When
Bryan and Vickie Gray came to the Northwest Missouri State University
SBDC in Maryville, they were already experienced entrepreneurs. They
had owned and successfully operated Gray's Jewelry & Gifts in
Bethany, MO, since 1991. The Bethany store was located in the downtown
area and had a reputation for quality jewelry and exceptional service.
In addition, Bryan was also an accomplished jewelry repairperson and
was doing jewelry repair for several other jewelry stores in northwest
Missouri. The Grays felt that the Bethany store was close to reaching
its potential; however, if their business was going to continue to
grow, they needed to expand to another location.
Bryan
had grown up only a few miles from Maryville in Bedford, IA, and had
always had his eye on Maryville as a potential location for another
store. When a good location came available, the Grays were ready to
consider the expansion. While they had opened and grown the Bethany
store with personal savings and a small bank loan, the new venture
would require a much larger investment. That's when their banker suggested
they contact the SBDC for assistance in writing a business plan and
putting together a cash flow pro-forma for the first few years' operation.
The process took some time, but within a few months the store was
ready for its grand opening. When the store opened, it offered customers
a large selection of diamonds, gold and silver jewelry and various
gift lines. Bryan manages both stores and divides his time equally
between the Maryville and Bethany stores. In addition, four part-time
employees were hired to staff the Maryville store.
Like many small business owners, Bryan felt the impact of Sept. 11
on his company. "It's a good thing that we took the time to do
the planning and research we did before we opened the new store. Sales
have been slower than we projected, but the jewelry repair business
has increased. The extra planning helped us secure adequate financing
with manageable terms. It's helped us maintain an adequate cash flow
while getting the new store open and has enabled us keep the business
going."
Over
all, Bryan feels that the expansion was necessary if Gray's Jewelry
business was to grow. He and Vickie are seeing some positive signs
as Gray's Jewelry becomes more established in the Maryville community.
As the business heads into its second year, Bryan expects sales and
profits to improve as the economy rebounds and people in the community
become more aware of the outstanding selection of fine jewelry and
excellent services the store has to offer.
Gray's Jewelry & Gifts
Bryan and Vickie Gray
2nd & Main
Maryville, MO 64468
660/582-3018
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