Ask Michael Thibert what he believes is the key to success when constructing your own building and he'll sum it up this way – plan wisely.
"If I had advice for any entrepreneur considering the purchase or construction of a building, I would first say get external help to plan your investment. It's money well spent," says the Vice President of Garry's Garden Gallery, a unique retail concept that includes a garden centre, gift and floral shop, pool and hot tub department and Christmas store. Thibert, who runs the Lindsay, Ontario-based business with his mother and President of the company Dianne, offers concrete proof that a well-planned construction project can ultimately generate revenues. Since the move into the new space, the company has seen renewed interest in the business skyrocket and 400% growth in sales over the past few years. "We're competing against big box outlets such as Wal-Mart and Canadian Tire, so our new store has helped us increase our visibility and sharpen our competitive edge," he emphasizes.
Do a feasibility study
Before the company made the decision to invest in a new building and expanded acreage for the Garden Centre, Thibert says that the firm first did a feasibility study, which was carried out by BDC Consulting. A part of that study involved a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats), which provides a client's competitive position in the market. This method allows entrepreneurs to look at specific areas of their business and market and to find out where they can improve and fill in gaps. "BDC was an excellent partner here. The consultant helped us look at important aspects such as forecasting, traffic flow, and consumer trends before making our investment. We were able to determine our strong and weak points and improve on specific areas of the business, such as marketing. "It was an excellent exercise that helped us take better advantage of a good business opportunity," says Thibert.
Get the necessary funding from start to finish
BDC can also help its customers fund their construction projects from start to finish, covering initial costs such as planning and designing a new space. Garry's Garden Gallery took full advantage of BDC's term financing and flexible payment schedules to finance the new layout, design and construction of the new store. "Getting experts in allowed us to use every square foot effectively," says Thibert. "A lot of business owners may tend to simply expand their space, but if you don't use it well, then you won't get the bang for your buck," he says.
An important factor in the design of the space was creating what Thibert calls the "WOW factor." "In the retail world, you want your customers to walk into the store and feel that immediate urge to purchase," he says. "Our designers helped us create an environment that was user-friendly and where we could easily rotate merchandise to maintain customer interest."
Stay within budget
During the construction, the team at Garry's Garden Gallery also worked hard to keep the project within budget. "We were very much involved at every step of the project from design to final building. We let the experts do their job but we also were very vigilant about our costs." By keeping those costs down, the company has managed to invest in other important areas of the business, such as human resources and advertising. "Advertising regularly is essential in retail, and we're glad to have the cash to be able to do that," he emphasizes.
In the end, Garry's Garden Gallery has seen that the company's building project was a highly worthwhile initiative. "We're still growing and our new space has grown with us," he concludes.
