Monday, September 19, 2016

How Entrepreneurs Made A Comeback After Business Failure.

Sydney entrepreneur Laura Moore came back from disaster to launch a successful health coaching business.
Running a small business can be one of the biggest, and most rewarding, challenges you can take on.


Imagine then, pouring your heart, time and life savings into developing, launching and growing your business, only to watch it either come close to failure, or worse, go under.

How do you make it back from there?

That was the question facing Sydney entrepreneur Laura Moore, who lost her life's savings when the gym franchise she poured $400,000 into burned down last year.

She was only eight months into a five-year franchise commitment when she saw her dreams literally go up in smoke.

"The flames went up into the vents and ripped into the gym taking the entire building down," she told.

"I actually stood and watched as the roof collapsed and the building fell into the street."

She tried to salvage the business by operating out of a nearby gym, but soon realised that was not financially viable, and faced a seven-month battle to settle her franchise agreement.

But financial dramas were secondary to the toll the incident would take on her health.



A Failed Business Doesn't Mean Personal Failure

"I put on weight, was experiencing extreme fatigue, constant bloating and poor digestion, brain fog and erratic moods, which was seriously affecting my performance both personally and professionally," she said.

"To the world, it was business as usual, but behind closed doors I was battling with trying to exit the franchise, constantly worrying about my team and clients and how I could ensure they were impacted as minimally as possible, and struggling daily with my health. I now realise there was still a big part of me that felt like a failure."

Moore said she now uses what she learned during that dark time to help others through her new performance and health coaching business, Uppy.


"I learned how to manage and overcome the thoughts and behaviours that had led me to that point in the first place -- perfectionism, unrelenting standards, self-sabotage, fear of failure, fear of not being good enough, procrastination, over-working," she said.

"I've always wanted to run my own business and this setback wasn't enough to kill that dream.

"The fire was kind of a blessing because it allowed me to get amazing insight very early on into my business career, so I now know the key areas I need to improve on (or delegate!) in order to make my new and future businesses run efficiently and successfully, and in a way that serves me personally too.


"I'm sick of seeing people struggle because they've been misinformed or they don't know there's another way, so I created Uppy as I believe everyone has a right to the knowledge and support that can help them live more."

Even experienced entrepreneurs can face failure. Entrepreneur Pawl Cubbin had to completely re-think his marketing plan when his Canberra nightclub started to flounder

Pawl Cubbin, serial entrepreneur and founder of advertising agency ZOO Group, also faced the burn of a failing business 12 years ago when the shine wore off his Canberra nightclub Academy 11 months after opening.

"It was a massive endeavour to get it going: Canberra's not a big place and we opened this nightclub in an underground cinema," he told HuffPost Australia.

"It had heaps of atmosphere and the novelty value was big, so it went well for the best part of 12 months -- everybody came and it was a big deal. We killed it.


"But after 12 months the novelty wore off; everybody had been multiple times and even though it was unique in Canberra, it was reduced to a certain demographic and that wasn't enough to sustain it."

Cubbin said the business floundered for three months before he could come up with a plan to save it.

"It was an expensive project ... we'd invested too much to close it," he said.

"It did too well too initially for us to close it. You've got to identify what you're doing wrong -- you've got to take some blame.


"One of the guys I worked with said 'I think this is the demographic we want, let's put that out there and promote that' and we did. And it was the right thing at the right time, so we were lucky."

Disclaimer: - Following article come from THP