Case Studies
Scales Plus - www.scalesplus.net
Matthew Stock
At just 24 years old, Matthew Stock is already an experienced business operator.
After leaving school early to enrol in a hospitality course, he soon decided it wasn’t for him so he tried his hand at mobile phone sales.
Selling came naturally to him and, at 18 years old, he used some of his commission-based earnings to open his own retail store selling mobile phones and accessories.
“This first venture gave me a lot of business experience, but increased competition — to the point of market saturation — and insufficient business planning were the reasons why the business wasn’t highly successful,” Matthew said.
“I decided to close the shop-front and operate the business from home on a part-time basis. I found this to be more rewarding than managing the retail store because of the increased flexibility of working from home and the lower overheads.”
He then took a year off to travel around the world, spending most of his time in South America. During his travels Matthew considered various business opportunities.
“Due to my background in electronic sales and after speaking to my business contacts and researching potential business opportunities, I made a decision to specialise in selling weighing equipment, including scales and balances,” he said.
“In February 2004 I was accepted into the New Enterprise Incentive Scheme (NEIS) and during the course I undertook comprehensive market research and developed a solid business plan before turning my business into a reality.
“I started my business — Scales Plus — with just two items in my product range and I now offer close to 100 products.
“In addition to a complete range of high quality scales and balances, I also stock electronic and mechanical tools for the jewellery industry and innovative and practical consumer electronic products such as battery-free torches and metal detectors.
“I mostly supply wholesale to specialist retailers and I still operate my business from home.
“Working from home has its benefits and disadvantages. It’s easier to get sidetracked and it can be difficult to maintain a normal work schedule.
“The flexibility of working from home, however, far outweighs the potential disadvantages.”
Matthew said the start-up phase of a business involves a lot of hard work and continual investment of time and funds to grow the business.
“The best part of being in business is seeing successful results and recognising the high potential for future growth,” he said.
“I also like the idea of making the decisions that count and working out strategies for business success without having to refer to a boss.
“I’d definitely recommend small business to anyone who has the determination to make their business succeed. It takes a lot of hard work, but the hard work pays off in the end.
“It brings me much more satisfaction than working for someone else.”
Matthew first visited the Small Business Development Corporation (SBDC) to purchase small business management publications. He learned about the Young Business Network when he saw the stand at the 2004 Business Opportunities Expo.
“I’ve found the Young Business Network to be excellent for business networking and it’s encouraging to talk to other business owners around the same age as me.
“I’ve met some of the other members and I’m looking forward to getting more involved in the online forum.”
