Smart50 rank: 45
Revenue: $1,089,972
Growth: 41.50%
Founders: Perrie Croshaw, 53; Paul Baldwin, 54
Based: New South Wales
Employees: 5
Industry: Accommodation, cafes and restaurants
Website: www.southcoastholidays.com.au
Having previously owned an award-winning B&B, Perrie Croshaw's reputation paved the way for her next business venture.
"When I sold the B&B, past guests would phone me to ask about holiday accommodation in the area. They wanted a personal recommendation and valued my opinion," says Croshaw.
"I soon found I was spending most of the day on the phone and email answering queries and making recommendations. Thus my business was born."
"Once I received my 'restricted' real estate licence, I needed to set up a trust account. The numbers and accounting work in the business multiplied. I worked with a business partner who took bookings and managed properties while I brought new properties online and handled marketing and PR. However, in order to grow the business, I really needed a partner with a solid accounting background."
In 2003, Croshaw's previous partner retired and sold her share of the business to new partner, Paul Baldwin, a former accountant and financial CEO. When Baldwin joined the business, the pair bought a new web-based booking engine, which has seen the business grow by 40% each year, with revenue for 2008-09 was $1,089,972.
"Our business is growing faster than ever. We were concerned in February this year that we would see a slowdown in bookings, but we have had record months in May, June and July."
But Croshawis mindful of how the industry is changing.
"Holiday accommodation rental is becoming a more professional business and real estate agents whose core business is buying and selling properties are often just not positioned to rise to the new challenge. The business is much more tourism focused than real estate focused - so we work closely with the Illawarra, Wollongong, Kiama and South Coast Regional Tourism boards."
The advice Croshaw offers budding entrepreneurs is simple and straight to the point.
"Do your research before starting up your business, but don't be intimidated by bureaucrats. Keep copies and records of all correspondence. Take notes during phone conversations. Record people's names and contact details for future reference."
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