Art supplies store is a profitable and lucrative retail opportunity for any individual who is passionate about art and has knowledge about the equipment that is essential for the artists. You can establish an art supplies store by having a small retail location with a flair stock of popular art supplies essentials.
Proper market research about the products and their competitors is essential. With the right strategic planning, this business can be initiated with a comparative small startup budget. The gross margin is high. For a small shop, focusing on a niche is important.
Here are the 8 Steps to Start an Art Supply Store
In initiating an art supplies store, buying a franchise can be a good option. In that case, you will be enjoying the brand value and will get support from the franchisor in every aspect of the business including local area sales promotion activity.
1. Select a Business Model
Apart from only an art supplies store, you can establish an innovative art supplies lounge with a bigger establishment. Yes, this needs more investment and management capabilities to run the show smoothly.
An art supplies lounge includes art and craft supplies, a gallery, an education center, and sitting arrangements with coffee and snacks.
It is rather like an art creative community center where no artists are left behind. Providing this type of pleasant facility will definitely inspire and support amateurs, professionals, and crafty people in the art community. From this business platform, you can also facilitate art shows, competitions, and so many other community events.
Running and operating this store by art practicing professionals will give value addition.
Creating a shopping environment that needs artists by offering knowledgeable and professional service is the key area to getting success in this business. As you will be purchasing bulk materials, you will be gaining more profit margin also.
2. Art Supplies Store Business Plan
Creating a detailed business plan is important even if it is a small retail store. You will need to determine the store carpet area, stock of inventory, manpower, store establishment, and marketing strategy. Determining a niche is important for any type of retail business. Whether your stocks will be for students only or you will keep supplies for professional artists also. Calculate your startup budget.
You will need to arrange finance accordingly. If you are initiating the business by hiring a retail space, check the rent agreement carefully before signing.
3. License For Art Supplies Store
In starting art supplies store business, registering the business with authority is the first priority. According to the management body, you will need to register your business. Different states provide different types of licenses and permissions to retail stores. It is advisable to check with a small business consultant regarding this.
Choose a catchy artistic name for your business and protect it through Trade Mark Registration.
4. Calculate the Cost of Starting an Art Supply Store
The investment in starting an art store will include, space rent, stocks and inventories, license fees, manpower, and legal costs.
The cost of starting an art supply store on a small scale will cost in the range of $20,000 to $30,000 depending on the scale of operation. However, the profit margin is much higher compared to other businesses.
5. Art Supplies Store Establishment
In establishing art supplies store location is an important factor. Location nearby school, colleges are preferred. You can consider a high-traffic shop-in-shop proposition also. Consult with an interior professional in crafting the floor plan. It is the first thing the customer sees before entering your store; the storefront.
It makes good sense to focus your creative energies on what the signage and storefront look like. Make the store ambiance inviting and comfortable. This will keep your customers around as long as possible.
Purchasing the right inventory at the right price is one of the most crucial factors. In the initial phase, you can keep a mixed inventory with the popular brand and non-popular local brands. Purchase the supplies from reliable vendors only.
You will need to keep a different assortment of equipment, mediums, and supplies for all styles of art. You should extend far beyond general art supplies, catering to all types of creative outlets. In addition to specialized items such as crafting and printmaking supplies also.
6. Set up Business Accounting
It is extremely important to set up proper accounting processes for the smooth functioning of financial transactions and also help you in filing taxes. Choose proper accounting software that fits your need.
7. Art Supplies Store Staffing
As I have discussed earlier, keeping an employee who has knowledge about art is a plus. It is essential at least they have flair ideas about the applications of the supplies. How employees relate to customers is an important factor in retail sales. The confidence to make eye contact and strike up a conversation with strangers is absolutely essential.
8. Promote Your Art Supplies Store
In this era of the internet, you can’t afford to lose online customers. Promote your business offline and online. Do some outdoor advertising activities and media publications. Publishing advertisements in art magazines is an effective one. Concentrate on in-shop branding also.
Create your own website. Create info-based content. Register with an online marketplace like amazon.com. Offering multiple varieties of the product with a free shipping option will definitely help you in getting more sales revenue from your art supplies store.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.