I still cannot believe we reduced the warehouse size by over 50% and we managed to make it work. This space above now belongs to another tenant.
It is always a good idea to look back and see what personal goals were achieved over the last 12 months. This year was a crazy year and even though we were tested on so many levels we came through and are stronger for it. My kids were tested and they came through with flying colors and as a parent I am proud of how they have coped. They were dropped in the deep end with the new business and that is the best way to learn. One needs to get their hands dirty and to not expect others to do your work for you.
Back in August of 2023 my family was offered to take over a failing business and after doing some homework it was an offer we could not refuse. The business was mismanaged and the expenses had sky rocketed to a point the business was on the brink of closing down. In March 2024 we took over the ownership and created our own company.
The remaining 4 months of 2023 and the first 3 months of 2024 allowed me to get my head around the budget and finding the right service providers. This was the key to turning the business around from a cost center into a profitable business. I thought this would take a good 6-12 months to fix and within 3 months we were already on track turning a profit and coming in under budget.
This has not been an easy project mainly due to the holding company that pays our budget being in financial distress themselves. Patience and working closely with them helping wherever we could has helped right their business. This was challenging as we were not only looking out for our new business, but were also correcting their mistakes which would have sunk both businesses. Staff is and always will be the biggest problem and the holding company is lucky we are strong covering most aspects where they are weak.
We then added the punch bag business to our portfolio which was a business I have had y eye on for over 5 years. That was actually not so difficult and within 4 months of landing that business we are busier than ever. The numbers are growing month on month with the only real challenge being sourcing the correct material. All the previous suppliers had failed as they never paid attention to the detail and they had no quality control standards. We have grown and now dominate the market with a 80% market share and at some point expect to be the only supplier in the country.
I have bee busy working on 2 new projects which will be launched in 2025 and much like I had to do the homework for the current business I am now making sure these businesses are viable and ready to go. Any new project takes time and commitment plus investment and the investment for the current business I only expect to recoup maybe by 2027 as I need to still invest a large sum which will make sure we are self reliant which would make us not beholden on the holding company.
I have my solar up at home which was a project I had been looking at for a while and is another box ticked on the goal front and no doubt will still increase in size during the course of 2025. Next year will be a busier year than 2024 which is how I like things as you need to grow when the opportunities arise.