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www.frippdesign.co.uk CONSULT RESEARCH DESIGN Being in Business A Perspective from Him and Her!
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www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Being in Business
A Perspective from Him and Her!
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Sue Roberts• 37 years old• Financially secure from the sale of an IT company • Mother of two young children• House to run• Introduced to Tom by Steve – partner
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Tom Fripp• 27 years old• Originally from Bristol area•Bachelors Degree and undertaking Masters at time of set-up• Financially unsecure from 7 years of being a student!!• No desire to work for a “boss”•Some great product design ideas and skills but no way to fund development
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Fripp Design• The company concept:
Develop intellectual property in our own products and licence the rights to produce the products.
• The reality:
Development of successful products takes resources, skills and technology
Still aspire to develop IP and currently have 5 products in development
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Where it all Started• Turned my conservatory into an office• Getting to know Tom • Giving Tom a key to my house• Started setting a place for him at the kitchen table• Juggling children and building a business• Investing in the business and planning for the future
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Starting Fripp Design and Research• Working with very few resources• Working for relationships rather than money• Being flexible• Skills put to the test• Difficult working alone rather than as part of a team• Generating repeat customers•Undercutting competition – winning business on price• Develop diverse products
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Moving into business premises – Why?• Buying a ZCorp 510 – which won’t fit in the conservatory!!!• December 2007 - Moved into Sheffield Tech – Business Incubator of the year 07/08• Taking on our first employee (now a shareholder)• Financing the Business
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Turning into a “real” company• Offering customers something of genuine value• Growing resources• CAD• Design skills• Marketing• Web presence• Staff• Brand awareness: who you know, not what you know • Focusing on core skills• Winning business• Professional service
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Moving on...• Moving to the Advanced Manufacturing Park• On page1of Google for product design #5• Dealing with difficult clients and going to court • Not enough hours in the day• New directions for the business• Board meetings and heated discussions• Managing cash
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
...growing Pains• More employees – more liabilities
• Managing cash flow
• Working with Universities
• Years of networking starting to pay off
• Implementing systems to manage growth
• Managing and motivating employees
• Recognising thieves...
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Rules in business• Define responsibilities
• Regular board meetings
• Lead by example
• Manage your cash
• Be honest with clients & suppliers
• Enjoy what you do
www.frippdesign.co.uk
CONSULT RESEARCH DESIGN
Advanced Manufacturing ParkTechnology CentreBrunel WaySheffieldS60 5WG
THANK YOU
0114 254 [email protected]
