0:00:02 > 0:00:04Imagine a year's worth of pocket money up for grabs,
0:00:04 > 0:00:07just waiting for kids like you from across the UK
0:00:07 > 0:00:09to come up with a winning business pitch.
0:00:09 > 0:00:12- I live in Newcastle...- I'm from Birmingham...- Manchester...
0:00:12 > 0:00:15Could you spot a gap in the market?
0:00:15 > 0:00:18Beads, Jewels And Geodes is a high-fashion,
0:00:18 > 0:00:19handmade jewellery business.
0:00:19 > 0:00:22What's your big idea?
0:00:22 > 0:00:23Our business idea is...
0:00:23 > 0:00:26- Upcycling!- Boom!
0:00:26 > 0:00:30Or are you the next Branson, Sugar or Dyson?
0:00:30 > 0:00:34My business idea is to create films for special occasions.
0:00:36 > 0:00:39Now budding entrepreneurs are entering the pocket money pitch-off.
0:00:39 > 0:00:43All are hoping to secure that valuable pot of cash
0:00:43 > 0:00:47and the priceless help of our top industry gurus
0:00:47 > 0:00:49to kick-start their businesses.
0:00:49 > 0:00:53They will have just one chance to call for help.
0:00:53 > 0:00:57And this is it. The Pause My Pitch button.
0:00:57 > 0:01:02One guru to impress, only one idea can come out on top.
0:01:02 > 0:01:05This is Pocket Money Pitch.
0:01:13 > 0:01:17Pocket-money pitchers, it's time to go head-to-head.
0:01:18 > 0:01:20Present your pitch.
0:01:20 > 0:01:22- The pitcher... - I've chosen...- Is...
0:01:33 > 0:01:36We have searched the whole of the UK to find
0:01:36 > 0:01:38the best young business talent.
0:01:40 > 0:01:44And some of the very finest are about to go head-to-head.
0:01:44 > 0:01:49Today, we have six businesses hoping to revolutionise retail.
0:01:49 > 0:01:53We spend £300 billion in UK shops every year.
0:01:53 > 0:01:57For that, you could buy three international space stations.
0:01:58 > 0:02:01Only three will get the chance to pitch in the vault
0:02:01 > 0:02:05to today's guru Hussein Lalani, who can sell ANYTHING.
0:02:05 > 0:02:09Hussein grew his family pound shop from one store
0:02:09 > 0:02:15to 250 and then he sold his business for 55 million quid.
0:02:15 > 0:02:18Our pitchers can improve their chances of selling
0:02:18 > 0:02:21their ideas to Hussein by impressing the business buddies.
0:02:21 > 0:02:23These guys are top entrepreneurs -
0:02:23 > 0:02:27it's their job to spot ideas that could win the store wars.
0:02:27 > 0:02:30Well, those are our buddies.
0:02:30 > 0:02:32Here are our pitchers.
0:02:32 > 0:02:37First to pitch is Tom. He's ten years old and from Sheffield.
0:02:38 > 0:02:40The reason I want to go into business
0:02:40 > 0:02:43is because I can be my own boss.
0:02:43 > 0:02:47Tom is going head-to-head with brothers Finn and Euan,
0:02:47 > 0:02:49aged 8 and 11.
0:02:49 > 0:02:52- He comes up with the crazy ideas... - And he makes them happen.
0:02:56 > 0:03:00Both teams are pitching retail ideas, but who will the buddies
0:03:00 > 0:03:03think is the best seller?
0:03:03 > 0:03:06Cook Junior, you're going to start us off. Take it away.
0:03:06 > 0:03:08Hello, my name is Tom.
0:03:08 > 0:03:10Kids love to cook, including me myself.
0:03:10 > 0:03:12But it can sometimes be a little hard
0:03:12 > 0:03:15using the default adult utensils.
0:03:15 > 0:03:18Today, I will be showing you the pancake pro set, which will
0:03:18 > 0:03:21make it easier for kids to make pancakes.
0:03:21 > 0:03:25Firstly, the set contains an easy-to-use measuring jug,
0:03:25 > 0:03:27with a wide opening to avoid spillage.
0:03:27 > 0:03:30Secondly, the egganator, to fish out any eggshell.
0:03:30 > 0:03:33An easy-to-use spatula,
0:03:33 > 0:03:36bigger than normal, to give your pancake a nice secure lift.
0:03:36 > 0:03:38Pancake day could be every day!
0:03:40 > 0:03:44Will the buddies buy into Tom's kitchen utensils for kids?
0:03:44 > 0:03:47Hoping to flip things round, Finn and Euan.
0:03:47 > 0:03:49- BOTH:- Hello, buddies!
0:03:49 > 0:03:52We're The Boys In The Hats, two brothers from Pembrokeshire.
0:03:52 > 0:03:55Our business idea is to personally take photographs
0:03:55 > 0:03:58of local iconic themes, put them onto cards,
0:03:58 > 0:04:01coasters and place mats, etc,
0:04:01 > 0:04:03and then sell them locally and online to retailers
0:04:03 > 0:04:05and other customers.
0:04:05 > 0:04:09We also intend to branch out into mugs, T-shirts and tea towels.
0:04:09 > 0:04:11We believe we can market it well as The Boys In The Hats
0:04:11 > 0:04:14and we hope that this branding will help us overcome the competition.
0:04:14 > 0:04:16We thank you for your time.
0:04:17 > 0:04:20Hats off to you, lads. Brilliant job.
0:04:20 > 0:04:23'But only one pitch can go through to face the guru.
0:04:23 > 0:04:26'The power is in the hands of the buddies.'
0:04:26 > 0:04:28Emily, we'll start with you.
0:04:28 > 0:04:30I'm going to go for Cook Junior.
0:04:32 > 0:04:33Amber.
0:04:33 > 0:04:36I think there's a greater market opportunity with Cook Junior.
0:04:36 > 0:04:38So, Tom, I'm with you.
0:04:38 > 0:04:40Tom, you've got another vote there.
0:04:40 > 0:04:45'The Boys In The Hats badly need this next vote from top chef, Luke.'
0:04:45 > 0:04:48Boys In The Hats, really great idea...
0:04:48 > 0:04:53but on this occasion I am going to go with Cook Junior, great idea.
0:04:53 > 0:04:55Cook Junior, you are through to the next round. Well done.
0:04:55 > 0:04:58Boys In The Hats, let's find out who Bianca
0:04:58 > 0:05:01and Ben would've voted for. Bianca.
0:05:01 > 0:05:03Boys In The Hats, really good job,
0:05:03 > 0:05:05but I would've voted for Cook Junior also.
0:05:05 > 0:05:07Ben.
0:05:07 > 0:05:10My vote goes to Boys In The Hats because being in your industry,
0:05:10 > 0:05:12I know exactly how profitable it is
0:05:12 > 0:05:14and I really give you the best of luck.
0:05:14 > 0:05:16The lads leave with one vote, but they won't be hanging up
0:05:16 > 0:05:19their business hats just yet.
0:05:19 > 0:05:22We really, really enjoyed it and we're going to carry on, aren't we?
0:05:22 > 0:05:24Yes, definitely.
0:05:26 > 0:05:28Now, Tom needs a buddy,
0:05:28 > 0:05:31the expert who can help him perfect his pitch
0:05:31 > 0:05:35and be ready to run on if things get tough with the guru.
0:05:35 > 0:05:38He can choose between product innovator Emily,
0:05:38 > 0:05:41jeweller to the stars Amber,
0:05:41 > 0:05:43mover and shaker chef Luke,
0:05:43 > 0:05:45or big-time brand consultant Bianca.
0:05:47 > 0:05:49I think I'm going to go for Luke.
0:05:49 > 0:05:51Luke! So, we'll see you later in the vault.
0:05:54 > 0:05:56Next up going head-to-head
0:05:56 > 0:05:59are 11-year-olds Amelia and Sophie from Cheshire.
0:05:59 > 0:06:03Our mums inspire us so much because they're such great businesswomen
0:06:03 > 0:06:05and they're solid in everything they do.
0:06:05 > 0:06:09They'll be pitching against Paris and Havana,
0:06:09 > 0:06:11aged 12 and 14, from Essex.
0:06:11 > 0:06:14We both have really good ideas and we can put them together
0:06:14 > 0:06:19really well because we think similarly, but still contrastingly.
0:06:23 > 0:06:25Cook Junior Tom teamed up with Luke
0:06:25 > 0:06:30so it's time for a new buddy, online retail expert, Suleman.
0:06:30 > 0:06:34The Chocolate Challenge, you're up first. Take it away.
0:06:34 > 0:06:36- BOTH:- Hi, we're Amelia and Sophie.
0:06:36 > 0:06:40And we're here to pitch to you the Chocolate Challenge.
0:06:40 > 0:06:43The Chocolate Challenge is a circular box of chocolates,
0:06:43 > 0:06:45each one holding a different surprise.
0:06:45 > 0:06:47The youngest player will spin the spinner
0:06:47 > 0:06:48and it will land on a chocolate.
0:06:48 > 0:06:53It may land on a bad chocolate which could be choc...
0:06:53 > 0:06:54vinegar or peas.
0:06:54 > 0:06:56Or it could land on a good chocolate
0:06:56 > 0:06:58which range from caramel to orange.
0:06:58 > 0:07:01Our slogan is...
0:07:01 > 0:07:03Dare to torture your taste buds.
0:07:05 > 0:07:08'A new spin on chocolate, but there's a rival idea
0:07:08 > 0:07:10'going head-to-head.'
0:07:10 > 0:07:12Gorgeous On Earth, take it away.
0:07:12 > 0:07:14- Hi, I'm Havana.- And I'm Paris.
0:07:14 > 0:07:16And together, we're Gorgeous On Earth.
0:07:16 > 0:07:17A journey around the world.
0:07:17 > 0:07:20Our business idea is a scented candle brand
0:07:20 > 0:07:22which incorporates scents from different locations
0:07:22 > 0:07:26around the world. This one here is called Gorgeous In Havana.
0:07:26 > 0:07:28And this over here is Gorgeous In Paris.
0:07:28 > 0:07:30Gorgeous On Earth will transport our customers
0:07:30 > 0:07:32from their coffee table to Paris
0:07:32 > 0:07:33and from their bath to the Gold Coast.
0:07:33 > 0:07:37Or from their comfortable yet usual bedroom to the tropics of Havana.
0:07:37 > 0:07:40- BOTH:- This is Gorgeous On Earth. Thank you.
0:07:40 > 0:07:42'So who will bag a buddy for the vault,
0:07:42 > 0:07:46'Gorgeous On Earth candles or the Chocolate Challenge?'
0:07:46 > 0:07:49Ben, let's start with you. Who are you voting for?
0:07:49 > 0:07:51Amazing ideas, girls, but I'm going to go with
0:07:51 > 0:07:54- Gorgeous On Earth.- Emily.
0:07:54 > 0:07:56I'm going to go for Chocolate Challenge.
0:07:56 > 0:07:58Chocolate Challenge!
0:07:58 > 0:08:00So you've both got a vote each now.
0:08:00 > 0:08:03Let's find out who Amber's voting for.
0:08:03 > 0:08:06Really strong pitches from both of you. However,
0:08:06 > 0:08:08I'm more familiar with the market that Gorgeous On Earth
0:08:08 > 0:08:10are trying to crack.
0:08:10 > 0:08:13'So Paris and Havana have two buddies.
0:08:13 > 0:08:16'They're just one vote away from pitching to the guru.'
0:08:16 > 0:08:18Suleman.
0:08:18 > 0:08:20Tricky decision, but with my background in retail,
0:08:20 > 0:08:23I have to look at which product I feel will sell better.
0:08:25 > 0:08:26And for that reason,
0:08:26 > 0:08:28I'm going with Gorgeous On Earth.
0:08:28 > 0:08:31Gorgeous On Earth, you're going through to the next round.
0:08:31 > 0:08:35But let's find out who Bianca would vote for.
0:08:35 > 0:08:38I do love chocolate and I do love a challenge, and I'm really
0:08:38 > 0:08:41tempted to try chocolate and vinegar. However, I'm going to go
0:08:41 > 0:08:45with Gorgeous On Earth because candles are a market I understand.
0:08:46 > 0:08:50'So it's all over for Amelia and Sophie.
0:08:50 > 0:08:53'I quite like the sound of sprout and peas chocolates!'
0:08:53 > 0:08:56Even though we didn't get through, we're still going to try as hard
0:08:56 > 0:08:57as we can to carry on with our idea
0:08:57 > 0:09:00and continue to torture people's taste buds.
0:09:02 > 0:09:04Gorgeous On Earth now choose the buddy
0:09:04 > 0:09:07they think will be the best help when they face the guru.
0:09:07 > 0:09:09Will it be fashion frontrunner Amber,
0:09:09 > 0:09:11online entrepreneur Suleman,
0:09:11 > 0:09:13branding brainbox Bianca
0:09:13 > 0:09:15or digital dynamo Ben?
0:09:17 > 0:09:18- OK.- Decision?
0:09:18 > 0:09:20We have decided to go with Bianca.
0:09:20 > 0:09:22Bianca!
0:09:22 > 0:09:25- Good luck. BOTH:- Thank you!
0:09:25 > 0:09:29Time for a last pair of pitchers to go head-to-head.
0:09:29 > 0:09:32Anusha is 13 and from Bedfordshire.
0:09:32 > 0:09:34My dad is my business inspiration
0:09:34 > 0:09:41because he started from scratch and he now has over 80 employees.
0:09:41 > 0:09:44And last but not least is 13-year-old Luke from Lincolnshire.
0:09:44 > 0:09:47He's inspired by his dad too.
0:09:47 > 0:09:49My interest in woodwork came around when my dad was fixing
0:09:49 > 0:09:54the play shed, and with the scraps of wood we made a box together.
0:09:58 > 0:10:02We need a new buddy, so clothing entrepreneur Emma-Jayne
0:10:02 > 0:10:06joins the panel for the final head-to-head.
0:10:06 > 0:10:08Anusha, you're going to start us off.
0:10:08 > 0:10:10Give us your pitch for Wood Reloved.
0:10:10 > 0:10:11Hello, my name is Anusha
0:10:11 > 0:10:14and my business is called Wood Reloved.
0:10:14 > 0:10:18Wood Reloved was made up after trying to find a picnic bench
0:10:18 > 0:10:22which was disabled-friendly for my dad and family to use at home.
0:10:22 > 0:10:25We couldn't find one so we decided to make one out of strong
0:10:25 > 0:10:27old roof timbers.
0:10:27 > 0:10:30As my skills have progressed, I've made naughty steps
0:10:30 > 0:10:31and children's chairs.
0:10:31 > 0:10:35For my children's chairs, it costs me £4.08 to make.
0:10:35 > 0:10:39And I sell them for £15,
0:10:39 > 0:10:42which gives me £10.92 profit.
0:10:42 > 0:10:44Thank you for the opportunity of talking to you today
0:10:44 > 0:10:46and thank you for listening.
0:10:48 > 0:10:50Thank you very much, Anusha, and well done.
0:10:50 > 0:10:55Luke, you're up next with Rix Kits. Take it away.
0:10:55 > 0:10:59Hello, buddies. My name is Luke and my business name is Rix Kits.
0:10:59 > 0:11:01The idea is wooden kits young and old people can make,
0:11:01 > 0:11:03even if they have limited tools
0:11:03 > 0:11:06and not enough experience to do the project themselves.
0:11:06 > 0:11:09The kits would include all the items necessary such as wood,
0:11:09 > 0:11:12the glue, the screwdriver, etc.
0:11:12 > 0:11:16A unique point about my idea is that it wouldn't just supply
0:11:16 > 0:11:19the customer with an opportunity to make a project,
0:11:19 > 0:11:21but it would supply them with an achievement
0:11:21 > 0:11:24and that could be something to be very proud of.
0:11:24 > 0:11:25Thank you very much for your time.
0:11:25 > 0:11:28It's been my pleasure pitching to you.
0:11:28 > 0:11:31Handiwork there from both pitchers,
0:11:31 > 0:11:33it's going to be a tough call for the buddies.
0:11:35 > 0:11:37Suleman, tell us who you're voting for.
0:11:37 > 0:11:40My vote on this occasion is with Anusha.
0:11:41 > 0:11:43Emma-Jayne.
0:11:43 > 0:11:46I will be giving my vote towards Wood Reloved.
0:11:46 > 0:11:49Wood Reloved, you've got two votes there.
0:11:49 > 0:11:50You just need one more vote
0:11:50 > 0:11:53and then you will go through to the next stage.
0:11:53 > 0:11:54Ben.
0:11:54 > 0:11:56My vote goes to Luke from Rix Kits.
0:11:57 > 0:12:02'Ben's vote makes it 2-1. So it's not over yet for Rix Kits.'
0:12:02 > 0:12:04Emily.
0:12:04 > 0:12:07Great job, guys, this is a really difficult one.
0:12:07 > 0:12:09But I went for Wood Reloved.
0:12:09 > 0:12:12Wood Reloved, you're going to pitch to the guru
0:12:12 > 0:12:16but let's find out what our buddy Amber would've voted for.
0:12:16 > 0:12:20Anusha, I'm with you, Wood Reloved.
0:12:20 > 0:12:22Rix Kits didn't win over the buddies
0:12:22 > 0:12:25but it won't stop Luke building on his business plans.
0:12:26 > 0:12:30My plan is to try and sell some things that I've made to help
0:12:30 > 0:12:32pay for tools and stuff like that.
0:12:34 > 0:12:38Anusha needs a buddy to help craft her pitch ready for the guru.
0:12:38 > 0:12:40Four voted for Wood Reloved -
0:12:40 > 0:12:42online retail expert Suleman,
0:12:42 > 0:12:45clothing creative Emma-Jayne,
0:12:45 > 0:12:47product pioneer Emily
0:12:47 > 0:12:50and fashion retailer Amber.
0:12:50 > 0:12:53- Erm, Emma-Jayne.- Emma-Jayne.
0:12:53 > 0:12:55Anusha, thank you very much.
0:12:55 > 0:12:58I'll see you in the vault a little bit later on.
0:12:58 > 0:13:00Good luck preparing.
0:13:00 > 0:13:02So, six have now become three,
0:13:02 > 0:13:05Cook Junior, Gorgeous On Earth and Wood Reloved.
0:13:05 > 0:13:10They're now going to prepare, ready to pitch to today's guru, Hussein.
0:13:15 > 0:13:18Today's guru is used to counting the pennies
0:13:18 > 0:13:20and letting the pounds look after themselves.
0:13:20 > 0:13:24Hussein knows everything about retail -
0:13:24 > 0:13:26he built his pound store business up,
0:13:26 > 0:13:30serving 1.5 million customers every week.
0:13:30 > 0:13:32The retail industry is hard.
0:13:32 > 0:13:35Because there's so much choice out there
0:13:35 > 0:13:40and it's so difficult to get people to part with their hard-earned cash.
0:13:40 > 0:13:41I think I've been successful
0:13:41 > 0:13:46because I've created a strong brand that people have recognised.
0:13:46 > 0:13:49There's a year's worth of pocket money waiting for the pitch
0:13:49 > 0:13:51that impresses the guru.
0:13:51 > 0:13:55That's £322.40 to invest in their business.
0:13:55 > 0:13:58Plus one-on-one time with Hussein,
0:13:58 > 0:14:01something which is NOT available in the shops.
0:14:02 > 0:14:07What I'm looking for in a good business is something that knows
0:14:07 > 0:14:09its customer, that knows its market
0:14:09 > 0:14:12and has a product that can meet that demand.
0:14:12 > 0:14:16All great businesses need a well thought out business plan
0:14:16 > 0:14:18in order to be successful.
0:14:18 > 0:14:21First and foremost, I want to smell the candles.
0:14:21 > 0:14:24The young entrepreneurs will need to use all of the experience
0:14:24 > 0:14:26of their buddies to help them pitch.
0:14:26 > 0:14:30And Anusha's business plan is a priority for Emma-Jayne.
0:14:30 > 0:14:33The garden centre would then sell it for £20.
0:14:33 > 0:14:36- Do you see? Because everyone has to make money along the way.- Yeah.
0:14:36 > 0:14:40Tom wants to cause a stir in the vault.
0:14:40 > 0:14:42I think I might, like, want to make a pancake disaster
0:14:42 > 0:14:44kind of thing.
0:14:44 > 0:14:45That's brave, Tom!
0:14:45 > 0:14:47But don't forget about those numbers.
0:14:47 > 0:14:49As brilliant as the pitch was, one thing that they will ask
0:14:49 > 0:14:51is the numbers.
0:14:51 > 0:14:53Bianca wants Amelia and Sophie
0:14:53 > 0:14:57to think about exactly who would buy their candles.
0:14:57 > 0:14:58A cheaper product,
0:14:58 > 0:15:01you make your money by selling more items at a cheaper price point.
0:15:06 > 0:15:08Now, while the pocket-money pitchers get ready,
0:15:08 > 0:15:11the vault is preparing for the final showdown.
0:15:11 > 0:15:14The mission, to win over the gurus.
0:15:14 > 0:15:17But if at any point the pitchers get stuck,
0:15:17 > 0:15:20they can press this, the Pause My Pitch button
0:15:20 > 0:15:22and the guru will be locked away
0:15:22 > 0:15:25and the buddy will be able to run on and help them.
0:15:25 > 0:15:28But they need to choose their time wisely with this,
0:15:28 > 0:15:31because they can only Pause My Pitch once.
0:15:37 > 0:15:41Our guru Hussein wants to see a good business plan
0:15:41 > 0:15:44and retail products that customers need.
0:15:44 > 0:15:48Tom is first, with buddy Luke nervously waiting backstage.
0:15:48 > 0:15:49Good luck, Tom.
0:15:49 > 0:15:51Present your pitch.
0:15:51 > 0:15:55So, today I'm going to show you pancakes.
0:15:55 > 0:15:5875g of flour.
0:15:58 > 0:16:01Tom's been working on a daring start to his pitch.
0:16:01 > 0:16:04Let's hope it doesn't fall flat as a pancake.
0:16:04 > 0:16:06I think that might be a bit too much.
0:16:08 > 0:16:11Erm, I think that looks about 5ml?
0:16:13 > 0:16:15Ooh, that looks a bit lumpy, I think it needs more milk.
0:16:20 > 0:16:22Ooh, there's some egg shell in there.
0:16:22 > 0:16:24Looks like things aren't going EGGS-actly to plan.
0:16:24 > 0:16:27Don't think I can get that out.
0:16:27 > 0:16:28Oh, well!
0:16:30 > 0:16:32That's gross.
0:16:32 > 0:16:36If only there was some easier way of making pancakes.
0:16:36 > 0:16:38Well, now there is.
0:16:38 > 0:16:41May I introduce you to the pancake pro set,
0:16:41 > 0:16:44brought to you by Cook Junior.
0:16:44 > 0:16:47The set contains an easy-to-use measuring jug.
0:16:47 > 0:16:50Secondly, the egganator, to fish out any egg shell.
0:16:50 > 0:16:53Thirdly, you pour the ingredients into the shaker
0:16:53 > 0:16:56which contains a special mixing bowl.
0:16:56 > 0:17:00You then turn the shaker upside down and squeeze the batter out
0:17:00 > 0:17:05directly from the shaker into the pan using the special nozzle on top.
0:17:05 > 0:17:07This lets you make your own designs.
0:17:07 > 0:17:10Flipping is one of the hardest parts of making pancakes,
0:17:10 > 0:17:14with it ending crumpled, over the side of the pan, on the floor
0:17:14 > 0:17:16or even worse, on the ceiling.
0:17:16 > 0:17:18The set includes a spatula,
0:17:18 > 0:17:22bigger than normal, to give your pancake a nice secure lift.
0:17:22 > 0:17:26The set will cost just under £10 each.
0:17:26 > 0:17:29It will cost under £4 to make,
0:17:29 > 0:17:34letting me have over a 50% profit margin.
0:17:34 > 0:17:37Pancake day is every day!
0:17:38 > 0:17:40A brave pitch from Tom.
0:17:40 > 0:17:41Has it paid off?
0:17:42 > 0:17:45OK, so, a couple of questions for you.
0:17:45 > 0:17:47Which kind of retailers do you think would sell your product?
0:17:47 > 0:17:50Would it be toy shops or would it be more cooking shops?
0:17:50 > 0:17:52Toy shops, cooking shops, both of them,
0:17:52 > 0:17:56- and also other big supermarkets.- OK.
0:17:56 > 0:17:57Have you thought about how much profit
0:17:57 > 0:17:59you're going to give the retailer?
0:17:59 > 0:18:03If I get it for about £2.50 each, maybe selling it to them for £10
0:18:03 > 0:18:08and saying to them it would be a good idea to sell it for £10.
0:18:08 > 0:18:11- I mean, give it to them for £5, sorry.- Right.
0:18:12 > 0:18:16Have you thought about if this works, you could increase the range?
0:18:16 > 0:18:19Any other products you think you could add into your range?
0:18:19 > 0:18:24In the future, I was thinking my next product could be pie making.
0:18:24 > 0:18:27Good idea. I like pies, so definitely work on that.
0:18:27 > 0:18:29Thank you for your time.
0:18:29 > 0:18:30I like pies too!
0:18:30 > 0:18:33There was method to Tom's kitchen madness.
0:18:36 > 0:18:39Next into the vault, Havana and Paris.
0:18:39 > 0:18:42Buddy Bianca is just a button press away.
0:18:42 > 0:18:43Present your pitch.
0:18:43 > 0:18:45- Hi, I'm Havana.- And I'm Paris.
0:18:45 > 0:18:47And together we are Gorgeous On Earth.
0:18:47 > 0:18:49A journey around the world.
0:18:49 > 0:18:52Our business idea is a scented candle brand which incorporates
0:18:52 > 0:18:55distinctive scents from different locations around the world.
0:18:55 > 0:18:57We're offering organic and unique scents,
0:18:57 > 0:19:02such as home-grown lavender and freshly grown mint and many more.
0:19:02 > 0:19:06- Demographic.- We found from the secondary source that 70% of females
0:19:06 > 0:19:12and 53% of males bought candles, ranging from 12 to 102.
0:19:12 > 0:19:13Pricing.
0:19:13 > 0:19:16We've taken into account the cost of making the candles
0:19:16 > 0:19:20and it's a low price of £1.20
0:19:20 > 0:19:23and we've decided to price it at £4.99.
0:19:23 > 0:19:27As we expand, we'll sell to retailers at the price of £2.99.
0:19:27 > 0:19:31This will allow us to make a profit of £1.79 with store sales.
0:19:31 > 0:19:35Our future plans include adding seasonal scents.
0:19:35 > 0:19:39We'd set up market stalls and involve ourselves in local events.
0:19:39 > 0:19:42And maybe even setting up an online website.
0:19:42 > 0:19:44- BOTH:- This is Gorgeous On Earth. Thank you.
0:19:44 > 0:19:47- Would you like to smell one? - Yes, please.
0:19:47 > 0:19:49This one is called Gorgeous In Autumn.
0:19:53 > 0:19:56- Mm, it smells good.- Thank you.
0:19:56 > 0:19:59Smells good, sounds good, but retail guru Hussein
0:19:59 > 0:20:02knows the young entrepreneurs are entering a competitive market.
0:20:02 > 0:20:06OK, so this is quite an interesting idea.
0:20:06 > 0:20:09Now, is that your final label? Because the way I look at it,
0:20:09 > 0:20:11that label doesn't really stick out very much to me.
0:20:11 > 0:20:15We've got some friends who are really artistic
0:20:15 > 0:20:18and they were going to help us with making new labels
0:20:18 > 0:20:19which would look classy,
0:20:19 > 0:20:22and they would contrast with the colours of the candles.
0:20:22 > 0:20:26Now, you know, obviously flames can be dangerous
0:20:26 > 0:20:27so what about product testing?
0:20:27 > 0:20:30How do I know that when I light that candle,
0:20:30 > 0:20:33- the glass isn't going to crack? - What we'd do is
0:20:33 > 0:20:36we'd burn the candles, like, ourselves,
0:20:36 > 0:20:39and test each of them before we sell them.
0:20:39 > 0:20:43So, for me as a retailer, as much as I'm sure you tested it properly,
0:20:43 > 0:20:46I wouldn't be entirely comfortable with that test.
0:20:46 > 0:20:49We could have professionals come in
0:20:49 > 0:20:51and test our products
0:20:51 > 0:20:54- because we wouldn't want to put anyone in harm's way.- Fine.
0:20:54 > 0:20:56If your cost to manufacture is £1.20
0:20:56 > 0:20:59and your retailer will sell it for £4.99,
0:20:59 > 0:21:01how much are you selling to the retailer at?
0:21:01 > 0:21:03We're selling it at a 40% discount
0:21:03 > 0:21:06so we're selling it to them at 2.99.
0:21:06 > 0:21:08So, how much profit is the retailer making?
0:21:08 > 0:21:11The retailer is making the profit of...
0:21:11 > 0:21:15- two... £2. £2.- £2.
0:21:15 > 0:21:18But doesn't the retailer have to pay VAT?
0:21:18 > 0:21:20Now, he's talking about Value Added Tax,
0:21:20 > 0:21:24something that has to be paid by the retailer on most items sold.
0:21:24 > 0:21:26How much is VAT?
0:21:26 > 0:21:28The girls' sums don't add up.
0:21:28 > 0:21:29Erm...
0:21:33 > 0:21:37The guru is locked up where he can't see or hear anything.
0:21:37 > 0:21:40Don't worry, he was asking some really tough questions, OK?
0:21:40 > 0:21:43So, the cost of VAT in the UK is 20%, OK?
0:21:43 > 0:21:48But I think you need to explain that as you grow and expand,
0:21:48 > 0:21:52you would outsource the manufacture of the candles so you'd be able
0:21:52 > 0:21:55to bring down your cost price because you'll be buying in bulk.
0:21:55 > 0:21:58- OK.- But don't worry, it was hard, really hard questions.
0:21:58 > 0:22:01- 20% VAT, got it? - Yeah.- OK, thank you.- Yes?
0:22:01 > 0:22:03- Good luck, you'll be fine. - BOTH:- Thank you.
0:22:06 > 0:22:11The guru is unlocked, so has Bianca added value to the pitch?
0:22:11 > 0:22:16VAT is 20% and this would be payable because as we would
0:22:16 > 0:22:19be buying in bulk as we expand our business,
0:22:19 > 0:22:22the pricing of our actual things would go down
0:22:22 > 0:22:27so we'd be able to put down the pricing of our candles.
0:22:27 > 0:22:30OK, thank you very much for your professional pitch.
0:22:30 > 0:22:31- BOTH:- Thank you.
0:22:31 > 0:22:32Nicely done.
0:22:32 > 0:22:35Paris and Havana have moved heaven and earth to convince Hussein
0:22:35 > 0:22:37they're worth backing.
0:22:41 > 0:22:43Our final pitcher is Anusha,
0:22:43 > 0:22:47who won over buddy Emma-Jayne with her sustainable wood furniture.
0:22:47 > 0:22:51Can she make Hussein sit up and take note?
0:22:51 > 0:22:52Present your pitch.
0:22:52 > 0:22:54Wood Reloved was set up after
0:22:54 > 0:22:57trying to find a disabled-friendly picnic bench.
0:22:57 > 0:23:00We couldn't find one, so we decided to make one out of strong
0:23:00 > 0:23:02old roof timbers.
0:23:02 > 0:23:06As my skills progressed, I've made naughty steps and children's chairs.
0:23:06 > 0:23:11My benches cost £6.35 to make and I sell them for £20.
0:23:11 > 0:23:14I also personalise them for an extra £10.
0:23:14 > 0:23:18For my children's chairs, it costs me £4.08 to make
0:23:18 > 0:23:21and I sell them for £15.
0:23:21 > 0:23:26My unique selling points are they're home-made from reclaimed wood,
0:23:26 > 0:23:28each piece has its own history,
0:23:28 > 0:23:32they reduce the need to cut down trees and reduce landfill.
0:23:32 > 0:23:35Thank you for the opportunity of talking to you today
0:23:35 > 0:23:37and thank you for listening.
0:23:37 > 0:23:39So far so good,
0:23:39 > 0:23:43but will Anusha sustain her coolness under questioning?
0:23:43 > 0:23:46Thank you, Anusha, for that presentation.
0:23:46 > 0:23:49So, I have a few questions.
0:23:49 > 0:23:53First of all, the wood you said is sustainable,
0:23:53 > 0:23:56so where are you currently sourcing your wood from?
0:23:56 > 0:24:03I source my wood from a local social enterprise which...
0:24:04 > 0:24:06Erm...
0:24:06 > 0:24:08Which gives us a good deal.
0:24:08 > 0:24:12OK. Where do they get their wood from, do you know?
0:24:12 > 0:24:14They get their wood from builders.
0:24:14 > 0:24:16- From builders?- Yeah.
0:24:16 > 0:24:18- Builders' leftover wood.- OK.
0:24:20 > 0:24:23So there is a lot of reclaimed wood products out there,
0:24:23 > 0:24:25what makes yours different from the rest?
0:24:32 > 0:24:35Anusha has paused her pitch.
0:24:35 > 0:24:37Guru out of sight, Emma-Jayne in.
0:24:37 > 0:24:40So you need to talk about, first of all, your personalisation,
0:24:40 > 0:24:42- you've got your six designs, yeah? - Yeah.
0:24:42 > 0:24:47And you can also do initials painted onto the children's chair. Yeah?
0:24:47 > 0:24:52So you know everything you do so get your passion out there, yeah?
0:24:52 > 0:24:53OK, you've got this.
0:24:56 > 0:24:59Can Anusha convince Hussein that her wooden seats
0:24:59 > 0:25:02will stand out in the crowded market?
0:25:02 > 0:25:06Well, I personalise them and I have six designs.
0:25:06 > 0:25:08I also...
0:25:08 > 0:25:13I will also do initials as well, within reason.
0:25:14 > 0:25:16OK, good.
0:25:16 > 0:25:19My final question is
0:25:19 > 0:25:22where are you planning to sell the products?
0:25:22 > 0:25:26Well, I hope to sell on my own website,
0:25:26 > 0:25:29farmers' markets, Christmas markets
0:25:29 > 0:25:33and eventually in garden centres.
0:25:34 > 0:25:36OK, great. Thank you for your time
0:25:36 > 0:25:39and thank you for showing us your lovely products.
0:25:39 > 0:25:40Thank you, Anusha.
0:25:44 > 0:25:47Three businesses have made it through the vault -
0:25:47 > 0:25:51Cook Junior, Gorgeous On Earth and Wood Reloved.
0:25:51 > 0:25:54Who's done enough to receive a year's worth of pocket money,
0:25:54 > 0:25:57plus invaluable time with the guru?
0:25:57 > 0:26:00Fantastic retail ideas there. What did you think of them?
0:26:00 > 0:26:03I thought they were all good in their own different ways.
0:26:03 > 0:26:06I like Tom's idea because it shows a lot of innovation
0:26:06 > 0:26:10and it will certainly stop a lot of mess in my kitchen.
0:26:10 > 0:26:13Havana, Paris, I think your idea is great.
0:26:13 > 0:26:16And quite unique in the candle industry.
0:26:16 > 0:26:20And, Anusha, I like the fact that your product is sustainable
0:26:20 > 0:26:22and can also be personalised.
0:26:22 > 0:26:26But only one of you can be chosen.
0:26:27 > 0:26:30Hussein, who is today's prize pitcher?
0:26:32 > 0:26:35The pitcher I've chosen is...
0:26:43 > 0:26:45- ..is Havana and Paris. - Well done!
0:26:45 > 0:26:47APPLAUSE
0:26:48 > 0:26:51Congratulations, you've done it. How do you feel?
0:26:51 > 0:26:54- Very happy.- So happy! - Can you believe it?
0:26:54 > 0:26:55- BOTH:- No!
0:26:55 > 0:26:59- We can't wait to get started. - Actually know that we can develop it
0:26:59 > 0:27:02and we have the help of the money to help us actually start it up now.
0:27:04 > 0:27:07Three great retail ideas...
0:27:07 > 0:27:10I'm definitely going to carry on with Cook Junior.
0:27:10 > 0:27:14I'm definitely going to carry on making my products.
0:27:14 > 0:27:17..but only one pitch could be picked by the guru,
0:27:17 > 0:27:19Gorgeous On Earth.
0:27:19 > 0:27:22They'd put a lot of thought into actually developing their products,
0:27:22 > 0:27:24on how to work out the costings,
0:27:24 > 0:27:28on how to market it and what made it unique from other candles.
0:27:31 > 0:27:34Now Havana and Paris have a year's worth of pocket money
0:27:34 > 0:27:37to help their candles light up the world...
0:27:37 > 0:27:39- Have you ever been in a warehouse before?- No.
0:27:39 > 0:27:43..and a guru to help them take stock of their business.
0:27:43 > 0:27:44What you're going to see here is
0:27:44 > 0:27:47products coming in from the factories
0:27:47 > 0:27:49and going out to the customers.
0:27:49 > 0:27:52Find out more in Pocket Money Pitch: What Happened Next
0:27:52 > 0:27:53at the end of the series.