Entrepreneur Archive:
Gray's Jewelry & Gifts

Gray's Jewelry & Gifts—Maryville, MO
Assisted by:
Small Business Development Center at Northwest Missouri State University

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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