The lessons I learnt from my business failure

The lessons I learnt

Contents

How My Business Failure Became the Blueprint for Future Success

The 4th of December 2018 might seem like any other day, but to me it was the end of a very long-drawn-out journey into running a business that ultimately ended in failure. On 26th April 2007 I set up my first business. Full of hope, big ideas and an insatiable drive to succeed, I was convinced within 12 months I’d be a millionaire, how wrong I was. The business failed, but I did learn many lessons along the way.

The Harsh Realities of Running a Business: What I Learned

No one ever told me of the mental health challenges, constant explosions and sheer loneliness that comes with running your own business. For just over 11 years I lurched from opportunity to opportunity and crisis to crisis, picking myself up when every new challenge surfaced. Despite the chronic problems, it wasn’t all bad, it was the most exceptional learning curve. I went to court in Italy, I visited a factory with a Zoo in Türkiye, learnt to drive a forklift (a job a computer told me at school I was perfect for) and picked up a multitude of skills no one else my age would work out until they were in their forties.

 

Financial Struggle and Hard Truth in Business Ownership

But there was one problem, I never had any money. No one told me about the impact of growth on cashflow, and no one told me how time consuming being your own boss could be. If I could go back in time, I would probably give myself the hint that selling stock over services will cause you some money problems. No one told me marketing businesses would take advantage of my kindness to make more money, no one told me how scandalous business rates are in the UK and certainly no one told me that if you work hard, you still might not succeed. The cold hard truth is that all those TV shows that promise you riches are lying to you. Only a few of the thousands of start-ups survive and for the most part that has very little to do with how much effort you put in.

Key lessons from Business Failure: Turning Challenges into Rewards

A potent mixture of hard work, luck, walking through doors and investing in abilities just before you need them goes a long way. It’s fair to say that I had a tough baptism into running my own business, one it took me at least five years to get over and I still don’t have a full night’s sleep.

It cost me my home (I slept on a blow-up bed on the floor of the office for a year) and most of my friendships (not least because I had no time nor anything in common with them) so why on earth did I keep doing it for so long? I still can’t answer that, I think in all honesty, I just didn’t want to say the words “I’ve failed”.

Now that the negative bits are down on paper it’s time to shift it up a gear into something more positive, because there is positivity in this blog post. If I had succeeded to be a millionaire in 2009, I highly doubt I’d be half the man I am today.

Everything I went through was an opportunity to learn and improve, and I never made the same mistake twice. In fact, I don’t believe they were mistakes, they were just opportunities to recognise the right way forward. I am now a sum of all those opportunities, but still nowhere near perfect. I am still (according to my colleagues) too soft, and I don’t have an encyclopaedic knowledge of what to do in any situation.

Rebuilding and Helping Others: A New Chapter

So, where do I find myself now? Well, here’s the thing: I am doing now what I wanted to do in 2008 but didn’t know how. Back then, I realized how alone I was, desperate for some good advice, and yet I still wanted to help others. Instead of moaning about the bad luck I was having (or would have for the next ten years), I decided that I should help others avoid my mistakes.

It’s a passion I’ve kept despite setbacks and find myself promoting through Yellowstone Accounts. Every opportunity to learn that I came across I wanted to impart onto others, mainly to save them the pain, but I just didn’t have the time. Fast forward to 2024, and here I am, able to share with others a platform that allows them to do what I couldn’t: shortcut their way to success, or at its most basic, have a conversation with someone who really does understand what it’s like to be in their shoes.

As the Martin Luther King quote goes, “I have a dream,” and my dream is simple. I’m standing on a stage, with people in front of me who have read my book (yet unfinished or started), sharing ideas that can help people achieve the success they are desperately looking for. At the end of my speech (which went well), someone stands up and says that my book changed their life.

No, not a paid actor, but a normal person, someone I’ve never met, who’s never used any of my companies, who by chance read my book and achieved incredible success. How great would that be, to have helped someone without ever meeting them? Then I’d know I’ve created a legacy, built a way to influence people’s fortunes even after I die. That would be great, and 2007 me would have loved it.

Conclusion: Building a Platform for Success

But I’m not there yet. Why would anyone even buy that book? So, for now, I need to focus on giving them a reason to listen to me, and the reason is this: I’m building a platform for 2007 Will. A platform that

means I would have never failed, a platform that meant I could avoid the years of pain. So where does one start when trying to build a platform to help others? Well, as it turns out, with accountancy. When I started out (not this time, the first time), I had a good accountant, and I told them everything, but I never got anything back. I was just a number.

They had all the insight into what I really needed but none of the foresight to help me out. I needed an accountant that didn’t just want to speak to me once a year. I needed an accountant that said, “Don’t worry, I’ve seen this before,” and “this is what you need to do.”

And what about the blog? Surely that’s not going to make us any money at all? Well, firstly, I guess that book isn’t going to write itself, but more importantly, as I hope I’ve explained, none of this is about money. I just want to help you manage the stress, strain, and workload of growth. Of course, I can help you with resources, but not everyone needs that. Some people just need good advice. Over the coming months, I will translate the thousands of words I keep in my diary onto here, meaning if you don’t want to pick up the phone or go for a coffee, you can still get access to my advice for free and hopefully learn something along the way.

I can’t promise it’s all golden; I certainly can’t promise it will all translate to your life, but what I can promise is that it comes from a place of wishing you the utmost success in whatever venture you chooseIf I can sit here in ten years’ time and one person says, “Will, that post you did, it transformed my life,” then those are all the wins I need.

Picture of Will Ryles

Will Ryles

Entrepreneur & Founder | Yellowstone Accounts

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