"It's not fair!" Failed Businesses, Tax Issues and The Death of High Streets | Q&A
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- čas přidán 2. 08. 2024
- Another week answering your questions! Talking about my failed businesses, why the high streets and like ghost towns and how to interview properly to build a great team. If you want me to answer your questions in a video like this, please comment below!
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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.
#business #businessowner #entrepreneurship
⌚️Timestamps:
00:00 Intro
00:24 The High Street Problem
02:34 Buying Businesses
05:14 Failed Businesses
07:48 Opinion on Accountants
08:44 Business KPI's
11:57 American Express
12:39 Interview Questions
18:26 Import & Export
21:14 Business Partners
23:06 Entrepreneurial Mindset
25:00 How to get Pre Sales
26:33 Increasing Customer Retention
Again, baffling how people don't flock to James's videos for solid advice. No waffle, no nonsense, just hard-core advice. & it's free. What's not to like??
It’s madness! I have a feeling it’s at least partly because he gives direct, actionable advice instead of selling a pipe dream
I agree. Underrated, and Hormozi level.
Because James targets search rather that allowing the algorithm to do the work in finding the audience. Search is great for James as it brings in the correct person who may likely become a customer later. Better to have less of a following who are engaged than a huge following who doesn't buy. I doubt the adsense is james's strategy for earning from his channel, it's a promotional tool. If he allowed the algo to drive views then he would get tons more views and subs, but that may not be the strategy
Thanks for your kind words, yes the algo has not been that kind to us, but the people that do watch love what we do and that’s what matters. I think if we did get rich quick schemes they’d al come flooding….. but as we all know “ if it’s too good to be true…..”
It’s because he gives genuine business advice none of this dropshipping this dropship that no money down property guru bitcoin millionaire nonsense
So glad I found your channel!! It’s like a hidden gem. My business has changed so much since watching your content. One of the best out there 💯
Thanks for watching! We really appreciate it
Completely agree with your comments on experienced based retail businesses. It’s the only thing that can keep our town centres alive. Watched one of your older videos recently James, 400 ish views. Now looking at over 68,000 subscribers, views often in the 10s of thousands and recruiting a new member of your social media team. An example of what can be achieved with persistence and a commitment to constant improvement. Well done.
Been following you James for nearly 2 years now and I can't thank you enough for your advice and the insight you give into your business's. You're an inspiration. I hope I get to shake your hand and thank you in person one day
I hope to meet you and shake your hand one day too!
As a natural cynic, I am impressed by your transparency. It’s like nothing I’ve ever seen. If I ever make a fortune , I’ll owe it all to you (joking).
Different sides of the world, completely simpatico in mentality. Thank you for this content.
Thanks for the great answer to my question, good to hear you're as capable of errors as any of us! The important thing I suppose is to see where the trouble is and whether you can fix it or need to exit. That's where the monthly numbers come in - they can give you a near real-time picture of the reality on the ground. It's something I think we missed (we were probably afraid to look!) back in the day, a mistake I'll not make in the future. Well done on all the other questions, super useful and highly shareable,
Been binge watching your content since i found your channel. So many golden nuggets James that i can implement to my own business. Keep up the good work. 👍
Thanks so much! See you in the comments in the future!
Yay! Thanks for answering my question! Really appreciated 👍🤝
I totally agree. A tax on turnover is just a regressive, parasitic brake on an economy. Their are so many governmental and semi governmental organisations who take their cut from small businesses. As a small business man I work two to three days a week on tax reporting, local council issues, OH&S reporting, insurance, employment compliance etc without a scrap of work to push my business forward. It reminds me of the mafia offering protection services, just slightly more subtle.
At the start of 2023 I had to close a small business I started 11 years ago. Also, it was here in the US so a little bit different business landscape...but still all the same business principles as you all across the pond :) The pandemic took a toll on it after years of surviving. Been having a personal pity party for the last 9 months and don't know what to do with life now...any advice on how to bounce back from such an event?
Saw similar here to the high street situation and it has not been the end of the world.
Can even expect an area's core to move about now in response to changed market preferences and avoidable business costs.
Business is even tougher when you're not getting paid... Get onto your accounts people James and tell them to pay your suppliers. 6-8 weeks over due some of them!
Amazing stuff thanks
Fingers crossed for some announcement today by Jeremy Hunt that move the dial for small businesses.
Amazing content. Whats the best way to lease a warehouse where if the business fails I’m not left with high rent. Any tricks of the trade? I heard land registry is great to go direct to the building owner. Also by tips i mean deal structure etc..
Interesting take on the demise of high streets, however, all the taxes mentioned such as VAT, insurance, NI, pension contributions, green levy, rent, corp tax, etc are also payable by online-only businesses. Some high streets are doing well but they're in decent, affluent, leafy towns mostly in the southeast. It goes to show that location is everything for a physical retail business and its worth paying the extra rent to be in a decent location with well off customers close by.
I agree on line pay turn over taxes, I don’t they should be paying so many turnover taxes either. It’s important to note you could rent a warehouse doing millions round the clock, compared to a high st paying the same overhead costs for a much smaller premises doing a lot less Revenue.
The danger of getting rid of business rates for councils is that a lot of these small shops that take cash will be tempted to not declare their profits or simply cook the books and starve councils of revenue. There's also lots of vanity businesses near me which are nearly always empty which seem to be hobbies for bored housewives (pottery studios, vintage fashion etc), without business rates the council probably wouldn't see a penny of revenue from these setups where profit doesn't seem to the main driver.
Business rates do not go to the council. They are central government taxes. The council simply collect on behalf of the government.
Council tax however, domestic is paid to and received by the local council.
@@joebristowtechnologicalbre2073I was under the impression business rates were passed to central government who then redistribute them back to the councils?
@@gibbson130
Councils can apply for various grants which is essentially funded longwindedly by this revenue, but the rates paid by one towns business could effectively pay for another towns grant.
@@joebristowtechnologicalbre2073 you originally said "business rates do not go to the council", implying that my OP was incorrect in stating that removing them could starve local councils of funding. But now you're backtracking.
According to chatgpt:
While business rates are primarily a local tax collected by local authorities, a portion of the revenue does go to the central government before being redistributed. The system involves a process known as "rate retention." Local authorities retain a significant portion of the business rates they collect to fund local services. However, a portion is also sent to the central government, which then redistributes some of the funds back to local authorities through grants and other mechanisms.
James! I need monthly KPI excel tracking for my starting out business. I can't seem to find this, is there anywhere you can direct me?
Thankyou for your videos!
thanks james
We have a new lease agreement put forward that means we all pay for all issues on the industrial estate; all businesses put in a pot. So we could be paying for other buildings repairs. This is slightly concerning. we do not know how drastic this cost might be and the landlord does not want to cap the amount we pay towards maintain the estate. Any advice?
Hi James, amazing video. What is the best way to find manufacturers abroad
I am taking a shot every time you say Business 😂
How would taxing only profit and not turnover work? People would then do all sorts just to deflate their profits so they pay less tax?
A property I’ve always wanted has come up for sale - to buy it, I’d have to drop out of a sale that is going through. I feel guilty. What should I do.
How did you deal with a delapidation lease exit you mentioned in a previous video?
Don’t take on a lease without a schedule of condition and put a limit on dilaps and where possible get it written out of the lease.
What are the cost differences in business with cash / credit transactions/ credit only/and credit only/ and do you think generally as a country we should move towards cashless transactions?
Very similar. Card transactions have an average fee of around 1.5%. Cash transactions mean you need to securely store and get that money to a bank - which results in possibly bigger headaches and outlays.
Love the new background James. No wonder I’m now describing you to my friends as the Huw Hefner of the UK small business scene. Won’t belong before you have ten models on each arm asking you about the top tips for acquiring bolt ons to increase vertical integration. Love it.
Huge energy costs killing most retail small businesses
Have you ever looked towards doing business in another country? If so what kind of business and what country? Or is it a thing that you would like to do in the future?
About partnerships.. don’t believe in them. People only do partnerships for two reasons, 1. They don’t have money. 2. They don’t have experience. As soon as they get what they lack, the partnerships breakdown, one way or another.
Hey, come on now, charity shops, kebab shops (cash only) and front businesses for money laundering operations are booming in every small town in Britain.
We are living the dream and thriving...
Did you open a business on a dying Main Street that failed?
😮
7:50 Get business advice from LUNATICS!
*U GOTTA be crazy to START from scratch* 😂😂😂
0 money AND 0 knowledge 😂😂😂
4 interviews for a job? Yikes
Personally I'd find it reassuring. It marks the company out as somewhere I'd probably like to be. I've too much experience of formulaic, score-based, tick box, single interviews, from both sides of the desk. They rarely recruit the right person in my view.
Agreed, it is not worth getting wrong. @@john-robinson-content-creator
The interviews are a job by themselves. I think I will just kept signing on.
Senior level jobs, absolutely. Not for the team on the ground making the coffees but certainly management level and higher.