Among entrepreneurs, there’s often a romanticized notion of starting a business from scratch, fueled by passion and innovation. However, for Philip Blackett, the path to business ownership took a different route—one of acquisition and adaptation.
Blackett embraced the concept of Entrepreneurship Through Acquisition (ETA), a rising trend among aspiring entrepreneurs who opt to purchase existing businesses rather than building from the ground up. His rationale was clear: by acquiring a business with established revenue streams, customers, and operational systems, he could fast-track his entrepreneurial journey.
In 2019, Blackett made his move, purchasing a business that managed and operated cemeteries—an unconventional choice that proved fruitful initially. The business boasted seven-figure revenues and catered to a market resilient to economic downturns. However, the COVID-19 pandemic wreaked havoc on business operations worldwide.
Despite meticulous planning to double the business within a year, Blackett found himself grappling with the harsh realities of the pandemic. Revenue growth stalled, labor costs soared, and his ambitious growth strategy was derailed. Forced to pivot, he made tough decisions to downsize operations, liquidate assets, and even take on a second job to stay afloat.
Blackett’s journey, though fraught with setbacks, yielded invaluable lessons for aspiring entrepreneurs, wherever they might be in their journey.
Get Creative With Finances
First, he advocates for exploring non-traditional financing options, minimizing reliance on personal credit and cash outlays. Creative avenues such as supplier loans and revenue-based factoring can offer flexibility and reduce financial strain.
Set Clear Boundaries
Blackett also stresses the importance of setting clear boundaries within working relationships. Transitioning from manager to president, he encountered challenges navigating dual roles, underscoring the need for clarity and communication.
Delegate, Delegate, Delegate
Blackett emphasizes the power of delegation, recognizing the limitations of wearing multiple hats. Hiring individuals to handle operational tasks allowed him to focus on his strengths in sales and marketing, driving business growth.
Understand Your Employees’ Goals
Additionally, he highlights the significance of understanding employees’ motivations beyond monetary incentives. By aligning individual goals with company success, entrepreneurs can foster loyalty and retention among their team.
Despite setbacks and failures, Blackett’s unwavering determination and commitment to growth serve as inspiration for aspiring entrepreneurs navigating their own paths to success.
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