Wondering how to start an art shop? We take you step-by-step from start to success.
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Characteristics of a Good Art Shop Business Plan
Your art shop's business plan should be tailored to your business's unique traits and goals. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – A foundational statement of your company's direction and strategy.
- Goals & Objectives – A list of mile markers on your art shop's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Tapping the Local Market for Customers
Most art shops rely on local customers. As such, it's a good idea to run the numbers to make sure there are enough local customers to support your new business. Get educated on business site selection, and make smart decisions about where to locate your new art shop.
Review the Competition
Long before you open an art shop in your town, it's worthwhile to determine how strong the competition is. Try our link below to find competitors nearby. Complete the form by entering your city, state and zip code to get a list of art shops that are close by.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
Once you've finished assessing the competion, it's a smart move to learn from folks who are already in business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
On the other hand, an individual who has an art shop on the other side of the country can be a great learning resource for you, after they realize you reside far away from them and won't be stealing their local customers. Many business owners are happy to give advice to new entrepreneurs It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
How does one quickly and easily locate an art shop founder who is willing to advise you because you live in different cities?
Easy. Find them using our link below and start calling until you are successful.
Three Arguments for Buying an Art Shop
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing art shop than it is to start one from scratch.
Due diligence and other business buying requirements are essential. But there are several reasons why buying an art shop may still be your best bet.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for an art shop, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
Consider Buying a Franchise
The odds of being a successful business owner increase if you go the franchising route instead of doing it all on your own.
Before you consider starting an art shop, you would be wise to assess whether franchise opportunities in your space might be worth investigating.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you came here to learn about selling to art shops, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.