Setbacks to success: how 5 small business owners overcame failure

Summary

Hear the stories of five resilient entrepreneurs who turned setbacks into success by leveraging creativity and determination, offering invaluable insights for small business owners aiming to keep their businesses thriving. Discover how adaptability, collaboration, and strategic planning helped them overcome challenges and achieve long-term business success.

Small business comebacks

In the world of entrepreneurship, failure doesn't have to be an ending, it’s just part of the journey. Meet five strong business owners who faced adversity head-on, learning invaluable lessons that would ultimately propel them to success.

An events host learnt not to put all her eggs in one basket 

Paige Montgomery, the creative mind behind picnic event business Poppin Picnics, faced her own early challenge when her catering supplier couldn’t handle the workload and abruptly ended their agreement. This put several booked events at risk, but Paige didn’t let this setback derail her. “To manage the situation, I quickly reached out to other caterers and suppliers, and communicated transparently with my clients about the change,” she says. “It was stressful, but it since taught me the importance of having backup options and building strong relationships with multiple vendors as opposed to putting all your eggs into one basket.”

A baby retailer says don’t be afraid to ask for help 

Michelle Brindle from baby sensory brand Young Wonderer admits she was out of her depth when setting up wholesale. “When I was setting up wholesale, I had no idea what I was doing – so I sought help. I consulted an expert who helped me establish processes and gave me the guidance I needed to get started,” Michelle says. Her story highlights the importance of asking for help and embracing collaboration. The key was asking for help instead of struggling alone," she says.

A kids’ workshop owner reminds us to budget for the boring stuff 

Abby Locke runs creative workshops for kids with her business, The Tiny Studio, and learned the hard way that overspending can quickly lead to financial woes. “I was not watching the budget because I was using platforms that would allow me to buy now and pay later,” Caught up in the thrill of renovating and furnishing her studio, Abby didn’t account for essential expenses like insurance and public liability. Abby says. “This got me into a pickle and I needed personal help to bail me out,” she admits. Her experience taught her the importance of budgeting and maintaining a financial buffer. “I learnt how important it is to have a buffer in my business account and how important it is to set budgets and limits on my spending.”

An electrician who scaled back when Covid hit 

In the bustling world of small business, resilience is often the secret ingredient to success. Rob Shennan started his side hustle R&C Electrical at the end of 2019, and found himself facing the unexpected hurdle of a global pandemic just months later. With larger projects on hold, Rob pivoted to focus on essential repairs and maintenance work. “It wasn’t glamorous, but it kept the business moving until things picked up again,” Rob says. This adaptability kept his business afloat through the hard times.

A bar owner used the pandemic as a forced time of reflection 

For Ben Campbell, co-owner of Sydney bar Chuck Trailer’s, the pandemic was a time to take stock and reevaluate his business approach. Less than two years in, Ben and his team saw the crisis as a chance to reset, removing elements that seemed unachievable before. “We had owned our first business for less than two years when we were faced with Covid restrictions, but it was a refreshing opportunity for us to step back and take a bird’s-eye view of how we operated,” Ben reflects. The time away proved to be valuable in the long run. “Upon review, we found an opportunity to reset and remove elements of our business that previously felt unachievable.”

These stories of perseverance and problem-solving serve as a sense of hope for aspiring and current entrepreneurs everywhere. As these business owners show, success is often born from the ashes of failure, and the important thing is to never give up.