Lessons Learned When Businesses Fail

The sweets business went sour for David Payne when most of his customers flocked north for the summer. When he could no longer afford to continue his business, Payne closed up shop. Although his business was relatively short lived, he learned many lessons during that time.

As he dealt with falling sales, a new opportunity arrived via e-mail: a PR-related newsletter listed an ideal job nearby. Payne applied and was hired. He closed the baking business on May 22 and began work at Fetching Communications three days later.

He’s relieved that he can pay his bills — and harbors no bitter feelings. Exiting the business was painful, but Payne, 32, says he learned entrepreneurial skills along the way. He’s also proud that he took a leap.

“I consider myself lucky to say that I gave this a shot,” he says.

And he doesn’t rule out a return to his baking business, even if it’s years away.

“One day I hope to try it again, believe it or not,” he says. “I haven’t given up.”

It can be devastating to give up on a business. But when financial problems, health issues or the day-to-day stress of running a firm get to be too much, many business owners have no choice but to pull the plug.

Photo by A McLin

Leave a Comment

Your email address will not be published. Required fields are marked *