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Art Gallery Business Plan Template

Written by Dave Lavinsky

Growthink.com Art Gallery Business Plan Template

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their art galleries. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through an art gallery business plan template step-by-step so you can create your plan today.

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What Is a Business Plan?

A business plan provides a snapshot of your art gallery as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start an art gallery or grow your existing art gallery you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your art gallery in order to improve your chances of success. Your art gallery business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Art Galleries

With regards to funding, the main sources of funding for an art gallery are personal savings, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for an art gallery is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund an art gallery.

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Your business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of art gallery business you are operating and the status; for example, are you a startup, do you have an art gallery that you would like to grow, or are you operating a chain of art galleries.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the art gallery industry. Discuss the type of art gallery you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of art gallery you are operating.

For example, you might operate one of the following types:

  • Commercial Gallery : this type of art gallery is a for-profit business in which collectors buy pieces of artwork on display so both the gallery and the artist get a cut of the revenue. These galleries typically curate selective shows based on what’s likely to sell. Some commercial galleries are public, and others are private (collectors must be members to purchase).
  • Artist-run Initiative : this type of art gallery is also known as a co-operative, involving a group of artists coming together to split the costs and responsibilities of running a gallery. These galleries typically use a rotational schedule, where artists may get a chance once every few months or years to show their creations.
  • Non-Profit Gallery : Non-profits receive their funding from grants and donations, and the commissions are typically much lower than in commercial galleries. These organizations can accept artists based on merit rather than clout.

In addition to explaining the type of art gallery you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the art gallery business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the art gallery industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards local art, it would be helpful to ensure your plan calls for plenty of pieces from local artists in the rotation.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your art gallery business plan:

  • How big is the art gallery business (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your art gallery. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your art gallery business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: affluent millennials, serious collectors, baby boomers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of art gallery you operate. Clearly Millennials would want a different atmosphere, pricing and product options, and would respond to different marketing promotions than serious collectors.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most art galleries primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other art galleries.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes antiques dealers, internet-based art dealers and auction sites, and foreign art dealers. You need to mention such competition to show you understand that not everyone in the market for works of art will shop locally.

With regards to direct competition, you want to detail the other art galleries with which you compete. Most likely, your direct competitors will be art galleries located very close to your location.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of customers do they serve?
  • What products do they offer?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to stand outside your competitors’ locations and ask customers as they leave what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide superior art?
  • Will you provide types of art that your competitors don’t offer?
  • Will you make it easier or faster for customers to acquire your products?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a art gallery business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of art gallery that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to paintings, will you also offer prints and sculptures?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the types of art you offer and their expected price ranges.

Place : Place refers to the location of your art gallery. Document your location and mention how the location will impact your success. For example, is your art gallery located next to a heavily populated office building, or in a luxury shopping area, etc. Discuss how your location might provide a steady stream of customers.

Promotions : the final part of your art gallery marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Making your art gallery’s storefront extra appealing to attract passing customers
  • Displaying art samples outside the gallery
  • Advertising in local papers and magazines
  • Reaching out to local bloggers and websites
  • Social media advertising
  • Local radio advertising
  • Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your art gallery such as serving customers, procuring art, keeping the store clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sell your 100th piece, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your art gallery’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in the art gallery business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in art galleries and/or successfully running retail and small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 50 customers per day or 100? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your art gallery, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, let’s say a collector approached you with a massive $100,000 commission project, that would cost you $50,000 to procure. Well, in most cases, you would have to pay that $50,000 now for the piece, transportation, employee salaries, etc. But let’s say the collector didn’t pay you for 180 days. During that 180 day period, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing an art gallery:

  • Location build-out including design fees, construction, etc.
  • Cost of equipment like display cases, computers, and software
  • Cost of maintaining an adequate selection of art
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your store design blueprint or location lease.

Art Gallery Business Plan Summary

Putting together a business plan for your art gallery is a worthwhile endeavor. If you follow the free template above, by the time you are done, you will have an expert business plan; download it to PDF to show banks and investors. You will really understand the art gallery business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful art gallery.

Art Gallery Business Plan FAQs

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How to Start a Art Supply Store

An art supply store will sell a number of materials for art projects, installations, and exhibits. Some owners choose a specialty (e.g., sculpting, painting, etc.), while others will sell general items to all.

Learn how to start your own Art Supply Store and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Art Supply Store Image

Start a art supply store by following these 10 steps:

  • Plan your Art Supply Store
  • Form your Art Supply Store into a Legal Entity
  • Register your Art Supply Store for Taxes
  • Open a Business Bank Account & Credit Card
  • Set up Accounting for your Art Supply Store
  • Get the Necessary Permits & Licenses for your Art Supply Store
  • Get Art Supply Store Insurance
  • Define your Art Supply Store Brand
  • Create your Art Supply Store Website
  • 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 other small 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.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Art Supply Store Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering 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.

Want some help naming your art supply store?

Business name generator, 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:

  • Store maintenance/cleaning
  • Marketing/website upkeep
  • Restocking supplies

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.

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.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your art supply store is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

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!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and 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 as piercing 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.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps 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.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

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 our LLC 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 Insurance protects 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 with General 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 is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Art Supply Store needs and how much it will cost you by reading our guide Business Insurance for Art Supply Store.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a art supply store

Online promotion can be a good way for people to find you if you’re marketing to the everyday consumer. New advancements in marketing make it easy to tailor ads to customers, depending on what they search for. So, if a parent searches for school supplies, they'll see a different ad than someone searching for sculpture materials.

If you’re planning to market to professionals, you can also befriend gallery owners and informal community leaders in the area. Post flyers in public areas or hold Q&A sessions to understand how your store can better meet their needs.

How to keep customers coming back

Attracting customers starts with having the right products at the right prices. You can also attract customers by staffing your store with experts. It’s easy to find advice online about practically any art project, but a video is not the same as in-person guidance. Having the right staff can really encourage retention, as customers will come to rely on staff for everything from motivation to project insight.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

  • All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
  • Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
  • Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

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Welcome to the Startup Savant podcast , where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.

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.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

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?

The total global revenue for art supplies was close 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.

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For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a art supply store?

Art supply stores can be a pillar for a community, especially if owners can forge a connection with residents. Consider the neighborhood in which you want to open. Are people serious artists who want a place to buy professional supplies? Are they amateurs with a limited budget but a passion for creation? Or are they affluent professionals who purchase supplies for their children and not themselves? Once you know who you’re going to cater to, you can start finding ways to reach out to them. For example, maybe you gear the store towards professionals and hold monthly meetings for regular customers to come together and share ideas. Or maybe you confer with local schools to better understand the types of art projects they assign to students. If you can find a local university with a thriving art program, consider opening as close to the university as possible.

Before having a grand retail opening, consider offering stock online beforehand. Global art sales have climbed exponentially in recent years, suggesting you can find buyers in the farthest corners of the Earth. Experiment with what you offer and how you market it online. Gather feedback early on and adjust your stock (and goals) as you go.

How and when to build a team

Owners who plan to keep limited or by-appointment hours may be able to skip hiring a team until their customer base grows. However, if you’re planning to keep more conventional hours, you’ll need to hire a team immediately. If you're selling online, you may need to hire someone to keep track of orders, reviews, and questions. Make sure that those who work directly with customers are friendly and knowledgeable about a variety of art subjects.

Useful Links

Real world examples, have a question leave a comment.

Art Supply Business Plans

Did you know each of these plans was created in LivePlan? Learn More

Art Supply Store and Gallery Business Plan

NALB Creative Center is an artist supply store, gallery, and instruction venue.

Stained Glass Gallery Business Plan

Glass Dreams is a stained glass art gallery, studio, and retailer of stained glass tools and supplies.

You know which brands artists should be using. The paints, pens, and paper that are simply the best, as well as other options that are more affordable. And you can turn that knowledge into a successful art supply business, all you need is a business plan. Luckily, you don’t need to know the ins and outs of what’s needed for a full plan. Instead, you can start with our library of professional art supply sample business plans. Just download and create your own.

If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

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How to Start a Profitable Art Supplies Store Business

Do you want to start an art supplies store? If yes, you are in the right place. Here in this article, you will find all the steps to follow to start an art supplies store business including costs, licenses, store setup, sourcing supplies, and more.

If you have a passion for art and creativity, starting an art supplies store can be an ideal venture. It is without saying, giving artists the resources they require to realize their ideas is a fulfilling way to give back to the artistic community.

Here are the 10 Steps to Start an Art Supply Store

1. market research.

Conduct thorough market research on the local art supplies market. It will help you to understand the local demand, competition, and customer preferences. Additionally, identify the target audience, such as professional artists, hobbyists, students, or art schools.

2. Select a Business Model 

Apart from only an art supplies store, you can establish an innovative art supplies lounge with a bigger establishment. Yes, this needs more investment and management capabilities to run the show smoothly.

An art supplies lounge includes art and craft supplies, a gallery, an education center, and sitting arrangements with coffee and snacks.

It is rather like an art creative community center where no artists are left behind. Providing this type of pleasant facility will definitely inspire and support amateurs, professionals, and crafty people in the art community. From this business platform, you can also facilitate art shows, competitions, and so many other community events.

Running and operating this store by art practicing professionals will give value addition.

Creating a shopping environment that needs artists by offering knowledgeable and professional service is the key area to getting success in this business. As you will be purchasing bulk materials, you will be gaining more profit margin also.

3. Write an Art Supplies Store Business Plan

Creating a detailed business plan is important even if it is a small retail store. Some of the essential components your business plan document must include are as follows:

  • Initial and recurring costs
  • Ptarget customers
  • Pricing strategy
  • How do you plan to sell your art items?

Furthermore, you will need to determine the store carpet area, stock of inventory, manpower, store establishment, and marketing strategy. Determining a niche is important for any type of retail business. Whether your stocks will be for students only or you will keep supplies for professional artists also. Calculate your startup budget.

You will need to arrange finance accordingly. If you are initiating the business by hiring a retail space, check the rent agreement carefully before signing.

4. License for Art Supplies Store

In starting art supplies store business, registering the business with authority is the first priority. According to the size and scale of the company, you will need to decide on the type of business structure. It can be a sole proprietorship, partnership, or LLC.

Read:   How to Start an LLC

Different states provide different types of licenses and permissions to retail stores. It is advisable to check with a small business consultant regarding this.

Choose a catchy artistic name for your business and protect it through Trade Mark Registration.

5. Calculate the Cost of Starting an Art Supply Store

The investment in starting an art store will include, space rent, stocks and inventories, license fees, manpower, and legal costs.

The cost of starting an art supply store on a small scale will cost in the range of $20,000 to $30,000 depending on the scale of operation. However, the profit margin is much higher compared to other businesses.

6. Select a Location & Store Layout

In establishing an art supplies store location is an important factor. It is advisable to select a strategic location with high foot traffic and proximity to art schools, studios, or creative communities. You can also consider a high-traffic shop-in-shop proposition also.

Design an inviting and organized store layout that showcases your products attractively. Create dedicated sections for different art mediums like painting, drawing, sculpting, etc. It makes good sense to focus your creative energies on what the signage and storefront look like. Make the store ambiance inviting and comfortable. This will keep your customers around as long as possible.

It is advised to consult with an interior professional in crafting the floor plan. Do remember, the storefront is the first thing the customer sees before entering your store.

7. Suppliers and Inventory Management

Purchasing the right inventory at the right price is one of the most crucial factors. Establish relationships with reliable art supplies wholesalers and manufacturers. Ensure a steady supply of quality products at competitive prices. In the initial phase, you can keep a mixed inventory with the popular brand and non-popular local brands.

You need to maintain a diverse inventory of art materials, including paints, brushes, canvases, sketchbooks, and other essentials. The inventories in your shop should extend far beyond general art supplies, catering to all types of creative outlets. In addition to specialized items such as crafting and printmaking supplies also.

8. Set up Business Accounting

It is extremely important to set up proper accounting processes for the smooth functioning of financial transactions and also to help you in filing taxes. Choose the proper accounting software that fits your need.

9. Art Supplies Store Staffing 

As I have discussed earlier, keeping an employee who has knowledge about art is a plus. It is essential at least they have flair ideas about the applications of the supplies. How employees relate to customers is an important factor in retail sales. The confidence to make eye contact and strike up a conversation with strangers is absolutely essential. Your employees should focus on providing excellent customer service and engaging with customers to build lasting relationships.

10. Promote Your Art Supplies Store

In this era of the internet, you can’t afford to lose online customers. Promote your business offline and online. Do some outdoor advertising activities and media publications. Publishing advertisements in art magazines is an effective one. Concentrate on in-shop branding also.

Create your own website . Create info-based content. Register with an online marketplace like amazon.com. Offering multiple varieties of products with a free shipping option will definitely help you in getting more sales revenue from your art supplies store.

Where Can You Buy Art Supplies Online?

You can buy art supplies online from various reputable websites that offer a wide range of products to cater to artists of all levels. Here are some popular online platforms where you can purchase art supplies:

Amazon is a well-known e-commerce platform that offers a vast selection of art materials, ranging from paints, brushes, canvases, sketchbooks, and more. You can find products from various brands and compare prices to get the best deals.

b) Dick Blick Art Materials

Dick Blick is a popular online art supply store that has been serving artists for many years. They offer an extensive range of art supplies, including high-quality paints, drawing materials, and other essentials.

c) Jerry’s Artarama

Jerry’s Artarama is another well-established online art supply store with a wide selection of products for artists. They often have special promotions and discounts for art materials.

d) Utrecht Art Supplies

Utrecht is known for its high-quality art supplies and offers a great online shopping experience. They have a wide array of art materials suitable for both beginners and professionals.

e) Michaels

Michaels is a renowned arts and crafts store with an extensive online presence. They offer a broad range of art supplies, home decor, and DIY materials.

f) Lionel Gallery

Lionel Gallery is an Indian-based online art supply store that offers a variety of art materials, including paints, brushes, drawing tools, and more.

g) Hobby Lobby

Hobby Lobby is another popular arts and crafts store that offers online shopping. They have a dedicated section for art supplies with a wide selection to choose from.

h) Jackson’s Art Supplies

Jackson’s is a UK-based online art supply store that ships internationally. They offer a diverse range of art materials and often provide discounts and deals.

i) Artist & Craftsman Supply

Artist & Craftsman Supply offers a wide range of art materials, including eco-friendly options. They have both physical stores and an online platform for purchasing art supplies.

j) Blick Art Materials

Blick Art Materials is a reputable art supply store with an extensive online presence. They offer a vast selection of art materials and provide resources for artists.

When purchasing art supplies online, it is essential to read customer reviews and check product descriptions to ensure you’re getting the right materials for your artistic needs. Additionally, be mindful of shipping costs and delivery times to plan your purchases accordingly.

Frequently Asked Questions

What makes a successful art supplies store.

A successful art supplies store offers a wide range of high-quality products, provides excellent customer service, and fosters a creative and inspiring environment.

How do I attract customers to my art supplies store?

Use social media marketing, collaborations with local artists, and in-store promotions to attract customers. Offer unique products and create a welcoming ambiance.

How can I stay updated with the latest art trends and products?

Attend art trade shows, read industry publications, and stay connected with art communities to stay updated with the latest trends and products.

Can I sell online in addition to a physical store?

Yes, having an online presence can significantly expand your reach and allow you to serve customers beyond your physical location.

Should I focus on specific art niches or offer a broad range of products?

This depends on your target audience and the competition in your area. Consider catering to specific niches while offering a diverse selection of products.

art supply store and gallery business plan

About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.

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Art Gallery Business Plan

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If you are planning to start a new art gallery business, the first thing you will need is a business plan. Use our sample art gallery business plan created using upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new art gallery business, spend as much time as you can reading through some examples of retail store business plans .

Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample business plan for you to get a good idea about what a perfect art gallery business plan should look like and what details you will need to include in your stunning business plan.

Art Gallery Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

  • The Financing
  • Mission Statement
  • Management Team
  • 3 Year profit forecast
  • Expansion Plan
  • Purpose of Starting A Business
  • Startup cost
  • Funding Required
  • Management Equity
  • Exit Strategy
  • Auction Services
  • Exhibition Services
  • Cultural Handicrafts
  • Market Trends
  • Industry Analysis
  • Marketing Share
  • Residential Community
  • Government Institutions
  • Corporate Sector
  • Business Target
  • Product Pricing
  • Competitive Analysis
  • Sales Strategy
  • Sales Forecast for 3 Years
  • Corporate Organization
  • Company Staff
  • Average Salary of Employees
  • Important Assumptions
  • Brake-even Analysis
  • Profit Yearly
  • Gross Margin Yearly
  • Projected Cash Flow
  • Projected Balance Sheet
  • Business Ratios

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art supply store and gallery business plan

After  getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your art gallery business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.

Download a sample art gallery business plan

Need help writing your business plan from scratch? Here you go;  download our free art gallery business plan pdf  to start.

It’s a modern business plan template specifically designed for your art gallery business. Use the example business plan as a guide for writing your own.

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How to write a business plan for an art gallery?

art gallery business plan

Putting together a business plan for an art gallery can be daunting - especially if you're creating a business for the first time - but with this comprehensive guide, you'll have the necessary tools to do it confidently.

We will explore why writing one is so important in both starting up and growing an existing art gallery, as well as what should go into making an effective plan - from its structure to content - and what tools can be used to streamline the process and avoid errors.

Without further ado, let us begin!

In this guide:

Why write a business plan for an art gallery?

  • What information is needed to create a business plan for an art gallery?
  • How do I build a financial forecast for an art gallery?

The written part of an art gallery business plan

  • What tool should I use to write my art gallery business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write an art gallery business plan in the first place.

To have a clear roadmap to grow the business

Running a small business is tough! Economic cycles bring growth and recessions, while the business landscape is ever-changing with new technologies, regulations, competitors, and consumer behaviours emerging constantly.

In such a dynamic context, operating a business without a clear roadmap is akin to driving blindfolded: it's risky, to say the least. That's why crafting a business plan for your art gallery is vital to establish a successful and sustainable venture.

To create an effective business plan, you'll need to assess your current position (if you're already in business) and define where you want the business to be in the next three to five years.

Once you have a clear destination for your art gallery, you'll have to:

  • Identify the necessary resources (human, equipment, and capital) needed to reach your goals,
  • Determine the pace at which the business needs to progress to meet its objectives as scheduled,
  • Recognize and address the potential risks you may encounter along the way.

Engaging in this process regularly proves advantageous for both startups and established companies. It empowers you to make informed decisions about resource allocation, ensuring the long-term success of your business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your art gallery's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

A detailed business plan becomes a crucial tool when seeking financing from banks or investors for your art gallery.

Investing and lending to small businesses are very risky activities given how fragile they are. Therefore, financiers have to take extra precautions before putting their capital at risk.

At a minimum, financiers will want to ensure that you have a clear roadmap and a solid understanding of your future cash flows (like we just explained above). But they will also want to ensure that your business plan fits the risk/reward profile they seek.

This will off-course vary from bank to bank and investor to investor, but as a rule of thumb. Banks will want to see a conservative financial management style (low risk), and they will use the information in your business plan to assess your borrowing capacity — the level of debt they think your business can comfortably handle — and your ability to repay the loan. This evaluation will determine whether they'll provide credit to your art gallery and the terms of the agreement.

Whereas investors will carefully analyze your business plan to gauge the potential return on their investment. Their focus lies on evidence indicating your art gallery's potential for high growth, profitability, and consistent cash flow generation over time.

Now that you recognize the importance of creating a business plan for your art gallery, let's explore what information is required to create a compelling plan.

Information needed to create a business plan for an art gallery

You need the right data in order to project sales, investments and costs accurately in the financial forecast of your art gallery business plan.

Below, we'll cover three key pieces of information you should gather before drafting your business plan.

Carrying out market research for an art gallery

Before you begin writing your business plan for an art gallery, conducting market research is a critical step in ensuring precise and realistic financial projections.

Market research grants you valuable insights into your target customer base, competitors, pricing strategies, and other crucial factors that can impact the success of your business.

In the course of this research, you may stumble upon trends that could impact your art gallery.

You could find through market research that people may be interested in buying more abstract artwork, or that they might be drawn to more traditional or classic pieces. Additionally, research could reveal that patrons may be interested in purchasing limited edition works or that they might appreciate the opportunity to attend special events at the gallery.

Such market trends play a pivotal role in revenue forecasting, as they provide essential data regarding potential customers' spending habits and preferences.

By integrating these findings into your financial projections, you can provide investors with more accurate information, enabling them to make well-informed decisions about investing in your art gallery.

Developing the sales and marketing plan for an art gallery

As you embark on creating your art gallery business plan, it is crucial to budget sales and marketing expenses beforehand.

A well-defined sales and marketing plan should include precise projections of the actions required to acquire and retain customers. It will also outline the necessary workforce to execute these initiatives and the budget required for promotions, advertising, and other marketing efforts.

This approach ensures that the appropriate amount of resources is allocated to these activities, aligning with the sales and growth objectives outlined in your business plan.

The staffing and equipment needs of an art gallery

As you embark on starting or expanding your art gallery, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is essential for ensuring your business's success.

Both the recruitment and investment plans must align with the timing and level of growth projected in your forecast, and they require appropriate funding.

A art gallery might incur staffing costs such as salaries for employees, including art curators, gallery attendants, and security personnel. It might also incur costs for equipment such as display racks, lighting, computers, and other technological equipment. Additionally, the gallery will need to purchase art supplies for any special exhibits, such as framing and mounting materials.

To create a realistic financial forecast, you also need to consider other operating expenses associated with the day-to-day running of your business, such as insurance and bookkeeping.

With all the necessary information at hand, you are ready to begin crafting your business plan and developing your financial forecast.

What goes into your art gallery's financial forecast?

The financial forecast of your art gallery's business plan will enable you to assess the growth, profitability, funding requirements, and cash generation potential of your business in the coming years.

The four key outputs of a financial forecast for a art gallery are:

  • The profit and loss (P&L) statement ,
  • The projected balance sheet ,
  • The cash flow forecast ,
  • And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for an art gallery shows how much revenue and profit your business is expected to make in the future.

example of projected profit and loss statement in a art gallery business plan

A healthy art gallery's P&L statement should show:

  • Sales growing at (minimum) or above (better) inflation
  • Stable (minimum) or expanding (better) profit margins
  • A healthy level of net profitability

This will of course depend on the stage of your business: numbers for a startup will look different than for an established art gallery.

The projected balance sheet of your art gallery

Your art gallery's forecasted balance sheet enables the reader of your plan to assess your financial structure, working capital, and investment policy.

It is composed of three types of elements: assets, liabilities and equity:

  • Assets: represent what the business owns and uses to produce cash flows. It includes resources such as cash, equipment, and accounts receivable (money owed by clients).
  • Liabilities: represent funds advanced to the business by lenders and other creditors. It includes items such as accounts payable (money owed to suppliers), taxes due and loans.
  • Equity: is the combination of what has been invested by the business owners and the cumulative profits and losses generated by the business to date (which are called retained earnings). Equity is a proxy for the value of the owner's stake in the business.

example of forecasted balance sheet in a art gallery business plan

Your art gallery's balance sheet will usually be analyzed in conjunction with the other financial statements included in your forecast.

Two key points of focus will be:

  • Your art gallery's liquidity: does your business have sufficient cash and short-term assets to pay what it owes over the next 12 months?
  • And its solvency: does your business have the capacity to repay its debt over the medium-term?

The projected cash flow statement

A cash flow forecast for an art gallery shows how much cash the business is projected to generate or consume.

example of cash flow forecast in a art gallery business plan

The cash flow statement is divided into 3 main areas:

  • The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
  • The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
  • The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your art gallery business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting an art gallery.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

sources and uses table in a art gallery business plan

This table helps size the investment required to set up the art gallery, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your art gallery business plan, let's have a look at the written part of the plan.

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of an art gallery business plan is composed of 7 main sections:

  • The executive summary
  • The presentation of the company
  • The products and services
  • The market analysis
  • The strategy
  • The operations
  • The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

In your art gallery's business plan, the first section is the executive summary — a captivating overview of your plan that aims to pique the reader's interest and leave them eager to learn more about your business.

When crafting the executive summary, start with an introduction to your business, including its name, concept, location, how long it has been running, and what sets it apart. Briefly mention the products and services you plan to offer and your target customer profile.

Following that, provide an overview of the addressable market for your art gallery, current trends, and potential growth opportunities.

Next, include a summary of key financial figures like projected revenues, profits, and cash flows.

Finally, in the "ask" section, detail any funding requirements you may have.

2. The presentation of the company

The second section in your art gallery's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your art gallery, you may emphasize the potential for the area to become a thriving cultural hub. You could point out the easily accessible transportation options nearby, such as public transit and major highways. You might also talk about the potential for increased foot traffic in the area due to the presence of other businesses or attractions. Additionally, you may highlight the potential for the area to become a destination for art aficionados from around the region.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your art gallery might offer customers the chance to purchase artwork, access to artist talks and workshops, as well as the opportunity to expand their network by connecting with other art enthusiasts. This will help customers deepen their appreciation for art, understand the creative process, and find new outlets for their creativity.

4. The market analysis

When outlining your market analysis in the art gallery business plan, it's essential to include comprehensive details about customers' demographics and segmentation, target market, competition, barriers to entry, and relevant regulations.

The primary aim of this section is to give the reader an understanding of the market size and appeal while demonstrating your expertise in the industry.

To begin, delve into the demographics and segmentation subsection, providing an overview of the addressable market for your art gallery, key marketplace trends, and introducing various customer segments and their preferences in terms of purchasing habits and budgets.

Next, shift your focus to the target market subsection, where you can zoom in on the specific customer segments your art gallery targets. Explain how your products and services are tailored to meet the unique needs of these customers.

For example, your target market might include young professionals with disposable income. These individuals tend to be more interested in collecting art as an investment, rather than just as decoration. They would be interested in high quality pieces, as well as the chance to network at gallery events.

In the competition subsection, introduce your main competitors and explain what sets your art gallery apart from them.

Finally, round off your market analysis by providing an overview of the main regulations that apply to your art gallery.

5. The strategy section

When you write the strategy section of your art gallery business plan, remember to cover key elements such as your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, elaborate on what makes your company stand out from competitors. This becomes especially important if you're a startup, aiming to carve a place for yourself amidst established players in the marketplace.

The pricing strategy subsection should demonstrate how you plan to maintain profitability while offering competitive prices to attract customers.

Outline your sales & marketing plan, detailing how you'll reach out to new customers and retain existing ones through loyalty programs or special offers.

For the milestones subsection, outline your company's achievements to date and your main objectives for the future, complete with specific dates to set clear expectations for progress.

Lastly, the risks and mitigants subsection should address the main risks that could affect your plan's execution. Explain the measures you've put in place to minimize these risks, assuring potential investors or lenders.

Your art gallery could face a number of risks. For example, it may have difficulty attracting visitors, leading to lower sales and profitability. Additionally, it might be subject to theft in the form of artwork, cash, or other valuable items. To prevent these risks, it is important to have strong security measures in place to protect against theft and to engage in marketing efforts to ensure that your art gallery is seen by potential customers.

6. The operations section

The operations of your art gallery must be presented in detail in your business plan.

The first thing you should cover in this section is your staffing team, the main roles, and the overall recruitment plan to support the growth expected in your business plan. You should also outline the qualifications and experience necessary to fulfil each role, and how you intend to recruit (using job boards, referrals, or headhunters).

You should then state the operating hours of your art gallery - so that the reader can check the adequacy of your staffing levels - and any plans for varying opening times during peak season. Additionally, the plan should include details on how you will handle customer queries outside of normal operating hours.

The next part of this section should focus on the key assets and IP required to operate your business. If you depend on any licenses or trademarks, physical structures (equipment or property) or lease agreements, these should all go in there.

You may have key assets such as artwork and sculptures, as well as intellectual property such as the artwork’s copyright and the gallery’s unique branding. The artwork in the gallery could be valuable and may have a high market value, while the gallery’s branding could be a key asset in distinguishing the gallery from others. The intellectual property of the artwork and the gallery’s branding might be essential to the success of the art gallery.

Finally, you should include a list of suppliers that you plan to work with and a breakdown of their services and main commercial terms (price, payment terms, contract duration, etc.). Investors are always keen to know if there is a particular reason why you have chosen to work with a specific supplier (higher-quality products or past relationships for example).

7. The presentation of the financial plan

The financial plan section is where we will present the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of what goes in your art gallery business plan, let's look at the solutions you can use to draft yours.

What tool should I use to write my art gallery's business plan?

In this section, we will be reviewing the two main solutions for creating an art gallery business plan:

  • Using specialized online business plan software,
  • Outsourcing the plan to the business plan writer.

Using an online business plan software for your art gallery's business plan

Using online business planning software is the most efficient and modern way to write an art gallery business plan.

There are several advantages to using specialized software:

  • You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
  • You are guided through the writing process by detailed instructions and examples for each part of the plan
  • You can access a library of dozens of complete business plan samples and templates for inspiration
  • You get a professional business plan, formatted and ready to be sent to your bank or investors
  • You can easily track your actual financial performance against your financial forecast
  • You can create scenarios to stress test your forecast's main assumptions
  • You can easily update your forecast as time goes by to maintain visibility on future cash flows
  • You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Hiring a business plan writer to write your art gallery's business plan

Outsourcing your art gallery business plan to a business plan writer can also be a viable option.

Business plan writers are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring business plan writers is expensive as you are paying for the software used by the consultant, plus their time, and their profit margin of course.

From experience, you need to budget at least £1.5k ($2.0k) excluding tax for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders or investors).

You also need to be careful when seeking investment. Investors want their money to be used to grow the business, not spent on consulting fees. Therefore, the amount you spend on business plan writing services (and other consulting services such as legal services) needs to be negligible relative to the amount raised.

The other drawback is that you usually don't own the business plan itself: you just get the output, while the actual document is saved in the consultant's business plan software - which makes it difficult to maintain the document up to date without hiring the consultant on a retainer.

For these reasons, outsourcing the art gallery business plan to a business plan writer should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their business plan using online software.

Why not create your art gallery's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write an art gallery business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my art gallery business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

  • Word processors don't include instructions and examples for each part of your business plan
  • Word processors don't update your numbers automatically when they change in your forecast
  • Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating an art gallery business plan for some entrepreneurs, it is by far not the best or most efficient solution.

  • Having an up-to-date business plan is key to maintaining visibility on your future cash flows.
  • A business plan has 2 parts: a financial forecast highlighting the expected growth, profitability and cash generation of the business; and a written part which provides the context needed to interpret and assess the quality of the forecast.
  • Using business plan software is the modern way of writing and maintaining business plans.

We hope that this guide helped you to better understand how to write the business plan for an art gallery. If you still have questions, do not hesitate to contact us.

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Art Gallery Business Plan and SWOT Analysis

Art Gallery Business Plan, Marketing Plan, How To Guide, and Funding Directory

The Art Gallery Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start an Art Gallery business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be available for download after your purchase.

Product Specifications (please see images below):

  • Bank/Investor Ready!
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  • 3 Year Excel Financial Model
  • Business Plan (26 to 30 pages)
  • Marketing Plan (24 to 28 pages)
  • 425+ Page Funding Directory
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  • Three SWOT Analysis Templates
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The startup cost associated with the new art gallery are considered to be relatively low. Given that there is not much need for furniture, fixtures, and equipment outside of a large space and a few computers – start up costs can range anywhere from $25,000 to $100,000 depending on the specific location. In major metropolitan areas the biggest cost associated with launching a new art gallery is the actual acquisition of retail space. However, many of these locations are operated in up-and-coming aspects of town do have a lower ongoing rental expense. The gross margins generated from art can vary widely. Typically, prints will have a gross profit of approximately 60% to 90% while sales of original artwork typically generate gross margins of about 50%. This is due to the fact that many pieces of original artwork typically sold on commission or on consignment. As such, these high gross margins will ensure that most art galleries are able to remain profitable and cash flow positive in most economic climates.

Generally, most art galleries are started with an investment from a third-party investor or from the owner themselves. Most financial institutions typically shy away from providing large capital commitments to these businesses given the fact that their revenues are subject to changes in economic fluctuations. Additionally, most art galleries do not have a very large tangible asset base. However, once two years have passed and an art gallery becomes profitable then in financial institution may provide the owner with a working capital one credit based on their online and in-store sales. This is frequently referred to as merchant financing. If an individual is seeking to raise capital from private investor then an art gallery business plan is going to be required. This document should feature a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page.

This document should also have a very in-depth overview of the demographics that we targeted for sales of art through the retail location and all mine. Within the local market this includes a examination of median household income, median family income, population size, population density, and the number of other art galleries that are operating within the target market. As it relates to competition there should be a significant examination of all other art galleries and are in operation in order to ensure that these businesses will not have a deleterious effect on the art galleries initial revenues.

Included within the business plan should be examination of the industry as well. As of this year, or galleries generate about $5 billion a year of revenue and provide employment for were about 25,000 people. There are currently about seven 6,700 individual or galleries within the United States. Annual payrolls each of the last five years have exceeded $750 million. The anticipated growth rate of this industry will be that of the general economy which is currently around 2% to 3% per year.

It is extremely important that the owner develop an art gallery marketing plan as well that focuses not only on promoting the retail location but also via online sales channels. As relates to retail marketing, most art galleries will frequently have openings each month that showcase the art that is currently held by the business. There should always be available a number of prints so that individuals can make small purchases if they choose not to purchase an original piece of art. These are gallery openings are usually marketed through print advertisements, radio advertisements, television, as well as your online sales channels.

As it relates to online marketing, and art gallery needs to have an expansive e-commerce driven website that showcases the facility, current works being shown, prints available, hours of operation, contact information, and information regarding upcoming events at the art gallery. As it relates to e-commerce functionality, the entire inventory of the art gallery should be made available so that any individual anywhere in the world can make a purchase of either a print or an original piece of art directly from the company’s website. Additionally, as it relates to e-commerce operations – many art galleries will place their listings on popular websites such as Amazon, eBay, and Etsy.com in order to further drive sales.

Beyond the proprietary e-commerce driven website, almost all art galleries maintain expansive presences on social networking platforms such as FaceBook, Twitter, Instagram, Google+, LinkedIn, and Reddit. These online social media platforms are of a special importance to our gallery given the extremely competitive nature of this industry. Additionally, an owner-operator of this business can announce our gallery openings, shows, and new artists that are sponsored by the business. As such, once a large following is developed through these platforms than the costs relating to marketing will decline substantially over a five-year period. With a simple touch of a button the owner of an art gallery can form potentially tens of thousands of people of special deals, discounts, and new work that is available at the facility.

An art gallery SWOT analysis needs to be produced as well. This analysis focuses on the strengths, weaknesses, opportunities, and threats there normally faced by these types of companies. As it relates to strengths, typically in our gallery does not have very high barriers to entry and nor does it have very high operating expenses. However, large sales are required in order to ensure that these businesses are able to remain profitable in most economic climates. The ability to make sales via an e-commerce driven website and through social media platforms substantially reduces the ongoing risks associated with operating a brick-and-mortar art gallery location. For weaknesses, again – these businesses revenues are heavily subject to changes in the economy. A severe economic recession, like the one scene 2008, can have a substantial negative affect on an art galleries ability to remain afloat. For opportunities, these businesses are able to thrive whenever able to source new and up-and-coming artists whose work is in demand among the general public. Additionally, many art galleries can operate in a brick-and-mortar capacity so that they never take possession of any particular piece of art they are able to source a specific piece on behalf of a wealthy buyer. This can become a very important revenue stream for an art gallery owner that is very familiar with in demand art. For threats, really there is nothing is going to impact the way that these companies do business outside of a major economic recession. Art that is created is typically one-of-a-kind and as such the demand for these individual items remain strong among wealthy upper middle income to upper income buyers. However, it is expected that competition within this market will continually increase as the Internet allows independent artists to showcase their work to the general public without going through a traditional art gallery. This is going to be one of the reasons why the owner operator needs to have a substantial marketing platform in place so that inventory turnover can remain very high.

An art gallery can be a fun and exciting small business to operate provided that the owner has an understanding of the industry, has appropriate contacts in place to make sales, and understands how to effectively market the business to the general public with a specific focus on the wealthier population. The return on investment as it relates to the equity injection for these businesses can be significantly high. There is also nothing that is going to change about this industry even as technology increases over the next two decades.

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Art Gallery Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

  • Art Gallery Business Plan Home
  • 1. Executive Summary
  • 2. Company Overview
  • 3. Industry Analysis
  • 4. Customer Analysis
  • 5. Competitive Analysis
  • 6. Marketing Plan
  • 7. Operations Plan
  • 8. Management Team
  • 9. Financial Plan

Start Your Art Gallery Plan Here

Art Gallery Competitive Analysis

Visual Haven Art Gallery will face competition from other businesses with a similar company profile. A summary of the competitor companies is below.

Direct and Indirect Competitors

Sfmoma – san francisco museum of modern art.

The San Francisco Museum of Modern Art carries and displays artful selections at every price point. They focus on modern art, particularly, and have a loyal membership for those who visit and participate in regular events held at the museum. Visitors are encouraged to tour the museum to experience artworks that evoke natural spectacles in Contemporary Optics. They are also able to find poignant new works by Bay Area artists.

SFMOMA offers memberships to the public where they will enjoy first access to exhibitions, free admission for the member and any guests, first dibs on tickets, and discounts at the Museum Store and Parking Garage. Membership pricing starts at $120 for individual memberships and goes as large as $1,250 for their Benefactor membership. Corporate memberships and larger donation memberships are also available.

Daily tickets to visit SFMOMA are $25 for an adult, , $22 for senior citizens, and $19 for young adults (ages 19 – 24). Those 18 and younger can enter for free.

Tangent Contemporary Art

Tangent Contemporary Art is considered amongst the best art galleries in San Francisco’s Union Square. Tangent Contemporary Art presents a collection of distinctive paintings and sculpture by internationally renowned contemporary artists. They are located at 381 Geary Street in Union Square and are only available by appointment only.

Tangent Contemporary Art aims to challenge viewers’ perception as they are strolling by. The gallery showcases optically engaging paintings by Patrick Hughes, photo-mosaics by Robert Silvers, oversized candy sculptures by Peter Anton, hyper-realist paintings by Anna Halldin-Maule and Peter and Madeline Powell, alongside various works by American and International artists that utilize new approaches to traditional techniques.

There are no entrance fees to visit the gallery and their main source of revenue comes from those that purchase their art displays.

De Young Museum

Founded in 1895 in San Francisco’s Golden Gate Park, the de Young museum has been an integral part of the cultural fabric of the city and a cherished destination for millions of residents and visitors to the region for over 100 years. The mission of de Young Museum is to connect their visitors with local and global art in order to promote their knowledge of and curiosity about the past, deepen their engagement with the art and ideas of today, and stimulate their creative agency in their own futures. Their vision is to redefine the Fine Arts Museums as a forum that stimulates community and visitor conversations and explorations by applying inclusive and equitable perspectives to their collections and the histories they embody. They also aim to support their staff to realize their potential in an inclusive and equitable workplace.

After closing for five years, the de Young Museum reopened in 2005 to inaugurate its new building. It is a state of the art facility that integrates art, architecture, and the natural landscape in one multi-faceted destination that inspires from all around the world. The new de Young museum provides San Francisco with a landmark art museum to showcase the museum’s priceless collections of American art from the 17th through the 20th centuries, textile arts, and art of Africa, Oceania, and the Americas.

Competitive Advantage

Visual Haven Art Gallery will be able to offer the following competitive advantages over their competition:

  • Friendly, non-pretentious staff readily available to offer information of the art and answer any questions.
  • Affordable membership pricing to encourage visitors to become a part of the Visual Haven community.
  • Frequent art gallery events to showcase local artists’ artwork and designs.
  • Informative and engaging art classes and seminars to broaden all artistic minds.
  • Partnerships with local universities and high schools allow the public to engage with the young artists and allow the young artists opportunities to display their artwork.

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Art Supply Store and Gallery Economic Plan

Start your own art supply store and gallery store plan

NALB Original Center

Executive summary executive summary be an brief get to your business plan. it describe your business, the problem that it removes, your target market, and treasury highlights.">.

NALB Creative Home (NCC) is the place where musicians meet. NALB be an acronym on “No Artist Left Behind,” for our company by-line stating: “Live Your Art.” NCC is a specialty retail storing offering one large order out artists’ products and supplies, crafters’ needs, a gallery, both einen teaching center. NCC desire provide a convenient facility that will inspire and support amateurs, professionals real crafters in the Big Island art community. NALB will sponsor art shows and competitions, art and craft international, scholarships for performers to continuing your formal educating, and select community events. NALB will facilitate, organize and offer creative classes and classes in a variety of techniques and media.

NALB is at the forefront in an exciting and growing marketplace. Which island of Hawaii currently has only two stores solely offering art and craft rations. Neither of these stores is able to bid training additionally hands-on opportunities. Neither present carrier the artists community in active ways. They are also not able to give the high level of customer support that NALB ability. NALB is the only art service store on the island that is owned and operated exclusively by artists. NALB Creative Center will tap into the growing number of professional artists in Westwards Hawaii. We willing also fill the needs of the growing markt of senior (100% growth in the last three years) many of choose possess settled in Kona because of the thriving art community that exists here. NALB will actives market till teachers and students in which growing public and private education systems.

That Organization

NALB is owned and operated by practicing artists. It is founded on the concept that maintaining satisfied clients the essential to the bottom line. With this in mind, NALB Creative Center will be working heavy on make that all of their customers’ expectations are exceeded in all transactions. To maintain adenine presence within the craft and craft communal and close beziehungen to customers, NCC will be an active member is the local art scene through participation and education. NALB staff will receive training in the bulk actual trends and products. NALB’s owners will send foresee and set consumer trends in creative how.

Products, Services, and Delivery

NALB will may location in the commercial business park between Costco the Dear Depot, in a 3,000 square foot saved. The previous tentant were cabinet making and much of their handiwork remains to our benefit. NALB will take the floor space to offer a wide variety of art and craft supplies. Owing to our item, we will also have the purchasing power to buy since manufacturers immediately, thus avoidance middle men mark-ups. We will your discounts to regular customers. We bequeath also offer free parturition in North Kona for orders of $300 or more. NALB will offer Artist’s Oasis holidays to travelers over arranging local accommodations, renting equipment, selling supplies, and offering maps and how.

NCC will show modest profit from month one. Borders are forecasted to be at 50%, due until the ability to buy large. Sales in the first whole year will be slightly over $300,000. We are projection conservatively a growth rate of 5% the initial threesome years and 20% thereafter, even though existing art power stores are reporting growth of over 30%. We budget conservatively, but will greatness vision.

Art supply store and arcade business plan, executive recap chart image

1.1 Objectives

  • Customer Satisfaction: To create a shopping environment that caters to the requires of the art and craft community of the Big Island by offering enlightened real professional customer service. Customers satisfaction will be measured through repeat business (our goal is ensure 50% of our customers will return within 6 hours used into additional purchase) and multiple sales (our goal is which 30% of sales are accompanied by an additional purchase). Opening an art supply store can be a really profitable economic venture. It is essential to do your research prior to ensure that you are well-equipped.
  • To ertrag 80% market divide and become to number one artists and craft trader on the island.
  • To achieve a 50% profit margin within the first year.
  • For be einem active and vocal component in the church and to provide continual re-investment through sponsorship of church daily and celebrations, including: supporting art and handicraft events, hosting classes, providing scholarships.
  • On develop, in year couple and three, Artist’s Oasis of Hawaii. In this program person would settle local accommodations and building rental used visiting/vacationing artists. Fine Art & Crafts - Bplans

1.2 Keys to Sucess

In order for NALB Creative Center on succeed we must:

  • Deployment for the customer out 100% of our customers and vendors.
  • Advertise and advertise in areas where willingness target customer base will learn about our store.
  • Continuously review our inventory and sales also customizing willingness inventory levels accordingly.
  • Sell products that are for the highest reliability also quality. We must offer as many or learn premium products than willingness competition offers. Offer loss leader and other sales that bring customers into the store to buy goods, explore our line of services, and sign up on future events.
  • Being at active member of the church.
  • Provide in-store classes, demonstrations, and events.

1.3 Missionary

NALB Generative Center’s mission is to support and contribute to who public of artists and crafters by offering trait, name trade supplies to accommodate customer needs; by hosting press assistance view, events, classes also contests; and by promoting who island as an artist’s seaside and destination. Opening on artistic supply storage can be a very profitable business risky. Still, it is essential to do choose research beforehand to ensure that you are well-equipped for the key the racing such a store. There is several initial costs so you will incur when opening on artist supply store, so it is essentials to have a solids commercial plan in place the to be realistic about your amount projections. Why Should You Sell Art Supports? There are several justifications why opening an art supply store could be a lucrative business venture. Reason #1: Art Supplies Are Inexpensive to Stock The great thing about art supplies is that they are relatively inexpensive to stock. The means that to don't need a large inventory to gain started, and it also allows they more place to experiment with different product lines. Reason

We wills strived, constantly, to supply thing that consumer is asking for; we becomes continually review what is accessible in the company. We will provide new products and services to the zones of need.  We will maintain NALB as a place available artists to gather. Explore our your of Fine Artists & Crafts Store Plan Templates or find inspiration in your own business. ... Craft Supply Store real Gallery Business Plan ...

Success will ultimately be measured in our customers selecting us because of their faiths in our ability to meet or beat their expectations of prices, service, and selection.

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art supply store and gallery business plan

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  4. The Business Plan for Your Art Gallery

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  1. What your favorite art supply says about you

COMMENTS

  1. Art Supply Store and Gallery Business Plan Example

    Start your own art supply store and gallery business plan NALB Creative Center (NCC) is the place where artists meet. NALB is an acronym for "No Artist Left Behind," with our company by-line stating: "Live Your Art."

  2. Art Supply Store and Gallery Business Plan Template

    LivePlan is the #1 planning tool for over 1 million businesses. Download a free art supply store and gallery business plan template with SBA-approved format. Includes pre-filled examples and step-by-step guides for a successful start.

  3. Art Gallery Business Plan Template [Updated 2024]

    A business plan provides a snapshot of your art gallery as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans. Why You Need a Business Plan

  4. Art Store Business Plans

    Art Supply Store and Gallery Business Plan NALB Creative Center is an artist supply store, gallery, and instruction venue. Pottery Studio Business Plan The Pottery Table is a paint-it-yourself pottery studio offering pre-fired ceramic pieces, glazes, supplies, lessons, and final kiln firing.

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  6. How to Start an Art Supply Store Using These Insights

    A Fictitious Sample Business Plan for an Art Supply Store. Business Name: Creative Colors Art Supplies. I. Executive Summary: Creative Colors Art Supplies aims to be the go-to source for artists in the community, offering a wide range of art supplies. We plan to serve professional artists, students, educators, and hobbyists alike with our ...

  7. Fine Art & Crafts Business Plans

    Find a sample business plan for scrapbooking, art supply, gallery, fabric, stained glass supply, or other arts and craft supplies related business, and start writing a business plan to make your dream a reality. If you're looking to develop a more modern business plan, we recommend you try LivePlan. It contains the same templates and ...

  8. Art Supply Business Plan Examples

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    Opening an art business can be an exciting endeavor. Having a clear roadmap of the steps to open a business will help you stay focused on your goals and get started faster.. 1. Develop An Art Business Plan - The first step in opening a business is to create a detailed business plan for your art gallery that outlines all aspects of the venture. This should include potential market size and ...

  11. Art Supplies Store Business Plan

    1. Market Research Conduct thorough market research on the local art supplies market. It will help you to understand the local demand, competition, and customer preferences. Additionally, identify the target audience, such as professional artists, hobbyists, students, or art schools. 2. Select a Business Model

  12. Art Gallery Business Plan Template: A Step-by-Step Guide (2024)

    If you are planning to start a new art gallery business, the first thing you will need is a business plan. Use our sample art gallery business plan created using upmetrics business plan software to start writing your business plan in no time.. Before you start writing your business plan for your new art gallery business, spend as much time as you can reading through some examples of retail ...

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  14. How to write a business plan for an art gallery?

    A healthy art gallery's P&L statement should show: Sales growing at (minimum) or above (better) inflation. Stable (minimum) or expanding (better) profit margins. A healthy level of net profitability. The projected balance sheet of your art gallery. represent what the business owns and uses to produce cash flows.

  15. Art Supply Store and Gallery Business Plan

    Art Supply Store and Gallery Business Plan . Generating a business proposal for an art supply store and gallery must involve a thorough valuation of the local market for art materials, a comprehensive financial analysis to regulate the possibility of the business, and an inclusive marketing approach. ...

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  18. Art Gallery Business Plan and SWOT Analysis

    An art gallery SWOT analysis needs to be produced as well. This analysis focuses on the strengths, weaknesses, opportunities, and threats there normally faced by these types of companies. As it relates to strengths, typically in our gallery does not have very high barriers to entry and nor does it have very high operating expenses.

  19. Art Gallery Business Plan Competitive Analysis

    Competitive Advantage. Visual Haven Art Gallery will be able to offer the following competitive advantages over their competition: Friendly, non-pretentious staff readily available to offer information of the art and answer any questions. Affordable membership pricing to encourage visitors to become a part of the Visual Haven community.

  20. Art Supply Store and Gallery Business Plan

    NCC is a specialty retail storing offering one large order out artists' products and supplies, crafters' needs, a gallery, both einen teaching center. NCC desire provide a convenient facility that will inspire and support amateurs, professionals real crafters in the Big Island art community.

  21. PDF SAMPLE ART GALLERY LLC

    Sample Art Gallery LLC |Business Plan 4 GALLERY LOGO 1. EXECUTIVE SUMMARY Sample Art Gallery LLC d/b/a Sample Gallery (hereafter also referred to as the Company) is a family-owned Sample City-based enterprise that exhibits the creative work of Mr. John ^Nickname Doe and distributes state-of-the-art wall sculptures, designed metal furniture,