An International Success Story with a Royal Pedigree.
Medichem, which is situated over in Rushenden, is a great example of a business that started from humble beginnings and has just gone from strength-to-strength, thanks to the vision and determination of its Founder Tom Allsworth.
Tom decided not to follow his parent’s wishes to study at University. Instead he jumped straight into a job at 16. Fast forward 2 years later and Tom’s ambition got the better of him and so he left to start his first venture.
It took Tom a few attempts to find the right business model to deliver the level of success he craved but once he had it, there was no holding back. Tom founded the Medichem group in 1992 and over the past 20 years the businesses have grown significantly, expanding, evolving and adapting along the way. The constant theme has always been innovation, trying to bring new unique products to whichever market Tom targeted. In the early days this was the medical field, specialising in the world of hospital/theatre/sterilisation. More recently Medichem’s successes have been in the hair and beauty retail environment.
Having developed products that consumers wanted to buy it wasn’t long before Tom began to find that other people wanted to take Medichem’s products and package them under their own brand name. This is a notoriously difficult market to break into, requiring great products at the right price. However, Medichem’s commitment to quality products at affordable prices and the team’s exceptional relationship management skills, brought some pretty high calibre brands knocking on their door, including the Duchy Originals brand that is owned by his Royal Highness the Prince of Wales.
Medichem now turns over in excess of £10million each year and with products being sold in Superdrug, Boots, Tesco, Sainsbury’s and Waitrose and exports around the world to 20 countries, it is no wonder that they continue to grow.
Having innovative products is not enough to create a multi-million pound business success story. It takes hard work, long hours and a dedicated team around you. Tom is proud of his Medichem team and if you look at the stats on the infographic below you will see levels of employee loyalty that would make many businesses envious.
In an interview with Young Academic magazine, Tom was asked what advice he had for young entrepreneurs, “My advice to Young Academic readers considering going into business is to work hard and never give up, believe in yourself and always show confidence in your product, but most of all to pay attention to the basic business principles which are to sell a product/service to the best of your ability at a competitive price whilst always ensuring that overheads and costs are kept trim. I have always believed that it is important to understand the financial position of your company, only then can you make sound decisions. We produce monthly management accounts and have done so every month since I started in 1992, that way you are never fooling yourself. You know month to month exactly what your income is and what your expenses have been and you can then focus your energies accurately and adjust your spending accordingly.”
Tom and his team are no strangers to receiving awards and in 2013 picked up the coveted first place award in the SWALE Business Awards.
Could you follow in Tom’s footsteps?
If you have the desire, the determination and the courage to have a go, then you are part of the way there.
All you need to get going is a business model that can generate a suitable level of revenue and a commitment from yourself to work hard to achieve your ambition.
You may have one or more business ideas that you wish to explore or if not, you may want to meet like-minded people to explore possible gaps in the market and come up with concepts to test.
Either way drop us a line using the form below and lets begin to explore the art of the possible.