Lost Entrepreneur Looking To Start Again

[Nick-54321]

I am 47, left a well paid job 12 months to set up a new business. My son is 17 and has special needs and once he leaves college I want to be able to spend time with him.

All my life I have worked 60 hours and travelled 1,000 per week so I have accepted it as the norm.

I raised £5m private equity to buy convenience stores, but have been unable to buy anything of quality. I bought 5 stores to launch but not good stores and are loss making. I have people working for me and do not want to let them down and have a new starter in 2 weeks to to help run the operation.

I am working 7 days a week to recover these stores, but clearly I have made the wrong decision. I still have the backing of investors, but clearly confidence is knocked.

I battle on but tired and health is suffering. Putting in disciplines of rest, meditation, incantation, training.........but in the darkest place I have been in my life and feel like I have let my family down.

Have read Fastrack and Unscripted and realised I have been chasing the money not adding value. I have joined forum to help me bring direction back into my life and literally to save me.
@MJ DeMarco

 

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[Mrgoodchi]

Hi Nick, I just want to say kudo's to you for trying to leave the rat race. I believe hindsight is 20/20 and as long as you're learning and growing you will be ok. You've raised 5 million in capital? Pat you self on the back man! Bro spot me $100 and we'll make it happen! You're doing it man. I just think you haven't realized how far you've come. Hope this helps and I'm looking forward reading the books as well.

 

[Nick-54321]

Hi Nick, I just want to say kudo's to you for trying to leave the rat race. I believe hindsight is 20/20 and as long as you're learning and growing you will be ok. You've raised 5 million in capital? Pat you self on the back man! Bro spot me $100 and we'll make it happen! You're doing it man. I just think you haven't realized how far you've come. Hope this helps and I'm looking forward reading the books as well.

Really appreciate the support, its a huge weight I am carrying tried so hard to raise the money, but cant spend it and now business is loss making and I cant find a way out of it...........trying to manage my health and not to end up on top of building for wrecking my families financial future

 

[MJ DeMarco]

Welcome to the forum my friend, congrats on making the big leap. That takes a ton of courage.

 

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[Nick-54321]

Welcome to the forum my friend, congrats on making the big leap. That takes a ton of courage.

Been a huge battle giving it everything working non stop but can't get breakthrough

 

[Nick-54321]

Been a huge battle giving it everything working non stop but can't get breakthrough

Just read what I wrote.

Bollocks I'm a fighter

I don't stop

I find new solutions

People rely on me

I will come back faster harder better I will not stop I will not give in

I will be stronger

I draw strength from the mavericks who came before me and will come after me

 

[Andy Black]

Welcome to the forum. I wish I could offer more specific advice, but convenience stores is way outside my wheelhouse.

...

Generic advice that's worked for me when my back's against the wall:

1) Breathe

• Go outside and sit on a bench and take deep deep breathes.
• Watch the wind move the leaves in the trees. Celebrate being alive.

2) Nothing's so bad it couldn't be worse

• This is a polite way of saying that nothing's so bad you can't f*ck it up by doing something stupid.
• Remember why you're doing this.
• Keep and treasure your family and health.
• Try not to let things get even worse.

3) Get into a weekly cycle.

• Metrics

Every Monday I do a report for my clients of previous week performance. It's a one liner of data for the previous weeks. For me it's clicks, costs, enquiries, and sales. From there I determine calculated metrics such as conversion rates and cost-per-sale.

If they're smart, my business owner clients will add revenue to those metrics and determine ROI. Forget KPIs (Key Performance INDICATORS)... go straight to measuring performance. Cost, Revenue, Profit, Margin. Measure it every week (at least).

There's an example of one of those reports in this thread: AndyTalks to Random_0 about Growing a Local Lead Gen Business​

• The ONE Thing

Data is worthless. Study it and determine the single most important thing you can do that week to move the needle. Then act on it. Track changes you make that week. See if it moves the needle next week.​

• Rinse and repeat.

4) Get help?

• Find someone who's been there before and get their advice. This isn't something I do personally, but it would be crazy to flounder if there's help available.

 

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[David Young]

Hi Nick,

Welcome to the forum - sounds like you have you have a handle on 99% of this. Not least if investors have given you a big chunk of cash they obviously believe in you and your plan.

There are a few on the site, incl my self, in the general Basingstoke area.