'Why Our Sustainable Business venture crumbled: A Tale of Failure'

The number of business failures in England and Wales is predicted to reach its highest level since the 2009 financial crisis. However, the stigma surrounding business failure has diminished in recent years, and entrepreneurs are increasingly comfortable discussing their experiences. It is important to recognize that failure is common in business, with more than half of start-ups failing within five years. One couple, Gareth and Nicola Dean, who founded eco-friendly retailer Non Plastic Beach, openly share their business failure to help others learn from their mistakes. They started the business in 2018 after witnessing plastic pollution during a holiday in Mauritius. Gareth had 20 years of experience in PR, while Nicola was a chartered accountant. Initially, they sold their products through their website and trade shows, experiencing success by supplying Etihad Airways with plastic-free toothpaste tablets. However, their business started to decline after the Brexit transition, the war in Ukraine, and rising energy prices impacted consumer spending. Gareth returned to full-time employment in PR, while Nicola continued freelancing to sustain the business. Unfortunately, they were unable to keep the business afloat and had to cease trading in June. Gareth acknowledges that a crucial error was over-reliance on Facebook marketing, which became ineffective due to privacy setting changes on iPhones. He wishes he had reacted quickly and stopped spending. Gareth also acknowledges the importance of attending trade fairs earlier for better negotiations with retailers. Dealing with the collapse of their business was emotionally challenging for the couple, but they found solace in the support received on social media. Nicola believes that running their own business is a magical experience and does not rule out the possibility of starting another venture in the future.