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But now on BBC One, it's time for Right On The Money | 0:00:00 | 0:00:01 | |
Whether you're a spender or a saver, we could all do with knowing how to | 0:00:04 | 0:00:08 | |
make the most of our cash. | 0:00:08 | 0:00:09 | |
So we've found simple advice for you to do just that and taken it to | 0:00:11 | 0:00:15 | |
people right across the UK. | 0:00:15 | 0:00:17 | |
Whatever help you need with your finances, | 0:00:17 | 0:00:21 | |
we are right on the money. | 0:00:21 | 0:00:24 | |
Hello and welcome to Right on the Money, | 0:00:24 | 0:00:26 | |
the show that helps you free up extra cash by making a few simple changes to what you spend. | 0:00:26 | 0:00:31 | |
And in today's programme, we've got lots of top tips and | 0:00:31 | 0:00:34 | |
expert advice on how to do exactly that. | 0:00:34 | 0:00:37 | |
Here's what's in store. | 0:00:37 | 0:00:38 | |
These sisters face some tough talking from our expert as they desperately | 0:00:40 | 0:00:44 | |
try to make some tasty savings. | 0:00:44 | 0:00:46 | |
You haven't got a proper stock control system here going on, have you? No. | 0:00:46 | 0:00:49 | |
Fundamentally, that's no way to run a business, is it? | 0:00:49 | 0:00:53 | |
No. | 0:00:53 | 0:00:55 | |
And with rent expected to rise faster than house prices in the next | 0:00:55 | 0:00:59 | |
five years, we show you how to find a big property with a small price tag. | 0:00:59 | 0:01:04 | |
I think you've got one of | 0:01:06 | 0:01:07 | |
the best-value properties in the whole of the UK, to be honest. | 0:01:07 | 0:01:10 | |
Lots of people struggle to separate their home and work life | 0:01:14 | 0:01:18 | |
and if you're setting up a business from where you live, it can be twice as tough. | 0:01:18 | 0:01:22 | |
Today we meet two sisters who need our help to turn their passion into profit. | 0:01:22 | 0:01:27 | |
Nida and Saher Usmani live together in the family home in Streatham, South London. | 0:01:30 | 0:01:36 | |
We are very tight as sisters, | 0:01:36 | 0:01:37 | |
even though there's six years between us, age difference, | 0:01:37 | 0:01:41 | |
but she's like my best friend. | 0:01:41 | 0:01:42 | |
Yeah. And a little bit like a second mum as well. | 0:01:42 | 0:01:45 | |
When she was born, going to King's College Hospital and picking her up, | 0:01:46 | 0:01:50 | |
"Oh, that's my sister." Yeah. | 0:01:50 | 0:01:53 | |
So we've always been very close. | 0:01:53 | 0:01:54 | |
Food is Nida and Saher's passion. | 0:01:57 | 0:02:00 | |
Three kilos of mutton and four kilos of chicken keema. | 0:02:00 | 0:02:05 | |
Thank you. | 0:02:05 | 0:02:06 | |
Also sharing the busy household are mum and dad, Iffat and Sabir. | 0:02:07 | 0:02:14 | |
They look after very well. | 0:02:14 | 0:02:15 | |
Every time when we need, they look after and they are very caring girls, very, very. | 0:02:15 | 0:02:21 | |
We are very fortunate parents. | 0:02:21 | 0:02:24 | |
We are very, very proud. | 0:02:24 | 0:02:25 | |
Would you like juice? A little bit? | 0:02:25 | 0:02:27 | |
A little bit. | 0:02:27 | 0:02:30 | |
Our parents are our main reason why we want to stay at home | 0:02:30 | 0:02:33 | |
and take care of them, especially at the age they are now, | 0:02:33 | 0:02:38 | |
they are quite vulnerable and we need to take care of them. | 0:02:38 | 0:02:40 | |
But Nida and Saher have been going through a tricky financial patch recently. | 0:02:42 | 0:02:46 | |
Last year, they were both made redundant from their jobs with a charity. | 0:02:46 | 0:02:50 | |
But instead of being down in the dumps, they decided to launch a business instead, | 0:02:50 | 0:02:55 | |
selling Indian street food. | 0:02:55 | 0:02:57 | |
So how much shall I cook for a quarter of this? | 0:02:57 | 0:03:00 | |
Three spoon. | 0:03:00 | 0:03:03 | |
It's our mum's food and we just want to show off our mum's food | 0:03:03 | 0:03:07 | |
because she is extremely talented and she has a way with the food | 0:03:07 | 0:03:11 | |
and we want to share that with everyone. | 0:03:11 | 0:03:14 | |
What a lovely thing to say about your dear old mum! | 0:03:14 | 0:03:18 | |
It has to be perfect, | 0:03:18 | 0:03:20 | |
so my mum won't leave until she tastes it and it tastes just right. | 0:03:20 | 0:03:25 | |
When they start a business, I said, it is very hard work and it is very physical working involved, | 0:03:26 | 0:03:31 | |
but they are determined to do it. | 0:03:31 | 0:03:33 | |
They are working very hard and they're trying to achieve something. | 0:03:34 | 0:03:39 | |
The problem is, after a year's hard graft, they have made loads of really yummy food but no money. | 0:03:39 | 0:03:45 | |
We are currently not making any income. | 0:03:45 | 0:03:47 | |
We are not taking any wages. | 0:03:47 | 0:03:49 | |
We're great with food, great with cooking, but when it comes to finance, | 0:03:49 | 0:03:53 | |
the money, not so good. | 0:03:53 | 0:03:55 | |
We really do need to work on that. | 0:03:55 | 0:03:57 | |
Not only have the girls yet to figure out how to turn a profit, | 0:03:58 | 0:04:02 | |
there is more. They are partial to a bit of impulse spending too - | 0:04:02 | 0:04:06 | |
particularly down the cash-and-carry. | 0:04:06 | 0:04:07 | |
I can't resist a bargain. | 0:04:08 | 0:04:10 | |
I just get a real buzz when I see a bargain. | 0:04:10 | 0:04:13 | |
I think, "Oh, wow! It's a wicked offer, I must get this." | 0:04:13 | 0:04:17 | |
Sometimes we don't need it. | 0:04:17 | 0:04:19 | |
And then my mother gets so annoyed because she is like, | 0:04:19 | 0:04:21 | |
"Have you seen the storage?" | 0:04:21 | 0:04:23 | |
To end the sisters' own personal kitchen nightmare and add some spice to their finances, | 0:04:27 | 0:04:33 | |
we've dispatched personal finance expert Simon Read to pay their stall a visit. | 0:04:33 | 0:04:39 | |
Hello, there. Hiya. Hi, I'm Simon. | 0:04:39 | 0:04:41 | |
Nice to see you. Nice to see you. | 0:04:41 | 0:04:43 | |
And Simon is so keen to do his research, he has just got to try a hearty helping. | 0:04:43 | 0:04:49 | |
I've come to hopefully help you with your money, but more importantly, | 0:04:49 | 0:04:52 | |
I want to try this delicious food that I understand you've been preparing. | 0:04:52 | 0:04:56 | |
So, what's the verdict? | 0:04:56 | 0:04:57 | |
Mm, it's delicious, isn't it? But Simon is multitasking. | 0:04:59 | 0:05:02 | |
As well as eating, he's already spotted something. | 0:05:02 | 0:05:05 | |
Now, your portions are very generous. | 0:05:05 | 0:05:08 | |
You like to feed people, don't you? | 0:05:08 | 0:05:10 | |
We do. Blimey! This is really good value. | 0:05:10 | 0:05:12 | |
The sisters charge from ?4 per takeaway box, | 0:05:14 | 0:05:17 | |
putting it amongst the cheapest in this London market. | 0:05:17 | 0:05:21 | |
Enjoy it. But with a ?70 daily rent per stall, | 0:05:21 | 0:05:25 | |
plus ?11.50 congestion charge and massive portions, | 0:05:25 | 0:05:30 | |
it is easy to see where the money is going. | 0:05:30 | 0:05:33 | |
There's your problem. At a stroke, all your expenses, | 0:05:33 | 0:05:36 | |
it's the same as the money you're bringing in. | 0:05:36 | 0:05:38 | |
So you're not making money. | 0:05:38 | 0:05:40 | |
You have to make money to make this sustainable. | 0:05:40 | 0:05:43 | |
This is beautiful food that you're selling. | 0:05:43 | 0:05:45 | |
You enjoy selling it. | 0:05:45 | 0:05:46 | |
But you've got to be paid for doing it. | 0:05:46 | 0:05:48 | |
We've got a lot of work to do, haven't we? | 0:05:48 | 0:05:50 | |
Yes. | 0:05:50 | 0:05:53 | |
As they head home, | 0:05:53 | 0:05:54 | |
Simon discovers more about another reason why Nida and Saher have been struggling with finances. | 0:05:54 | 0:06:00 | |
I gather you two are slightly dyslexic. | 0:06:00 | 0:06:04 | |
Yes. | 0:06:04 | 0:06:05 | |
When did you find that? | 0:06:05 | 0:06:06 | |
I discovered it in my last term at uni. | 0:06:07 | 0:06:10 | |
And then when I found out, I told my sister and then she went and checked. | 0:06:11 | 0:06:15 | |
Then she realised she was dyslexic, too. | 0:06:15 | 0:06:18 | |
When the pair are very busy, | 0:06:18 | 0:06:19 | |
their dyslexia can hinder their ability to process financial information | 0:06:19 | 0:06:23 | |
quickly and accurately. | 0:06:23 | 0:06:25 | |
Even if we have a different, you know, | 0:06:25 | 0:06:27 | |
when someone gives us a different amount of money, we're like, "OK, how much is this?" | 0:06:27 | 0:06:31 | |
But we do know how much it is, it's just when it throws us. | 0:06:31 | 0:06:35 | |
When you stop thinking about how much money you're making, | 0:06:35 | 0:06:38 | |
then can you add it up all right? | 0:06:38 | 0:06:39 | |
That's fine, adding it up, but then with dyslexia, stress really affects it. Like, the thought of... | 0:06:39 | 0:06:45 | |
And I think that builds up and then we're, like, "I can't do it." | 0:06:45 | 0:06:48 | |
And then we just, like, "Let's do it another day." | 0:06:48 | 0:06:50 | |
So what I think we need to do is find a way to help you to do your accounts better. | 0:06:50 | 0:06:54 | |
To get on top of these kind of things. Yeah. | 0:06:54 | 0:06:56 | |
That will reduce the stress levels. | 0:06:56 | 0:06:58 | |
That would be excellent. And then reduce the problems that dyslexia can cause. | 0:06:58 | 0:07:02 | |
Time to review Nida and Saher's accounts and help them reduce their outgoings. | 0:07:02 | 0:07:07 | |
Simon starts at home by looking at the household bills. | 0:07:07 | 0:07:10 | |
I want to talk about your energy bills. | 0:07:10 | 0:07:13 | |
Yes. When I saw the size of them, I got quite a shock, to be honest. | 0:07:13 | 0:07:17 | |
So I presume you do all your cooking at home. | 0:07:17 | 0:07:21 | |
Yes. OK. | 0:07:21 | 0:07:22 | |
So that is going to really boost up the cost you are paying. | 0:07:22 | 0:07:25 | |
How much do you think it might be? Terribly high? | 0:07:25 | 0:07:27 | |
Spot on, Nida. | 0:07:27 | 0:07:29 | |
In fact, this household's consumption is three times above the national average. | 0:07:29 | 0:07:34 | |
The average across the country, | 0:07:34 | 0:07:36 | |
people use about 3,000 kilowatts of gas and around 12,000 kilowatts of electricity. | 0:07:36 | 0:07:42 | |
You use roughly around 10,000 kilowatts of gas and around | 0:07:42 | 0:07:45 | |
36,000 kilowatts of electricity. | 0:07:45 | 0:07:47 | |
More than three times both the national average. | 0:07:47 | 0:07:50 | |
So we need to find a way to cut the bills. | 0:07:50 | 0:07:53 | |
Because you're paying an awful lot. | 0:07:53 | 0:07:55 | |
We know Nida and Saher use a lot of gas cooking up their dishes, | 0:07:55 | 0:07:59 | |
but three times the national average? How come? | 0:07:59 | 0:08:02 | |
With our father, we have the heating on. | 0:08:02 | 0:08:04 | |
So the heating is on all the time? | 0:08:04 | 0:08:05 | |
Literally on all the time, the heating's on. | 0:08:05 | 0:08:08 | |
Sometimes we're not good with shutting the lights. | 0:08:08 | 0:08:10 | |
Setting the lights on? Or turning the TV off. Yeah. OK. | 0:08:10 | 0:08:13 | |
Naughty, naughty. But they're not alone. | 0:08:13 | 0:08:16 | |
According to the Energy Saving Trust, | 0:08:16 | 0:08:18 | |
up to 16% of the electricity we consume is used to power appliances in stand-by mode. | 0:08:18 | 0:08:25 | |
On a bill of ?500, that's 80 smackers going up in smoke for no reason. | 0:08:25 | 0:08:31 | |
So, unplug those electricals, everyone. | 0:08:31 | 0:08:33 | |
And hang onto your cash. | 0:08:33 | 0:08:35 | |
There are some habits you can get into which will help cut your energy bills. | 0:08:35 | 0:08:40 | |
Because they are really remarkably high. | 0:08:40 | 0:08:42 | |
But the bigger saving - we can do all these things, | 0:08:42 | 0:08:45 | |
they will save you a few pounds - | 0:08:45 | 0:08:46 | |
but the biggest saving, I think, would be for you to switch energy supplier. | 0:08:46 | 0:08:50 | |
You're not on a good deal at all. | 0:08:50 | 0:08:52 | |
So I've had a look. | 0:08:52 | 0:08:54 | |
On average, most people who do this, when they look at better deals, | 0:08:54 | 0:08:58 | |
they can save up to about ?300 a year, you know, which is a massive saving. | 0:08:58 | 0:09:01 | |
That's incredible. Now, because you use so much energy, | 0:09:01 | 0:09:05 | |
the savings are a bit higher. | 0:09:05 | 0:09:07 | |
Any idea what the best deal is that I found for you? | 0:09:07 | 0:09:09 | |
No. | 0:09:09 | 0:09:10 | |
I looked at one deal here and it would save you a year ?815. | 0:09:10 | 0:09:16 | |
Wow! Wow! ?815. | 0:09:16 | 0:09:19 | |
Yes, wow indeed. | 0:09:19 | 0:09:20 | |
That's ?815 that would be better spent on their fledgling business. | 0:09:20 | 0:09:26 | |
It is just worth doing, because ?800 extra is effectively, | 0:09:26 | 0:09:31 | |
?800 you're just throwing away by not being on the best deal. | 0:09:31 | 0:09:36 | |
But what about their other bills? | 0:09:36 | 0:09:38 | |
Can money master Simon find some savings there, too? | 0:09:38 | 0:09:41 | |
Your household seems to be big fans of telly. | 0:09:42 | 0:09:46 | |
Tell me about that. Well, our father likes watching Pakistani dramas, | 0:09:46 | 0:09:50 | |
our mother likes watching Indian dramas and my brother is a sports | 0:09:50 | 0:09:53 | |
fanatic, so he likes having all the sports channels. | 0:09:53 | 0:09:57 | |
This family spends a lot subscribing to the biggest TV package available, | 0:09:57 | 0:10:02 | |
but they also have two further contracts for phone and broadband, | 0:10:02 | 0:10:05 | |
which is a big no-no in Simon's eyes. | 0:10:05 | 0:10:08 | |
Why do you have three different suppliers for the phone, telly, broadband? | 0:10:08 | 0:10:13 | |
We didn't realise you could put it in one. | 0:10:13 | 0:10:15 | |
We just thought you needed telephone, you need Internet and TV. | 0:10:15 | 0:10:18 | |
Could you do it in one? We can put it in one. | 0:10:18 | 0:10:21 | |
Bundle it all together and you will get discounts for just being in the one company. | 0:10:21 | 0:10:25 | |
At the moment, you're paying a month, almost ?210. | 0:10:25 | 0:10:28 | |
We can get that down to near ?120 a month. | 0:10:28 | 0:10:31 | |
So that is almost ?1,000 a year. | 0:10:31 | 0:10:33 | |
Bingo. That's another ?1,080 | 0:10:35 | 0:10:38 | |
back in Nida and Saher's pocket. | 0:10:38 | 0:10:41 | |
Good going, Simon. | 0:10:41 | 0:10:42 | |
You're investing a lot in this business, aren't you? | 0:10:42 | 0:10:44 | |
We need the money. | 0:10:44 | 0:10:45 | |
With four in ten small businesses failing in their first five years, | 0:10:50 | 0:10:54 | |
they need all the help they can get if they're going to turn their hobby | 0:10:54 | 0:10:57 | |
into an actual moneymaking machine. | 0:10:57 | 0:11:00 | |
Having a good brand and promoting it on social media can only help. | 0:11:00 | 0:11:04 | |
So Simon's off with the sisters to pick the brains of Mark Wright, | 0:11:04 | 0:11:07 | |
who knows bags about building a brand. | 0:11:07 | 0:11:10 | |
How you doing? Nice to meet you. | 0:11:10 | 0:11:12 | |
When I look at your Facebook site, it doesn't tell me about a brand. | 0:11:12 | 0:11:15 | |
It doesn't me about what you're trying to achieve. | 0:11:15 | 0:11:17 | |
It looks more like a personal Facebook site than a business Facebook site. | 0:11:17 | 0:11:22 | |
It doesn't tell me how great the product is. | 0:11:22 | 0:11:25 | |
It doesn't make me want to go out instantly and buy that product. | 0:11:25 | 0:11:29 | |
So now we know the problem, what's the solution? | 0:11:29 | 0:11:33 | |
So it's about how visually you can impact someone's life. | 0:11:33 | 0:11:37 | |
And almost make them want to taste it by the photographs that you're showing. | 0:11:37 | 0:11:42 | |
Because people eat with their eyes. Absolutely. | 0:11:42 | 0:11:45 | |
Mark thinks that by posting great pictures of the food on social media | 0:11:45 | 0:11:49 | |
platforms, like Instagram, Twitter and Facebook, | 0:11:49 | 0:11:52 | |
they will gain followers. | 0:11:52 | 0:11:54 | |
That's not just good marketing, it can also lead to sponsorship, | 0:11:54 | 0:11:57 | |
free ingredients from suppliers and other benefits too. | 0:11:57 | 0:12:01 | |
It's vital that the girls up their game. | 0:12:01 | 0:12:04 | |
When you think about how much time you spend preparing your delicious | 0:12:04 | 0:12:07 | |
food, you need to think about spending some time on promoting the | 0:12:07 | 0:12:10 | |
business, as well. I think I'm not confident enough. | 0:12:10 | 0:12:13 | |
So I'm not sure what to post. | 0:12:13 | 0:12:16 | |
I feel like I don't have time to take photographs. | 0:12:16 | 0:12:19 | |
So I've not been posting any photos. | 0:12:19 | 0:12:21 | |
And I just... I think it's the confidence as well. | 0:12:21 | 0:12:24 | |
I don't know what to put and whether people will be interested in what I have to say. | 0:12:24 | 0:12:28 | |
The pair could do with some practical pointers on this social media malarkey. | 0:12:29 | 0:12:33 | |
Fortunately, Simon knows just the people who can help. | 0:12:33 | 0:12:36 | |
Friends Nishma and Nisha | 0:12:36 | 0:12:39 | |
jacked in their jobs in the financial sector four years ago | 0:12:39 | 0:12:43 | |
to open a toastie stall. | 0:12:43 | 0:12:44 | |
Their daily pictures of their tasty fare have a huge following online, | 0:12:44 | 0:12:48 | |
which has resulted in a great sales. | 0:12:48 | 0:12:52 | |
Tell me about the social media. How do you do it? | 0:12:52 | 0:12:54 | |
It is all about getting a photograph that will make | 0:12:54 | 0:12:56 | |
people want to eat your food. | 0:12:56 | 0:12:58 | |
Nishma and Nisha ping pictures of their cheese toasties direct to their followers every day | 0:12:58 | 0:13:04 | |
at lunch time, tempting them to head over immediately and buy one. | 0:13:04 | 0:13:08 | |
You can kind of see, you've got melted cheese. | 0:13:08 | 0:13:11 | |
It's beautiful. That's great. | 0:13:11 | 0:13:13 | |
That looks good, doesn't it? | 0:13:14 | 0:13:16 | |
That looks really good. So that's the picture. | 0:13:16 | 0:13:19 | |
What do people want to see? People want to see our food. | 0:13:20 | 0:13:23 | |
It's quite simple. You do this before you've started selling. Yeah. | 0:13:23 | 0:13:26 | |
So it's five minutes or so, so it's not a big deal. No. | 0:13:26 | 0:13:29 | |
And it's fun, as well, isn't it? Yeah. | 0:13:29 | 0:13:31 | |
We're already getting likes coming through. Oh, right! | 0:13:31 | 0:13:35 | |
We've got, like, 17,000 followers. | 0:13:35 | 0:13:37 | |
Wow! So it happens pretty quickly. | 0:13:37 | 0:13:39 | |
If just one out of every 1,000 followers turn up and buy a toastie | 0:13:40 | 0:13:45 | |
after seeing the pictures, then that is an extra 17 customers - | 0:13:45 | 0:13:49 | |
and around 100 quid in the till. | 0:13:49 | 0:13:51 | |
A great return for snapping away with their smartphone. | 0:13:51 | 0:13:54 | |
Social media is something our sisters will need to learn to master, | 0:13:54 | 0:13:58 | |
and quickly. And if you're thinking of starting any sort of business, | 0:13:58 | 0:14:02 | |
you should do the same, too. | 0:14:02 | 0:14:05 | |
And this is so, easy, isn't it? Yeah. | 0:14:05 | 0:14:06 | |
Once you get into the habit of it, you just do it and bang, it's done, | 0:14:06 | 0:14:10 | |
and you've suddenly got this great promotional tool | 0:14:10 | 0:14:13 | |
which is hardly taking any time at all. | 0:14:13 | 0:14:15 | |
You guys can do this, can't you? | 0:14:15 | 0:14:16 | |
Yes. Yes. | 0:14:16 | 0:14:18 | |
Join Nida and Saher again as they start snapping away and learn more | 0:14:18 | 0:14:22 | |
business-boosting and money-saving tips. | 0:14:22 | 0:14:25 | |
Do you think that's right? | 0:14:25 | 0:14:27 | |
Oh, look, it's there! Look, look, look! | 0:14:27 | 0:14:29 | |
THEY LAUGH | 0:14:29 | 0:14:30 | |
And we look forward to meeting Nida and Saher later to chat about the | 0:14:33 | 0:14:36 | |
whole experience. | 0:14:36 | 0:14:37 | |
But first, we're joined by the Financial Times money editor Claer Barrett | 0:14:37 | 0:14:42 | |
and Deepak Tailor, | 0:14:42 | 0:14:43 | |
who started a very successful business from his bedroom. | 0:14:43 | 0:14:46 | |
More about that in a minute, Deepak. Claer, I'm going to come to you first. | 0:14:46 | 0:14:50 | |
Nida and Saher, they started off by doing something they absolutely love, | 0:14:50 | 0:14:54 | |
but unfortunately for them, they're not making any money. | 0:14:54 | 0:14:56 | |
So, what advice would you give to anybody in that situation? | 0:14:56 | 0:14:59 | |
They're in a food business, they associate food with the family, | 0:14:59 | 0:15:03 | |
with love. They want to feed people. | 0:15:03 | 0:15:05 | |
Now, that might work around the table at home with the family, | 0:15:05 | 0:15:08 | |
but it's not going to cut it in the marketplace. | 0:15:08 | 0:15:11 | |
They want people to spend money, make a profit, | 0:15:11 | 0:15:14 | |
have a decent margin and be able to reinvest the profits back into that | 0:15:14 | 0:15:18 | |
business and think about expanding it. | 0:15:18 | 0:15:20 | |
It is a total different mindset than just to be a hobby cook at home. | 0:15:20 | 0:15:24 | |
Deepak, you're living proof that this actually works. | 0:15:24 | 0:15:27 | |
Just tell us how you got started. | 0:15:27 | 0:15:28 | |
I just didn't have the funds to go and set up an office, | 0:15:28 | 0:15:31 | |
so I had to just do it from home. | 0:15:31 | 0:15:32 | |
I had just finished university, | 0:15:32 | 0:15:34 | |
I had this great idea of setting up a website where I could aggregate | 0:15:34 | 0:15:38 | |
all the best offers from the top brands into one place. | 0:15:38 | 0:15:40 | |
Got myself a desk, plonked it in my bedroom and just started from there. | 0:15:40 | 0:15:45 | |
Can I just expand on that? Tell me exactly what it is you do. | 0:15:45 | 0:15:48 | |
What comes in, what goes out? | 0:15:48 | 0:15:49 | |
How do you make any money? We connect brands to consumers. | 0:15:49 | 0:15:52 | |
So we list over 700 offers from the biggest brands in the UK, | 0:15:52 | 0:15:55 | |
where they're giving away a free sample or product. | 0:15:55 | 0:15:58 | |
Just yesterday, we had a brand giving away 10,000 free pizzas. | 0:15:58 | 0:16:02 | |
You could come to the site, claim your coupon and get the voucher, | 0:16:02 | 0:16:06 | |
go down to your local supermarket and pick up a free pizza. | 0:16:06 | 0:16:10 | |
He makes it sound so simple. | 0:16:10 | 0:16:11 | |
We make sure that we always find the best offers before anyone else and | 0:16:11 | 0:16:15 | |
that is why we have become really big. | 0:16:15 | 0:16:17 | |
You actually make money by helping other people save. | 0:16:17 | 0:16:19 | |
So the brands actually pay us for every sample that is ordered through our website. | 0:16:19 | 0:16:23 | |
Claer, I bet you love the sound of this, don't you? | 0:16:23 | 0:16:26 | |
This is very entrepreneurial, isn't it? | 0:16:26 | 0:16:27 | |
It's fantastically entrepreneurial. | 0:16:27 | 0:16:29 | |
And it's tapping into a key consumer need, | 0:16:29 | 0:16:32 | |
which is to get something for free. | 0:16:32 | 0:16:34 | |
Everyone wants something for free. So it's a really, really good idea. | 0:16:34 | 0:16:37 | |
And as you say, it's creating a community. | 0:16:37 | 0:16:39 | |
A powerful brand. And that's really, really important in building up a profile for your business. | 0:16:39 | 0:16:43 | |
It doesn't matter whether you're selling a curry or giving away free stuff - same principles apply. | 0:16:43 | 0:16:49 | |
Give us an idea of just what the turnover is like. | 0:16:49 | 0:16:52 | |
So the company now turns over over half a million pounds. | 0:16:52 | 0:16:55 | |
Wow! What would you say to anybody who is thinking about doing this? | 0:16:55 | 0:16:59 | |
So one of the big things that I recommend people do is just to go out and do it. | 0:16:59 | 0:17:02 | |
Go and test the idea, follow their passion. | 0:17:02 | 0:17:06 | |
That is the only way you're going to succeed in life. | 0:17:06 | 0:17:08 | |
Best of luck, Deepak and thanks, Claer. | 0:17:08 | 0:17:11 | |
Over the past few years, it's become | 0:17:11 | 0:17:13 | |
more and more difficult for people to get a foot or even a toe on the | 0:17:13 | 0:17:16 | |
property ladder, which has meant competition for affordable places to rent is fierce in many areas. | 0:17:16 | 0:17:22 | |
Latest figures shows that the average rental property now costs ?900 a month, | 0:17:22 | 0:17:27 | |
rising to ?1,250 in London. | 0:17:27 | 0:17:30 | |
The bad news, guys, is that experts predict rents | 0:17:30 | 0:17:32 | |
are set to go up even higher. | 0:17:32 | 0:17:34 | |
However, it seems there are ways to cut the cost | 0:17:34 | 0:17:37 | |
of keeping a roof over your head without slumming it. | 0:17:37 | 0:17:40 | |
Michael and Jeva are working hard to keep the imposing entrance to their | 0:17:42 | 0:17:46 | |
rented Sheffield property looking spick and span. | 0:17:46 | 0:17:50 | |
It's been their home for the last four months. | 0:17:50 | 0:17:52 | |
In a prime location with a grand hall, | 0:17:54 | 0:17:56 | |
you'd would imagine they'd be paying through the nose in rent. | 0:17:56 | 0:17:59 | |
Well, you'd be wrong. | 0:17:59 | 0:18:01 | |
We both pay ?220 every month. | 0:18:01 | 0:18:04 | |
And that includes all your utilities, heating and council tax. | 0:18:04 | 0:18:10 | |
So I think that's a great deal. | 0:18:10 | 0:18:13 | |
Sounds like a bargain. | 0:18:14 | 0:18:16 | |
So, how did they get it? | 0:18:16 | 0:18:18 | |
Well, Michael and Jeva have signed up to be property guardians. | 0:18:18 | 0:18:22 | |
This is where owners of vacant properties rent rooms at below market value | 0:18:22 | 0:18:26 | |
to keep the building ticking over. | 0:18:26 | 0:18:28 | |
In exchange, property guardians keep an eye on it and carry out general maintenance. | 0:18:29 | 0:18:35 | |
We clean the communal areas. | 0:18:35 | 0:18:37 | |
Clean the front of the house as well. | 0:18:37 | 0:18:40 | |
Clearing the rubbish, doing the recycling, that kind of thing. | 0:18:40 | 0:18:44 | |
And it suited Michael and Jeva, | 0:18:44 | 0:18:45 | |
who had just returned to the UK after years of working abroad. | 0:18:45 | 0:18:49 | |
So let's have a look around. | 0:18:49 | 0:18:51 | |
So this is one of our rooms here. | 0:18:51 | 0:18:54 | |
I believe it used to be the director's office for a foundry, a company. | 0:18:57 | 0:19:03 | |
I had to decorate this place to make it nice and homely. | 0:19:03 | 0:19:07 | |
And, yes, I love beautiful items at home, so I tried to make it, | 0:19:07 | 0:19:12 | |
I don't know, cosy. | 0:19:12 | 0:19:14 | |
I love having this huge office. | 0:19:14 | 0:19:16 | |
As well as the lounge, they have a bedroom on the second floor. | 0:19:17 | 0:19:21 | |
It was empty completely. | 0:19:21 | 0:19:23 | |
A beautiful space with nothing. | 0:19:23 | 0:19:25 | |
But we just bought a bed. | 0:19:25 | 0:19:27 | |
We have got some simple finishings and it feels more like home. | 0:19:27 | 0:19:33 | |
They also share a kitchen with 12 other property guardians. | 0:19:33 | 0:19:37 | |
And we have one guardian who is into woodwork | 0:19:37 | 0:19:41 | |
and he actually made this table out of pallets. | 0:19:41 | 0:19:45 | |
We have a chef. Sometimes he treats us with nice dishes. | 0:19:45 | 0:19:49 | |
So, yeah. | 0:19:49 | 0:19:51 | |
Michael and Jeva found it through a specialist agency. | 0:19:51 | 0:19:55 | |
Property guardianship costs about a third of the market rent. | 0:19:55 | 0:19:59 | |
And offers people an opportunity to maybe live in a more convenient | 0:19:59 | 0:20:03 | |
location than they could afford any other way. | 0:20:03 | 0:20:06 | |
It works for property owners, | 0:20:06 | 0:20:07 | |
it works for the people who are living in the buildings. | 0:20:07 | 0:20:10 | |
But there are some conditions that mean it is not suitable for everyone. | 0:20:10 | 0:20:14 | |
Property guardians have to be given only four weeks' notice before being | 0:20:14 | 0:20:19 | |
asked to move out. | 0:20:19 | 0:20:20 | |
So property guardians have less security of tenure than a tenant would have. | 0:20:20 | 0:20:25 | |
But the upside of it is that because their role is to look after the | 0:20:25 | 0:20:29 | |
building for the property owners, it is a really inexpensive way to live. | 0:20:29 | 0:20:34 | |
But there are often restrictions in place, | 0:20:36 | 0:20:38 | |
such as the number of visitors and potentially the length of time you can live in the property. | 0:20:38 | 0:20:43 | |
We are not looking to be here for any longer than, like, a year. | 0:20:43 | 0:20:48 | |
We have just got a feel of what it is like living here in the city. | 0:20:48 | 0:20:51 | |
We are saving to buy a place of our own. | 0:20:51 | 0:20:54 | |
You could find yourself living in some unusual addresses, | 0:20:54 | 0:20:57 | |
including a mansion in Durham or a Regency villa in Wisbech. | 0:20:57 | 0:21:02 | |
Basically, making a saving here, say, ?500 a month. | 0:21:02 | 0:21:07 | |
I think we've got one of | 0:21:07 | 0:21:09 | |
the best-value properties in the whole of the UK, to be honest. | 0:21:09 | 0:21:13 | |
If you're thinking about becoming a property guardian, | 0:21:13 | 0:21:15 | |
do your research to find a reputable agency. | 0:21:15 | 0:21:18 | |
Also check the rental terms, | 0:21:18 | 0:21:20 | |
which differ from those of a regular tenancy agreement, | 0:21:20 | 0:21:23 | |
to make sure it works for you. | 0:21:23 | 0:21:25 | |
But if you fancy something more homely, | 0:21:28 | 0:21:30 | |
than this next scheme might appeal. | 0:21:30 | 0:21:32 | |
They may not look like typical housemates, but Doreen, | 0:21:32 | 0:21:35 | |
who is in her 70s and Anouck from France, who is in her 20s, | 0:21:35 | 0:21:39 | |
are part of a programme called Homeshare, | 0:21:39 | 0:21:41 | |
as Alex Fox from the charity Shared Lives, which works with Homeshare, explains. | 0:21:41 | 0:21:46 | |
Often, it's an older person who maybe just wants a bit of companionship | 0:21:48 | 0:21:52 | |
or some help from time to time, | 0:21:52 | 0:21:54 | |
who is matched with a younger person who can't afford to live where they | 0:21:54 | 0:21:58 | |
want to live and is happy to help out a bit and be somebody who is about the house. | 0:21:58 | 0:22:04 | |
After breaking her shoulder, | 0:22:04 | 0:22:05 | |
Doreen went to a care home to recuperate, but didn't enjoy it. | 0:22:05 | 0:22:10 | |
I'd rather be at home. | 0:22:10 | 0:22:12 | |
I mean, in the home, they were all older than me | 0:22:13 | 0:22:19 | |
and they were all asleep. | 0:22:19 | 0:22:21 | |
I'm sat there, nobody to talk to. | 0:22:21 | 0:22:24 | |
That is when Homeshare stepped in, | 0:22:26 | 0:22:28 | |
helping her to move back home by bringing Doreen and Anouck together. | 0:22:28 | 0:22:32 | |
Anouck pays ?150 a month to Homeshare and agrees to give ten hours a week of support to Doreen. | 0:22:32 | 0:22:38 | |
Doreen also pays ?100 a month to the scheme. | 0:22:38 | 0:22:41 | |
If it wasn't in a home share, I should pay ?400 per month. | 0:22:43 | 0:22:51 | |
I wanted to be with someone, I wanted to learn English. | 0:22:51 | 0:22:54 | |
It is just a win-win situation. | 0:22:54 | 0:22:58 | |
And after just a few months together, | 0:22:58 | 0:23:00 | |
Anouck and Doreen have become firm friends. | 0:23:00 | 0:23:04 | |
I like being in the kitchen with Anouck. | 0:23:04 | 0:23:08 | |
What do you like, in that? I like it when we're making cakes. | 0:23:08 | 0:23:14 | |
And when she's making... cutting all the vegetables up! | 0:23:14 | 0:23:19 | |
Doreen is sharpening up Anouck's English. | 0:23:19 | 0:23:23 | |
Is it flour? Flour. | 0:23:23 | 0:23:25 | |
The flour. Flour. Yes. We need to put the yellow on the sugar. | 0:23:26 | 0:23:32 | |
The egg. | 0:23:32 | 0:23:33 | |
Yeah, and the egg, yeah. | 0:23:33 | 0:23:35 | |
SHE LAUGHS | 0:23:35 | 0:23:37 | |
Today, we are making a cake because we like it. | 0:23:37 | 0:23:42 | |
And Anouck has revolutionised Doreen's diet. | 0:23:42 | 0:23:46 | |
Before Anouck came, it was always tinned food. | 0:23:46 | 0:23:49 | |
And when Anouck came, you see, | 0:23:49 | 0:23:52 | |
she did the cooking, | 0:23:52 | 0:23:55 | |
so I had all fresh food. | 0:23:55 | 0:23:58 | |
And one day, she did, um, | 0:24:00 | 0:24:03 | |
grapes, strawberries. | 0:24:03 | 0:24:06 | |
I've never had avocado before. | 0:24:06 | 0:24:10 | |
And it was good. | 0:24:10 | 0:24:12 | |
It's delicious! | 0:24:12 | 0:24:14 | |
Both Anouck and Doreen certainly seemed to be benefiting | 0:24:14 | 0:24:17 | |
from the arrangement. | 0:24:17 | 0:24:18 | |
Companionship is a really big part of it. | 0:24:18 | 0:24:20 | |
So Homeshare is also about tackling loneliness for both the younger people and for the older people. | 0:24:20 | 0:24:26 | |
This is good. | 0:24:28 | 0:24:30 | |
Anouck being here, I am not on my own. | 0:24:31 | 0:24:35 | |
I have someone to talk to... | 0:24:35 | 0:24:37 | |
..where I hadn't before. | 0:24:39 | 0:24:40 | |
Homeshare operates around the UK, but as always, do your research. | 0:24:44 | 0:24:48 | |
So if you're looking to rent, | 0:24:48 | 0:24:49 | |
it seems there are other options out there to consider that could end up saving you some cash. | 0:24:49 | 0:24:55 | |
It's long been said that we live in a throwaway society, | 0:24:59 | 0:25:03 | |
where people would rather put something in the bin than get it repaired. | 0:25:03 | 0:25:06 | |
But that's all changing. | 0:25:06 | 0:25:08 | |
People are now taking the time to learn how to fix things. | 0:25:08 | 0:25:11 | |
Joining me for a chat is our finance guru Claer, | 0:25:11 | 0:25:13 | |
and Dave Lukes who shows people how to repair things. | 0:25:13 | 0:25:17 | |
Dave, tell me about this restart group, | 0:25:17 | 0:25:19 | |
what sort of people can come along, what sort of things are you repairing? | 0:25:19 | 0:25:23 | |
What happens is, when you turn up with something broken, | 0:25:23 | 0:25:26 | |
we will pair you with somebody like me who knows how to repair things. | 0:25:26 | 0:25:29 | |
And you'll learn how to repair it. | 0:25:29 | 0:25:31 | |
You're actually teaching people about, you know, how to take it apart, | 0:25:31 | 0:25:34 | |
how to fix it, learning how it works, that sort of thing - | 0:25:34 | 0:25:36 | |
which I like the sound of - don't you, Claer? | 0:25:36 | 0:25:38 | |
Absolutely. I mean, it's a real push back against the disposable consumer | 0:25:38 | 0:25:41 | |
culture, frankly, that we have in this country of buying something, | 0:25:41 | 0:25:44 | |
it goes wrong, you chuck it away and just go out and buy a new one. | 0:25:44 | 0:25:47 | |
Because it's not just good for your wallet to repair things, | 0:25:47 | 0:25:49 | |
it's also - crucially - really good for the environment. | 0:25:49 | 0:25:52 | |
What sort of people are coming along to these groups? | 0:25:52 | 0:25:55 | |
Oh, we get everybody from teenagers with their games consoles, | 0:25:55 | 0:25:59 | |
to OAPs with their vintage radios that they want to get repaired, | 0:25:59 | 0:26:02 | |
and everything in-between. | 0:26:02 | 0:26:04 | |
Do people have to pay to come to these groups? | 0:26:04 | 0:26:05 | |
No, we encourage donations, obviously, | 0:26:05 | 0:26:07 | |
because we've got to pay for things like hiring the venue and so on, | 0:26:07 | 0:26:10 | |
but no, in principle, it's a free service. | 0:26:10 | 0:26:13 | |
I volunteer my time freely because I enjoy it. | 0:26:13 | 0:26:15 | |
Other people do it out of a sense of social justice or because they enjoy | 0:26:15 | 0:26:20 | |
the detective work, like I do. | 0:26:20 | 0:26:21 | |
OK. You've sold it to me, but where do people find out about them? | 0:26:21 | 0:26:24 | |
OK, get on the Internet and look up "repair cafe" - | 0:26:24 | 0:26:28 | |
there are quite a few of those around the country. | 0:26:28 | 0:26:30 | |
Also, the organisation I volunteer with, the Restart Project, | 0:26:30 | 0:26:33 | |
go look at their website - they have a lovely calendar of events. | 0:26:33 | 0:26:36 | |
And also, if there isn't an event in your area, | 0:26:36 | 0:26:39 | |
why don't you think about starting one? | 0:26:39 | 0:26:41 | |
Thanks, Dave. Thanks, Claer. No problem. | 0:26:41 | 0:26:43 | |
Sounds good to me, Dom. | 0:26:43 | 0:26:45 | |
Now, I want to find out exactly how handy the people here at Stockport | 0:26:45 | 0:26:49 | |
market are. When something goes wrong, do they fix it, or bin it? | 0:26:49 | 0:26:53 | |
We call him Mr Fix It. | 0:26:54 | 0:26:56 | |
Well, Mr Fix It... Yeah. | 0:26:56 | 0:26:57 | |
..there's no items in your house that could do with a little mend? | 0:26:57 | 0:27:01 | |
No. Not at the minute, no. | 0:27:01 | 0:27:02 | |
Not at the minute? Are you straight on it? | 0:27:02 | 0:27:05 | |
Definitely. If something needs doing, get on with it. | 0:27:05 | 0:27:09 | |
I used to do repairs on my car, | 0:27:09 | 0:27:12 | |
which you can't possibly do now because my new car is so full of | 0:27:12 | 0:27:16 | |
electronics, you daren't touch it. | 0:27:16 | 0:27:19 | |
It's too complicated, isn't it? Yeah. | 0:27:19 | 0:27:22 | |
Actually I like to do reupholstery and painting and those sort of | 0:27:22 | 0:27:25 | |
things. I don't like throwing things. | 0:27:25 | 0:27:27 | |
It's just, I like the challenge of taking something and turning it into | 0:27:27 | 0:27:32 | |
something else. | 0:27:32 | 0:27:33 | |
Things are not made to last any more. | 0:27:33 | 0:27:35 | |
So the modern way - things go "bang" quite a bit. | 0:27:35 | 0:27:38 | |
Yeah. And it's easier just to go and buy something new, really. | 0:27:38 | 0:27:43 | |
Yeah, I fix everything. I'm a cheapskate, so... | 0:27:43 | 0:27:46 | |
I love that! Anywhere I can save money. | 0:27:46 | 0:27:48 | |
Anything to save money. | 0:27:48 | 0:27:49 | |
Honestly. Yeah... I'm thrifty. It's my middle name. | 0:27:49 | 0:27:52 | |
That's brilliant! Listen, have a great day. Thank you. Bye. | 0:27:52 | 0:27:55 | |
Earlier on we met Nida and Saher, | 0:27:58 | 0:28:00 | |
who were struggling to make any money from the business they'd set up from home. | 0:28:00 | 0:28:04 | |
So has Simon Read managed to turn them into high-flyers? | 0:28:04 | 0:28:08 | |
Streatham sisters Nida and Saher Usmani have been cooking | 0:28:10 | 0:28:14 | |
their favourite family recipes for the last 25 years. | 0:28:14 | 0:28:18 | |
We do love cooking - I mean, | 0:28:18 | 0:28:19 | |
I would wake up four in the morning and start peeling the potatoes, | 0:28:19 | 0:28:23 | |
and I'm happy to do that. | 0:28:23 | 0:28:25 | |
Because I really enjoy it, | 0:28:25 | 0:28:27 | |
putting the spices together and once the tastes come together, it's like, | 0:28:27 | 0:28:30 | |
"Oh, wow!" It's good. | 0:28:30 | 0:28:31 | |
It's just right, you know. | 0:28:31 | 0:28:34 | |
It's so nice. | 0:28:34 | 0:28:35 | |
And especially it's lovely when people come back and go, "The food's amazing." | 0:28:35 | 0:28:39 | |
A year ago, after being made redundant, | 0:28:39 | 0:28:41 | |
they decided to change their hobby into a way of life, | 0:28:41 | 0:28:44 | |
by launching a street food stall selling their home-cooked dishes. | 0:28:44 | 0:28:48 | |
But they're struggling. | 0:28:48 | 0:28:50 | |
We're good with food, but we're not good with money. | 0:28:50 | 0:28:52 | |
12 months on, while the venture has not exactly gone to pot, | 0:28:52 | 0:28:56 | |
they've failed to get a handle on it. | 0:28:56 | 0:28:58 | |
They're still working long hours for no wage, | 0:28:58 | 0:29:01 | |
and have yet to get to grips with running a business. | 0:29:01 | 0:29:04 | |
Personal finance expert Simon Read has already lowered their monthly | 0:29:04 | 0:29:08 | |
outgoings, and kick-started their marketing on social media. | 0:29:08 | 0:29:12 | |
Do you think that's right? | 0:29:12 | 0:29:14 | |
Shall we try and get you an artistic shot? | 0:29:14 | 0:29:15 | |
Oh, look, it's there! Look, look, look! | 0:29:17 | 0:29:20 | |
Nice work, girls. | 0:29:20 | 0:29:21 | |
Now Simon's back for seconds - and first, | 0:29:21 | 0:29:24 | |
he doing a little market research of his own. | 0:29:24 | 0:29:27 | |
Have you tried here before? | 0:29:27 | 0:29:28 | |
No. You haven't. I mean, I'll tell you what, | 0:29:28 | 0:29:30 | |
you're in for a treat because they're absolutely delicious. | 0:29:30 | 0:29:32 | |
What did you think of the prices? | 0:29:32 | 0:29:34 | |
It's about what I expected. | 0:29:34 | 0:29:36 | |
It is? I think once you've tried it you'll think "That's a bargain", | 0:29:36 | 0:29:38 | |
because it really is. So have you eaten here before? | 0:29:38 | 0:29:41 | |
I have, yeah. I enjoyed it quite a lot, plus it's halal as well, | 0:29:41 | 0:29:44 | |
which I enjoyed as well. | 0:29:44 | 0:29:45 | |
All right, brilliant. | 0:29:45 | 0:29:46 | |
Good price, good food. | 0:29:46 | 0:29:48 | |
Made with love, isn't it? Yeah. | 0:29:48 | 0:29:51 | |
Turns out Simon's a master of the sales patter. | 0:29:51 | 0:29:54 | |
Thank you. Enjoy. | 0:29:54 | 0:29:56 | |
But as lunch comes to an end, he gets down to business. | 0:29:56 | 0:29:59 | |
So how do you monitor how many meals you've sold? | 0:30:00 | 0:30:03 | |
So, we do write them down. | 0:30:03 | 0:30:06 | |
But as long as there's not a massive queue, | 0:30:07 | 0:30:09 | |
and then we are able to remember... | 0:30:09 | 0:30:12 | |
Oops. What will Simon have to say about that? | 0:30:12 | 0:30:15 | |
This isn't very scientific at all, is it? | 0:30:15 | 0:30:17 | |
So the truth is, you don't know how many meals you've sold of each kind. | 0:30:17 | 0:30:21 | |
No. You haven't got a proper stock control system here going on, have you? | 0:30:21 | 0:30:24 | |
No. No, we don't. No. | 0:30:24 | 0:30:27 | |
If the sisters don't know what they've sold, it'll be impossible to | 0:30:27 | 0:30:31 | |
work out if they are in the red or black. | 0:30:31 | 0:30:33 | |
So we've always been told that we give loads of food... | 0:30:33 | 0:30:36 | |
Yeah. Sometimes I think I give too much... | 0:30:36 | 0:30:38 | |
Yes. ..and I don't know when to stop. | 0:30:38 | 0:30:39 | |
If their portions are too big, | 0:30:39 | 0:30:41 | |
then they might as well be giving money away. | 0:30:41 | 0:30:44 | |
And Simon's having none of it. | 0:30:44 | 0:30:45 | |
Yeah, it sounds like you're being overgenerous. | 0:30:45 | 0:30:48 | |
So, rather than having two scoops of mash, | 0:30:48 | 0:30:50 | |
do you want to try one scoop of mash? | 0:30:50 | 0:30:52 | |
That looks too little. | 0:30:52 | 0:30:53 | |
That looks a bit tight. Can you do one and a half? | 0:30:53 | 0:30:57 | |
This is really good value. | 0:30:57 | 0:30:58 | |
Too good value, I'd say! | 0:30:58 | 0:31:01 | |
Simon's rule of thumb is simple - reducing portions increases profit. | 0:31:01 | 0:31:06 | |
And on top of that, unless the sisters know how much their dishes cost to make, | 0:31:06 | 0:31:11 | |
how can they set a price for them? | 0:31:11 | 0:31:12 | |
You know, in order to make money, you need to know how much that portion size is costing you, | 0:31:14 | 0:31:19 | |
and you need to know that so you can then set the fair price. | 0:31:19 | 0:31:22 | |
You've got no portion control, have you? | 0:31:22 | 0:31:24 | |
No. You just spoon it into the... | 0:31:24 | 0:31:26 | |
Yeah. For the kind of portion sizes you're giving, | 0:31:26 | 0:31:29 | |
you might be giving away a fiver's worth of food and only selling it for four quid, for all you know. | 0:31:29 | 0:31:33 | |
Yeah. And fundamentally, that's no way to run a business, is it? | 0:31:33 | 0:31:37 | |
No. | 0:31:37 | 0:31:38 | |
But don't worry - | 0:31:39 | 0:31:41 | |
Simon knows the ingredients needed to turn these talented sisters' | 0:31:41 | 0:31:44 | |
fortunes around, | 0:31:44 | 0:31:46 | |
and where better than a local cash-and-carry to see how they shop and help them control their costs? | 0:31:46 | 0:31:52 | |
I've brought you to a shop, because, Nida, | 0:31:52 | 0:31:55 | |
I know you're a bargain-hunter. | 0:31:55 | 0:31:57 | |
I love a bargain. You love your bargains, | 0:31:57 | 0:31:58 | |
and there are tonnes of bargains. Yes. | 0:31:58 | 0:32:01 | |
It's an Aladdin's cave of bargains. | 0:32:01 | 0:32:03 | |
Feel free to buy what you'd normally buy here... OK. | 0:32:03 | 0:32:05 | |
..and let's have a look at whether you're going to spend wisely. Uh-huh. | 0:32:05 | 0:32:10 | |
Or foolishly. OK, cool. Let's go. | 0:32:10 | 0:32:12 | |
Don't worry - they haven't all shrunk - | 0:32:12 | 0:32:15 | |
it's just a super-sized trolley. | 0:32:15 | 0:32:16 | |
Look. | 0:32:18 | 0:32:19 | |
Nida, you weren't kidding when you said you liked a bargain! | 0:32:24 | 0:32:27 | |
The bigger the better, it seems. | 0:32:29 | 0:32:31 | |
Oh, look, they're giving a free sample of coffee. | 0:32:31 | 0:32:33 | |
No, we don't need coffee. | 0:32:34 | 0:32:36 | |
But it's a free sample of coffee! | 0:32:36 | 0:32:37 | |
Good job, Saher. | 0:32:37 | 0:32:38 | |
Keep steering that trolley away from temptation. | 0:32:38 | 0:32:41 | |
This is a good bargain. That is a good offer. | 0:32:41 | 0:32:44 | |
It's taken the girls less than ten minutes to fill up their massive trolley. | 0:32:44 | 0:32:48 | |
Time for Simon to check out what's caught their eye. | 0:32:48 | 0:32:51 | |
What I want to talk to you about is the amount of stuff that you | 0:32:52 | 0:32:54 | |
bought, so you bought this rice. | 0:32:54 | 0:32:57 | |
I can't even tell. I'm going to try and lift it up, | 0:32:57 | 0:32:59 | |
but it looks really heavy to me. It is heavy, it's 20 kilos. | 0:32:59 | 0:33:01 | |
Oh! So, 20 kilos, how many meals is that for? | 0:33:01 | 0:33:05 | |
Mother says that one cup serves eight people. | 0:33:05 | 0:33:09 | |
One cup serves eight people? | 0:33:09 | 0:33:10 | |
Yeah. So how many cups in 20 kilograms? | 0:33:10 | 0:33:13 | |
I've no idea. | 0:33:13 | 0:33:14 | |
You've no idea? You need to know how much you're buying for and what for. | 0:33:14 | 0:33:18 | |
You should know that, "Great, that'll be 100,000," | 0:33:18 | 0:33:22 | |
however many portions, so that as soon as you're buying this, | 0:33:22 | 0:33:26 | |
you know that works out, per portion, a penny, 10p, whatever it is, | 0:33:26 | 0:33:30 | |
then you're doing the maths in your head as you're buying this stuff | 0:33:30 | 0:33:33 | |
knowing how much profit you can make. | 0:33:33 | 0:33:34 | |
Working out how much they need to buy in order to prepare their food | 0:33:36 | 0:33:40 | |
is essential to decide what they should charge for it. | 0:33:40 | 0:33:43 | |
If Nida and Saher knew how much they were selling, | 0:33:43 | 0:33:46 | |
they could buy to order and not have money tied up in provisions. | 0:33:46 | 0:33:49 | |
Planning a shop is something that we should all be doing, | 0:33:49 | 0:33:52 | |
whether we've got a budding business or not. | 0:33:52 | 0:33:56 | |
It goes back to the basics of thinking, | 0:33:56 | 0:33:58 | |
how many portions are we going to be selling in, say, the next month? | 0:33:58 | 0:34:02 | |
Can we do our shopping for the next month? | 0:34:02 | 0:34:04 | |
How much do we need and what's the best price for it? | 0:34:04 | 0:34:07 | |
Rather than thinking, "Great, here's a hundredweight of rice, let's just buy that." | 0:34:07 | 0:34:12 | |
For your business, you've got to plan every expense. | 0:34:12 | 0:34:15 | |
You've got to know the quantities before you go and you just find the right prices. | 0:34:15 | 0:34:19 | |
You've got to do this properly | 0:34:19 | 0:34:20 | |
to make the business work, so you can make money and pay yourselves. | 0:34:20 | 0:34:23 | |
You have to do this. | 0:34:23 | 0:34:25 | |
Yes. It's not just a recommendation. I'm telling you, you must do it. | 0:34:25 | 0:34:28 | |
Yeah. We have to try and make a profit. | 0:34:28 | 0:34:32 | |
That's what we've learnt. If you can't make a profit, what will happen? | 0:34:32 | 0:34:35 | |
We won't be able to carry on. | 0:34:35 | 0:34:36 | |
You WON'T be able to carry on. | 0:34:36 | 0:34:38 | |
Simon thinks with a bit more planning, | 0:34:39 | 0:34:41 | |
the girls could save ?1,200 a year | 0:34:41 | 0:34:44 | |
and if they really do find doing | 0:34:44 | 0:34:46 | |
the books too much at this stage, | 0:34:46 | 0:34:49 | |
Simon's got a genius idea for them to consider - | 0:34:49 | 0:34:52 | |
let someone else do it! | 0:34:52 | 0:34:53 | |
Can he? | 0:34:53 | 0:34:55 | |
We've had lots of great ideas about how to manage your business and now | 0:34:55 | 0:34:59 | |
I think it's time to think about how to manage your accounts, | 0:34:59 | 0:35:02 | |
so I'd like you to meet David Gibb. | 0:35:02 | 0:35:04 | |
He's a business adviser. | 0:35:04 | 0:35:05 | |
He's got lots of great ideas and he's got lots of clients in the food | 0:35:05 | 0:35:09 | |
and restaurant business, don't you, David? | 0:35:09 | 0:35:11 | |
Yes, indeed. Good to see you both. | 0:35:11 | 0:35:13 | |
So how do we make the transition from - | 0:35:13 | 0:35:14 | |
this is basically a lifestyle business, they love doing it. | 0:35:14 | 0:35:17 | |
How do they transition from that to a profitable going concern? | 0:35:17 | 0:35:21 | |
Well, I think it really is important to understand the accounts and the | 0:35:21 | 0:35:26 | |
book-keeping. I think you'd find it quite enlightening to get some | 0:35:26 | 0:35:29 | |
proper detailed accounts, which told you exactly what you are spending on | 0:35:29 | 0:35:33 | |
what ingredients and exactly how much a portion of food was costing. | 0:35:33 | 0:35:37 | |
Then, I think, you can start having a look at how many portions you need | 0:35:37 | 0:35:40 | |
to sell to make money. | 0:35:40 | 0:35:43 | |
The girls are dyslexic, so they have a few problems with numbers and | 0:35:43 | 0:35:46 | |
figures and so forth, but it shouldn't be a problem, should it, | 0:35:46 | 0:35:48 | |
to them running the business properly? | 0:35:48 | 0:35:50 | |
What I would say is, if you really are struggling, | 0:35:50 | 0:35:53 | |
there is help out there, there are people that do book-keeping services, | 0:35:53 | 0:35:56 | |
there are people where you can give your invoices to. | 0:35:56 | 0:36:00 | |
We just thought it was expensive and, at the moment, | 0:36:00 | 0:36:03 | |
we're not even taking in wages ourselves. | 0:36:03 | 0:36:05 | |
We thought, "Can we afford it?" | 0:36:05 | 0:36:06 | |
Maybe it's an expense you need to make. | 0:36:06 | 0:36:08 | |
You do need to get an understanding of, | 0:36:08 | 0:36:11 | |
"What's the money in the business now? | 0:36:11 | 0:36:12 | |
"What are we making, what are we spending?" | 0:36:12 | 0:36:14 | |
The sisters have enthusiasm to spare, but, sadly, | 0:36:14 | 0:36:17 | |
businesses can't be run on that alone, | 0:36:17 | 0:36:20 | |
but if they get help with the bits they find difficult, | 0:36:20 | 0:36:23 | |
it will enable them to concentrate on what they're good at - cooking. | 0:36:23 | 0:36:27 | |
I'd say, have a go - you know, | 0:36:27 | 0:36:30 | |
put your receipts in a box, have a go, but, realistically, | 0:36:30 | 0:36:33 | |
if you are struggling, there are book-keeping services. | 0:36:33 | 0:36:37 | |
People that will do it online for you. | 0:36:37 | 0:36:38 | |
You send stuff off to them and they'll send you accounts. | 0:36:38 | 0:36:42 | |
Definitely. Thank you. | 0:36:42 | 0:36:43 | |
Thank you so much, that was really useful advice. | 0:36:43 | 0:36:45 | |
Thank you. Thank you. | 0:36:45 | 0:36:46 | |
It seems like the girls will have to spend money to help make money, | 0:36:47 | 0:36:51 | |
but that's OK, because if they followed Simon's advice, | 0:36:51 | 0:36:54 | |
they can save ?815 a year on their energy bills, | 0:36:54 | 0:36:59 | |
?1,080 on their broadband and TV package, and ?1,200 on food shopping, | 0:36:59 | 0:37:05 | |
which makes a grand total of 3,095 smackers, | 0:37:05 | 0:37:10 | |
and if the sisters follow Simon's advice on stocktaking, pricing, | 0:37:10 | 0:37:14 | |
portion control, marketing and book-keeping, from now on | 0:37:14 | 0:37:18 | |
their stall should really be cooking on gas. | 0:37:18 | 0:37:21 | |
Having this experience, having | 0:37:21 | 0:37:25 | |
this great advice and experts come in, it was brilliant, | 0:37:25 | 0:37:28 | |
it was perfect timing for us. The right time. Because we did all the execution, we know, | 0:37:28 | 0:37:33 | |
like, our customers and our store, but we needed to move into next level. | 0:37:33 | 0:37:37 | |
We needed the social media and we need to work on our finance, | 0:37:37 | 0:37:40 | |
and I think this came at the perfect timing because it has pushed us to do this now | 0:37:40 | 0:37:44 | |
and that's our next step. | 0:37:44 | 0:37:45 | |
Yeah. And that's where we focus on. | 0:37:45 | 0:37:47 | |
Thank you very much. Hope you enjoy. | 0:37:49 | 0:37:51 | |
And Saher and Nida are with us now, along with Claer Barrett, | 0:37:55 | 0:37:58 | |
our finance expert. | 0:37:58 | 0:37:59 | |
Thanks for coming, ladies. Thank you for having us. Thank you. | 0:37:59 | 0:38:02 | |
Food has been a real passion of the family. | 0:38:02 | 0:38:04 | |
Yes, we love eating, and we've always loved eating. | 0:38:04 | 0:38:07 | |
We love feeding as well, | 0:38:07 | 0:38:08 | |
we grew up in a family when my mum used to always do dinner parties and | 0:38:08 | 0:38:12 | |
everyone loved our mum's food. | 0:38:12 | 0:38:13 | |
We were both made redundant around the same time, and we thought, | 0:38:13 | 0:38:16 | |
"It's a sign, it's meant to be." | 0:38:16 | 0:38:17 | |
We thought we'd do something different. So for us, it was like, | 0:38:17 | 0:38:20 | |
"Let's do something that we really enjoy doing," and we love | 0:38:20 | 0:38:23 | |
feeding and we love food, so we thought, "Let's go with that." | 0:38:23 | 0:38:26 | |
This is all about gaining confidence. | 0:38:26 | 0:38:27 | |
It's an area that you're not familiar with and I guess that's all it is, | 0:38:27 | 0:38:31 | |
it's about getting involved, giving it a whirl and seeing how you go. | 0:38:31 | 0:38:34 | |
Absolutely, and learning about how to do business is like learning another language | 0:38:34 | 0:38:39 | |
because you've got to think about profit margins, | 0:38:39 | 0:38:41 | |
you've got to think about cashflow, | 0:38:41 | 0:38:43 | |
and if you haven't had to think about those things before, | 0:38:43 | 0:38:46 | |
it can be very overwhelming to do it all at once, | 0:38:46 | 0:38:48 | |
but you need all the right ingredients to make the business work. | 0:38:48 | 0:38:51 | |
And Claer, social media can make a huge difference to someone's business. | 0:38:51 | 0:38:55 | |
Absolutely, it gives you the opportunity to tell the story behind your brand | 0:38:55 | 0:38:59 | |
and you've got such a fantastic story - two sisters, the family, | 0:38:59 | 0:39:03 | |
the food, love, it's all in there, | 0:39:03 | 0:39:06 | |
so it's the perfect way of expressing your values, | 0:39:06 | 0:39:09 | |
getting customers and also getting people to share the love and spread the news | 0:39:09 | 0:39:14 | |
about what they can get on your stall. | 0:39:14 | 0:39:16 | |
It was so important to tell our story and that's why we're on the | 0:39:16 | 0:39:20 | |
Instagram and social media now. | 0:39:20 | 0:39:22 | |
One thing which has caused you a problem is dyslexia. | 0:39:22 | 0:39:24 | |
You're both dyslexic, aren't you? | 0:39:24 | 0:39:25 | |
Yeah. I think when we spoke to the accountant, | 0:39:25 | 0:39:28 | |
we realised it's truly important, | 0:39:28 | 0:39:30 | |
it's a priority that we need to make sure we do, and we can't just do it, | 0:39:30 | 0:39:33 | |
we have to deal with it and face it. | 0:39:33 | 0:39:35 | |
Yeah. Because you can't put it off, you've just got to deal with it, | 0:39:35 | 0:39:37 | |
so you just deal with it. | 0:39:37 | 0:39:39 | |
Don't forget that some of the most successful business people in the world | 0:39:39 | 0:39:43 | |
have had dyslexia. Richard Branson is a famous dyslexic. | 0:39:43 | 0:39:46 | |
It's like anything in life, you've got to work on it, | 0:39:46 | 0:39:49 | |
find a way around it, not avoid the problem. Deal with it. Tackle it head on. | 0:39:49 | 0:39:53 | |
Share what you've learned from this experience with | 0:39:53 | 0:39:56 | |
anybody else who might be in a similar situation, | 0:39:56 | 0:39:57 | |
who might be thinking about starting up their own business. Do your research. | 0:39:57 | 0:40:00 | |
Yeah, definitely. Research is so important. | 0:40:00 | 0:40:03 | |
Speak to other people in the same business. | 0:40:03 | 0:40:05 | |
Realise first - don't go headstrong, just do it slowly. | 0:40:05 | 0:40:09 | |
You obviously love what you're doing, so good luck to you. | 0:40:09 | 0:40:12 | |
Thank you. Thank you. | 0:40:12 | 0:40:14 | |
Now, if you'd like Claer or another one of our money-saving experts | 0:40:14 | 0:40:17 | |
to help transform your finances, get in touch by e-mailing us at: | 0:40:17 | 0:40:23 | |
Or if you're after some quick ways to save some cash, | 0:40:23 | 0:40:26 | |
here's a good place to start. | 0:40:26 | 0:40:27 | |
Our website has everything you need to sort out your spending. | 0:40:29 | 0:40:34 | |
We've teamed up with the money advice service to bring you easy-to-use | 0:40:34 | 0:40:37 | |
money-saving tools to plan your budget, | 0:40:37 | 0:40:40 | |
calculate the cost of your car or credit cards and give your money | 0:40:40 | 0:40:44 | |
a complete health check. | 0:40:44 | 0:40:46 | |
Download them at: | 0:40:46 | 0:40:50 | |
Claer is still with us to answer some of your questions. | 0:40:55 | 0:40:58 | |
Jan wants to know, how does she get a good deal on her pet insurance? | 0:40:58 | 0:41:03 | |
Well, pet insurance is actually a very complicated product to buy. | 0:41:03 | 0:41:06 | |
There are many different layers and levels of cover that you can get. | 0:41:06 | 0:41:09 | |
The most expensive of which is called lifetime - | 0:41:09 | 0:41:12 | |
covers everything that could happen to your pet during its lifetime, | 0:41:12 | 0:41:16 | |
but you can also take out cover just for things like accidents, | 0:41:16 | 0:41:18 | |
so I did a bit of research into this. | 0:41:18 | 0:41:20 | |
According to Which?, 70% of claims are for illnesses in pets rather than accidents that happen to them, | 0:41:20 | 0:41:27 | |
but obviously the older your pet gets, | 0:41:27 | 0:41:30 | |
you've got to renew the policy every year, and every year it's going to get more expensive | 0:41:30 | 0:41:34 | |
so like everything in life, you need to shop around. | 0:41:34 | 0:41:37 | |
Another Claer is buying a house and she wants to know - | 0:41:37 | 0:41:40 | |
how will she know which is the next up-and-coming area? | 0:41:40 | 0:41:43 | |
Well, transport and infrastructure projects are a really, | 0:41:43 | 0:41:46 | |
really good way of knowing what's going to happen, | 0:41:46 | 0:41:48 | |
so you've got things like Crossrail, High Speed Two, city centre tram links that have happened | 0:41:48 | 0:41:52 | |
in different cities all around the country, | 0:41:52 | 0:41:54 | |
and as soon as they're announced and they go in, | 0:41:54 | 0:41:57 | |
then prices along the route in the future will start to rise because it | 0:41:57 | 0:42:00 | |
will become quicker to commute into those cities and towns, | 0:42:00 | 0:42:04 | |
and make them more vibrant places to live, | 0:42:04 | 0:42:05 | |
so that's happened a lot in London with big regeneration projects like | 0:42:05 | 0:42:09 | |
the Olympics that happened in the area that I've lived and it has lifted up | 0:42:09 | 0:42:13 | |
the whole area, but also around the country, follow the artists. | 0:42:13 | 0:42:17 | |
They call it the creative paradox. | 0:42:17 | 0:42:19 | |
If an area is cheap and a bit run down, the artists, the creatives, | 0:42:19 | 0:42:23 | |
the web designers, the media people, IT consultants, | 0:42:23 | 0:42:26 | |
they'll be the ones who go into that area because it's cheap for them to operate in, | 0:42:26 | 0:42:31 | |
but that will bring it up, make it fashionable, hip, trendy. | 0:42:31 | 0:42:34 | |
The paradox is that once they've done that, | 0:42:34 | 0:42:37 | |
more and more people move in and then they can't afford to live there any more, | 0:42:37 | 0:42:40 | |
so they have to go off to the next place. | 0:42:40 | 0:42:41 | |
Doesn't that mean all the cafes start selling tea made out of nettle | 0:42:41 | 0:42:44 | |
leaves and things like that? Well, maybe a sign to spot, | 0:42:44 | 0:42:47 | |
which is the next up-and-coming property area could be to see whether the | 0:42:47 | 0:42:50 | |
local cafe has got avocado on toast on the menu or not. | 0:42:50 | 0:42:53 | |
That's when you know you've arrived, isn't it? Exactly. Jonathan wants to know, | 0:42:53 | 0:42:57 | |
"What do I do with leftover old ?5 notes and ?1 coins?" | 0:42:57 | 0:43:00 | |
Good question. The new ?5 notes - not so new any more - I've got one here, | 0:43:00 | 0:43:04 | |
if you've got any of the old ones that aren't so whizzy as this, | 0:43:04 | 0:43:07 | |
you can take them to your local bank branch or Post Office and they will | 0:43:07 | 0:43:10 | |
be able to pay them into your bank for you, | 0:43:10 | 0:43:12 | |
exchange them for a new polymer note. | 0:43:12 | 0:43:14 | |
The pound coin, on the other hand, | 0:43:14 | 0:43:15 | |
the old round pound is still in circulation until the 15th of October 2017. | 0:43:15 | 0:43:21 | |
My advice would be to spend these if you can. | 0:43:21 | 0:43:24 | |
That is the easiest way to get rid of them - | 0:43:24 | 0:43:26 | |
make it somebody else's problem. | 0:43:26 | 0:43:28 | |
If you haven't spent them by the 15th of October 2017, | 0:43:28 | 0:43:31 | |
you can go to the bank or the Post Office and you will be able to | 0:43:31 | 0:43:35 | |
exchange them for the new modern pound coin, which has come in, | 0:43:35 | 0:43:38 | |
packed with security features, much harder to fake than these ones. | 0:43:38 | 0:43:42 | |
It's the first time we've told anyone to spend on this show, isn't it? It is! | 0:43:42 | 0:43:46 | |
Some great advice there, Claer. | 0:43:46 | 0:43:47 | |
Thanks to everyone we met today and to you at home, too. | 0:43:47 | 0:43:50 | |
We hope you found all the tips you've heard useful, but until the next time, bye-bye. Cheerio. | 0:43:50 | 0:43:55 | |
We know we're the last thing | 0:44:31 | 0:44:32 | |
between something disastrous... | 0:44:32 | 0:44:34 | |
..and something hopeful. | 0:44:36 | 0:44:37 | |
Just sometimes we make a difference. | 0:44:37 | 0:44:40 | |
That's why we come to work. | 0:44:40 | 0:44:42 | |
That's what this place is all about. | 0:44:42 | 0:44:44 | |
SIRENS WAIL | 0:44:44 | 0:44:45 |