Home Business 100 Live brought together members of the community and leading entrepreneurs to share the tips and advice to grow your business from the kitchen table. Here are some of the things we learned.
16th September 2016
Vonage UK hosted Home Business 100 Live, the industry gathering that celebrated Britain’s home business entrepreneurs, and launched The Heart of Home Business Britain report.
Vonage UK Managing Director Simon Burckhardt demonstrated the value of technology to small businesses competing with bigger companies, while Enterprise Nation founder Emma Jones MBE highlighted the capabilities of the UK’s home businesses, indicating that many are even exporting and building international operations.
Founder of Bright Idea’s Trust, Tim Campbell MBE drove home the positivity and self-motivation it takes to build a successful company. CEO of The Business Café, Penny Power OBE, emphasised the importance of resilience; support systems and mental strength required to weather the ups and down of starting a home business.
Mike Cherry, National Chairman of the FSB, revealed that a staggering 70% of new businesses now start at home; and Scott Corfe, Director CBER, presented the impressive findings from The Heart of Home Business Britain report.
Cobra Founder Lord Bilimoria CBE, DL closed the event with his incredible story of how he took Cobra from Bedroom to Global domination.
Here are the five top insights from the event:
Size is not a barrier
- Simon Burckhardt said that, “home businesses should never be afraid to go up against the big guys. Technology levels the playing field and cloud services can make home businesses look fully professional, whether through business telephone systems or cloud-based accountancy software.”
you can go global from home
Speaker Emma Jones insisted that, “you can go global from home”. Home businesses can compete with multinationals in more ways than some might believe
Home business prospects have never been better
- Mike Cherry noted that “70% of small businesses start in the home” and drew attention to Vonage research showing that home business ownership is increasing
- Penny Power approved of the new appreciation for entrepreneurship, saying that “Entrepreneurship is now socially valued, and is recognised for providing emotional benefits as well as social capital.”
Guard your time
do what they do best, and outsource the rest
Time is an entrepreneur’s most valuable asset, and Emma Jones advises business owners to guard it, advising that they “do what they do best, and outsource the rest.”
- Set aside time for non-urgent but important things. Tim Campbell pointed out that attendees “could be anywhere but chose to be here.” He encouraged entrepreneurs to promote their businesses daily, saying that they should “talk about [their] business every day; in the gym, in the coffee shop and whenever they are out. Promoting a home business is a labour of love and every day presents new opportunities in every interaction.”
Love what you do
take an idea and see it through the good times and the bad
Running a home business is stressful but rewarding. Penny Power summed this up with “sometimes you have a desire in the world that runs much deeper than your pocket.”
- Whether it’s building a business for your family, like Kuldip Singh of Mr Singh’s Sauces, said that he is “part of a small family that is crazy enough to take an idea and see it through the good times and the bad”; or offering a new take on chocolate bars like Jamie Kemp, who said “every night I dream of the end goal, getting people to appreciate chocolate and making my stamp on this fascinating industry.”
Having guts is important
- Lord Bilimoria called it “the one thing that separates successful entrepreneurs from failures. It takes guts to keep trying new approaches rather than being stubborn or giving up.”
- You should trust your instincts too, and always have the motivation to drive your business forward. While you are responsible for this momentum, you should also consult your customers and incorporate their feedback to help inform your approach.