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Art Supply Store and Gallery Business Plan

3 March 2023 Businnes Plan


Art Supply Store and Gallery Business Plan


The NALB Creative Centre (NCC), is where artists come together. NALB stands as an acronym for “No artist left behind”, with our company’s by-line being: “Live Your Arts.” NCC is specialty retail store offering a wide array of materials and supplies to artists, crafters, and educators. NCC will provide a pleasant facility that will inspire and support amateurs, professionals and crafters in the Big Island art community. NALB will sponsor art shows and competitions, art and craft fairs, scholarships for artists to continue their formal education, and other community events. NALB will host, organize and teach creative workshops in a variety techniques and media.

The Market

NALB is an innovator in this exciting market. The island of Hawaii currently has only two stores exclusively offering art and craft supplies. Neither of these stores is able to offer education and hands-on opportunities. Neither currently supports the artists community in active ways. They also are not able offer the same level of customer support as NALB. NALB is an exclusive art supply store in West Hawaii that is owned and managed by artists. NALB Creative Centre will reach out to the increasing number of West Hawaii’s professional artists. We will also serve the growing retirement market (100% growth over the last three year), many of whom settled in Kona due to the vibrant art community. NALB will promote to students and teachers within the expanding public and private education systems.

The Organization

NALB is run by artists who are also practicing artists. It was founded with the belief that happy customers are key to the success of the business. NALB Creative Center will make every effort to satisfy all customers with all transactions. NCC will continue to be active in the local art scene by participating and educating. NALB staff will be trained in the latest products and trends. NALB’8217 s owners will set and anticipate consumer trends in creative work.

Deliveries, Products and Services

NALB will be located in the commercial business park between Costco and Home Depot, in a 3,000 square foot store. We are able to use much of their original work as cabinet makers were our former tenants. NALB will have the floor space to offer a wide variety of art and craft supplies. Because of our size, we have the buying power to buy directly from manufacturers, thereby avoiding any middle-man markups. Regular customers will get discounts. Orders over $300 qualify for free delivery to North Kona. NALB will offer Artist&#8217s Oasis holidays to tourists by offering local accommodations and renting equipment. They also sell supplies and provide maps and guidebooks.

Financials

NCC will report modest profits from month one. A wholesale buying option will ensure that margins of 50% are possible. The first full-year sales will be slightly more than $300,000. We are projecting conservatively a growth rate of 5% the first three years and 20% thereafter, even though existing art supply stores are reporting growth of over 30%. Although we budget conservatively, we have great vision.

1.1 Objectives

  1. Customer satisfaction: To offer knowledgeable and professional service to customers and create an environment that caters specifically to the needs and interests of the Big Island art and craft community. Customer satisfaction will be measured through repeat business (our goal is that 50% of our customers will return within 6 months for an additional purchase) and multiple sales (our goal is that 30% of sales are accompanied by an additional purchase).
  2. To gain 80% market share to become the most important art and craft supplier on the Island.
  3. To achieve a 50% profit margin during the first year.
  4. To be an active, vocal member of the community.
  5. In years two and three, the Artist’s Oasis in Hawaii will be developed. We would organize local accommodations and rental materials for visiting artists.

1.2 Keys to Success

NALB Creative Center must succeed by:

  • We strive to satisfy 100% of our vendors and customers.
  • Promote and advertise in areas where your target customers will find out about our store.
  • Continually reviewing inventory and sales to adjust inventory levels.
  • Provide products that have the highest quality, reliability and quality. Our competitors must offer more premium products than we do. Offering loss leaders and other promotions that encourage customers to visit the store to make purchases, view our service line, and sign up in future events are all good ideas.
  • Join the community and be active.
  • In-store classes, demonstrations, events and classes

    • 1.3 Mission

    NALB Creative Center’s mission is to support and contribute to the community of artists and crafters by offering quality, name brand supplies to accommodate customer needs; by hosting and supporting shows, events, classes and contests; and by promoting the island as an artist’s oasis and destination.

    We will constantly strive to provide the customer with what they need. We will also continue to review the market. We will provide new products and services to the areas of need. NALB will remain a space for artists to meet.

    Our customers choosing us to fulfill their expectations in price, service and selection will be the ultimate measure of our success.

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