free up time to bolt on a love want and need business

[@oleopathic]

Good x1.

[@MoneyOnline2020]

Why didn't you do like the Italians?

[@davothefirst9371]

Show me the Money !!!

[@jimcollins7334]

Content 8, suit 4.5

[@darrentaylor4916]

You talk loads of sense but also a load of shit! I’m torn brother.