Describe the business
We are a brand of wood flooring in the UK that sells through a network of retailers, so generally people can buy our products from a retailer about five miles from where they live. This way, they can get professional advice locally on what floor is best for them.
My grandad used to work as a floor fitter back in the 1940s and then my dad got involved in it as well. They have great technical knowledge, which we use in our products.
I started the business with my brother back in 2002, but we both grew up with it really.
Has your past as a racing driver helped you in business?
It definitely helps – sport is about competing and becoming the best, and if you are competing against other brands and manufacturers it can be a bit like beating someone round the track in a racing car.
Why did you decide to become an entrepreneur?
I have always been entrepreneurial. When I was younger I would do different things to make money, such as washing cars and buying sweets and selling them on to friends. I always took an interest in my dad’s business as well.
Business has always interested me, it’s just something I am passionate about and it gives me a buzz. It’s all about trying to be the best. I never went to university and I am dyslexic, but there are a lot of entrepreneurs with dyslexia. It can even be an advantage because you probably look at things slightly differently. You are direct in your approach – if you are writing something it’s in a couple of words. That’s how it works for me anyway.
You started the business aged 23 – was being a young entrepreneur difficult?
I don’t think it bothered me. At that age people looked at me and said: “You are just starting out, you will do it for a year and then do something else.” It just makes you more determined.
You are projected to reach £15m in turnover in the next financial year. What’s behind your recent growth?
The brand is getting more established. You get new customers but you get repeat business as well. We have also introduced new products and have a new company called Concreate. It is like flooring that comes in planks but is concrete with a natural finish.
What have been your biggest business setbacks?
There was a fire in 2011 that wiped out of a lot of stock in a factory. Luckily our customers carried on dealing with us, but some products were out of stock for a few months. It took us a while to bounce back from that, but it made us more determined and focused. Our competitors were saying, “They have had a fire, they will struggle to get back in there”, and you want to prove them wrong.
What do you enjoy about running a business?
I get a buzz from it. If I am away I can’t leave it alone, I think it’s a bit of a passion. To be successful you have got to enjoy what you do.
What’s your goal?
To keep growing. We are also going to build a design centre, like a design showroom, to show our products. It will be a place where retailers can send their customers to have a look. We are hoping to get that built by the end of the year as soon as we get the planning [permission] for it.
Chris Vincent is managing director of V4 Woodflooring
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