16. KX Group
Health and fitness business the KX Group continues to leverage the growing demand for boutique fitness classes.
Revenue: $5.93 million
Growth: 260.65%
Founders: Aaron Smith, 32
Head office: Melbourne
Year founded: 2010
Employees: 6
Industry: Health and fitness
Website: kx.com.au
Sam Bashiry founded Broadband Solutions in 2005 with an initial investment of just $1000.
In 10 years, he and co-founder Brad Hughes have turned the business into a multi-million dollar company, which turned over more than $15 million last financial year.
Broadband Solutions’ success can be pinned down to how the internet service provider filled a need that wasn’t being met by existing telecommunications companies, according to Bashiry.
“SMEs and the hospitality industry have unique requirements,” he says.
“They need tailored expert advice to deploy the most effective solution, they need competitive pricing to operate with a profit, and they need reliability to reduce their operating risks. These sorts of solutions were traditionally only offered to larger businesses, whereas the smaller companies were expected to rely on off-the-shelf products.”
Bashiry points out that in those early days, the hardest thing for him and his team was taking those first cautious steps into the unknown.
“The biggest challenge for us were the fixed costs, including the costs of setting up an office and the opportunity cost of leaving safer employment to focus on your own business,” he says.
“There isn’t a lot of way around them and even if you start out with a good product, the risks involved in going out on your own can be enormous. We were lucky to be in a position where those risks were acceptable.”
As for what he’s learnt from striking out on his own, Bashiry says entrepreneurs need to trust in their ability to succeed.
“Nobody will help you and if you don’t accept any risk,” he says.
