Hills Business Case Study: Goodrich Home Loans

Goodrich Home Loans was established in 2012 as a mobile home loan specialist servicing the Adelaide Hills and greater Adelaide region.  Currently employing one broker and mentoring two others Goodrich Home Loans has settled more than $150m in home loans and in 2011 and 2016 was named the Choice Aggregation Lenders' Choice Award Winner SA/NT.

We had a chat to Karen for some tips on running a home based business.

What is your greatest business learning?
I've learned that there is a difference between being good at what you do and running a business.  It's important to recognise the things you don't do well and then surround yourself with people whose talents fill those gaps.

What is your greatest business success?
More than 90% of my business comes from past clients returning or referrals from existing clients.

Is there anything you would have done differently?
In the early days I invested money in marketing, without fully understanding my target audience.

How do you stay up-to-date with the latest business information and trends?
Regular professional development days, industry publications, business networking groups.

Where have you sought business advice?
Mentors within the industry, reading, podcasts (Freakonomics is one of my favourites), seminars, and a close network of peers.

What financial factors should be considered when wanting to grow a business?
Give yourself a financial buffer and know the risks; stick to your budget; invest in people.

What value do you place in business plans?
It's vitally important to have a vision and to benchmark all major decisions against your business objectives on an ongoing basis.

What three things should someone consider before starting a business?

  1. Is there a need for what I want to offer?
  2. Do I have the resources to make it happen? (e.g. cashflow, skills)
  3. How does the business complement my personal life goals?