5 Businesses I Failed and Why

Here's 5 different businesses I have failed in and the key lessons I learnt from them so I don't make the same mistakes. Hopefully these lessons about poor business models can help you make the right decisions in building your businesses.
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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.
⌚️Timestamps:
00:00 Intro
01:00 Businesses Today
02:06 My failed businesses
12:32 Business lessons learned
#business #entrepreneurship #businessowner

[@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.

[@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.

[@doggydogdaily]

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.

[@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

[@MrJeffHead]

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

[@SM-od2jh]

Thank good advice

[@EppingForest304]

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

[@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?

[@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

[@ybother]

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

[@johnbuckley1533]

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

[@nicecarsdarlington]

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

[@ZF88]

The don is at it again

[@MoneyOnline2020]

Why didn't you do like the Italians?

[@davothefirst9371]

Show me the Money !!!

[@jimcollins7334]

Content 8, suit 4.5

[@Hff19927]

You failed on the back of a successful business. Most people don’t do that. Most of us fail a bunch of times before it clicks. I thought you were going to give us your mistakes and shift in mentality from failure to success.

[@I_Thought_You_Had_It]

Shifts in mentality come from increased knowledge and experience and applying what you've learned. That's what this video is sharing.