My Failure As a Business Owner And Why It Was An Amazing Experience

We hear the message all the time that we should follow our dreams, take a risk, and follow our passions. I believe 100% in those ideas, but I tend to be too practical to take the leap. I used to watch House Hunters International, and I was always in awe of the people who decided to leave the law practice behind to be a yoga teacher in Bora Bora. I look at those people with admiration that they have the courage to stop doing something they don’t enjoy and take a chance on something risky but spectacular. They realized that we are not condemned to do something that does not bring us joy and that life is too short to not try for the best we can do.
Now, I admire them for taking the leap, but I was still asking practical questions. How are they going to survive financially? Did they research the schools in Bora Bora? What if the yoga school doesn’t work? I have been raised to put the practicalities first, so what I did 33 years ago was out of character for me.
I had two children who were four and one, I taught French full-time at a boarding school, and I was traveling two hours once a week to work on my masters. Somehow I thought this would be a good time to start a business. Have you ever had an idea about something you want to do or should do that won’t leave your mind? That’s how it was with the idea of a bookstore.
Books saved me when I was growing up. I was socially awkward and couldn’t find where I fit in. Books gave me an escape. I have also loved writing since I can remember. If I was going to start a business I knew that a bookstore was perfect for me.
I had the conversation with my husband, and I’ll be honest I don’t remember his reaction but I’m going to guess it took some convincing before he thought it was a good idea. I then went to my headmaster and described my idea and asked if next fall could I have a schedule where I taught until 12:30. I also asked for a year where I did not have to coach. I will always be grateful that he said yes.
I then began going through the steps of finding a spot for the bookstore and researching what was involved. My town had a business mentoring program, so I was paired with a man who had been running a bed and breakfast-business for many years. His wisdom and guidance were invaluable.
I found a small space with reasonable rent behind a popular clothing store and across from the post office. My husband built me a beautiful counter and bookshelves, I ordered the books, and we opened in June shortly after school ended. I didn’t have daycare for the summer, so the kids came with me each day. It was a tiny space, so it was hard to keep them entertained and assist customers, but I loved it. I had made a fun space behind the counter where the children could play and take a nap. My daughter said she loved when we were there because I would read them stories and rub their backs to get them to take a nap.
There were some adventures in our tiny space. One day, we came in and Jess said she needed to use the bathroom. She opened the door and said, “Mommy, come here quick!!” Two large mice were floating in the toilet. I didn’t want to touch them, so I did the first thing that came to mind and flushed the toilet. My husband said, “I cannot believe that you did not end up with two dead mice and a clogged toilet.”
During the summer, we met several authors who lived in the area. They wanted to support a local bookstore and it was a treat for me to meet them. I partnered with the library once to do an author meet and greet.
When fall came and I had to go back to teach and to do graduate studies it became difficult to take care of the business. I hired someone who wasn’t very competent and I couldn’t put in the time that I would have liked. I was also exhausted. We had to read a book a week in French and do twenty-page papers, so my husband would find me asleep on the floor in the living room with a book tucked to my chest.
I finally had to realize that we were losing too much money to continue the bookstore. Our space was too small, I was competing with a large, well-established bookstore in the next town, and I didn’t have the time to devote to it, or the money to pay someone else to do that for me.
Having the bookstore was such a blessing to me and although it was not a success I learned so much from the experience. I have no regrets about taking that leap and giving it a try.
If you are considering starting a business I would suggest the following.
· Ask yourself why you want to start this business. When you have the rough days you will have to lean on the why.
· Do your homework. How can you make this work?
· Find a mentor and ask questions about everything.
· Don’t rush into anything. Take your time and do not put yourself in financial difficulty.
· Ask for help.
· Have a marketing plan
· Harness social media.
· Talk to everyone and steal the good ideas.
Good luck!