Three entrepreneurs, one question: what was the best advice you were given when you started your business?
Rosie Wolfenden, co-founder and managing director of jewellery brand Tatty Devine
Rosie Wolfenden started the East London-based business alongside Harriet Vine in 1999. Tatty Devine is available to buy online, across 150 stockists and at their two London stores in Covent Garden and Brick Lane. They produce 70,000 units every year.
“It’s a long time ago now, but one piece of valid advice that has always stuck with me is never be afraid to ask for help. People who start a business feel pressure that they should know everything but you can’t know everything – nobody has the capacity to know it all.
“When we opened our first shop in Brick Lane in 2000, next door were hat designers Bernstock Speirs, run by Paul Bernstock and Thelma Speirs. They became mentors to us and told us to never be afraid to ask for help.
“Harriet and I had started a business straight out of college and never had any kind of intermediary ground. Even now we pop into their shop and have a chat about whether we should do a particular trade show or talk about the nitty gritty of our business. They have a similar operation to us – retail, wholesale and a website.
“For other advice, we go to the London Small Business Centre. Every stage of the business, every time we expand or diversify, it all takes huge amounts of time so we have a discussion with them – it’s the perfect place to go and sound off ideas.”
Susan Harmsworth, founder of ESPA International
ESPA International founder Susan Harmsworth founded the luxury spa company in 1993. ESPA products are used in 500 spas and salons across 55 countries and the brand operates 100 ESPA spas worldwide. Today ESPA has offices in the UK, US, Dubai and Hong Kong.
“I grew up in Surrey guided by a trilogy of strong women: my granny Nell, a herbalist and plant-lover; my mother Ellen, a paediatric nurse, and my aunt, Mary, the head of German at the University of London.
“They all taught me so much, but it was my father who I really looked up to when I was younger. He was a very strong influence in my life and was a great believer in female empowerment – he was so ahead of his time.
“He founded a successful construction company and his entrepreneurial streak certainly rubbed off on me after I left Kingston Polytechnic with a business qualification.
“He was always extremely supportive, especially when I started my first business, a day spa, when I was 25. He always gave me the best advice and always had the time to listen. He believed in me 100% and told me I could achieve anything I wanted to in life with hard work and determination.
“My father was a very honest man, which is a value I have always carried with me. I strongly believe that the best strategy in business is to always be honest and straightforward.
“He advised me never to stretch myself financially and always to take things slowly, one step at a time. I can clearly remember him telling me ‘don’t run before you can walk’. My father was self-made and taught, and challenged and inspired me every day until the day he died. A mentor like this is so important in life, especially for women.”
Peter Harris, co-founder of Hotel Chocolat
Peter Harris founded Hotel Chocolat in 2004 along with Angus Thirlwell. The business started as an e-commerce operation but now has 80 shops across the UK, a restaurant in London’s Borough Market and a hotel in Leeds. It also operates a cocoa plantation in St Lucia.
“When I started my first business at the age of 25, I didn’t really have a mentor as such.
“However, looking back, when I was 15 I met a chartered accountant called Gerald. I was training at the time [as a chartered accountant], and he was a successful businessman and he inspired me to get into business and to qualify as a chartered accountant.
“The best advice I was given – I don’t remember by who – was to under promise and over deliver, especially when it comes to banks and investors. So if you think you’re going to make loads of money – say sales of £500,000 – it may be worthwhile to say you will make £200,000 because if you end up with sales of £350,000 you’re seen as a good person to do business with, whereas if haven’t achieved your objective, you won’t be.
“One of the best things you can do when setting up a business is to concentrate on sales rather than spending. It’s very easy to get together an amount of money to start a business and buy things, but, the fact is, the only way you can be sustainable is if you have an income and make a profit.
“So when me and Angus started the business, which ultimately became Hotel Chocolat, we were both involved in the sales, both bringing income into the business.”
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