Download/View (PDF) - PPD Magazine

Insider
Flash of inspiration
Six years ago, a chance
encounter with a piece of
technology was the basis for
Chris Love founding a whole
new company.
PPD caught up with the boss
of USB-FlashDrive.com to
get the whole story...
A customer came into Chris
Love’s office with some images
which he wanted uploading
to his website. However, they
weren’t on the expected CD –
but on a little bit of plastic.
“At first we were puzzled,” recalls
Chris, “but that soon grew into excitement
and by the end of that week
we were looking for a supplier.”
By that time, Chris was already
an established businessman. At the
tender age of 19, he and a friend
had set up a web design business,
Webexpectations.com.
“I managed to persuade my father
to let us use the cloakroom in
his warehouse as our ‘European HQ’
and from there, we gradually started
to convince local businesses that the
internet was going to play a major
role.”
That experience meant it was
straightforward for the company to
build a website from which to retail
the handy little dongles. Chris’s partner
continued to run Webexpectations.com
while he concentrated on
the new venture.
One of his first major challenges
was the cashflow conundrum, as
the company purchased stock from
China.
“Initially, on the one hand all goods
imported were paid for on 100 per
cent terms and on the other we were
giving 30 days’ credit!”
Fortunately, Chris’s previous success
allowed him to get past that
particular obstacle without the need
to resort to loans, enabling him to
grow the business organically.
Then came another epiphany.
“As the orders piled in, we realised
retail wasn’t necessarily the best way
for us to capitalise on this product
and that’s when we started to sell
in bulk.
“It wasn’t long before customers
would ask us if we were able to print
their logo on the drives and so we
started offering this as an additional
service.
“It was now clear to us that the
flash drive had enormous appeal
as a promotional product, and so
we stopped retailing the drives and
focused purely on the customised
market.”
“I like the jobs where we get to design
the customer a completely new
shape. We have designed beer barrels,
shoes, watering cans, inhalers,
batteries and poker chips, to name
a few.”
Has he ever doubted the wisdom
of essentially concentrating on a single
product
“The pros far outweigh the cons.
Specialising in one product gives us
major buying power with the factories.
It’s specialist suppliers that the
promotional gift industry needs, not
hundreds of clones all selling the
same stuff to the same customers.
“Whilst it is inevitable that one day
a new format will succeed the flash
drive, I don’t see this happening for
a while yet.
“We have USB 3.0 being released
on the mass market towards the end
of 2010. However, I see this making
little impact on the promotional gift
market as the price for this newer
version will be such that customers a
likely to opt for the cheaper USB 2.0,
at least until prices mature.”
As far as business is concerned,
Chris is entirely self-taught.
“I set my first company up with
very little business or managerial experience.
Starting up a company this
way required me to develop my skills
in many key areas, such as sales, accounting,
marketing and operations.”
Keeping on top of business, he
insists, is the key to success.
“I’m a stickler for having monthly
management accounts on my desk
no later than the 20th of the following
month.
“It’s no good realising you have a
sales slump when it’s too late to do
anything about it.”
One thing has certainly changed
for Chris Love since that chance
meeting back in 2003.
“I’m no longer convincing the
world that flash drives are the best
promotional product.
“Instead, I am convincing the world
why USB-FlashDrive.com is the best
supplier of this product.”
“It’s specialist suppliers that the
promotional gift industry needs, not
hundreds of clones”
Rockin’ the industry
– this guitar is just
of many unusuallyshaped
drives the
company has
produced. Right,
founder Chris Love.
Let us create
a totally unique
USB Flash Drive
Contact us:
Tel: 01753 491473 or
Email: amy@usb-flashdrive.co.uk
www.usb-flashdrive.co.uk
We have
100’s of models
in our range at
UNBEATABLE
trade prices!
11