How to Start a Art Supply Store

Start a art supply store by following these 10 steps:

1. Plan your Art Supply Store
2. Form your Art Supply Store into a Legal Entity
3. Register your Art Supply Store for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Art Supply Store
6. Get the Necessary Permits & Licenses for your Art Supply Store
7. Get Art Supply Store Insurance
8. Define your Art Supply Store Brand
9. Create your Art Supply Store Website
10. Set up your Business Phone System

We have put together this simple guide to starting your art supply store. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out othersmall business ideas．

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

What will you name your business?

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit ourHow to Name a Businessguide or get help brainstorming a name with ourArt Supply Store Name Generator

If you operate asole proprietorship, you might want to operate under a business name other than your own name. Visit ourDBAguide to learn more.

Whenregistering a business name, we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability．

It's very important to secure your domain name before someone else does.

What are the costs involved in opening a art supply store?

An art supply store will need to spend money on the following:

• Rent/mortgage
• Cost of materials
• Staff salaries
• Commercial insurance
• Registration/business permits
• Office equipment
• Marketing costs

What are the ongoing expenses for a art supply store?

An art supply store will need to account for the following expenses:

• Rent/mortgage
• Store maintenance/cleaning
• Staff salaries
• Marketing/website upkeep
• Restocking supplies
• Commercial insurance

Who is the target market?

The target market can be anyone from professional artists to the general public. Most people will have some need for art supplies at some point during the year, whether they’re starting a project of their own or helping someone they love. Art supply stores may primarily market to one specific group, while reserving a smaller space of the store for different types of artists.

How does a art supply store make money?

Art supply store owners will charge a mark-up on their products based on customer demand and item availability. They may also charge people a fee to attend parties, activities, or networking meetings.

How much can you charge customers?

Art supplies can range in price from a few pennies to hundreds of dollars (or more) for a single item. Look up standard rates both online and in your area before you determine your profit margin for each item.

How much profit can a art supply store make?

Profits will largely depend on the types of items you sell. Common items, such as paints, pencils, and sketchbooks, may only net a small profit margin. However, more expensive items may sell at a 30% or higher margin. Owners may need to source their products from a variety of wholesalers to maximize their profits.

How can you make your business more profitable?

Consider offering classes or events that would be of interest to your customers. They can be professional events where new artists can show their work and meet more influential people in the art world. Or they can be fun nights where attendees drink wine and paint their own masterpiece.

STEP 2: Form a legal entity

The most commonbusiness structuretypes are thesole proprietorship,partnership,118bet金博宝 , andcorporation．

Establishing a legal business entity such as anLLCorcorporationprotects you from being held personally liable if your art supply store is sued.

You can金宝搏188是什么公司yourself and pay only the minimal stateLLC costsor hire one of the118金宝app for a small, additional fee.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more aboutstate sales taxand franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to aspiercing your corporate veil．

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting abusiness credit cardhelps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money later on.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with ourLLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully.Business Insuranceprotects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face,begin withGeneral Liability Insurance．This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need isWorkers’ Compensation Insurance．If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Is this Business Right For You?

This business is best for those who want to inspire artists of all kinds by offering quality products and professional guidance. Owners should have a strong appreciation for fine art, but they should also be open to helping newcomers find their feet.

What happens during a typical day at a art supply store?

The majority of the day will be spent dealing with customers, restocking supplies, and researching new inventory. If the store holds events, staff will need to devote time to negotiating contracts, setting up the store, and dismantling the materials. Owners will also need to budget time for marketing, financial planning, and staff scheduling.

What are some skills and experiences that will help you build a successful art supply store?

Owners will ideally have experience with both art and business. They should have enough of a presence in the art world to predict the types of supplies customers want, as well as a background in financial planning, marketing, and store display. Even if you choose to outsource these positions to different members of your staff, you’ll need to know enough to hire the right people and oversee their progress.

What is the growth potential for a art supply store?

美术用品的全球总收入是秘密地e to $64 billion in 2017. However, brick-and-mortar art supply sales have suffered from the introduction of online operators and big-box stores. Owners may choose to offer online sales to grow their customer base, but they shouldn't give up on the promise of traditional retail. Physical locations give customers a chance to get answers to their questions, which can instantly increase their utility and popularity.