Bust and Beyond
Failure is a part of life and business, and I experienced the failure of a business in 2015 that my father had started in 1969. The effect it had on me emotionally was huge, yet the outside world knew nothing. I kept it to myself. I learnt so much from that failure, and it made me determined to support other business owners in the construction industry to avoid failure and flourish.
As I started to speak to business owners about failure, I learnt just how many had suffered from mental health issues and harmful thoughts. This drove me to start my podcast to educate and let people know how to avoid failure and know if they are going through failure, they are not alone, but more importantly, there is life and success after the failure of your business.
Bust and Beyond
E 28 Ralph de Lisle
THE LINKEDIN POST THAT STARTED OUR CONVERSATION
NOW HEAR WHAT HAPPENED NEXT
It's been 3 years, and I've failed š°
Every entrepreneurial podcast will tell you how fashionable failure is: "Win or learn!" "Fail fast!"
A bit of advice? Don't be fooled.
Failing (once youāre brave enough to) will rip your stomach out and leave you for dead š
3 years ago I launched IKO, my drinks brand and first ever business. The timing was perfect. I had unshakable optimism. And after a career in insurance, It finally felt like I was following my calling.
I raised money quickly from Angel investors and felt that rush of confidence and responsibility that came with that first big cheque.
I strategised, planned, and executed. I went out day after day, month after month and sampled, tested, and sold. I relentlessly chased growth.
Every listing felt like winning the lottery. Every rejection a crushing blow š°ā
But for all the wins, the obstacles came thick and fast. One moment I'm investing in e-commerce subscriptions as a promising growing channel, the next I've spent thousands only to be back to square one.
The course correction hit moral and finances HARD š«£
When IKO was a pipe dream, I imagined a Ā£1m+ revenue within 3 years. I imagined seeing people on the street with my drink in their hand. I thought it would be BIG.
The reality? 3 years onā¦
Circa Ā£1k revenue per month
Being cash positive is a triumph
Iāve got crazy loyal customers but not enough of them
Very challenging to find additional funding
I honestly thought creating a cool brand and a fantastic tasting product would be enough. That with a bit of hard graft, the product would start to sell itself. But it just hasnāt worked out that wayā¦
Having poured my blood, sweat, and tears into a dream I was very attached to - all that time! - it is not easy to admit failure. It is very easy to say and hear "just fail fast and keep moving!". It's much much harder to do in reality.
It took me 1 month to accept the brand wasn't where I'd dreamed it would be. It took 6 months to stop beating myself up to finally be in a place where I could move forward.
So if you're reading this as the walls are closing in around you...
1. Take a step back. Take the holidays off. You need your baseline of energy back.
2. Make a hard and honest statement about where you are now. Then accept it.
3. Make a brave and difficult decision about how you move forward. Then move.
If you're really struggling like I was, remember why you started.
You'll realise there's no such thing as wasted time. "Never give up" doesn't mean "go until you drop". It just means ākeep movingā.
Have you ever persevered for years before finally cracking something?
PS Iām currently looking for a job - so please share this post with your network?
Skillset: pitching, strategy, getting into the nitty gritty with financials and supply chain, marketing and brand šŖ