Music, Mud and Making Money


Music, Mud and Making Money

Designed for GCSE business studies students, the programme goes backstage at a music festival to explain five important business concepts. Presented by Radio 1's Greg James.


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Transcript


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Hundreds of different businesses make a festival a festival.

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From poncho sellers to ice cream vendors,

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they all started as someone's money-making bright idea.

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You see, it's all about spotting a gap in the market

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and then using your head to make a bit of cash.

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Do that and you'll be well on your way

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to becoming a full-on entrepreneur.

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Matt Pickup and his friends

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spotted an opportunity in 2004

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and have never looked back.

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He might look like any other festival-goer,

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but the tent we're pitching is one of

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350 we've got to get through.

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This could take a while!

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Matt is a co-owner of tent hire company Tangerine Fields.

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Here at Reading, their 350 tents

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can be rented for up to £90 per person.

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Last year the company turned over

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one million pounds.

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It's a classic tale of spotting and seizing an opportunity.

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Myself and my business partners were at the Big Chill Festival.

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We were really tired and just wanted to get home on the Monday morning

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and had noticed that others were obviously in the same frame of mind

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but they just couldn't be bothered to take their tents down

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so they'd bought and pitched them and left them.

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And so we thought, if people are willing to do that,

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they'd be willing to not buy the tent, not pitch it and leave it.

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As simple as that!

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Er, yeah. It was a simple idea that took off.

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How did it go from the idea to becoming a proper business?

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We took a risk and invested some money in buying some tents.

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Spoke to the Big Chill Festival and laid out our idea to them.

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It seemed quite popular and from there it doubled

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and doubled in size each year and

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now we've moved up to 26 festivals this summer.

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If Matt needed any more inspiration, he need look no further

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than some of our most successful entrepreneurs.

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You're fired.

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Scary Lord Sugar began his business life trading out of a van,

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and is now worth £770 million.

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Levi Roots charmed the Dragons in the den

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and within a year was shifting 40,000 bottles

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of his Reggae Reggae Sauce a week.

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And let's not forget Posh Spice,

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whose clothing range has helped push brand Beckham's worth

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up to an eye-watering £165 million.

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What those guys have got, apart from a big bank balance,

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are some special qualities that make them top entrepreneurs.

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But what exactly are those qualities?

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Confident and good at talking to people.

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If you're shy I don't think you're going to get anywhere.

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Smart and well presented.

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Yeah, dress well, good first impression.

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Guts, I think. I think you have to be really brave

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because it's all about taking chances

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and working out whether gambles are worth doing.

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There's no magic formula for being an entrepreneur,

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but there are qualities which could help.

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Creativity is essential

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for transforming an opportunity

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into a real business idea.

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Guts - starting up a new business is always a risk,

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so you need to be daring to be successful.

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Drive - getting an idea off the ground isn't easy,

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but with determination you could hit the big time.

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Even some of the world's most successful entrepreneurs

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have had failures in the past.

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So it's all very well having a great idea.

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The key is putting that idea into practice,

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like the traders are doing here.

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Once you've had your idea, you need to think about the practicalities.

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Before starting, think about whether you might be able

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to legally protect your idea against copying.

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Where are you going to base your business?

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If you've got an ice cream van,

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don't park it on a quiet country lane.

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Instead, go to a festival

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with loads of people with cash to spend.

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Finally, what sort of business model best suits your idea?

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Should you act as a sole trader?

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Or do you need to form a limited company?

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But one of the most important things to think about is the big R.

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And by the big R I mean research.

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and I don't just mean buying a few books and surfing the web!

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To find out more, I've ditched the wellies

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and left the music behind to meet

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a man who spotted a - how can I put it?

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An "interesting" opportunity at a festival

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and backed it up with some hefty market research.

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This is Richard Wharton,

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and the cardboard box he's putting together

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is his solution to an age-old festival problem -

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yes, going to the toilet.

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I'm at my festival,

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I've got to go, so I whip this out and just sit?

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-Yeah, absolutely. It'll take your weight.

-It'll take my weight?

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Yeah, that'll take up to 20 stone in weight.

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-And then do my business?

-Yeah.

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Festival lover Richard came up with the idea

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in 1989 after visiting the toilets

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at Glastonbury.

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Once you had the idea, what did you do in terms of market research?

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We made up just short of 300 and gave them away

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to mates, festival-goers to trial out

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and what we found from that was

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we had a Marmite product.

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Some found it embarrassing to use in their own tent,

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other people didn't care at all

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and at 3 o'clock in the morning at a festival, it was a godsend.

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Sending out samples as Richard did

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is one of many market research methods.

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The other options include...

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Field research.

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That's asking people their opinion -

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in person, on the phone or online.

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Desk research.

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Gathering information related to your idea

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from books and the internet.

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Research can be qualitative - about people's reaction

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to the product. Do they think it's a good idea?

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Or quantitative -

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gauging the number of people who'd actually be willing to pay for it.

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So being an entrepreneur is more than just

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coming up with an idea. You have to take a calculated risk

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and actually do something with those ideas.

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And if you do, with the right qualities, you never know,

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you too could be sat on a fortune!

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And if you'll excuse me, I need some privacy now, so...cheers.

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Three days, 80,000 people,

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40 brilliant bands,

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the Reading Festival is where every aspiring rock star

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wants to play. But the music business

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is about more than just the glamour of a festival.

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One type of businessperson might ply their trade

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a world away from the noise and chaos of Reading,

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but still play a really important role in the music industry.

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This is Jake Travis and this is his record shop.

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Nine years ago Jake turned his passion for reggae into his job.

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He swapped the factory production line for the freedom of being

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his own boss, and became a sole trader. Put simply,

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sole traders are the only owner of their business.

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I'm not a great one for being told what to do and having to stick to

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a time schedule.

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You're your own boss, you're your own business.

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You come and go as you please and you answer only to yourself,

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so, you know, that is a major plus.

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As a sole trader, what are you responsible for?

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Bills, rent, rates,

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I have to buy stock,

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I have to buy bags.

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Everything that you see here is sort of

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stuff that I've bought and had to sort of literally price up and

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physically put in the racks. You're responsible for everything.

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Even though they're their own boss,

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sole traders like Jake have a lot of responsibility on their shoulders.

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For starters, they decide what to sell.

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They source their stock and make sure they've got

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enough of it. They price and market

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their product, and to top it all off,

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they physically sell it too.

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And like every business, they need to make sure VAT, income tax

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and National Insurance payments are in bang on time.

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That's a lot for one person to take on,

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but, believe it or not, the majority of businesses

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in this country are sole traders.

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And they're not all involved in selling products.

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Some provide a service, like plumbing or hairdressing - or music.

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Genevieve Wilkins is a percussionist. She's played with

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huge stars including Lionel Richie and Akon, and also performs in West End shows.

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But today is her lucky day, because she's got the chance to teach me.

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This is one of my favourite instruments around.

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It's called a cajon. And it's the Spanish word for box.

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Because Genevieve is a sole trader, she's responsible for everything.

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Cool. So what do I need, a flat hand?

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From advertising her services

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to giving lessons.

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And then you can start...

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that's it! I'll keep going like that

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and you can just add in things like that. That's it!

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-Now we're rocking.

-What are

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the advantages of being a sole trader?

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I can have a variety of what I do for a living, so I can do pop gigs,

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I can do classical music gigs, I can do some teaching..

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And the nicest thing is that

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I can pick and choose

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to do the projects that I love. I'm never really doing

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any of them just for the money.

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You're your own boss. It's brilliant.

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So how did you become a sole trader?

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I was really lucky to get a part-time teaching job

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in a really good music school,

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and as I graduated university, and I started performing as well,

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you have to be a sole trader. You've got so many incomes from so many different places.

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Being your own boss sounds great,

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but there are financial and legal implications.

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Sole traders have what's called unlimited liability.

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This means they have a personal responsibility for everything

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to do with their business.

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If they go bust and owe money, they could have to sell

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everything they own to pay off their debts.

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In the worst case, that could include cherished possessions

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like their TV, car or even house.

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Jake is well aware of the pressures that come with being his own boss.

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If people don't walk through the door,

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you don't earn money.

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And that comes with its pressures -

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your security is in the hands of the general public, as it were.

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But the pros often outweigh the cons.

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I'm the boss, I'm the performer,

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I'm the accountant, I'm the manager,

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I have to find some gigs for my duo.

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You have to do sort of do absolutely everything,

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so the skills have been really good.

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I've learnt lots of different things I thought I'd never learn how to do.

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It can be hard work and long hours, but for many,

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the dream of owning their own business makes it all worthwhile.

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Putting all the hard work to one side,

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there is one great advantage to being a sole trader.

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You alone are responsible for any money you make

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and it's yours to do what you want with.

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So, put the hours in, and that record shop or drum kit

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could be your passport to a great profit!

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Of all the businesses trying to make a little cash at Reading,

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from the T-shirt vendors to the burger vans

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and noodle bars, there's one that's different from all the rest.

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And it's not because of what it sells,

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but because of the special way it's set up.

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Ice cream is a festival staple -

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particularly when the sun is out,

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and Dominic Daniele knows how to cash in

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on this captive market.

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He's dishing out gallons of the stuff to the hungry crowds

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from his seven Wall's ice cream vans around the site.

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And what makes his business different

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is that it's a franchise.

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We've all heard the word before, but how many of us

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actually know what it means?

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What's a franchise? I don't want to look stupid.

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It's when one company develops a string of companies, like McDonald's is a franchise.

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A franchise is a business which is owned by yourself,

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it's a big business which is owned by individual people.

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It's a simple idea, really.

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You pay an established company a fee

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and that gives you the right to use its name and sell its products.

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Franchises are common on our high streets.

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The burger you wolfed down at McDonald's for lunch,

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or that pizza from Dominos and the photos printed off at Snappy Snaps

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were all bought from franchises.

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In fact, there are an estimated 897 different franchises in the UK.

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What is the advantage to having a franchise like this, then?

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We've got a multi-million pound company

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that is basically doing all of our advertising,

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and we do have the bestselling products

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in the ice cream line in the UK.

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We've bought five brand-new vans,

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and our sales and our purchasing power has increased.

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Are there any disadvantages?

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The only disadvantage is cosmetic,

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because when you own a business, you want your name in lights,

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but after five or ten minutes

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of Walls' products flying out of the window,

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that passes right away, so there's hardly any disadvantages.

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Now, Dom,

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I'd feel like I'd do myself an injustice if I'm

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at an ice cream van chatting to the owner and not having a go.

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Please can I have a go?

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I've always wanted to.

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Sure, hop on in.

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Ahhh!

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There you go, sir,

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you can have that one.

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Thank you.

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Anyone else want one?

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Oh! Look at that!

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One shot, one shot, and a shot in the middle.

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That deserves two flakes.

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That's one, and that's two.

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Anyone want...a lunch and dinner?!

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Fortunately for Dominic, given my huge servings,

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it's not just the number of ice-creams he sells

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that's crucial to the success of his business.

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But there is one important group he has to impress

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to ensure he keeps his vans on the road.

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And that's the franchisor.

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The franchisor is a big and well-established company

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that charges a fee to franchisees like Dominic,

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giving them the right to trade under its name, and sell its products.

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In Dominic's case, the franchisor is Wall's, part of Unilever,

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a multinational company worth billions of pounds.

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Franchisees like Dom seem quite happy with their lot,

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but what's in it for the franchisor?

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Bob Bhartiya is Dominic's boss. He's franchise manager

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for Walls. It's his job to keep an eye on the 15 franchises

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that run over 200 ice cream vans across the country.

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From Wall's point of view,

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the benefits of selling franchises are clear.

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We can get our product

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to market very quickly,

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and pretty inexpensively.

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Our investment is really around

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the graphicing of the equipment

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and also on the point of sale. We have

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operational standards that franchisees must meet.

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We have a very strict code on pricing,

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there is a minimum and a maximum size that ice creams should be,

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and monitoring those

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standards can be sometimes challenging.

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That means if a franchisee

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mucks up, it's the reputation of the parent company that suffers.

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So, to recap, a franchise is a partnership

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between two parties and that means there are

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good and bad sides to the arrangement.

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On the plus side, the franchisee gets to sell an established product,

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which means they don't have to take such a risk going into business.

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And they don't have to worry about marketing costs,

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because that's usually met by the franchisor.

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Often, the franchisor will pay for staff training too.

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There are some downsides for the franchisee.

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They don't get much choice about what to sell

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and there's less room for being entrepreneurial.

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For Dominic though,

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the advantages massively outweigh any disadvantages.

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My father-in-law he built the company by himself for 40 years

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and we've trebled the business since we joined Walls.

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The vans are impeccable, the ice cream is fantastic,

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so we just have to sit here and serve the public.

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I've learned two things today.

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That franchising can be a very effective way of running a business,

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but more importantly, that I'm actually not that bad

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at making ice cream, and it is quite tasty.

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We Brits love nothing more than a weekend of music, mayhem and mud.

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Festivals have become so popular that now over 400 take place every year.

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Reading is the oldest and attracts some of the world's biggest names.

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But Reading is more than just a bit of fun - it's a business.

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And for the 200 or so companies that provide bottles of water

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and wacky sunglasses, it's an opportunity to make a lot of money.

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Though they make the festival experience better, it's important

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to know the companies are not all run the same.

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To find out more, I'm heading

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somewhere pretty special - backstage.

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I'm meeting a man who provides something you can't see or touch

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but without which there definitely wouldn't be any music at all.

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Rob Hutchinson owns Innovation Power, which provides

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all the electricity needed to run everything

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from the stage lights to the guitars.

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This is the main stage supply

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so there's not just one big supply to the stage.

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There's several supplies. There's the sound,

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the lights, the video.

0:17:450:17:47

-Not like plugging your Hoover in, is it?

-No, not at all.

0:17:470:17:50

So what would happen if I switched off one of these?

0:17:500:17:53

I'm itching to in a way, can I do something?

0:17:530:17:55

Those people out there would get very angry. Really?

0:17:550:17:58

Yeah. I'd be running off in that direction.

0:17:580:18:00

Supplying power to Reading isn't straightforward.

0:18:020:18:05

Neither is Rob's company structure.

0:18:050:18:07

That's because, with an average annual turnover of £1.5 million,

0:18:070:18:11

Rob decided to make Innovation Power a Private Limited Company.

0:18:110:18:16

It's quite different to being a franchise or a sole trader.

0:18:160:18:19

One of the main differences is that an owner like Rob

0:18:220:18:24

has a separate legal identity from his business.

0:18:240:18:28

That gives the business what's called limited liability,

0:18:280:18:31

which means should it go bust, bosses like Rob

0:18:310:18:34

would only lose the money invested rather than their personal wealth.

0:18:340:18:39

Also, in terms of structure,

0:18:390:18:41

a limited company needs at least one shareholder.

0:18:410:18:44

The more shares you own, the more control you have of the company.

0:18:440:18:48

We started in the '80s as a sole trader stroke partnership.

0:18:490:18:53

In the '90s we got busier. We were picking up bigger and bigger events.

0:18:530:18:56

I said to the accountant, "If something went wrong,

0:18:560:18:59

"what's going to happen?" He said, "Well, they might sue you!"

0:18:590:19:02

As you grow, you need to protect what you've worked for

0:19:020:19:05

and if you're not limited, you know, if you've not got

0:19:050:19:07

that suit of armour on, you're going to lose everything.

0:19:070:19:10

You'll be out on the street in your shirt tails!

0:19:100:19:13

What are the disadvantages of a private limited company?

0:19:130:19:16

Red tape, it's always red tape.

0:19:160:19:18

Your finances are more complicated and your accounts are published.

0:19:180:19:22

People can go to Companies House, electronically download,

0:19:220:19:26

have a look at your accounts and see if you're viable.

0:19:260:19:30

You're open to scrutiny.

0:19:300:19:32

That's all pretty straightforward so far, right?

0:19:350:19:38

However, there's one more important thing to know

0:19:380:19:41

when discussing companies.

0:19:410:19:42

There's actually more than one type of limited company.

0:19:420:19:45

Limited companies can either be private limited companies,

0:19:450:19:49

like Rob's, or public limited companies.

0:19:490:19:52

Most of the ones around the festival site are private.

0:19:520:19:54

It's all to do with who owns them.

0:19:560:19:59

All companies are owned by a group of people known as shareholders.

0:19:590:20:03

In a private limited company, people can only buy shares

0:20:030:20:06

if they're invited to do so by the main shareholder.

0:20:060:20:09

You can tell if a company is private

0:20:090:20:11

because it will have the letters L-T-D after its name.

0:20:110:20:13

But in a public limited company, anyone can buy shares

0:20:150:20:19

which are openly traded on a stock exchange.

0:20:190:20:21

So it's a good way of increasing investment and expanding quickly.

0:20:210:20:25

These companies have P-L-C after their name.

0:20:250:20:29

There are around 9,000 PLCs in Britain,

0:20:290:20:32

and many of them are household names.

0:20:320:20:34

One of those is Future PLC,

0:20:360:20:38

publisher of some of the world's most popular music magazines.

0:20:380:20:41

With over 200 shareholders and multi-million pound profits,

0:20:410:20:45

it dwarfs Innovation Power.

0:20:450:20:48

Stevie Spring is the boss.

0:20:480:20:51

The main advantages of being a PLC are access to different lines of cash.

0:20:510:20:57

So instead of just being able to go to the bank,

0:20:570:21:01

we can go to our shareholders and get extra money

0:21:010:21:05

to expand, to grow the business.

0:21:050:21:07

It might be a good way of expanding, but becoming a plc involves

0:21:070:21:11

even more transparency than private limited companies.

0:21:110:21:14

Everything from my salary to how much profit we make

0:21:140:21:19

to any company that we might be thinking of buying

0:21:190:21:22

has to be announced to the public

0:21:220:21:24

so that everybody who is buying or selling shares

0:21:240:21:28

is doing it with the same information base.

0:21:280:21:30

So companies aren't as straightforward as you might think.

0:21:320:21:35

They come in all shapes and sizes,

0:21:350:21:36

from private limited companies to PLCs.

0:21:360:21:39

But they all have one thing in common, and that is to make cash,

0:21:390:21:42

whether that's for two shareholders or a thousand.

0:21:420:21:45

There's one thing above all else that festival traders dream of -

0:21:580:22:02

no, not the chance to headline the main stage,

0:22:020:22:05

but taking home a big fat profit.

0:22:050:22:08

But doing this isn't as simple as setting up a stall and opening for business.

0:22:090:22:14

What if your product doesn't sell?

0:22:140:22:16

Or maybe it rains so much that no-one bothers coming to your stall?

0:22:160:22:20

Even if you do sell stuff,

0:22:200:22:21

it doesn't mean you'll make a profit.

0:22:210:22:23

Actually, what is a profit?

0:22:230:22:24

-What's profit? Making money!

-Yeah.

0:22:270:22:30

Making money, isn't it?

0:22:300:22:31

Don't know how to explain it...

0:22:310:22:34

She's the smart one, ask her!

0:22:340:22:35

It's like making money, more than you already spent, isn't it?

0:22:350:22:38

So you make money from what... how would you phrase that?

0:22:380:22:43

Profit is actually easy to define.

0:22:430:22:45

It's simply the money you're left with

0:22:450:22:48

after you've covered your costs.

0:22:480:22:50

Profit is never guaranteed

0:22:500:22:52

but it's the reward you get for taking a calculated risk.

0:22:520:22:55

That risk could be anything from adding a new product

0:22:550:22:58

to your range or even trading at a new festival.

0:22:580:23:01

One man who knows all about making a profit is Simon Baldwin.

0:23:030:23:06

For over 20 years he sold hats and clothes from a shop,

0:23:060:23:10

but now he's switched to selling at festivals.

0:23:100:23:12

It was the chance to increase profits that prompted the move.

0:23:120:23:15

The joy of a festival stall over a shop is that the overhead

0:23:180:23:21

stops tomorrow, and if a shop is losing money,

0:23:210:23:24

you'll continue losing money, whereas a festival,

0:23:240:23:27

if it's losing money, you stop, so the risk is less.

0:23:270:23:30

It sounds like an obvious question,

0:23:300:23:32

but how important is profit in a business?

0:23:320:23:34

Profit is ultimately everything.

0:23:340:23:36

Profit is crucial, then,

0:23:360:23:38

and there's one factor which dictates

0:23:380:23:40

the amount a business like Simon's will make -

0:23:400:23:43

the selling price.

0:23:430:23:44

That's the amount he charges for every product.

0:23:440:23:48

And this year, there's one item fuelling Simon's profits.

0:23:480:23:53

This festival, they're all mad keen on the animal hats.

0:23:530:23:57

They are great, though.

0:23:570:23:59

Yes. A very festival item.

0:23:590:24:02

-And these go for £10?

-They're £10, yes.

0:24:020:24:05

-So my monkey costs me £10 to buy from you.

-Correct.

0:24:050:24:08

How much does it cost you to buy?

0:24:080:24:11

I get them made in Nepal,

0:24:110:24:13

and they cost me £2.50 landed in the UK.

0:24:130:24:15

So we make a gross profit of £7.50.

0:24:150:24:19

A £7.50 profit seems like a huge amount for one hat.

0:24:190:24:24

But, as Simon says, this is a gross profit,

0:24:240:24:26

which means it's the TOTAL profit

0:24:260:24:29

before he's paid off any of his costs,

0:24:290:24:31

and there are a heck of a lot of them.

0:24:310:24:33

That £7.50 helps to pay, amongst other things,

0:24:330:24:37

for hiring the stall at Reading, for staff wages, and for petrol

0:24:370:24:41

for his van to get his products to and from the festival site.

0:24:410:24:44

There's nothing to stop Simon

0:24:460:24:48

doubling the price of his hats to £20,

0:24:480:24:50

but that wouldn't necessarily increase his profits,

0:24:500:24:52

because fewer people would buy them at such a high price.

0:24:520:24:56

Get the selling price right,

0:24:560:24:58

and your business will take off.

0:24:580:25:00

Get it wrong, and your business could go bust.

0:25:000:25:03

While we'd all love to be loaded, it's not just profits

0:25:030:25:06

and the selling price you need to worry about.

0:25:060:25:08

To keep a business going you need to have cash coming in,

0:25:080:25:11

to cover your costs and to help it grow.

0:25:110:25:13

Money coming in and out in this way is called cash flow,

0:25:130:25:17

and it's what keeps all businesses ticking over.

0:25:170:25:21

Cash coming into the business comes from selling your products,

0:25:210:25:24

but also from other sources, like bank loans and personal savings.

0:25:240:25:29

Cash going out is also known as your costs,

0:25:290:25:32

and can take two forms - fixed and variable.

0:25:320:25:36

Fixed costs have to be paid

0:25:360:25:38

even when your business doesn't produce anything.

0:25:380:25:41

Variable costs change as the business grows.

0:25:410:25:44

Mismanagement of cash flow is the failure of most businesses,

0:25:440:25:49

and I learnt that myself the hard way

0:25:490:25:52

and I run it very, very strictly.

0:25:520:25:55

Every week you have to be aware of your cash flow.

0:25:550:25:57

And what are the consequences of bad cash flow?

0:25:570:26:00

You'll start running out of cash just when you need it

0:26:000:26:03

and then you can't pay your suppliers, for example,

0:26:030:26:06

you can't pay the bank and they won't take kindly to that,

0:26:060:26:10

and they, of course, will pursue you

0:26:100:26:12

for that money and that could fold you.

0:26:120:26:15

It's important to remember, though, that cash flow

0:26:150:26:18

and profit aren't the same thing.

0:26:180:26:21

Cash flow is the money going in and out of the business.

0:26:210:26:24

Profit is the money left when ALL costs have been covered.

0:26:240:26:28

But putting profit to one side, there's one very basic thing

0:26:280:26:32

that all business like Simon's want to achieve. That's this.

0:26:320:26:37

When a business covers all its costs, it's hit that magic point

0:26:370:26:42

called breaking even.

0:26:420:26:44

Every sale from then on is profit.

0:26:440:26:46

So once you've broken even, you're on your way to making a fortune!

0:26:460:26:50

All this talk of money

0:26:500:26:52

has made me want to make my own, so I'm leaving the music behind

0:26:520:26:55

to do some selling and put everything I've learned

0:26:550:26:58

about pricing, cash flow,

0:26:580:27:01

break even and profit into practice.

0:27:010:27:03

Simon's given me five hats. They cost him a pound each,

0:27:040:27:07

so if I sell these for £5 a hat, that'll be £20 profit.

0:27:070:27:11

Let's give it a go.

0:27:120:27:14

Anyone want any hats?

0:27:140:27:17

Anyone for hats at all?

0:27:170:27:19

There must be someone!

0:27:190:27:20

After a sluggish start with no sales and therefore no chance of a profit,

0:27:200:27:25

my luck starts to change.

0:27:250:27:28

-You want that one?

-Thank you.

-Thank you very much!

0:27:280:27:31

Thank you. Have a great day!

0:27:320:27:33

With just one £5 sale, I've covered the cost of all the hats

0:27:350:27:37

and broken even, and soon things get even better.

0:27:370:27:41

My next sale takes me into profit. Can I interest you in that for £5?

0:27:410:27:44

Yeah, definitely.

0:27:440:27:45

OK, thank you very much. There's your hat. Enjoy!

0:27:450:27:50

Thank you!

0:27:500:27:51

£10 achieved, two hats sold...this is easy!

0:27:510:27:55

Too easy!

0:27:550:27:57

Two £1 hats sold for £10 equals an £8 profit.

0:27:580:28:01

And the great thing is, because I've got no real costs,

0:28:010:28:05

that profit is all mine.

0:28:050:28:08

But you need to continue working hard to keep the cash coming in.

0:28:080:28:12

Unfortunately, I start getting a little distracted.

0:28:120:28:17

I sold two hats for £10 and then

0:28:170:28:19

people started recognising me and then it became distracting,

0:28:190:28:22

the hat sales then dropped off, so actually

0:28:220:28:26

the business has stalled for a bit.

0:28:260:28:28

I shudder to think what the Lord Sugars

0:28:280:28:30

and Richard Bransons of this world

0:28:300:28:31

would make of that performance, but I have learned one thing.

0:28:310:28:34

It takes hard work to deliver big profits.

0:28:340:28:39

Oh, well, it's not all bad. At least I've added

0:28:390:28:41

three snazzy new hats to my wardrobe!

0:28:410:28:44

Over 400 festivals take place in Britain every year, but as Radio 1's Greg James finds out, there is more to them than just a weekend of music and fun. Festivals are big business and serve to illustrate some key business concepts.

Designed for GCSE business studies students, the programme goes backstage at a music festival to explain five important concepts: entrepreneurship, sole trading, franchises, companies and profit and loss. The films feature interviews with festival traders and key music industry businesses, from an enterprising tent hire company to the ice-cream franchise dishing out hundreds of cones to sweet-toothed festival goers.


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