Gtech sell a range of products including cordless vacuums and garden power tools, mainly direct to consumers.
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How did you come up with the idea for the company?
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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?
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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 鈥� 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 鈥� if you are not earning it don鈥檛 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.
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What can we hope to see from Gtech in the future?
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Gtech will continue to expand it鈥檚 product portfolio into adjacent categories and extend sales into adjacent territories. I hope to double turnover in the next three years.
