05 Mar Art Supply Store and Gallery Business Plan

NALB Creative is the place where artists gather. NALB is an acronym that stands for “No Artist left Behind” and our company slogan is: “Live your Art.” NCC, a specialty retail shop, offers a large range of materials and supplies for artists, crafters, and a gallery. It also has an education center and a gallery. NCC will offer a friendly environment that will encourage and support both amateurs and professionals in the Big Island arts community. NALB will sponsor art competitions and fairs, as well as scholarships for artists who wish to continue their education. NALB will offer creative classes and workshops in many media and techniques.

The Market

NALB is at the forefront in an exciting and growing 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. Both stores do not currently support artists in an active way. They also are not able offer the same level of customer support as NALB. NALB is unique in that it is run by artists and is the only art supply shop on the island. NALB Creative will serve the needs of West Hawaii’s increasing number professional artists. We will also be able to meet the needs for the growing retiree market (a 100% increase over the last 3 years), many of who have settled in Kona as a result of the vibrant and supportive 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. The company was founded on the belief that satisfied customers are essential to its success. NALB Creative Center is committed to exceeding the expectations of all customers in all transactions. To maintain a presence within the art and craft community and close relationships to customers, NCC will be an active member of the local art scene through participation and education. NALB staff will get training in the most recent trends and products. NALB’8217 s owners will set and anticipate consumer trends in creative work.

Products, Services, and Delivery

NALB will be situated in the commercial park between Costco & Home Depot. It will have a store measuring 3,000 sq. ft. Many of the original tenants were cabinetmakers. NALB will have enough space to sell a variety of craft and art supplies. We are large enough to have the purchasing power and ability to buy directly with manufacturers. We will offer discounts to regular customers. Orders over $300 qualify for free delivery to North Kona. NALB will offer Artist’s Oasis holidays to travelers by arranging local accommodations, renting equipment, selling supplies, and offering maps and guides.

Financials

NCC will see modest profit in the first month. Because NCC can buy wholesale, the margins are predicted to be 50% The first full calendar year’s sales will be slightly above $300,000. The growth rate we expect is 5% in the first three year and 20% thereafter. Existing art supply stores have reported growth of 30%. We have great vision, even though we budget conservatively.

1.1 Objectives

1. Customer Satisfaction – To create an environment where art and crafts enthusiasts can shop by providing knowledgeable and professional support. We aim to measure customer satisfaction through repeat business (our goal for 50% of our customers to return within six months for an additional order) and multiple sales (our target is 30% of all sales that are accompanied with an additional purchase).
2. To earn 80% market share and become the number one art and craft supplier on the island.
3. To reach a 50% profit margin in the first year.
4. To be a vocal and active member of the community. To provide ongoing reinvestment through sponsorship of community festivities and activities.
5. To create, in years two and 3, Artist’s Oasis for Hawaii. This program would provide local accommodation and rental of materials for visiting/vacationing artist.

1.2 Keys to Success

NALB Creative Center must succeed by:

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 continue to strive to fulfill the needs of the consumer. We will review all available products and services. We will develop new products and services for the areas that need them. NALB will still be an area where artists can gather.

Customers choosing us will measure our success by their faith in our ability meet or exceed their expectations for price, service, selection, and quality.