Justin and Diane Fedun are partners in life and in business. Both passionate about homes and design, the couple decided to venture into entrepreneurship together and started Silverstone Custom Homes in Red Deer, Alberta. They have set their sights on creating family-friendly homes that homeowners can be thrilled with and trust in for years to come. Together, they’ve created something to be extremely proud of: a portfolio of stunning homes, and a sterling reputation for being incredible to do business with.
When did you first know you wanted to be a business owner?
(Diane:) Justin knew he wanted to be a business owner in university, realizing very early on that he wanted to have the freedom and control to be his own boss. We weren’t really sure where to start. Then—when we began to look for homes, we felt that we couldn’t find anything just right for what we were looking for. We ended up working with a local builder, making some modifications to a floor plan they had. We realized that we really enjoyed working together. Then began the discussion, “Do you think we could become homebuilders?” We approached the bank, and invested what money we had and bought a lot in Blackfalds to build our first ever custom home under Silverstone Custom Homes.
When did you start Silverstone Custom Homes?
(Justin:) We started Silverstone Custom Homes on October 5, 2012 and then began building our first house in March of 2013.
Is this your first venture?
(Diane:) We played around with a few different business ideas, and both held a variety of different jobs before we started Silverstone.
What were you most afraid of?
(Diane:) The scariest part about becoming a business owner was taking the initial risk. To do it right would require investing a lot of time, energy, and capital. We were also realistic about the fact that homebuilding is a very competitive market.
What have been some of your biggest challenges getting started?
(Justin:) Financing was the biggest challenge when we first started out. Every bank we went to said, “Thanks, but no thanks.” We finally got our first construction mortgage from ATB, which we both had to put personal guarantees on.
(Diane:) It was also difficult building and maintaining a great reputation that customers can trust and depend on. It takes a while to develop a well known name. Building a home is a big investment for people to make when they are unfamiliar with your company.
Did you find any entrepreneur resources that were helpful?
(Diane:) Nothing specific, but we listened carefully and learned from other business owners, and received support from friends, family, and the community.
Did you have the help of any mentors along the way?
(Justin:) We were lucky because both of our families have their own businesses and acted as sounding boards to our ideas.
Who supports you the most?
(Justin:) Each other! And of course, our families and friends. There were a lot of people who thought we were crazy when we started out but that didn’t scare us off.
What is your biggest inspiration?
(Diane:) Our customers! They inspire us to rise up to the challenge of building the home of their dreams within their budget that works with their lifestyle. It’s so rewarding to see them light up when they see the process come to life.
What is the most fulfilling thing about being an entrepreneur?
(Diane:) Seeing the business grow and knowing that our hard work makes a real difference. It’s also really awesome to be building relationships with people. We take the time to appreciate and learn from every experience
What advice do you have to anyone thinking about doing it?
(Diane:) The Wayne Gretzky quote: “You miss 100% of the shots you don’t take.”
(Justin:) Plan, plan, plan. It’s also really important to know your business inside and out—competitors, contacts, the market, etc.
Would you do it again?
(Diane & Justin:) Yes!
Any other information that will help tell your entrepreneurial story?
(Diane:) It’s really important to be humble and to be good to people. Reputation and relationships are invaluable, especially in a tight-knit community like central Alberta.
