Ever since I graduated college, I always have been open to ideas. Thus, I always take risks and come up with business concepts. I make my own brand instead of venturing into a franchise. But complications still pushed me to close all my successful businesses, and I am about to share them with you in this article.
The Business Endeavor
My passion is cooking, so I started a food business five years ago. At first, it was more of a pre-order setup where my customers, particularly friends, co-workers, and family relatives, are the ones who are constantly buying from me. Then after a couple of months, I went to the outside market where friends of friends recommended my food.
It was a fulfilling and financially rewarding business because I never really had to spend a lot. I remember back then that the only few investments I considered big were buying cooking pieces of equipment only. I didn’t buy things I didn’t need and only used the ones available at home. It was one of the perks of the pre-order food business.
The business garnered enough clients to make it profitable. The revenue got big that I decided to open up a small diner. There, I managed to put up quite an amount for the investment. I rented a small space, renovated it, bought tables and chairs, completed all the kitchen equipment, and hired a couple of crews. Admittedly, it was a tough decision because I had to risk all my savings to make my small restaurant come to life.
Fortunately, I managed to run the diner. Since people are already familiar with my small restaurants’ dishes, I never really worry about marketing the product. The success of my business continually grows, and I am sure it will solve all my financial problems.
My business was thriving, and people loved my products. I have sales revenue every day, and I am thankful I never have to worry about major financial issues since I was already saving some every month.
But then here comes the pandemic. The local unit in our area told me that I had closed my business for a couple of weeks because of COVID-19. I abide by the rules. I was never worried since they told me things would be better after a couple of days, and I would have to wait for the memo about when to operate again.
Unfortunately, the lockdowns are extending to the point that I can no longer buy the supplies I need for my food business. For the next six months, I was left with a memo not to open my store. The sad part is that I still have to pay the monthly rent and bills.
Then there came a local memo that food stores could now operate. However, takes outs only and dine-in customers are prohibited. I thought that it was the solution that I had been waiting for. So I opened the business again and operated it. Sadly, the income was never the same. I was spending more on the staff and supplies of the diner without getting even with the financial gain. I tried to get by and maintain the store without noticing that I had already spent all my remaining savings.
I was hopeful that things would still become okay and that the lockdowns and restrictions would soon come to an end. But I was wrong. Days, weeks, months, and another year passed, and I was left with less and less income. Fewer and fewer people were coming to the store. It was the time that people were starting to learn to cook at home and did not want to buy cooked food outside.
Then I got frustrated. I never imagined that all those times I am trying to get by, my debts are piling up. The moment I realized that I owe a lot of people a lot of money, my mental and emotional state fell. All the stress smashed over me, leaving me with depression and anxiety.
I got bedridden due to the physical effect of depression. That was the moment I decided to stop and close the business. I sold everything, and the money from those was the one I used to pay my debts.
If I learn one thing from experience, it is to know when it is not worth continuing. I was so optimistic that I didn’t look closer to reality. I was so confident about my business that I never considered the possibility of failure. I was so hopeful and positive that I didn’t consider pausing for my mental and emotional health.
So if you want to try and start a business, remember that optimism is not always a great quality. Sometimes, you need to stand in front of reality to better make a realistic decision.