{"id":1088,"date":"2019-12-07T21:46:13","date_gmt":"2019-12-07T18:46:13","guid":{"rendered":"https:\/\/www.smeinnovator.com\/?p=1088"},"modified":"2022-01-01T20:42:08","modified_gmt":"2022-01-01T18:42:08","slug":"entrepreneurship-lessons","status":"publish","type":"post","link":"https:\/\/smeinnovator.com\/si\/entrepreneurship-lessons\/","title":{"rendered":"Mistakes Are Only Failures If You Don\u2019t Learn From Them"},"content":{"rendered":"

Don\u2019t take the easy option. Always make a plan. Start small and test the water. Listen to the experts. It\u2019s NEVER too late to walk away. Limit your liability.<\/em><\/p><\/blockquote>\n

 <\/p>\n

We are pleased to present seven entrepreneurship lessons from Richard Chanter<\/a>, Founder of Growth Rocket.<\/a><\/p>\n

I was twenty-two when my first business collapsed. Sharing this story wasn\u2019t easy but if it helps just one person making the same mistakes, then it\u2019s been worth it.<\/p>\n

Just after turning 20, I opened a small art gallery in a rural market town in South West England. I\u2019d just dropped out of university and getting a \u201cproper job\u201d didn\u2019t seem very appealing. I had some experience in art retail, having previously worked part time in a gallery. I didn\u2019t know if there was a market for what I had in mind, but it was something I had some experience with and it was reasonably inexpensive to set up. These are not great reasons to start a business, and they were the first of many mistakes I was to make over the next couple of years.<\/p>\n

I signed the lease on a scruffy old shop and set about renovating it myself. Without a business plan, I managed to borrow \u00a36,000 loan from the bank. I spent the money on stock and shop fittings. I\u2019d opened the doors by the end of May, but I didn\u2019t really know what I was doing. I had no business plan, marketing plan, cash flow forecast or operational budget. I couldn\u2019t afford any staff and was working seven days a week. Despite this, I had a reasonably successful first year\u2019s trading. My best month was just over \u00a36,500, and with a margin of over 50% this was good for a new business being run by an inexperienced, ill-prepared and over-confident twenty-year-old. Unfortunately, it didn\u2019t last. With no cash flow planning, my quiet months started eating all the money I\u2019d made in the busy months. I was earning a lot less than minimum wage, and it was impossible to take time off.<\/p>\n

It was around this time that I decided I wanted the enterprise to be larger. I wanted to up my game, to make sales for thousands instead of hundreds. I needed it to be more. I could pay myself more money, take on staff and not have to be hands on all the time. These decisions were made with no analysis of my existing accounts, they were simply based on gut feelings.<\/p>\n

I started talking to my suppliers about my plans and they thought it was a marvellous idea (which they obviously would!). I found a space I liked, and despite expert advice from a consultant that it was in a low footfall area, I signed the lease. Somehow, I convinced the bank to lend me another \u00a320,000 (still without a business plan!). Eighteen months after opening my first gallery, I opened my second. It was four times the size of the first one, with overheads to match. It makes me cringe to think about it now. I was so obsessed with the idea of owning a flashy art gallery that I\u2019d lost all perspective. The week before Christmas, I had a grand opening with champagne and nibbles. Almost immediately, it became clear that I should have taken the consultant\u2019s advice. I was only a few metres from the high street but it might as well have been miles. I started ordering ridiculously priced full-page ads in glossy magazines and advertising on bus stops trying to raise awareness of my gallery. I dropped 10,000 leaflets to newly built houses and advertised on local radio.<\/p>\n

To be fair, I had the odd week when I\u2019d make thousands in sales to just a handful of customers. But then I wouldn\u2019t make another sale for days. It was depressing. Six months later, I closed my small gallery (just two years after opening), to concentrate on the new larger gallery. I hadn\u2019t made enough money to cover my third quarter rent payment, so I went back to the bank, but they turned me down for another loan. To be fair, I already owed them \u00a331,000 by now, with more debt on two maxed out credit cards. Seeing the fix I was in, my father offered to lend me \u00a320,000, which I gladly accepted (he didn\u2019t have this money and had to take out a loan himself).<\/p>\n

I know what you\u2019re thinking. Why did you pour more money into the hole? I can\u2019t really answer that, I just felt I had already committed so much that I couldn\u2019t walk away. Also, I was twenty-two and thought I knew better than everyone else. This is where things get crazy. I changed nothing; I just carried on as before, hoping against hope that the situation would resolve itself.<\/p>\n

The money lasted six months; I managed to stay open until Christmas, hoping that a decent festive season would allow me to survive. It didn\u2019t happen; I failed to make nearly enough sales and closed my doors for the last time on Christmas Eve (just over a year after opening). I was 22, with over \u00a350,000 of debt, including the \u00a320,000 I owed my father. I had four years left on my lease, at a cost of \u00a315,000 a year. I\u2019d made no plans for this outcome and I didn\u2019t have any idea about what to do.<\/p>\n

My landlord took pity on me, and let me walk out of the lease, but the repayments on my loans were close to \u00a3900 a month. The day after I closed my business, I rang an employment agency and landed a job working shifts in a local factory. Within a week, I\u2019d gone from an art gallery entrepreneur to working on a production line in a factory.<\/p>\n

So, what did I learn from this whole fiasco?<\/strong><\/em><\/p>\n

    \n
  1. Don\u2019t take the easy option. I didn\u2019t open an art gallery because I saw a gap in the market; I did because it was the easiest way to start a business.<\/li>\n
  2. Make a plan. I came unstuck because I\u2019d spent no time thinking about my business plan. I just did it and hoped for the best. Remember, \u201cBuild it and they will come\u201d is a quote from a movie about ghosts, NOT A BUSINESS PLAN!<\/li>\n
  3. Start small and test the water. I did this to a certain extent, but one of my biggest mistakes was trying to be something greater than I was. I should have experimented more. I could have traded from a market stall or tried to share a space with a complimentary business.<\/li>\n
  4. Listen to the experts. Someone with experience told me that my gallery was too far from the high street and had too little footfall. I didn\u2019t listen, and it cost me my business. I should have taken a smaller space in a busier location.<\/li>\n
  5. It\u2019s NEVER too late to walk away. If I\u2019d admitted to making a mistake earlier, I could have saved myself a lot of money. If you try something and it\u2019s not working, then either change what you\u2019re doing or drop it. Don\u2019t just keep pouring money and time into something that you know is never really going to work.<\/li>\n
  6. Limit your liability. Make sure that if everything goes wrong, you don\u2019t end up saddled with debt. I should have been trading as a limited company and I should have insisted on a 1 year break clause in my lease. I should have tried to get as much of my stock on consignment.<\/li>\n
  7. That was over ten years ago, but these lessons have stayed with me in every business I\u2019ve started since. Some of these businesses have been successful, while others have failed, but by following these lessons, I\u2019ve always walked away relatively unscathed.<\/li>\n<\/ol>\n

    ==========<\/p>\n

    \"Richard<\/p>\n

     <\/p>\n

    Richard Chanter<\/a> is a writer and entrepreneur. He\u2019s started several businesses over the years, but has most recently launched GrowthRocket.co.uk<\/a> to share the experiences and insight of entrepreneurs to inspire others on their own entrepreneurial journeys.<\/p>\n

    Email: contact@growthrocket.co.uk<\/p>\n

    Twitter: @TheGrowthRocket<\/p>\n","protected":false},"excerpt":{"rendered":"

    Don\u2019t take the easy option. Always make a plan. Start […]<\/p>\n","protected":false},"author":2,"featured_media":1090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[68,66,67],"class_list":["post-1088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneur","tag-entrepreneurship-lessons","tag-growth-rocket","tag-richard-chanter"],"yoast_head":"\nMistakes Are Only Failures If You Don\u2019t Learn From Them - SME Innovator<\/title>\n<meta name=\"description\" content=\"Seven entrepreneurship lessons from Richard Chanter, Founder of Growth Rocket - "Always plan, experiment and listen to business experts."\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/smeinnovator.com\/si\/entrepreneurship-lessons\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mistakes Are Only Failures If You Don\u2019t Learn From Them - 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