The bright spot of the UK economy: from guest blogger Emma Jones
Emma Jones is Founder of Enterprise Nation, the home business company, and author of ‘Spare Room Start Up - how to start a business from home'
Our 2008 Home Business Report (previously referenced on this site) has generated a good deal of media interest. Local papers and TV stations are seeking out resident home business owners who tell viewers and readers they've never been happier since becoming their own boss at home. They also speak of their confidence for the future. This is why we're referring to home business as the bright spot of the UK economy and the media seems to think it is too.
So what do we know about home business that offers grounds for such optimism?
We know that:
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In the past 12 months, the number of people starting and growing a business from home has increased by 16%.
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Growth is expected to continue as people look to increase earnings and start up at home to benefit from reduced costs, no commute and a decent work/life blend.
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Home businesses are being started by people of all ages and from many backgrounds. Take the three Loughborough University graduates who started
ratemyplacement.com whilst studying and are now full time Directors, growing a business that's run from 3 home offices. The young couple who turned a garden shed into a ‘Small Animal Hotel' which is full to bursting with guests and providing cash flow for expansion. And our Enterprise Nation 2008 Home Business of the Year,
Toniks, which is taking the online language tuition world by storm as it offers Skype-based lessons to a growing roster of clients; all run from a spare room in Weybridge. These entrepreneurs, and millions more, are showing that any kind of idea can become a business and any kind of business can be run from home.
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Those who have started are ambitious to grow. 72% of businesses surveyed in our 2008 Home Business Survey said they plan to win new customers in the next 6 months and 58% are developing new products and services.
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The importance of technology is clear. Home business owners are using technologies that don't break the budget but do keep costs low and sales and productivity high. A few favoured applications and gadgets include Skype, BlackBerry, Twitter and, of course,
Microsoft Office Live!
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These ambitious and tech savvy business owners are turning to each other and to friends and family for start-up advice and ongoing support. They are also re-defining growth by planning to increase turnover, not headcount; home businesses are focusing on what they do best and outsourcing the rest so they don't have to employ people and move the business out of the house.
In short, the home business sector is an incredibly exciting one that's bursting with entrepreneurial energy and seeing people realise their business dreams from a low-risk and low-cast base.
What does this mean for you?
It means that if you're thinking of turning a hobby into a way of making a living or you've spotted a gap in the market that could be serviced from home, then you're not alone. And if you're beyond that point and already running a business from home, then the world is yours and you, my friend, represent the bright spot of the UK economy.
For more information, visit http://www.enterprisenation.com/
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