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#1847 - Failure Friday: “If I could do it over again, I’m not sure I would…”

2022-01-21

In this week’s Failure Friday segment, we hear from the founder of a business that transports bicycles to adventure sport locations in Central America. After spending $40,000 to get going, he learned it was harder than he thought!  

Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Ratings and welcome thanks for turning a today, my name is critical about your host of psychosis for bringing you and ever so, every single day since January, one twenty seventeen and guess what it's all free, it's all free with the goal of helping you earn extra money without putting your job. Ok. Now this is our weekly segment. Failure Friday, one of my favorite things to work on it all stems from the principle that we can learn as much from failure as we can from success. So you know throughout the podcast, I'm always telling you lots of. Case studies of people who have made lots of money and built a business and created freedom for themselves in all kinds of good things. But throughout that process there are often missed ups and challenges and things that go wrong, and I try to highlight those as well. So it's not always a fairytale like it's meant to be very practical and realistic, but this particular segment. We really focus on the things that go on
So maybe we can get a different story here. The stories will vary, but often they became with an idea, an assumption, something that someone thought would happen and then what really happened? How play along with some lessons as well? Usually today's short story features Richard and he's originally from the UK, but has spent out of time living in Costa Rica and other parts of Central America, maybe elsewhere around swelling travels, quite a bit like I used to. Hopefully I will again at some point: we told the story of his bicycle transport, business episode, fourteen thirty, eight cyclist puts wheels in motion on bike box bits. Basically, he was helping adventure, athletes translates and so on, relocate their equipment to different races and other had restate. areas. I know this is a business that has a lot of built in complexity, which is part of what turned out to be difficult, so rich. It's gonna tell the story better than me when I handed over to him I'll, come back with a very brief wrap up at the end,
climber to banks, and always teachers been site also school. On episode, one thousand four hundred and thirty eight, where I discussed my bike box rental. This Today I have a business failure story regarding a business I used to own pulled pc, rent Costa Rica. I taped company, the rents high performance road. To try and long mountain bites to locals, hearing Costa Rica and was of course, the come here. The sleep quantities and biting ended up. He wrote bike, he wants to attract longline man. Wanta basically do some mountain bike. But again it's very high performance bikes bites from five to ten thousand dollars, and you know it's probably typically avid bikers lobby that.
read it using is the reason we set the business up was we sort demand for it, but also we had another company peace Box, Costa Rica, which was a company that actually rented bite boxes so that you could basically ship your bike anywhere in the world. I would have you travelling on an ethnic basis. They will often it inside despite box and then take it on the outlying with you in and when you got your destination, but your bike back together. So we thought you know, can go hand in hand. The bike This would also go hand in hand with the African Box business. What we found out after spending basically close the forty thousand dollars and invites wars that was a little bit more of a whole workers moving parts and also in the morning broke. You know the bike box business is very simple. We once hot plastic by Did you give the people they get them back, where the bikes is a lot more moving parts, of course, Where should the downhill mountain bites? They look more maintenance, and yet we have to charge quite a lot with quite a lot. More for clients are actually
using these and every wasn't. The market demands there for and also as we have supplied crash and stuff and broke some bikes, and you know it it's they had to can end up paying for get it fixed and or known. As I said, there is a lot of moving parts. You not much money ready in the grand scheme, as so you no going back to their something. If I was to do this again, basically, I dont think I would do it discuss this again. There are simpler business models, easy way to me. you know, I would say to you. No success in one business does not always translate to another. We showed out forty thousand dollars the bodies in a high performance bikes even before reading, even renting one. You know I mean a little bit of advice and tips, people, If I was you again before occupying the fights advertise, the banks, as if I had them to see fit them, was demand for one. You know because we would have said
while it might have been demands than might have been demand really high and high and stuff Also, I would have probably you know I would increase. The rates are right from the beginning: charging more unjust. Again. The maintenance of the bike sounds a lot of lot of work on you know. We had a service that every single time I came in here to repair stuff and again migrant, causing just kind of abused and a bit more after the werent. I was always puts a lot of work and also, as you know again, we continue to try to stuff we're about to convert, be try renting. Wash issues and portable generators and other such kind of equipment to rent. We like the rent model with its lighting a lot less moving parts, so anything that we can rent basically did is pretty simple. Try, but we cannot put it on the website first, as if we have it, try to just mention that this market demand for it and then, if it is to go ahead and actually purchase the approach of the equipment. So
that's it! I wish the best of luck to everybody. I'll bet. You know. I think that every five businesses that I stopped, maybe tools really successful, two or three of failed, but I think it's important everyday. The stance that success is not a straight line. You know speech your customers. Do some market testing. It's very easy! You know it's it's! it's you know, don't get excited and carried away with a business ideas. Spending again forty thousand dollars delay to find out the again it's it's. It's not really a viable business models, but this has been helpful. Thank you provide support for today's podcast come from Wicks E commerce,
industry, leading e commerce platform with robust customizable future ready solutions when you're looking to launch run in scale. Your online store, Wicks E Commerce has got you covered from that customizable storefront marketing and management systems, even a full stacked development tool. Wicks e commerce has all you need good, awakes, dot com, slash e commerce today and you'll join over seven hundred thousand active stores cell, Worldwide, never confuse a single defeat with a final defeat. That is the theme of failure Friday. So got Richard persevere, Although I love the quote that he sat up and use that the title, the episode, if I could do it over again- I'm not sure I would. That is very honest. You know there are lots of different businesses that you could pursue and, as you develop the scale of coming up with business ideas, you know it's all about choice in decisions and and tree as you know, in some ways, privatisation, so really respect that honesty
I can promise you that about some of the things I ve started as well. If I could go back and do it over again, I would do something different well anyway, thanks to Richard once again for sharing that on a story transparent and truthful, I should say, as well as honest check out his website at Vc Box c r dot com is be. I see I YO acts they are not come. He's also got a site name who travelled outcome in a em. You travel that come he and some partners are central. America. Travel experts operate custom, built itineraries to coastal recap: police Colombia, Quantum Allah, Nicaragua in Panama, lots of good resources there, the other question or an update for us about your hustle. You got to beat back or an idea for us who just want to share something side, US school, that calm slashed questions. As I said, there is a new episode every single day, so excited to make this programme for you. It's all free, subscribe or follow
wherever you like to listen to my guest height. That's it for now. My name is critical about your listening. To cite us all school. From the onward projects.
Transcript generated on 2022-01-21.