Episode 24 – The Local Small Business Coach Podcast
Today’s Topic: How I Survived a Failed Business
In today’s episode: I will share my small business failure. While I ran a successful business on one hand, it just wasn’t enough. We will talk about the lessons I learned and how I’ve turned my 2nd business into a success and soon my 3rd.
Today I want to discuss something that impacts many of us. Maybe in your past, maybe in your future or maybe you are going through it right now. Let’s talk about Recovering from a Business Failure.
Now, I’m going to be honest with you. This not going to be an easy podcast episode for me. While I have become passionate about the topic, it was not a fun experience when I went through it and it still stings. But I know that it is critical that we discuss this topic since I know that I am not alone and some of you are going through this right now.
Please know that failure comes in many forms. For some of us, we had well ran businesses but they were the wrong business at the wrong time and then the financial crash took us out. Were any of you a victim of the recession we had? I know I fall into this group.
For others, maybe they made all the wrong decisions and they just bled losses and the business went under. Truth is, there are many reasons a business can fail. We actually covered many of these in Episode 21 where we discussed 25 Ways Local Small Businesses Fail.
Today, I want to focus on how you recover once you do go through a business failure. Specifically, I will share my journey.
If you are like me, you are someone that loves to succeed. You might even be a person that doesn’t do failure well. I know I don’t. It crushes my heart, my spirit, my soul. I work so hard at succeeding that failure isn’t an option. So when I do fail at something, it crushes me.
Now, don’t get me wrong. I’m not perfect. Far from it. I make a lot of mistakes. But for some reason, I never equated mistakes as failures. Which is funny since a mistake is a mini failure. You just recover faster.
When I left my corporate job after 22 years to take over a local small business, there was no doubt in my mind that I would succeed. I looked at this business’s books, I saw a $48,000 loss but instead of running, is saw it as an easy fix for me to turn around. I was right. I did get it to a breakeven in one year.
Now, I know what I would be thinking if I was you listening to this part of the story… what the heck were you thinking Tammy!? I laugh now, but usually I just look in the mirror and shake my head. I was so caught up in how I could turn around the business, I failed to factor in what the heck was I going to do to then turn it into a livable income?
Here is the worse part. I left my successful job in November 2008 and took over the next week. I remember sitting in a hotel at my training orientation for the franchise and watching the stock market tank. My heart sinking as my entire savings to live off of while I get this business turned around was disappearing overnight. Later that year, my rental homes tanked right along with the stock market.
Six months later I no longer had a great salary, my stock was disappearing fast, my rentals were underwater and I had a business that was losing money and losing customers fast. My entire town was disappearing as folks walked away from their homes and left our small town.
If I was smart, I would have ran for the hills and protected what little I had left. But noooo, for some reason I thought I would survive. I would succeed just like I always do.
For the next 5 years I struggled through the crash and two competitors opening up. Every time I would get back to even and making a great increase on my customer count and sales, the next hit would come. Each year, just barely breaking even.
** For the full show notes click the link below!
Podcast Website: LocalSmallBusinessCoach.com
Leave your Message on the website with the Speak Pipe Button or just email me at Tammy@LocalSmallBusinessCoach.com
Episode Show Notes: Episode 24 - Local Small Business Coach Podcast
Our Training Materials for Local Small Business Owners: TrainingforLocalSmallBusinessOwners.com
Starting a Local Small Business Website: StartALocalSmallBusiness.com
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