Chapter 24 - The Bubble
Thanks for joining me on my journey. If you missed the previous chapter, you could read Chapter Twenty-Three, "Turning Things Around".
It's a perfect read for the start of the New Year.
The Bubble
After fixing my mistakes and "turning things around" in Year Eleven (which is what the previous chapter was about), I didn't want the same thing to happen again.
" Once bitten, twice shy. "
This chapter looks at Year Twelve of my business, in which I was very blessed to land another Whale (we will discuss that in more detail in the next chapter).
I was determined to avoid making the same mistakes as I did three years ago.
Making mistakes is OK. There is nothing wrong with making mistakes as long as you:
This time would be different, but for an utterly unforeseen reason.
COVID-19
In the previous chapter, COVID-19 did not significantly impact my business as my financial year was about to end.
The first case was recorded in China in December 2020, and on March 16th, 2020 (in the UK), we were advised to stop non-essential travel and contact.
Then everything changed as we started to learn more about the virus and its deadly impact.
" On March 26th, 2020 the UK went into a legally enforceable full lockdown "
Family First
My first thoughts were about my family. I wanted to protect them.
No one knew back then how many millions would lose their lives.
COVID-19 divided families and friends, became political and conspiracies abound.
I'm not going to talk about those things in this chapter (this is purely from a business context).
There is no sick or holiday pay when you are self-employed as a sole trader in the UK. I had saved enough money to keep the business going for six months (you can learn more about this in Chapter Nineteen).
My wife and I followed the government guidelines and avoided all contact until relaxation rules were announced and began on May 10th, 2020.
Survival
My business for the six months was lucky enough (despite two abysmal months) to average out enough monthly revenue to bring in the minimum income my business needed to survive.
As a result of the COVID pandemic, record inflation in the UK, and multiple recessions (at a country and global level), many businesses have sadly been lost, many through no fault of their own.
" Repositioning myself, niching my services and other changes put me in a strong position. "
There's no doubt that the changes I made to the business over the previous couple of years have given me a firm foundation to be ready and adapt to a crisis but to thrive in such tragic circumstances was not something I expected.
I wouldn't feel the full force of what was about to happen until February 2021 (ten months into my business year)
There's Something I Haven't Told You
One thing that has come out of COVID-19 is many babies (my friendship circle can testify to that alone). 👶
Now my wife and I didn't have a COVID baby but remember back in Chapter Twenty-One when my life changed forever with the birth of my daughter, Faith?
On September 5th, 2018 (almost exactly eighteen months after Faith), my son Noah was born.
" I know what your thinking. How could I forget about my son? "
There's a reason I've only mentioned my son two years after his birth, and it's purely narrative.
Don't worry. In Chapter Twenty-Six, the little rocket gets his dedicated chapter as I give my insights into running a business with two kids.
Until Next Time
If you enjoyed this chapter, please like and share it or drop a comment below 👇
Your support means a lot to me and is helping grow this newsletter.
Chapter Twenty-Five drops on January 20th and is a mini-milestone as the 25th edition of this newsletter.
(Chapter Twenty-Five will look more at how I thrived at the end of Year Twelve and how that continued into Year Thirteen...not an unlucky year for me.)
Happy weekend everyone!
Simon
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