Imagine building a thriving business from scratch – gaining a loyal customer base, even celebrity clients – only to discover that your supplier payments aren’t reaching their destination.
That’s when I discovered the marketing ‘guru’ I’d engaged to help grow my business was changing the bank details on invoices, re-directing them to himself.
The fall out was brutal – and, to make matters worse, it wasn’t the first time I’d been burned by trusting the wrong person.
The first time, I’d found a business-savvy partner to help me run operations for my brand new business. After discovering vitamin IV treatments were commonplace in the US, but barely known about in Australia, I had launched a business bringing them here. Things were going really well until my vision diverged from my business partner’s. We parted ways, and she became a significant competitor in my industry.
In both instances, I was left broke; on the edge of losing everything I’d worked for.
But in both cases, I pulled through. My former business partner’s venture eventually faced challenges and closed. I rebuilt my business after the damage caused by the marketing ‘guru’. From both processes, I gained the comforting realisation that I could always rebuild.
Here are the lessons I learnt after rebuilding my business twice.
1. Do your homework on all potential partners and contractors
Business partnerships should never be entered into lightly. Take the time to understand potential partners, their strengths, and their motivations. Shared values and aligned goals matter just as much as skills and experience. And most importantly, always have clear agreements in place from day one.
Trust must be earned, not given blindly. Whether it’s a new business partner, a marketing agency, or even a key hire, verifying credentials, checking references, and setting clear expectations can prevent costly mistakes.
2. Beware of promises that sound too good to be true
A slick marketer who made big promises about skyrocketing my business, only to drain my bank, was an expensive lesson in due diligence.
Scammers and opportunists exist in every industry. If an offer seems too good to be true, it probably is. Always research thoroughly, seek recommendations, and never make major financial commitments without proof of results.
3. Find mentors who have been where you want to go
After my second failure, I knew I needed guidance. My father, a seasoned business leader, became an invaluable mentor, helping me refine my strategy and avoid repeating past mistakes. His insights gave me the confidence to rebuild in a smarter, more sustainable way.
No entrepreneur has all the answers, and the best way to fast-track your success is to learn from those who have already walked the path. Seek out mentors who align with your vision, join networking groups, and be willing to take advice from people who have real experience.
4. A strong team is your greatest asset
The biggest turning point in my business came when I finally assembled the right team. Finding employees who shared my vision, took ownership of their roles, and were invested in the company’s success made all the difference. A business isn’t just about the founder – it’s about the people who help bring the vision to life. A dedicated team will push your business forward, support you during tough times, and contribute ideas that help the company grow.
After losing everything twice, I could have given up. But instead, I chose to rebuild with a new approach: being more selective about partnerships, protecting myself from scams, and investing in the right team. Those changes didn’t just help me recover – they helped me thrive.
If you’ve faced business setbacks, know that failure is only final if you let it be. With the right people, a smarter strategy, and a commitment to learning from past mistakes, you can rebuild stronger than ever.
