Dave Fishwick started with nothing, he proudly claims on his new seven-part television series How to Get Rich Quick.
Not only is he now a millionaire after launching a successful minibus business among other ventures, but he is also one of the most recognised and popular entrepreneurs in Britain after launching Burnley Savings and Loans, also known as Bank of Dave.
He says that millionaires tend to guard their secrets – but in this latest Channel Four show, which airs tonight at 8.30pm, he gives away his knowledge and expertise to ordinary people who want to turn their lump sum into something bigger, quickly.
Food stall: In episode one of How to Get Rich Quick, Dave Fishwick helps Tahira – pictured – set up a food stall
In the first episode, he helps council worker Tahira, 34, from Reading, who has a lump sum of £1,000.
She wants to double it to £2,000 as quickly as possible, to put towards helping finish build an annexe at her property which has already been started.
When Dave turns up to discuss business ideas, he tastes some of her mother’s food and decides that she should have a go at setting up a food stall.
In a period of low savings rates and a time in which some first-time buyers are struggling to cobble enough cash together to have a deposit to put down on a home, many may be tempted with a similar venture.
Dave explains that solid market research and homework are key, along with marketing.
At the centre of the idea is the fact food has around a 70 per cent mark-up, so it could be a way for people to make some extra cash.
Tahira outlays £665 on the stall. On the first day she rakes in £240. However, next time around, bad weather hits customers and she only takes in £75, testing her resolve.
See the trailer below:
But as Dave explains, four in five small businesses fail in the first year. They lift the appearance of the stall with better signage and logo, and the next two days she takes in £455 and £500.
Overall, she makes £2,225 with £1,240 outlay – meaning a profit of £1,015. The show, which blends parts of the The Apprentice, Undercover Boss and Dragon’s Den with Dave’s charm, aims to show people how to go about making money with the right graft and attitude.
Dave says that with the food truck example, it is easy to make £500 a day doing it after costs. Four times a week, that equates to £100,000 a year.
Or for those who can only do it at weekends, they could potentially make £50,000, enough, potentially, for a house deposit.
Dave Fishwick: The plucky entrepreneur says with a little graft, people could turn over up to £50k a year from a food stall, just working weekends
The show also goes into all of the background needed to starting a food stall – including getting the all-important hygiene certificate.
Dave told This is Money: ‘It’s taken me seven months to make this new show and I’m immensely proud of it.
‘It’s all about showing ordinary folk, who do not have huge buckets of cash, how they can make some.
‘The crux of the show is to teach people self-belief and giving skills to real people.
‘I think too many wealthy people pull up the ladder – I want to give away secrets to help others.’
Dave says that in future episodes, he shows people how to become antiques traders and importers among other ‘get rich’ attempts, all with varying success.
Another weekly fixture of the show is a character called Granny Mags who hails from Warrington.
Dave gets her looking into alternative ways to invest, using his own cash – and whether they can be done in the short-term.
In the first episode, they shop for gold bullion at a London-based dealer. Mags holds a £31,000 bar and says it’s unbelievable you can just have a look at it like a box of Cornflakes.
They pay £3,325 and hold onto the piece of gold for eight weeks in a safe. It loses £230 in value thanks to gold price movements, highlighting that it is clearly an investment for the long-term.
He says they also look at other financial instruments in the show that may frighten some people because of the risk, including cryptocurrencies and stocks and shares, again with varying success.
Bank of Dave: Many eager savers who like Dave Fishwick are eagerly awaiting the launch of his bank
Many are awaiting Dave to launch his bank to a wider audience, after the huge success of Bank of Dave which launched in 2011.
He told This is Money that he intends for the bank to launch this year after securing all of the necessary senior management staffing talent needed to run an authorised bank.
Starting a bank and obtaining a licence and funding required is a lengthy process – but Dave has told This is Money that it is all pretty much in place to go.
Keep an eye on This is Money in the coming months for updates on when Bank of Dave is likely to launch as it enters its final stages.
ASK DAVE A QUESTION
Do you have a burning question to ask Dave about money, starting up a business, his bank or something else?
Email firstname.lastname@example.org with your question or use the comment selection below.
The best ones will be selected and asked when This is Money meets Dave in the coming weeks.