On this week’s episode of the Build Show Podcast I want to talk about mistakes, specifically in business and tell you about one of my biggest mistakes I made when I first started out. Speculative projects and debt.
I started my company in 2005 and was working entirely on speculation. Throwing my own money into developments in the hope that these potential clients I was speaking to would stick to their word and buy the property for X amount when it was finished. Then the recession hit. Housing prices tanked and one project left me in almost £300k worth of debt. It took me until 2015 to clear off that debt and ever since,
I’ve been basically debt-free and I only work on paid client projects now, building specifically to their needs and with their budget, mitigating the risk for myself and my family. Tune in below for the full story and my advice on taking on debt and budgeting for a small building business and so you don’t make the same mistakes I did.