Keeping business afloat against the odds can be hard. But major decisions coupled with timing have helped OPUS Design withstand the test of time.
Born in Greece, general manage Tassos Tourgelis remembered the first day he took over the business in the back streets of Sydney’s trendy Paddington.
“We got $20 of takings, it was very hard and we had to start more or less from ground zero, but we were determined to do it and we did,” Tassos said.
Today he’s taken a step back from the business with his son Chris slowly taking the reigns as co-director of the business.
Tassos first came to Australia at 16 where he began a new life and started a family. (Supplied.) Source: Supplied
Looking at opportunities in dark times has helped the business bounce back from immense challenges.
One of those challenges came when a major shopping centre opened nearby and their bottom line took a hit.
Chris says it highlights a huge issue many small businesses face if they’re not owners and operate from leased premises.
“Our rental was absolutely insanely expensive and we were spending under $300,000 a year,” he said.
“But one great opportunity that came out of that was the area was in decline, and as it was declining, it became more affordable to buy.”
That marked a turning point for the business and triggered a $5 million investment to rebuild a new store.
Chris and Tassos say it's important to look for opportunities when challenges arise. (Supplied.) Source: Supplied
He concedes it may not make complete sense to have spent so much money, because they couldn’t built many more for the same amount, but he’s confident they’ve cemented themselves in the market and are no longer vulnerable to changes.
Planning for longevity prompted OPUS Design to expand, and stocking Australian-made products has become a major drawcard.
“We take more risks and I feel that’s where our opportunity is and that’s where our strength is as well,” Chris said.
“Tourism is one of the most exciting opportunities to grow in Australian retail because the opportunity in Asia is immense."
“There is a risk if we do run over $0.80 against the US dollar that can impact our tourism as we’ve seen in the past.”
OPUS Design had been operating in a rented premesis for a long time but buying the store has been a big step forward for the Tourgelis'. (Supplied.) Source: Supplied
Worrying less about rent has meant they have gained control of their future and are experimenting with a promising new business structure to manufacture and distribute their own products.
“We get to control a brand and we get to do all the things that, I guess, the wholesalers do and we can grow without having to physically grow out more or set up new premises,” he said.
It’s a far cry from when Tassos first bought OPUS Design, but it’s a dream come true for the entrepreneur who arrived in 1962, sure to one day start his own business.
Want to find out the secret to small business success? Tune into #BizSecretsSBS at Sundays 7am on SBS, stream on SBS On Demand, or follow us on Facebook, Twitter or Instagram.
