Are you planning to open an art supply store but don’t know where to start? Don’t worry, we have come up with a guide to help you set everything you need up with this new business venture.
From the planning to the art supplies to the legal affairs, you will want to have a game-plan. Without one, you could stand to lose a lot of money before you have even started. We have some great advice to maximize your profit down below.
Keep on reading to learn everything there is to know about starting an art supplies shop.
Make a Business Plan
The first step to starting any business is making a clear plan. Map out all the details of your art supply store, from your business’s name to the different costs. Your plan will also help you in discovering some of the unknowns of starting a proper business.
The first thing you need to do is establish the basics like the name, target market, and brand of your business. You then need to understand the opening costs and ongoing expenses like:
- Rent/Mortgage of the store
- Store maintenance
- Staff salaries
- Cost of materials/stock
- Registration and permits
- Insurance
- Marketing
- Equipment
These are just a few examples of what you are going to be paying for before and after you start.
Afterward, you need to determine how much you are going to charge your customer. Research other retailers to get a reasonable margin of profit for each item. To make your business more profitable moving forward, try offering services for classes or events.
Fix Legal Affairs
After all the planning, the next step is to establish a legal entity for your business as an LLC or a Corporation. This will separate you from your business and prevent personal liability if the business ever gets sued. Yes that is correct, any business can get sued or fined including a simple wholesome art store.
Other legal processes include registering for the federal and state taxes required in your area. You can check on everything you need from your state’s website or the IRS website.
You will also want to open up a separate business bank account and credit card. This is essential for protecting your assets if your business gets sued. Aside from separating your business and personal assets, it also makes for easier tax filing and accounting.
Getting all the necessary permits and licenses to open a shop is the next thing you need to take care of. Optionally, apply for business insurance to protect its financial well-being. This ensures that your business can operate safely and lawfully.
For an art supply shop, you’ll want customized insurance like framing supply insurance.
Define and Market
Once you have covered all the technical aspects, you will want to define your brand. Establish what your company stands and what it represents. Your brand is also how the business is publicly perceived by your audience.
You need to get some traction to bring customers in. This means promoting your business through different kinds of ads. Targeting consumers depending on your market, whether it is professional artists or students.
Now You Know How to Start an Art Supply Store
Starting a new business is never an easy process, but hopefully, we were able to help you understand how you can set up your art supply store. From the planning to marketing, we hope that we were able to get you started on your art supply store journey.
Launching your art supply store business is only the start, however. We invite you to go over our catalog of guides right here to discover how to market your shop, take advantage of the digital landscape, and utilize social media! Digital marketing is a great place to use your artistic talents to promote your art shop.
