Art Supply Store and Gallery Business Plan Leave a comment

NALB Creative Center (NCC) is the place where artists meet. NALB stands for “No Artist Left Behind”, and our company motto is: “Live Your Art.” NCC is a specialty store that offers a wide range of supplies and materials for artists and crafters, as well as a gallery and education center. NCC will be a welcoming facility that will support crafters, professionals, and amateurs in the Big Island’s 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 leads in a growing and exciting market. Two stores are currently available on Hawaii’s island that only sell art and craft supplies. Neither of these stores is able to offer education and hands-on opportunities. They do not support the artists in any active way. They are also not able to give the high level of customer support that NALB can. NALB is the only island art supply store that is exclusively owned and operated by artists. NALB Creative will serve the needs of West Hawaii’s increasing number professional artists. We will also fill the needs of the growing market of retirees (100% growth in the last three years) many of whom have settled in Kona because of the thriving art community that exists here. NALB will market actively for teachers and students in the rapidly growing private and public education systems.

The Organization

NALB is owned by and operated exclusively by 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 be able to anticipate and create consumer trends through creative work.

Products, Services, Delivery

NALB will locate in the commercial business district between Costco and Home Depot in a store of 3,000 square feet. We will continue to benefit from the handiwork of cabinet makers who were our previous tenants. NALB will have enough space to sell a variety of craft and art supplies. Due to our size, we will also have the purchasing power to buy from manufacturers directly, thus avoiding middle man mark-ups. Regular customers can get discounts. We will also offer free delivery in North Kona for orders of $300 or more. NALB offers Artist’s Obasis holidays by providing local accommodation, rental equipment, supplies, maps, and guides.

Financials

NCC will show modest profit from month one. The ability to buy wholesale will result in a 50% increase in margins. The first full-year sales will be slightly more than $300,000. Our projections are conservatively for a growth rate 5% the first three-years and 20% thereafter. However, existing art supply retailers are reporting growth rates exceeding 30%. We budget conservatively, but have great vision.

1.1 Objectives

1. Customer Satisfaction: To create a shopping environment that caters to the needs of the art and craft community of the Big Island by offering knowledgeable and professional customer service. Our goal is to make customers happy by increasing repeat business (our goal being that 50% of our customers return within 6 month for an additional purchase) as well as multiple sales (our aim is that 30% are accompanied and accompanied by another purchase).
2. To achieve 80% market share and be the top art and craft supplier in the island.
3. To achieve a 50% profit margin within the first year.
4. To be an active, vocal member of the community.
5. To develop, in year two and three, Artist’s Oasis of Hawaii. We would organize local accommodations and rental materials for visiting artists.

Success Keys 1.2

For NALB Creative Center’s success, it is essential that:

1.3 Mission

NALB Creative Centre’s mission it to support and help the community of artists, crafters and craftspeople by offering quality, brand-name supplies to satisfy customer needs. By hosting and supporting shows and classes; and by promoting the island to be an artist’s oasis and destination.

We will work hard to satisfy the consumer’s needs. We will provide new products and services to the areas of need. NALB will continue to be a gathering place for artists.

Our customers will define success as their trust in us and their ability to deliver on their price, service, or selection expectations.