Illawarra Small Business Marketing Strategies- Effectual strategies for Small Business

The Currency Exchange Wollongong

“Money, Money, Money”

No it’s not just an ABBA song. It’s Paul Spight’s life.

Ever since 1990, Paul Spight has worked in the Travel Industry, mainly in Currency Exchange. With his father having been in the Industry for many years, it was probably inevitable that Paul would go down the same path. However, I doubt that he thought that taking a “summer job” with Thomas Cook in Peterborough, England would led him to owning and managing The Currency Exchange in Wollongong some 21 years later. But…that’s exactly what happened. Thisis where the illawarra business success story starts.

In 1992 Paul completed a Maths and Computing Degree and began working on the counter for Thomas Cook in London. While still working for them, he went back to Uni and studied for a History Degree at the University of North London in 1995.

Two years later Paul moved, with his parents, to Australia where he worked at Sydney Airport for 3 months before returning to England to complete his Degree. In 1998 he was back in Australia. After doing some travel, he returned to work in 1999 at the Sydney Airport Currency Exchange. Here, Paul met his wife who was also working at the Airport.

In 2000, the same year he got married, Paul took up an IT position with Thomas Cook and moved to the company’s Head Office in Ultimo, Sydney. He worked here for 3 years and then purchased a Travel Agency in Wollongong in 2003 under the Thomas Cook banner. This proved to be a bumpy ride for Paul as the company changed name to Travel Advantage and then to Harvey World Travel by 2006.

At this time, Paul was able to take over The Currency Exchange as a Travelex Franchisee. Then, in 2008, he closed the Travel Agency to focus on The Currency Exchange. Moving to new premises next to McDonalds in Wollongong Central in 2009 enabled Paul to increase business and, in 2010, the transformation of the business was complete when he changed to the new branding and the franchise agreement ceased.

As it exists today, The Currency Exchange buys and sells commission free currency. Paul says that “most currencies are available daily or can be ordered to arrive within 24 hours. Our rates are always competitive. We specialise in low margins and high turnover.” Two of the great advantages of doing business with The Currency Exchange is that the store resembles a small bank, creating extra security for customers, and it does not close for lunch.

Prepaid International Debit Cards are also available. In fact, Paul says, “The Currency Exchange is the Number One seller of Pre Paid Cards in the country.” This illarrawa business focuses exclusively on cash and cards. They do not sell insurance.

Paul tells me that he orders currency twice weekly which is very rare for a currency exchange located outside of Sydney. Because he has been doing this for so long, Paul understands “usage rates” and knows how much to order.

Paul says that he really enjoys being self employed because “My destiny is in my hands.” Being a family business he can try things without someone saying “No”. His father, who runs The Currency Exchange on Sydney’s North Shore is his Mentor and Paul sometimes looks to his experience for guidance. However, Paul and his wife usually make the decisions related to their store. The only real problem they face is that they have no control over Exchange Rates. However, Paul adds that “online rates are the same as you will get in store.”

Paul’s Number One Tip for small business is: Make sure you put strategies in place to cater for any problems you may encounter. This is just one of the illarrawa networking ideas which made Paul successful. And so as toother businesses, illarawa small business marketing strategies are really of effect in catering problems in the industry.