Gtech sell a range of products including cordless vacuums and garden power tools, mainly direct to consumers.
How did you come up with the idea for the company?
I was working as a vacuum cleaner designer for Vax. I noted that once I designed a product Vax sold thousands of them and made profit for years from my design. I decided I wanted to design for myself rather than someone else.
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What advice would you give to other aspiring entrepreneurs?
Know your business thoroughly before starting a company. You need to be successful at what you do to build a business from it. Avoid going into debt by negotiating payment terms well.
Try to get at least 60-day payment terms on what you buy and get paid straight away for your goods and services. Avoid expenditure vigorously – do not pay for advice or anything that does not get sold on for a profit. Keeping costs low is essential for a successful business.
Overheads (the cost of running your business) need to be around 7% of your revenue – if you are not earning it don’t spend it. Aim to sell things for at least 3 times the cost of buying them.
This enables you to market your company (tell prospective customers about your products and services), pay for your overheads and make some profit.
What can we hope to see from Gtech in the future?
Gtech will continue to expand it’s product portfolio into adjacent categories and extend sales into adjacent territories. I hope to double turnover in the next three years.