Oops – I Sank A Business

July 23, 2008


I have a confession to make – I sank a business. It’s gone – liquidated, bust, dead – it doesn’t exist anymore.

When Did This Happen?

It all happened fairly recently and I made the final decision not to reverse the liquidation only a few weeks ago.

So What Went Wrong?

Lots of things went wrong and I will share some of those mistakes in the near future. But the main problem was me. Before we even started trading, my instinct told me it was a bad move. I had the opportunity to take a year or so off to work full-time on writing projects that I was passionate about.

But I foolishly ignored both my instinct and the chance to follow my passions. In fact, by the time I wrote this post earlier in the year, I knew I’d made the wrong decision: Business – Sometimes You Should Give Up.


How Much Money Did I Lose? Did I Lose Everything But The Shirt On My Back?

I don’t want to give an exact figure, but it was a lot – a high 5 figure sum. I wasn’t actually a Director of the Company (too long and boring a story to explain) but it was my money that was used to fund the business. My husband was a Director but we only lost what we’d already invested, as it was a Limited Company, which means that the Director’s are not personally liable for any of the debts of the Company.

Did The Company Owe A Fortune To Other Businesses?

No, it didn’t. The biggest creditor was me and we hadn’t borrowed from the bank. The amount owing to others was surprisingly small.

Am I Not Devastated By The Experience?

No, I’m not. Naturally, I had a lot of stressful days and sleepless nights leading up to the death of the business. For the last few years, I’ve been the sole breadwinner for my children. I’ve made sacrifices, including time spent with them, in favour of working and they’ve always been really supportive and understanding about that. So of course I was concerned that I would let them down if I could no longer put food on the table, because I’d made a bad choice.

And I don’t like losing money, but I learned a long time ago that it’s pointless to cry over material things that are broken and can’t be fixed. And what I learned from the experience far outweighs the money I lost. If it had been my first business, I’d probably have been gutted. But this was a powerful learning experience for me.

I’d already begun to change as a person. And I realised that it was foolish to ignore my passions. Had I put all my effort into turning the business round, I’d probably still be busy going in the wrong direction and wasting more valuable years.

Wouldn’t It Have Been Smarter To Turn The Business Round And Sell It?

We did consider doing that – although we’d have needed to diversify, as the construction industry in the UK is going through a recession right now. Plus, it would have meant borrowing money and investing more time. As we’d already decided that we’d rather focus on our passions and because we also wanted to emigrate, it would have been a bad choice.

Will I Give Up Blogging About Business Because Of This Mistake?

Absolutely not. I don’t see liquidating the business as a failure, because it was the right thing to do. I’d already given up a business I enjoyed (huge mistake), built a successful business and sold it (smarter move) and now I’ve liquidated a business that wasn’t right for me. So I believe I’m now in an even better position to help and advise others than I was before.

Am I Not Worried That Readers Will See The Death Of The Business As Failure?

Not at all – I hate the failure word. And I don’t see the decision to end a business that isn’t working and pursue my passions as failure.

Of course, negative people may see it like that but there’s no room for negative folk on this site. I’ve already received messages in my comments section from one person who had heard about the death of the business. They went straight into the spam folder, as they’ve posted negative comments and personal attacks before.

In the near future, I’m going to share some of the mistakes I made over the last year or so and the reasons that the business died. If you’d like to learn more, click here to subscribe in a reader. It’s completely free and it means you won’t miss a post.

Do you have any questions? Do you have any stories about businesses that have gone under that you would like to share – either your own, or ones you’ve read about? Would you give up something in order to follow your passions, even though it meant a huge financial loss? Please share your thoughts in the comments section.

Image Credit: Jef Poskanzer

Other People’s Mistakes

Last week, I asked readers to share what mistakes they’d made, or things that they really suck at. Hunter Nutall shared a major interview mistake he made and described how he turned it round. His story is a must read for anyone who wants to improve their chances of getting a job: The Hidden Question In All Job Interviews.

And Sara at On Simplicity bravely shared: Three Things I Suck At

Related Reading On This Site

Six Things You Can Learn From The Man Who Had No Shoes: This man was so broke after losing his business that he couldn’t afford to have his shoes re-soled. Yet he went on to build one of the most well known brands in the world.

Are You In The Business Of Misery? Can you be truly successful, if you don’t enjoy the business you’re in?

From £1 Million To Bust: How To Turn Your Business Round Again:
An interview with Ian Denny who revived his business after going bust.

What You Can Learn From The Man Who Lost £250,000 Overnight: An intriguing story about a man who borrowed thousands on credit cards to start a business that crashed within months.

Related Reading By Fab Writers

Going Broke? Judge Me – Feel Free To Cast The First Stone: Ian Denny talks about the stigma attached to business bankruptcy.

How I Brought My Business Back From The Dead With Blogging: Michael Martine lost everything and describes how blogging helped him start again.

Reaching Back Through Time To Help A Single Mom Living In Her Parents’ Basement: A great story by Wendy Piersall about the death of her first business and how it inspired her to start again.

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Comments

42 Responses to “Oops – I Sank A Business”

  1. Tom Volkar / Delightful Work on July 23rd, 2008 4:37 pm

    Cath I admire the emotional maturity and clarity that you have surrounding this experience. The only reason why others may consider it a failure is because money made or lost is what drives most people’s definition of success. The right thing is to talk about it often and you’ll get even more clear on its many lessons as I did.

    I also have a lost the business story and unfortunately I also lost my family home that I put up as collateral. It was a very big deal for me at the time and caused me to really dig deeply into self-examination – which eventually led me to stumble into my life’s work, coaching. One could say, that without that big mistake I would have remained blind to my bliss.

    So who’s the real winner in all this? I found out a very valuable piece of information about who I am. That is, I am an excellent starter and creator but not a maintainer. I need the fresh energy of fresh relationships and fresh projects to really be myself.
    Thus coaching is perfect because all clients eventually become strong enough and enlightened enough to go it alone.

    This is a wonderful opportunity to ask, what’s good about this?

    Tom Volkar / Delightful Work’s last blog post..What brings you alive?

  2. Davina on July 23rd, 2008 4:50 pm

    Hi Cath. The photo is perfect for your article. Made me smile. I can appreciate your experience and how well you are handling it. You haven’t failed at all, the business just missed the mark.

    Take the game of darts, for instance. If a person throws one dart and misses the bulls eye, they don’t usually stop the game. They keep going until they either hit the bulls eye, or win the game.

    Of course, a game of darts does not compare to investing huge sums of money into a business, but I think it’s a good metaphor just the same.

    I’m going through a similar experience. The challenge is to let go of the “baby” I have put all my time, energy, creativitiy and $$$ into and move on… and to keep food on the table in the process.

    Davina’s last blog post..Like a Bird

  3. Scott McIntyre on July 23rd, 2008 5:05 pm

    It is brilliant that you are able to be so open about this, Cath. There’s nothing to be ashamed of.

    Many people shy away from being candid about something going wrong in any area of their life. As you mention, the fear of failure is so powerful that it can disable us sometimes from doing anything at all.

    I tend towards the attitude that without taking a risk, we can’t ever realise our true potential.

    So what if you failed? To put it bluntly, no one died!

    You sound as if you’ve learned from the experience and that is what really matters when everything is weighed up.

    My story isn’t exactly about the loss of a business through failure- it’s more to do with someone having to give up a business through ill-health.

    When I was 16, my father took seriously ill which meant, as the oldest child in the household, I had to step into the breach and deal with all the business affairs of the shop and milk delivery business my father owned.

    I did this for several months, while my father was in hospital, and kept everything running as a going concern until a buyer was found. I had to negotiate with them too.

    For someone still at school, it was daunting to say the least!

    During the months that followed, as my father recuperated, he felt a failure that he had “lost” the business- even though it was not his fault.

    The key thing is to separate your sense of failure into things you could control and events you could not.

    We cannot take responsibility for everything that causes us to fail at something.

    When we realise this, we give ourselves permission to fail- and great things are then possible.

  4. Hunter Nuttall on July 23rd, 2008 5:05 pm

    Cath, I absolutely think this puts you in a better position to advise others. Not everything is going to work out, and being able to talk about it and learn from it greatly enhances your credibility. Someone who appears to be perfect must be hiding something. Thanks for the link!

    Hunter Nuttall’s last blog post..Blogging + Email = Conversion Blogging

  5. Barbara Ling, Virtual Coach on July 23rd, 2008 6:31 pm

    This point:

    “And I don’t like losing money, but I learned a long time ago that it’s pointless to cry over material things that are broken and can’t be fixed. And what I learned from the experience far outweighs the money I lost. If it had been my first business, I’d probably have been gutted. But this was a powerful learning experience for me.”

    Now that’s maturity…and wisdom…all wrapped up in one.

    It will enable you to build a better future as time goes by. Great post! Barbara

    Barbara Ling, Virtual Coach’s last blog post..Mastering the ART of Netiquette (Internet blogging etiquette and more)

  6. cathlawson on July 23rd, 2008 7:12 pm

    Hi Tom – Thank you. That must have been hard losing your home too. It seems so unfair that some people are punished just because of the legal structure of their business.

    But it’s brilliant that your mistake enabled you to find your passion. I’m feeling pretty much the same way as you right now – sometimes you need to make a mistake to get where you want.

    I’m guessing there’s more good things to come out of this too, as you said and I’m going to sit down and make myself a list. Thank you.

    Hi Davina – thanks. My husband liked the picture too. And I like the way you compared the game of darts. It’s like you say – just because players don’t hit the bullseye straight away – they don’t give up.

    I’m sorry you’re going through a difficult time too. If you want any help or advice please let me know. I’ll be emailing you shortly anyway, to take you up on your kind offer of your advice on living in Vancouver.

    Hi Scott – thank you. What a huge responsibility for a sixteen year old – not only having to run the business but sell it too.

    I bet it was tough at the time but I’m guessing the experience benefited you a lot in the future.

    Hi Hunter – you’re welcome and thank you. I did worry that sharing the experience might damage my credibility but I owe it to my readers to share my mistakes.

    Hi Rita – I was just reading your post. The title was brilliant by the way. It was really interesting – a similar thing happened to me two businesses ago.

    Re: the disclosure thing. I don’t mind sharing the financial info with my readers. But there’s some people who could and would use some information to harm me. That’s the trouble with blogging – many people who know me offline read my blog, so I have to be really careful about what I disclose and what I keep to myself. Sometimes it’s hard to get the balance right.

    It’s like you said – a simple thing like telling people where you live can be a dumb move on the Internet.

    Hi Barbara – Thank you. I certainly hope it will.

  7. Vered on July 23rd, 2008 7:24 pm

    Like others said, if anything, it makes me admire you and value your advice even more than before.

    I agree: don’t call if failure… call it EXPERIENCE.

    Vered’s last blog post..Who Cares About Truth In Advertising? Sugar Can Help You Lose Weight! (Wordless Wednesday)

  8. Marelisa on July 23rd, 2008 7:39 pm

    Hi Cath: I don’t think I’ve heard of anyone who’s really successful who hasn’t lost at least one business along the way.It’s very generous to share the mistakes you’ve made so that others can also learn from them.

    Marelisa’s last blog post..Six Steps to Creating the Life You Really Want

  9. dawn on July 23rd, 2008 9:05 pm

    I like how you aren’t afraid of reality … it seems like so many people like to deny it. I’m also one that is not afraid of reality … and that is why we let go of our rental property business. Technically we “didn’t lose it.” But we didn’t do as well as we could have, by selling the properties at the time we chose to sell. But as you said – we had changed as people. We had been in that business for 23 years … and our passion for it was GONE! We also had extenuating family issues that distracted us from growing it any further, too. But you know what? It was the smartest thing we could have done at the time. My husband ended up dealing head -on with some addiction issues he had at the time. We also re-evaluated what our priorities & values were. And we began to take much better care of our emotional & physical health. Craig my husband, had thought, that he would be “failing” if he did not aggressively pursue growing our rental property business – even when it was very apparent he had lost all passion for it. It literally saved his life and our marriage when he began to realize it wasn’t a failure … just a change in the journey! The journey is the thing!

    dawn’s last blog post..Entrepreneur …

  10. Jennifer on July 23rd, 2008 9:15 pm

    Cath! I really admire you and appreciate your attitude. It’s a wise person who makes decisions based on priorities or passions and not on money. If you know what’s important and what really makes you happy then there’s no reason to do something that is contrary to that. I love how you talk about turning a “failure” if you will allow me to use that word into a learning expereince or something good. Just think about where you would be if you never had this experience! Way to go. Way to move on and grow!! Much success to next adventure!

    Jennifer’s last blog post..A Simple Formula with a Huge Life Impact

  11. Avani-Mehta on July 23rd, 2008 11:13 pm

    It takes lot of courage and maturity to be able to share this. I admire you for it.

    Avani-Mehta’s last blog post..Ask Right Questions To Deal With Anxiety And A Zen Koan

  12. cathlawson on July 24th, 2008 12:05 am

    Hi Vered – Thank you. Experience is a much better word.

    Hi Marelisa – Thanks. I’ve read things like that too – for some people it is even 3 or 4 times.

    Hi Dawn – Thank you. It sounds like you made the right decision. And your husband’s health and your marital problems were far more important than pursuing something that you were no longer passionate about.

    I think sometimes it takes something that seems bad at the time to shock you into making a positive change. As you say – your husband my not have been able to beat his addictions, if you’d continued with the business.

    Hi Jennifer – Thank you. I wish I’d been wiser sooner. But I think something drastic had to happen to make me see sense.

    Thank you Avani. I’m still thinking about that story you told of the man with the horse and wondering if I missed something else.

  13. Urban Panther on July 24th, 2008 1:17 am

    Am I Not Worried That Readers Will See The Death Of The Business As Failure?

    Absolutely not! I haven’t lost a business myself, because I have never had the guts to go into busines in the first place. However, I could change the statement to:

    Am I Not Worried That Readers Will See The Death Of Two Long Term Relationships As Failure?

    Again, absolutely not. I make no bones about the fact that 2 significant relationships have failed. It’s what you do with that failure. You are chosing to share and to help others avoid pitfalls you might have encountered. Good on you!

    Urban Panther’s last blog post..Straight A’s for the Panther

  14. cathlawson on July 24th, 2008 1:22 am

    Hi Rita – It is terrifying that someone so dishonest could know so much about you and your family. And I can understand where you didn’t want to say where you lived when I asked you. It’s so easy to forget that absolutely anyone could be reading what we write.

    I love the way you rephrased that statement and it’s an easy one to remember.

  15. cathlawson on July 24th, 2008 1:26 am

    Hi Urban Panther – thank you. The relationship thing is a good comparison. And what you say is so true – it’s what you take with you, after making a mistake that counts. And from reading your duelling blogs, it seems like you’re in a great relationship now – so it was worth making those earlier mistakes.

  16. Barbara Swafford on July 24th, 2008 1:46 am

    Hi Catherine,

    I remember when you and I had the conversation about your gut feelings. There’s a lot to be said for those, isn’t there?

    Years ago we lost a business. In fact we ending up leaving the state (Alaska), as the economy was so bad. Starting over wasn’t easy, but in many ways it was a blessing. We learned, we grew, and we became smarter business people.

    I would never think less of you because you closed a business. That just makes you a better person to instruct others of what not to do.

    Whatever you decide to do next, I wish you the very, very best. I’m behind you all the way, my friend.

    Barbara Swafford’s last blog post..Interview With Lorelle VanFossen – Part 2 – Errors Bloggers Make

  17. cathlawson on July 24th, 2008 1:55 am

    Hi Barbara,

    Thanks – I meant to tell you I was posting this. But I’ve been busier than ever – tying up loose ends and working on new things.

    I remember that conversation. And I will never ignore those feelings again.

    You didn’t mention losing that business before, although I knew you’d lived in Alaska. But it’s great that you turned things round and it’s helped shape you into the awesome person you are today.

  18. Natural on July 24th, 2008 2:24 am

    Hi Cathy, I had a business that was more like a hobby according to the IRS. I didn’t earn a lot in the beginning, but it was okay, the next year I didn’t feel like doing that type of work as much and let it go down the drain. I still do it on the side but don’t generate enough income to alert the IRS.

    I would love to give up my current job to pursue something in writing.

    Some of the times, our gut feeling about something is exactly right.

    Natural’s last blog post..As Not Yet Seen On TV

  19. Al at 7P on July 24th, 2008 2:30 am

    Hi Cath,

    I’m very impressed with how you took the liquidation in stride. You’ve acknowledge what it means financially, so clearly it’s not denial. You simply have a great outlook on this episode and chose to move on. Bravo!

    Al at 7P’s last blog post..The Best Investment Strategy During a Recession

  20. Nick P on July 24th, 2008 3:54 am

    The more I read your blog the more I am gently persuaded to really believe what you are saying and how to apply small touches to my own way of thinking. This post, for me, is the best thing you have written (that I have read) so far!

    Life is about making the right choices at the right time – and also realising when the wrong choice has been made and acting swiftly to rectify it without beating yourself up so badly you don’t act positively on your next life venture.

  21. Laurie | Express Yourself to Success on July 24th, 2008 11:20 am

    HI Cath ~

    I really enjoyed your post – your openness and honesty.

    Ya – I’ve had similar experiences in both business and relationships but they’re all learning and helping me make better choices now and, ultimately a better, happier and more fulfilling life.

    I think that going through times like these makes us more understanding, compassionate and more helpful when offering advice and suggestions. They’re valuable and necessary to move forward.

    Thanks!

    Laurie | Express Yourself to Success’s last blog post..The Unsung Social Skill

  22. cathlawson on July 24th, 2008 12:17 pm

    Hi Natural – Have you considered freelance-writing part time to begin with? There’s a lot of great resources on the Internet for freelance writers including: http://cathlawson.com/blog/2008/05/08/43-amazing-resources-for-writers/
    Also, Monika Mundell gives great advice for freelance writers at: http://www.thewritersmanifesto.com/blog/

  23. cathlawson on July 24th, 2008 12:29 pm

    Hi Al – Thanks for your kind words. I think I found the financial side easy to deal with because I’ve invested in the stockmarket a lot in the past. And you get used to looking at the whole picture, as opposed to dwelling on one particular loss.

    Hi Nick – Thank you. I’m glad you enjoyed it. Re: What you said regarding acting swiftly, I think that was one of my biggest mistakes. I should have listened to my instinct and wound up the business far faster than I did.

    Hi Laurie – Thank you. I totally agree that these experiences are valuable and necessary to move forward. If we didn’t eperience any challenges we’d probably become too comfortable and stagnate.

  24. Brad Shorr on July 24th, 2008 1:24 pm

    Cath, You are dealing with the situation in the best possible way, and I admire you for it. It’s an old saying, but I think a true one, that we learn more from our failures than our successes. It was certainly true for me when I had to shut down a multi-million dollar manufacturing division of our company that we had managed to box into a hopeless corner. I won’t lie – it was very emotional and painful, but I truly think I learned more about business and people during that year than I thought it was possible to know. I have to believe your future ventures will be greatly successful in part because of what you are going through now.

    Brad Shorr’s last blog post..Thanks to Word Sell’s Co-Conversationalists

  25. cathlawson on July 24th, 2008 1:38 pm

    Hi Brad – thank you. I can imagine that you must have learned a great deal from that experience. As you said, our mistakes can be our greatest teachers.

  26. Natural on July 24th, 2008 2:36 pm

    I haven’t considered freelance writing seriously, I will check out your blog post. I’ll have to do some searching on your blog, but what do you know about write-offs. People who have businesses make it seem so easy that every time your business suffers a loss, then you just write it off and you and your business will be fine. You go out to lunch and you write that off – no cost to you. If writing off is that easy why doesn’t everyone just get a business and write everything off. I’m assuming you would have to make some kind of a profit to be able to write stuff off. I’m confused as to what and how much constitutes a write off or does it all depend on something else.

    Natural’s last blog post..As Not Yet Seen On TV

  27. cathlawson on July 24th, 2008 3:16 pm

    Hi Valerie – This is quite complicated and the rules vary from country to country. But here in the UK, if we make a profit one year, then make a loss the following year, it is possible to claim back some of the tax you paid the previous year.

    As for things you can write off against your business – eg lunches etc. What people mean is that they are able to deduct them from their profits, so they don’t pay tax on them. Again – you need to check the rules for your own country but most costs involved in the setting up and day to day running of your business can be put against your profits so you don’t pay tax – eg. office equipment, computer, stationery, internet access, travel expenses, business lunches.

    Some freelancers who start out part time will set up a proper business structure straight away. Many business don’t make a profit in the first year because of the start up costs etc. But if you make a loss, you can carry it over and put it against your profits for next year to bring your tax bill down.

    Say for example, you started out as a part-time freelancer. Your day to day expenses and start up costs came to $7000 but you only sold $3000 of your work. You’d probably be able to put the $4000 loss against your taxes the following year. This is why it’s often better to set up in business from the outset, instead of treating it as a hobby.

    But as I said – it depends on your country and the legal structure of your company.

  28. Davina on July 24th, 2008 3:50 pm

    Cath, thanks for your support and your offer to help. It is much appreciated.

    Davina’s last blog post..Core Value Statements

  29. cathlawson on July 24th, 2008 3:57 pm

    Hi Davina – you are very welcome. I’ll shoot you an email shortly.

  30. Kathy on July 24th, 2008 4:59 pm

    Cath,

    Your blog posts have ALWAYS resonated with the decided undertones that could only be achieved by serving time in the army of self employment!!!

    You know what wisdom is, don’t you? It’s learning from OTHER people’s mistakes! Experience on the other hand are lessons learned from our OWN mistakes!!!

    By the way, THANK YOU for this post. I recently had a conversation about a business opportunity. On “paper” it looked ideal but for some reason, when I started to contemplate moving forward with it, I would break down in tears. After reading your post, I realized it’s my intuition going into overdrive – screaming WARNING!

    So, I’ll attempt to acquire some WISDOM by learning from your EXPERIENCE!!! I am going to LISTEN to my intuition on this one!

    THANK YOU for sharing your story in EXACTLY the manner you shared it!!!

    Kathy’s last blog post..The Real Cost of Free and Low-Cost Services

  31. cathlawson on July 24th, 2008 5:57 pm

    Hi Kathy – Thank you. I’m glad you listened to your own intuition. I ignored mine too many times. But I’ve learned my lesson well. Now, what you really need to avoid doing is allowing yourself or anyone else to persuade you that the business opportunity you mentioned would be a smart move after all. I’ve made that mistake before.

  32. John Hoff - eVentureBiz on July 25th, 2008 2:47 pm

    What doesn’t kill ya makes you stronger, right Cath?

    I don’t see sinking a business as a failure as an entrepreneur. I mean if that were the case, how many billionaires and millionaires would be failures?

    I’m quite certain that Donald Trump has had his fair share of misses.

    Great inspiring article. I loved it!

    John Hoff – eVentureBiz’s last blog post..Choosing The Best Kind Of Affiliate Marketing For Your Website

  33. Kelly@SHE-POWER on July 25th, 2008 3:49 pm

    Cath

    I admire you tremendously for having the courage to admit to yourself, your family and now us that you made a bad call and it was time to quit. This is not an easy thing to do. And anywhere you go from here will be better because you know WHY things went wrong. Embrace your writing and your gifts. This is just a mere bump in the road.

    You are still as astute a business woman as ever. Remember that. And you’re in good company. Lots of wealthy people have not only lost money but gone bankrupt. You’re lucky!

    Kel x

    Kelly@SHE-POWER’s last blog post..Happy 1 Year Anniversary to SHE-POWER

  34. cathlawson on July 26th, 2008 5:07 am

    Hi John – Thank you. Donald Trump is definitely an inspiration isn’t he. I remember reading that when he was millions in debt he said he saw a tramp on a park bench and realised that he was actually worth less than the tramp himself, or something like that.

    Hi Kelly – Thank you. I was definitely lucky. I hate when I hear about people going personally bankrupt because of their business getting into trouble. It is so unfair really – as it is only because of the legal structure of their business.

  35. Ian Denny on July 26th, 2008 1:17 pm

    Cath,

    You’ve done the best thing you could. And as you say, it will make you stronger than ever and better placed to advise.

    It’s always easier to be on the outside looking in, than on the inside, and blinkered to the truth because you’re just too close to it.

    But you had the good sense not to continue.

    I am certain your next move will be hugely successful. You’ll choose an area you are passionate about and this time really enjoy it as you build something that will grow from strength to strength.

    I bet something to do with travel would be ideal for you. Perhaps a globe-trotting blogger reporting back on real experiences.

    “Cath Lawson – business and holiday destinations – live experiences by an independent traveller.”

    If you need a chat about anything, give me a shout.

    Ian Denny’s last blog post..Ever Felt As Though Being In Business Was Meant To Be Better Than This?

  36. cathlawson on July 26th, 2008 2:06 pm

    Hi Ian – Thank you. Getting paid to travel would be so cool wouldn’t it. And it’s funny you should say that, because I’d also considered opening a travel agency instead of plumbing. But the margins are low and I worried that I’d really be squeezed if there was a recession.

    We’ll see. I’m messing round with a couple of projects now and hopefully they’ll take me in the right direction.

    I will give you shout as I could do with speaking to a tax specialist. I paid a shedload of tax after I sold my last business, so I want to see if I can claim some back since I was a sole trader then.

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