5 Business Ideas That Will Actually Make You Money
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- เผยแพร่เมื่อ 23 ก.พ. 2023
- In this video I break down business ideas that will actually make you money and the business models that work to build profitable businesses.
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- Food service (not restaurants)
- Child care, day nursery, child service
- Insurance brokerage
- Importing or manufacturing for repeatable businesses
- Trading business + commercial property investment
I am 22 running a chicken business turnover £6m my second year. Importing to UK and now exporting chicken to West Africa. Currently, looking to buy other chicken/meat companies across the UK. Love your videos and your enthusiasm.
That's incredible what's your profit margin on that?
@@carlocossham1450 4% U.K. & 7-8% Africa.
All run my myself and basically no overheads just insurance policy’s and my phone bill 😁
Hi James, great work. What's the name of your company?
How in the world did you get into that mate?
How in the world did you get into that mate?
If you borrow on your property you no longer own it. And monthly payments can escalate. Own your property and never borrow money is the key to a good life.
Absolute truth, I did a car recovery business and it started slowly at some point I accumulated some repetitive customers I started finding more jobs from the internet, but because I have only one vehicle, and I took a credit to start the business I used my savings to survive the first few months, and insurances costs , fuel and so on, at some point I started realising that despite all the money I make I barely make any money above all the expenses. I really appreciate your honesty, and follow all your videos with interest!
i don't understand
Some really great points James. New business owners never drill into margins enough in my experience.
Thank you. Excellent. The advice about being wary of passion and staying focused on a good business model is spot on.
Fantastic videos James, you should be selling these to the schools as they could really inspire people.
I started my own business at 19 but only lasted 2 years and ended up working for a company but hats off to anyone that can make it work.
the people that make it work are the ones that dont give up after their first business fails...
How have I only just found this channel. I have a business degree and this man is speaking more knowledge than my full degree tought
Best comment ever! Thanks for watching!
You are a brilliant business man. There is an amazing business personality behind your businesses. Successful businesses depend on whether people like you or not first not what you sell. Key number one.
This guy is great,no BS just logical good advice.
This is GOLD.
Thank you so much James
Sir you are amazing! Keep making the videos. Business can seem intimidating and like a closed circle these videos are great!
His advice is on point.
Thank you so much for sharing this with us a really positive approach love watching and absorbing this honest advice 🤞
Awesome video James!
Fantastic advice
I have been working my arse off in my own passion/vanity project for a number of years, and it has been my ego that has stopped me from chucking the towel in. I am good at what I do, or so I am told and that's nice, but having my ego stroked by my customers isn't getting me anywhere, and it certainly doesn't pay the bills. My overheads are massive, and I could earn a better living working in a supermarket. The only upside of being self employed is that my time is my own, but I do have deadlines to work to, so I end up working late in to the night because I had to deal with a family issue during the day, so in reality, I am worse off !!
Your videos have told me what I have always avoided telling myself.
Thanks
Great video. What I’ve discovered is that it’s not so much about what business you pick, but more about how long and hard you work at it, and you have to be the right person for that buddy. Obviously this isn’t in all cases!
Look forward to chatting to you on the podcast soon :)
And not forgetting subscription businesses. Especially if you’ve written unique software that other businesses can use. Super low overhead, huge margins and consistent turnover.
That's the kind of stuff Richard Stallman warned us about! XD
I remember many many years ago installing a “free” anti virus software. Of course next year I didn’t hesitate to pay the yearly fee and continued…
Do you think it is just easy like that? what of the huge advertising budget to talk to people about your software.
Software development is a J curve business with very high upfront costs before profit is made
I had, what I thought, was a brilliant idea for a business -building canoes. Not just boring ones but ones with unique colors and patterns. I sourced a good, cheap decorative pattern library and easy build canoe templates on the internet for free. All seemed good to go. Then I walked past a stack of simple, practical canoes that can easily go into the boot of your car, all for the price of £150 quid at the local supermarket. Darn it.
Couldn't agree more. I see so many people working all hours on a hopeless model. I've been there too some years ago. One other rule I have, and it does conflict a little with some if the models you suggest: I wont operate a business with a negative cashflow. I know there are great businesses out there that do, but, personally, I just hate the costs and stress associated with operating that way. My father used to have a sign on his office desk saying "Happiness is a positive cashflow" (whilst running a business with a negative one). I would urge inexperienced entrepreneurs to be cautious about diving into a business with a negative cashflow unless the margins are spectacular.
How does a business work with negative cashflow? I'm not sure I understand that concept. Is that the same as a 'loss making' business.... and you make your many through no tax or something?
loan @@robertemmett906
Real Talk
What a brilliant video - as always! In our opinion, the OG of brilliant business insights!!
Thanks James !
My ideal thing is things like vending machines. You can scale it up without having to employ huge amounts of personnel. In the country I am in now, there are a lot of machines where people throw in a coin to get wifi, because most people don't have an internet subscription, or GSM subscription. Of course, that wouldn't work in the UK. In the UK, if I had a few locations, like that store selling ice cream, I would put down a few vehicle chargers in my parking lot to make extra money. But also think of machines selling coffee or candy. I am amazed when in Europe I see a fast charger and people walk to the nearby gas station to buy coffee. Why don't they add a simple coffee machine next to the fast charger? These are self-reinforcing businesses. Chargers where you can buy coffee are more attractive and of course people who need to charge are very likely to buy something. They just let their customers walk to the competition.
In addition to trying to own your real estate (otherwise your rent lord will just raise the rent until you have no more profit left), you should get some solar panels on them. That's a no-brainer these days.
Solar only works in sunny countries. 😂
Great video James, and excellent advise, only thing missing was a pipe.
You're absolutely right. But. Society wouldn't exist without less profitable businesses. If everyone just concentrates on making a lot of money for himself without any regard for anything else, you end up with places like USA: a very rich country, but basically a shithole for normal people to live in, compared to elsewhere.
True! I was hoping someone would say this. The world would become very stale if everyone had this mind set.
Great video
I agree with some of the general comments here, but I think that insurance brokers belong to the last century. Nowadays competitive insurance can be obtained on-line - direct. Then importing businesses (with warehouses!) can be undercut by ordering through Alibaba, etc (although I agree that if the customer needs to buy one inexpensive item then Alibaba or something similar is not an option).
Some well established and perhaps famous private schools in UK make good profits. But many fail each year. One needs a significant capital outlay to start a private school - just to pay for the premises.
Day centres for children can be profitable, if they are in an area where the parents can pay.
As others have pointed out in the comments, those offering a service where one's own premises are not required can make good money, providing the competition is not too stiff.
I know little about the catering industry, but I think that those providing catering for companies involved in short-term projects in the area could make reasonable profits.
This is a great video and in my opinion very altruistic, I have a couple of young (15 & 24) people in my life showing the signs of entrepreneurship, this is a brilliant video to provide an overview of what the future could look like for them and I have passed this on. Thank you for doing this (and all the other stuff you do) James.
You’re the best james!
Thanks so much
Thanks for information ☺️ Hiya from Latvia.
Awesome advise James!
Thanks for watching!
Stumbled across you on Utube, great videos. 👍👍
James, I've got an idea for a company. It's count how many times you say businuss every day and sell you the information. What do you think? Haha.
Fucking love your videos, never change. I'm sure you won't. Your honesty and openness is just world class.
sound advice!
That's life!
Great video James, what about competitors ? For instance, coffee is great industry, people are hunting to get a coffee every day but there are a lot of traders in the industry.
Thanks for the video !!
Slightly better than a restaurant but not much. High rent usually cripples you, even if you're selling from a Barrow! Selling wholesale products to coffee shops is where the gold is. A coffee shop is cutthroat unless you're in a building like a huge hospital, with a captive market.
@James
Hi mate, I’ve been in the insurance industry for nearly 20 years but always as an agent. How would I go about setting up an insurance brokerage firm, what advice have you got for a middle aged man on applying for an FCA license! The pit falls to avoid and what to do etc
Any help from anyone would be massively appreciated x
Nice one guys
Would love for you to go on the midnight podcast with Matt, would be such an interesting watch it's a uk business podcast.
I don’t know them, if they reach out to me I’ll definitely go on it. If you know them please tell them about me and your dreams will come true. Have you listened to my podcast?
Would be great for you to make a video about your view on debt and living with debt as you invest in your businesses. It seems necessary but is quite stressful for some to take on
I never borrow to live and only borrow to make.
That little rule serves you well.
Business debt is very different to personal debt IMO.
We’re all different with different comfort zones.
For example.
I wouldn’t want an investor telling me what to do or the pressure to have to perform for them; that would keep me up at night!…..others love the support of an investor!
Great ideas...no love for insurance tho - IMO :)
It is great to see a real expert on here instead of BS merchants. One lesson I learned today: piggy back on other people's volume.
Thank you
Thank you to you too!
I am thinking entering into real estate and I would love to hear views and directions of do's and dont's
Great Insights. The dude is basically a Teddy Bear Salesman
James good video and straight talking. I wish I'd had access to this straight-talking 20 years ago when I was staring off, but retired now.
Un-retire yourself
Thanks for watching, start again?
Great video, I like the presentation style and some great ideas here.
Excellent advice
another banger James, great info!!
Cheers! Thanks for watching !
Subscribed because you are straight talking without the waffle. Born trader . Best businesses? No inventory, no large fixed or variable costs with an insatiable demand that’s repetitive. Work for yourself with the best skills that can’t be imitated and you’re a moat . CK Rowling , Elton John, Floyd Maywether (£300 million a year ) for appearing once a year.
JK* Rowling
There are millions of writers and musicians in the world. But yeah, be a genius outlier and you'll be good to go. 😂
With regards to money making. It should be nowhere near education and health. I've sent my kids to private school since nursery and would never chose a For Profit schoool.
fuel depot/gas station/property/spare parts for vehicles
Love your content James! Is supplying supermarkets with food items a good business model?
NO, they screw you to the floor..no margin. Avoid!
You have to beg, or even pay them, for shelf space. Why not sell your stuff direct to the consumer online?
Thanks for your reply@@LDW1961 it was my initial plan but I don't have storage.
Thanks@@johnbridges5461 Ive been talking with some local supermarket procurement in South Africa where I'm from and the margins are way to small.
We do sell direct to supermarkets. Some of the biggest brands in the UK. I have to say they have been good payers and when we have had price rises; they have paid them.
I suppose if you don’t have a strong brand they will screw you for shelf space.
The trick to mastering the process of price erosion…… have a product they really want and build a business that means you don’t need them.
If our supermarket customers demanded unreasonable terms, we’d be….
“ thanks for the offer, but we’re out”
We probably help ourselves to circa 500k of supermarket sales a year.
They’re also slow to accept changes, or to communicate with.
Cool
Hi, recently aquired a commercial premises, going to start a retailing bespoke kitchens, what do you think about kitchens?
I have no experience in this sector.
Things I don’t like about it…..
When you find a customer they only need you once.
Companies that smash it, get regular, repeat customers. Once you have repeat 🔁 customers you’ll love your life and business.
I’m bespoke kitchens…
You’ll be starting from zero each month.
That said, you’ll get big margins when people do buy.
To smash it, you’ll need to make sure you have leads coming out of every nook and cranny you know!
Spend more time on marketing than anything else.
I think advertising agencies can be a great model too. Low overheads costs and large regular clients repeated monthly
Saturated market though
@@carlocossham1450 depends what industry it’s in and how well known you are. For example, I’m about to start an advertising ppc agency for Amazon sellers as I already have lots of contacts in that field :)
Ai will destroy that industry
@@johnholland2825 for many reasons it won’t, the main reason being Amazon has already put a block on AI to infringe on its internal date, therefor a service to rank products on the platform for clients will always be around.
Even if it did infringe though, we would simply adapt and work with it and not against it. :)
@@Mrhaydentv - your response is replete with denial and cope.
Real spit mate. Seriously though, Could tell it came from the heart common sense almost although painfully experienced growth perceived
Thank you! Glad you liked the content.
That discord notification sound at 5:03 really threw me off for a minute
Can I give you a compliment! You look like the Lead Singer of Level 42😅👍
You missed what is perhaps the most profitable type of business - service business.
How do you find good and trustworthy managers or operators for your many businesses ?
Im just imagining its impossible for one man to manage all of this .
It’s absolutely paramount. I have a core team. I don’t manage any day to day parts.
I just googled and realized that private day care for kids must me non-profit in Croatia. Insane
They want free babysitters
Well I'm a window cleaner 250 customers each month 15 pounds each 60 grand the year.
@NoNonsenseJohnson And that's just with one van, Not to mention potentially franchising.
What about plumbing businesses?
2:50, 5:30
tbf the only "risk" you take is become an employee if you fail
Your initial claim that the role of the employee is safer and less stressful is based on what exactly?
Experience of doing the do.
I do think the pressure on some business owners to meet payroll, sign PGs, deliver and constantly steer the sheep isn’t for everyone.
Why so many business owners start a business and see how tough it is and go back to be an employee where it’s safer.
In summary facts and experience.
Nice video but here is my opinion. Business that are over licensed, over taxed by governments can bring you down very quick. Not to mention dealing with employes in 2024 is diferent than it was in 2005 (worker rights, sues etc). All of that together can bring you down very quick. By your accent I suppose you are from UK, so you must know what I am talking about. It will depend greatly where are your business located. That´s why major comnpanies are located in Ireland and the Netherlands but their origins are not from there. I rented my business 2 years ago, I receive a rent and I work for others now. I have lots of time now for my family and friends, sports and so. Im in Portugal, a heavily taxed country. In a heavy taxed country the best way is to get big real quick because you will get small margins but since you work the masses you ll be fine. That´s the main goal, but extremly dificult.
Take a shot every time he says business.
I was in the wrong business for 24 years Auto salvage I got into it ten years too late
NO!!.if you sell your own ice cream to other stores you are literally giving your competitors your same advantage! and if your retail sales slow you also hurt your wholesale business! and if your base ingredients go up in costs (butter for example and whole milk) now both businesses are hurt because they are in the same business. and its a seasonal business . and its labor intensive. so..just no If that were true then you should buy a dairy farm next...then it wont make money...etc etc
The business models look interesting, but one should also take into consideration the mentality of the people who'll be your customers. For example, in my country, a business regarding children will not work (or will work, but the profit will be so little). Why? Because in my country most parents have this mentality that 1) if I survived with X grades, so can this kid, no need in too much education; 2) grandparents should take care of the kid while I'm working, this is what they are good for now 3) why buy him [insert any object here]? can't he do without it? can't we borrow or buy second hand?
That makes sense. That notion should indeed be part of an entrepreneur's market research.
Albanian?!
@@mjpm2409 Romania
I buy businesses and failing businesses, to the put the building and rent in my pension and then we work of the businesses profits.
Using the Bill Gates as an example of a "good" businessman, doesn't impress at all.
Ethics needs to be considered if we want to look up to entrepreneurs.
Hiw do you recruit and retain staff?
Education leads to motivation.
Be wary of toxic behaviour and stamp it out as fast as you can.
Recruit on attitude over skill set.
Ask for happy and hard working people.
Education leads to motivation ( if you want to keep people)
Look out for my new book Dream Team. Comes out very soon.
@@JamesSinclairEntrepreneur
That's great advice thank you.
Is this a long commercial for you and your cream?
I threw away a profitable business to work on my passion. word of advice.. unless your "passion project" is monetizable, then you best keep searching, dont be like me!😂
Why don't you say how much the tickets are? (£360 - £420 - £2400). It's like you are hiding something, like you think it's too expensive or something? Just explain the 3 different tiers and what each tier can expect! Seems more professional? can someone explain to me please how i am wrong since James is better at business then almost everyone.
Not hiding anything. The 2400 is consulting with me plus a ticket. The tickets are around £360 depending on which seminar it is. I don’t think it’s too expensive, I think they’re jaw dropping cheap for what we deliver. I do them because I like doing them rather than to make loads of money, but they cost to put on so I like to cover that cost.
The ticket covers the venue, AV, teas, coffees, my team and my time.
I know people pay wayyyyyy more for seminars and then just sit in the room to be upsold onto the next programme; not with ours. We literally deliver all we know.
I wouldn’t explain all the ins and outs of the 4 different seminars on a TH-cam video as it’s perfectly clear on my website.
Hope that clarifies my position.
Good video 😊
Trade business + commercial property investment = McDonald's
Online businesses make brick and mortar look so weak/poor in comparison. Near unlimited scale from a laptop and small lean team. Not talking ecom although i know 2 guys with fashion brand at $30 mil with 30% profit.
How about a simple parking lot litter cleanup service? It's almost as easy as going for a walk! The work is done on-foot with simple hand tools outside commercial properties for property management companies. I started doing this as a side gig in 1981 and grew it into a six-figure business. It's not sexy or glamorous but fortunes are being made by ordinary people who are willing to clean up after others.
Great story!
Thanks James @@JamesSinclairEntrepreneur
everyone seems to be getting paid by youtube these days or a scam course.
child care and nurseries not great businesses, know many people involved in the industry and no one is making good money!
What are the 5 ideas?
Carwash 😉
I'm starting out as an entrepreneur. I've just started a business making wigs for snakes but I'm already planning my next business. I'm going to borrow 1.5 million to start a buttock washing business.
😂😂😂😂 legend
Might be profitable in Canada where the elderly are left to rot in subsidized elderly care facilities
NO! selling to a school is a volume low margin business. you are competing with huge companies like pillsbury, bryers etc. who have sales reps and can drop big vovlume and even come stock the schools freezers and may even adapt their billing to match the schools billing cycles. NO
Hey mate love your content, might want to reconsider using Bill Gates as a role model after he *injected all his passion into his last project.
He’s not a role model or someone I’ve studied. Just the first thought that came to my head in this example. I know some people question his practices - I haven’t researched it to know if it’s true or not.
@@JamesSinclairEntrepreneur fair play, what do you think about adding lower volume and lower profit items to an existing business? Like product customizing and such that could have residual marketing impact but little direct impact on the bottom line?
I've heard Gates' latest 'product' has zero customer retention ha ha
Mine crypto in spare time to create a crypto income.
Great video. I started watching your videos last year as a beginner before giving stock and crypto market a trial. I was able to make $17,300 in one month with a capital of $4,000 trading with an experience expert who guided me through out my trading.
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This is the second video that I watched. The first one he said "do not do restaurant/hospitality" in this one he says it is great. On the previous video he also said "don't use Amazon" in this one he shows example of his company using Amazon. No following, not subscribing.
previous video? this video is 5month old, when was the video you watched made?
Please speak little slow and clearly.
Is this a joke? He's so easy to follow
If he speaks any slower we'd have to speed it up so it sounds normal. This a good speed.
Always wanted to start a business. But my credit rating is so shot, I can not even get anywhere with the banks/brokers. Wish everyone luck in business!
A temporarily unfavorable credit rating may be a hindrance for businesses with high upfront capital requirements, yet don't let that stop you. There are many businesses that don't require high capital inputs to start or run.
Best of luck to you in your endeavors!
i keep hearing to many { IF ] and i came to the conclusion that i will start a seminar business , charge the people a couple hundred bucks and tell them the same BULLSHIT your telling us